adstats fact book on advertising expenditures 2008-10-23 jpm

North America Equity Research 23 October 2008

Advertising & Marketing Services

AdStats: Fact Book on Advertising Expenditures

Advertising Agencies & Marketing Services

Alexia S. QuadraniAC

(1-212) 622-1896 [email protected]

J.P. Morgan Securities Inc.

Townsend Buckles (1-212) 622-0461 [email protected]


Monica DiCenso (1-212) 622-0473 [email protected]


European Advertising & Publishing Tim Nollen (44-20) 7325-9482 [email protected]

J.P. Morgan Securities Ltd.

See page 129 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

• We include comprehensive historical statistics and projections relevant to U.S. and global advertising.

• We break down advertising expenditures by geographic region, media, industry, major advertisers, brands, and key events.

• We provide data by each major media, looking at spending by region, format, category, and major advertiser.

• We offer detailed information on advertising companies, their agency networks, and diversified marketing specialists.

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Alexia S. Quadrani (1-212) 622-1896 [email protected]

Tim Nollen (44-20) 7325-9482 [email protected]

Table of Contents U.S. Advertising Expenditures...............................................................................................6 Table 1. Advertising & Marketing Services — U.S. Outlook Summary, 2005-2009E .............................................................8 Table 2. Advertising & Marketing Services — U.S. Advertising Expenditure vs. Nominal GDP Growth, 1970-2009E .........9 Figure 1. Advertising & Marketing Services — U.S. Advertising Expenditure vs. Nominal GDP Growth, 1971-2009E......10 Table 3. Advertising & Marketing Services — Outlook for 2008E U.S. Advertising.............................................................10 Table 4. Change in U.S. Advertising Media Mix, 1970-2008E...............................................................................................11 Figure 2. Ad Spend by Media, 1970-2008E ............................................................................................................................12 Table 5. Estimated Annual U.S. Advertising Expenditures, 1970-2008E ...............................................................................13 Table 5. Estimated Annual U.S. Advertising Expenditures, 1970-2008E (cont’d) .................................................................14 Table 6. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2008E ..................................................................15 Table 6. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2008E (cont’d) ....................................................16 Table 7. U.S. Advertising Expenditure by Medium, 2006-2007 .............................................................................................17 Table 8. U.S. Advertising Expenditure by Medium, 2000-2010E...........................................................................................18 Table 9. 2007 CPM Comparison .............................................................................................................................................19 Table 10. U.S. Ad Spending by Category................................................................................................................................20 Global Advertising Expenditures ........................................................................................22 Table 11. Worldwide Advertising Growth, 1990-2009E.........................................................................................................24 Figure 3. Worldwide Ad Growth, 1990-2009E .......................................................................................................................24 Table 12. Outlook for Ad Expenditure Growth by Country, 2006-08E...................................................................................25 Table 13. Zenith’s World Advertising Expenditure by Region, 2006-2010E..........................................................................25 Table 14. Global Advertising Expenditures by Medium, 2006-2010E....................................................................................25 Table 15. Total Advertising Expenditure by Country, 2000-2010E .......................................................................................26 Table 16. Advertising Expenditure as a % of GDP by Country, 2000-2010E........................................................................27 Table 17. Advertising Expenditure per Capita by Country, 1995-2006 .................................................................................28 Table 18. Western European Advertising Expenditures by Medium, 1996-2010E ................................................................29 Table 19. Asia Pacific Advertising Expenditure by Medium, 1996-2010E.............................................................................29 Table 20. China Advertising Expenditure by Medium, 1996-2010E.......................................................................................29 Television Advertising Expenditures ..................................................................................30 Table 21. Television Advertising Expenditure by Region and Country, 2000-2010E.............................................................32 Table 22. Quarterly Changes in Ad Revenue...........................................................................................................................33 Table 23. DVR Household Penetration in the U.S., 2005-2012E............................................................................................33 Table 24. Total U.S. Broadcast TV Ad Revenues, 1949-2008E..............................................................................................34 Table 25. Top 10 Broadcast TV Companies............................................................................................................................35 Table 26. Top 10 Cable-Network Companies .........................................................................................................................35 Radio Advertising .................................................................................................................36 Table 27. Radio Ad Spending by Country and Region, 2000-2010E ......................................................................................37 Table 28. Historical U.S. Radio Advertising Revenues, 1960-2007........................................................................................38 Table 29. Top 10 Radio Companies ........................................................................................................................................39 Newspaper Advertising Expenditures ................................................................................40 Table 32. Newspaper Advertising Expenditure by Country, 2000-2010E...............................................................................44 Table 33. Top 10 Newspaper Companies ................................................................................................................................45 Figure 4. Newsprint Prices, 1Q88-2Q08..................................................................................................................................45 Figure 5. National Newspaper Ad Expenditures – Year-over-Year Change, 1Q91-2Q08 ......................................................46 Figure 6. National Newspaper Ad Expenditure Detail, 2007 ..................................................................................................46 Figure 7. Retail Ad Spending Versus Retail Sales – Year-over-Year Change, 1Q91-2Q08....................................................47

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Figure 8. Retail Ad Expenditure Detail, 2007..........................................................................................................................47 Figure 9. Classified Ad Expenditures – Year-over-Year Change, 1Q91–2Q08 ......................................................................48 Figure 10. Classified Ad Expenditures Detail, 2007................................................................................................................48 Magazine Advertising Expenditures ...................................................................................50 Table 34. Magazine Advertising Expenditures by Country, 2000-2010E ...............................................................................52 Table 35. Top 10 Magazines Companies.................................................................................................................................53 Table 36. Top Magazine Ad Categories, 2006-07 ...................................................................................................................53 Table 37. Subscriptions/Single-Copy Sales, 1997-2007..........................................................................................................54 Table 38. Cost of Magazines, 1997-2007 ................................................................................................................................54 Table 39. Retail Sales by Channel, 1998 and 2007..................................................................................................................54 Table 40. Magazine Advertising Pages and Rate Card Revenue, 1991-2007..........................................................................55 Figure 11. Ratio of Advertising to Editorial Pages, 1997-2007...............................................................................................55 Figure 12. Magazine Revenue by Source, 2007 ......................................................................................................................55 Internet Advertising Expenditures ......................................................................................56 Table 41. Internet Advertising Expenditure, 2000-2010E .......................................................................................................58 Table 42. US Online Ad Spending, 2000-2013E.....................................................................................................................59 Figure 13. Internet Ad Revenues by Quarter, 1997-2Q08 .......................................................................................................59 Table 43. Digital Revenue by Ad Holding Company, 2007 ....................................................................................................60 Table 44. Top 20 U.S. Digital Agencies ..................................................................................................................................60 Table 45. Top 10 U.S. Search Agencies ..................................................................................................................................60 Table 46. Top 10 U.S. Ad Networks, September 2008............................................................................................................61 Table 47. Top 25 Web Sites by Unique Visitor .......................................................................................................................61 Table 48. Top 10 U.S. Internet Display Advertisers................................................................................................................62 Figure 14. Online Advertising Expenditures by Ad Type, 2000-2007 ....................................................................................63 Table 49. U.S. Online Ad Spending by Format .......................................................................................................................63 Table 50. U.S. Online Ad Revenues for Top 4 Portals as a Percentage of Total Internet Ad Spending, 2004-2008E ............64 Table 51. U.S. Online Video Ad spending, 2007-2013E.........................................................................................................64 Table 52. US Online Social Network Advertising Spending, 2006-2012E .............................................................................64 Table 53. Worldwide Online Social Network Advertising Spending, 2006-2011E ................................................................64 Table 54. Social Networking Users in Select Countries ..........................................................................................................65 Table 55. U.S. Retail E-Commerce Sales, 2007-2012E...........................................................................................................65 Table 56. U.S. Online Affiliate Marketing Spending ..............................................................................................................66 Table 57. Mobile Ad Spending Worldwide, by format, 2007-2012E......................................................................................66 Table 58. U.S. Video Game (In-Game) Ad Spending .............................................................................................................66 Outdoor & Cinema Advertising Expenditures....................................................................68 Table 59. Outdoor Advertising Expenditure, 2000-2010E ......................................................................................................70 Figure 15. U.S. Outdoor Ad Spending, 1970-2009E ...............................................................................................................71 Table 60. Top 10 U.S. Outdoor Advertising Categories..........................................................................................................71 Figure 16. Outdoor Advertising by Type.................................................................................................................................72 Table 61. Outdoor Ad Spending by Top 10 Advertisers..........................................................................................................72 Table 62. Cinema Advertising Expenditure, 2000-2010E .......................................................................................................73 Event Advertising: Political & Sporting ..............................................................................74 Table 63. Political Advertising Expenditures, 1970-2008E.....................................................................................................75 Table 64. Olympics Rights Deals, 1992-2012 .........................................................................................................................76 Table 65. Major U.S. Sporting Championships, Network TV Ad Revenue ............................................................................76 Table 66. Super Bowl Advertising Rates and Total Ad Revenues, 1986-2007 .......................................................................76 Source: .....................................................................................................................................................................................76 Table 67. Top 5 Super Bowl Advertisers, 1987-2007..............................................................................................................77 Table 68. Top 5 TV Advertisers in NCAA Men's Basketball Tournament, 2003-2007 ..........................................................77

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Table 69. NCAA Men’s Basketball Tournament Network TV Advertising Revenue.............................................................77 Table 70. Post-Season TV Ad Revenue, 2007.........................................................................................................................77 Table 71. Super Bowl Spot Costs, 1967-2007 .........................................................................................................................78 Hispanic Advertising Expenditures.....................................................................................80 Table 72. Hispanic Market Advertising Expenditures, 2003-07..............................................................................................82 Figure 17. Hispanic Market Advertising Expenditures by Medium, 2007 ..............................................................................82 Table 73. Top U.S. Hispanic Categories by Ad spending, 2007..............................................................................................82 Figure 18. Top U.S. Hispanic Categories by Ad spending, 2007 ............................................................................................83 Table 74. Top Hispanic DMAs by Media Spend, 2007 ...........................................................................................................83 Table 75. U.S. Hispanic Population Growth, 2000-2050E ......................................................................................................83 Table 76. Top 10 U.S. Hispanic Markets by population..........................................................................................................84 Table 77. Top 10 Advertisers in National Spanish-Language TV, 2006-07............................................................................84 Table 78. Top 25 Advertisers in Hispanic media.....................................................................................................................85 Table 79. Top 10 Advertisers in Spanish-Language Spot TV .................................................................................................85 Table 80. Hispanic TV network viewership ............................................................................................................................85 Table 81. Top 10 Advertisers in Hispanic Newspapers, 2006-07............................................................................................86 Table 82. Top 10 Advertisers in Hispanic magazines, 2006-07 ..............................................................................................86 Table 83. Top 25 Hispanic Newspapers by Ad Revenue, 2007...............................................................................................86 Table 84. Top 25 Hispanic Magazines by Ad Revenue, 2007.................................................................................................87 Table 85. Top 10 Advertisers in Hispanic spot radio, 2006-07 ...............................................................................................87 Table 86. Top 10 Advertisers on Hispanic web sites by Ad Spending ....................................................................................87 Table 87. Top 10 Hispanic web sites by ad revenue................................................................................................................88 Table 88. Top online member communities for people of Hispanic origin ranked by unique audience.................................88 Table 89. Top Hispanic agencies by US revenue in 2007 .......................................................................................................88 U.S. Advertisers ....................................................................................................................90 Table 90. Top U.S. Ad Spending Categories ...........................................................................................................................91 Table 91. Top 50 Leading National Advertisers, 2006-2007...................................................................................................92 Table 92. Top 50 Brands, 2007................................................................................................................................................93 Table 93. Top 10 U.S. Advertisers, 2006-2007 .......................................................................................................................94 Table 94. Top 10 Network TV Advertisers, 2006-07 ..............................................................................................................94 Table 95. Top 10 Spot TV Advertisers, 2006-07.....................................................................................................................94 Table 96. Top 10 Syndicated Spot TV Advertisers, 2006-07 ..................................................................................................95 Table 97. Top 10 Cable TV Advertisers, 2006-07...................................................................................................................95 Table 98. Top 10 National Radio Advertisers, 2006-07 ..........................................................................................................95 Table 99. Top 10 Local Radio Advertisers, 2006-07...............................................................................................................96 Table 100. Top 10 Internet advertisers ....................................................................................................................................96 Table 101. Top 10 Newspaper Advertisers, 2006-07 ..............................................................................................................96 Table 102. Top 10 Magazine Advertisers, 2006-07.................................................................................................................97 Table 103. Top 10 Outdoor Advertisers, 2006-2007 ...............................................................................................................97 Table 104. Top 25 Advertisers in Hispanic media...................................................................................................................97 Table 105. Top 10 U.S. Wireless Providers, 2006-07..............................................................................................................98 Table 106. Top 10 Movie Studios, 2006-2007 ........................................................................................................................98 Table 107. Top 10 Restaurant Chains......................................................................................................................................98 Table 108. Top 10 Auto Marketers..........................................................................................................................................99 Table 109. Top 10 Retailers, 2006-2007..................................................................................................................................99 Table 110. Top 10 Beverage Brands, 2006-2007 ....................................................................................................................99 Table 111. Top 10 Beer Brands, 2006-2007..........................................................................................................................100 Table 112. Top 10 Credit Card Issuers, 2006-2007 ...............................................................................................................100 Global Advertisers ..............................................................................................................101 Table 113. Top 25 Global Marketers .....................................................................................................................................103

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Table 114. Regional Ad Spending by Top 100 Marketers, 2005-06 .....................................................................................103 Table 115. Ad Spending by Category for Top 100 Global Advertisers, 2005-06..................................................................104 Table 116. Top 10 Advertisers in Brazil, 2005-2006.............................................................................................................104 Table 117. Top 10 Advertisers in Canada, 2005-2006 ..........................................................................................................104 Table 118. Top 10 Advertisers in China, 2005-2006.............................................................................................................105 Table 119. Top 10 Advertisers in France, 2005-2006 ...........................................................................................................105 Table 120. Top 10 Advertisers in Germany, 2005-2006........................................................................................................105 Table 121. Top 10 Advertisers in Italy, 2005-2006 ...............................................................................................................106 Table 122. Top 10 Advertisers in Japan, 2005-2006 .............................................................................................................106 Table 123. Top 10 Advertisers in South Korea, 2005-2006 ..................................................................................................106 Table 124. Top 10 Advertisers in Spain, 2005-2006 .............................................................................................................107 Table 125. Top 10 Advertisers in United Kingdom, 2005-2006............................................................................................107 Advertising & Marketing Services Companies.................................................................110 Table 126. Advertising Holding Company Family Tree........................................................................................................112 Table 127. World’s Top 50 Agency Companies, 2006-2007 ................................................................................................113 Figure 19. Ad Holding Company Revenue by Client Vertical ..............................................................................................114 Table 128. World's Top 10 Core Agency Brands, 2006-2007 ...............................................................................................114 Table 129. Top 25 U.S. Agency Brands by Core Advertising Revenue, 2006-2007.............................................................115 Table 130. Top 15 Consolidated Agency Networks, Ranked by 2007 Worldwide Network Revenue..................................116 Table 131. Top U.S. Marketing Services Agencies, 2006-2007............................................................................................117 Table 132. Top 50 Direct Marketing Agencies, 2006............................................................................................................118 Table 133. Worldwide Media Specialists by Gross Billings, 2007........................................................................................119 Table 134. Worldwide Media Specialists by Revenue, 2007 ................................................................................................120 Table 135. Top 50 Direct Marketing Agencies, 2007............................................................................................................121 Table 136. Top U.S. Sales Promotion Agencies by Integrated Agency, 2007.......................................................................122 Table 137. Top U.S. Hispanic Agencies................................................................................................................................123 Table 138. Top U.S. African-American.................................................................................................................................123 Table 139. Top Asian-American Agencies............................................................................................................................124 Table 140. Top 25 U.S. Healthcare Agencies........................................................................................................................124 Figure 20. Ad Holding Companies — Share Prices Performance Since Sep 2000................................................................125

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U.S. Advertising Expenditures

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Table 1. Advertising & Marketing Services — U.S. Outlook Summary, 2005-2009E ($ in billions) Source 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % ChangeTNS

1/7/2008 $149.0 0.2% $155.3 4.2%6/12/2006 $152.3 1.7%1/8/2007 $143.7 2.9% $149.6 4.1% $153.7 2.6%

Robert Coen7/8/2008 $279.6 -0.7% $285.1 2.0% $294.0 3.1%12/3/2007 $283.9 0.7% $294.4 3.7%6/26/2007 $271.1 2.8% $281.6 3.9% $290.3 3.1% $305.0 5.0%

Zenith (Major media only)1

10/30/2008 $183.4 5.3% $188.3 2.7% $191.6 1.8% $193.4 0.9%6/30/2008 $183.5 5.3% $188.4 2.7% $195.0 3.5% $200.3 2.7%3/31/2008 $181.8 5.3% $186.7 2.7% $193.6 3.7% $197.9 2.2%12/3/2007 $173.4 3.0% $182.6 5.3% $187.2 2.5% $195.0 4.1% $201.1 3.1%

JPMorgan (JPM) $271.1 2.8% $281.6 3.9% $279.6 -0.7% $283.0 1.2% $277.3 -2.0%.

JPM GDP $12,421.9 6.3% $13,178.4 6.1% $13,807.5 4.8% $14,277.0 3.4% $14,476.8 1.4% (1) Zenith expentiture totals for North America Source: TNS; Robert Coen, MAGNA; Zenith; J.P.Morgan estimates.

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Table 2. Advertising & Marketing Services — U.S. Advertising Expenditure vs. Nominal GDP Growth, 1970-2009E ($ in billions)

YearAdvertising Expenditure

% Change in Ad Exp

Nominal GDP

% Change in GDP

Advertising Expenditures as

a % of GDP1970 $19.5 - $1,054.2 - 1.9%1971 20.7 6.0% 1,153.1 9.4% 1.8%1972 23.2 12.2% 1,289.7 11.8% 1.8%1973 25.0 7.7% 1,435.3 11.3% 1.7%1974 26.6 6.6% 1,551.6 8.1% 1.7%1975 27.9 4.9% 1,710.5 10.2% 1.6%1976 33.4 19.4% 1,885.4 10.2% 1.8%1977 37.5 12.5% 2,112.4 12.0% 1.8%1978 43.5 15.8% 2,418.0 14.5% 1.8%1979 49.0 12.7% 2,663.8 10.2% 1.8%1980 54.0 10.3% 2,918.8 9.6% 1.8%1981 60.9 12.8% 3,203.1 9.7% 1.9%1982 67.2 10.2% 3,315.6 3.5% 2.0%1983 76.6 14.0% 3,688.8 11.3% 2.1%1984 88.6 15.7% 4,033.5 9.3% 2.2%1985 95.6 7.8% 4,319.3 7.1% 2.2%1986 103.2 8.0% 4,537.5 5.1% 2.3%1987 111.2 7.8% 4,891.6 7.8% 2.3%1988 119.9 7.8% 5,258.3 7.5% 2.3%1989 126.1 5.2% 5,588.0 6.3% 2.3%1990 130.0 3.9% 5,803.1 3.8% 2.2%1991 128.4 -1.2% 5,995.9 3.3% 2.1%1992 133.8 4.2% 6,337.7 5.7% 2.1%1993 141.0 5.4% 6,657.4 5.0% 2.1%1994 153.0 8.6% 7,072.2 6.2% 2.2%1995 165.1 7.9% 7,397.7 4.6% 2.2%1996 178.1 7.9% 7,816.9 5.7% 2.3%1997 191.3 7.4% 8,304.3 6.2% 2.3%1998 206.7 8.0% 8,747.0 5.3% 2.4%1999 222.3 7.6% 9,268.4 6.0% 2.4%2000 247.5 11.3% 9,817.0 5.9% 2.5%2001 231.3 -6.5% 10,128.0 3.2% 2.3%2002 236.9 2.4% 10,469.6 3.4% 2.3%2003 245.5 3.6% 10,960.8 4.7% 2.2%2004 263.8 7.5% 11,685.9 6.6% 2.3%2005 271.1 2.8% 12,421.9 6.3% 2.2%2006 281.6 3.9% 13,178.4 6.1% 2.1%2007 279.6 -0.7% 13,807.5 4.8% 2.0%

2008E 285.1 2.0% 14,277.0 3.4% 2.0%2009E 294.0 3.1% 14,476.8 1.4% 2.0%

Source: Robert Coen of MAGNA; Bureau of Economic Analysis; J.P.Morgan estimates.

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Figure 1. Advertising & Marketing Services — U.S. Advertising Expenditure vs. Nominal GDP Growth, 1971-2009E (% change)

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

E20

09E

% Chg in Ad Exp % Change in GDP Source: Robert Coen, MAGNA; Bureau of Economic Analysis; J.P.Morgan estimates.

Table 3. Advertising & Marketing Services — Outlook for 2008E U.S. Advertising ($ in billions)

Advertising Expenditures % Growth Media 2008E 2007 2006 2008E 2007 Four TV Networks $17.8 $16.6 $16.7 7.0% -0.2% Spot TV 11.2 10.1 11.6 10.0 -12.8 Cable TV 22.3 20.6 19.3 8.0 6.7 Syndication TV 3.6 3.3 3.7 8.0 -9.8 Radio 4.2 4.3 4.4 -0.9 -4.2 Magazines 13.9 13.8 13.2 1.0 4.7 Newspapers 6.1 6.6 7.1 -7.0 -6.7 Consumer Media Subtotal 79.1 75.4 76.0 2.2 -0.8 Direct Mail 61.7 60.2 58.6 2.5 2.7 Yellow Pages 2.2 2.2 2.2 0.0 -1.0 Internet 11.8 10.5 9.1 12.0 15.7 Other National Media 38.2 37.0 36.5 3.5 1.2 Total National 193.1 185.3 182.5 4.2 1.5 Local Newspapers 32.7 35.5 39.5 -8.0 -10.0 Local TV 15.0 14.4 14.9 4.0 -3.2 Local Radio 14.5 14.9 15.2 -3.0 -2.0 Local Yellow Pages 12.1 12.1 12.2 0.0 -1.0 Other Local Media 17.9 17.4 17.4 2.4 0.1 Total Local $92.0 $94.3 $99.2 1.1% -4.9% Total National $193.1 $185.3 $182.5 4.2% 1.5% Grand Total $285.1 $279.6 $281.7 3.1% 3.9% Source: Robert Coen, MAGNA. July 2008.

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Table 4. Change in U.S. Advertising Media Mix, 1970-2008E ($ in billions) Medium 1970 % of Total 1980 % of Total 1990 % of Total 2000 % of Total 2008E % of Total Magazines $1.3 7% $3.1 6% $6.8 5% $12.4 5% $13.9 5% Newspapers 5.7 29% 14.8 27% 32.3 25% 49.1 20% 38.8 13% Network TV 1.7 8% 5.1 10% 9.9 8% 15.9 6% 17.8 6% Cable TV 0.0 0% 0.1 0% 2.6 2% 15.5 6% 28.4 10% Spot TV, Other 1.9 10% 6.3 12% 16.8 13% 28.9 12% 29.7 10% Radio 1.3 7% 3.7 7% 8.7 7% 19.3 8% 18.7 6% Yellow Pages 0.0 0% 2.9 5% 8.9 7% 13.2 5% 14.3 5% Direct Mail 2.8 14% 7.6 14% 23.4 18% 44.6 18% 61.7 21% Internet (Display) 0.0 0% 0.0 0% 0.0 0% 6.5 3% 11.8 4% Other 4.8 25% 10.4 19% 22.1 17% 43.8 18% 63.2 21% Total $19.5 100% $54.0 100% $131.5 100% $249.1 100% $298.3 100% Source: Robert Coen, MAGNA.

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Figure 2. Ad Spend by Media, 1970-2008E (% share)

1970

Radio, 7%Yellow Pages, 0% Network TV, 8%

Direct Mail, 14%

Spot TV, Other, 10%

Newspapers, 29%

Magazines, 7%

Other, 25%

Internet, 0%

Cable TV, 0%

1980

Magazines, 6%

Newspapers, 27%

Network TV, 10%Cable TV, 0%

Spot TV, Other, 12%

Radio, 7%

Yellow Pages, 5%

Direct Mail, 14%

Other, 19%

Internet, 0%

1990

Magazines, 5%

Newspapers, 25%

Network TV, 8%

Cable TV, 2%

Spot TV, Other, 13%Radio, 7%

Yellow Pages, 7%

Direct Mail, 18%

Internet, 0%

Other, 17%

2000

Magazines, 5%

Newspapers, 20%

Network TV, 6%

Cable TV, 6%

Spot TV, Other, 12%Radio, 8%

Yellow Pages, 5%

Direct Mail, 18%

Internet, 3%

Other, 17%

2008E

Magazines, 5%

Newspapers, 13%

Network TV, 6%

Cable TV, 10%

Spot TV, Other, 10%

Radio, 6%

Direct Mail, 21%

Internet (Display), 4%

Other, 21%

Yellow Pages, 5%

Source: Robert Coen, MAGNA; J.P. Morgan.

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Table 5. Estimated Annual U.S. Advertising Expenditures, 1970-2008E ($ in millions)

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Local TelevisionLocal Spot Television $704 $796 $969 $1,115 $1,212 $1,334 $1,710 $1,948 $2,373 $2,682 $2,967 $3,368 $3,765 $4,345 $5,084 $5,714 $6,514 $6,833 $7,270 $7,612Local Cable Television (Non-Network) 0 0 0 0 0 0 0 0 0 0 12 26 48 76 121 196 270 306 383 497 Total Local Television 704 796 969 1,115 1,212 1,334 1,710 1,948 2,373 2,682 2,979 3,394 3,813 4,421 5,205 5,910 6,784 7,139 7,653 8,109

Network Television (ABC, CBS, NBC) 1,658 1,593 1,804 1,968 2,145 2,306 2,857 3,460 3,975 4,599 5,130 5,540 6,144 6,955 8,318 8,060 8,342 8,500 9,172 9,110Fox Broadcasting Company 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Spot Television (National Stations) 1,234 1,145 1,318 1,377 1,497 1,623 2,154 2,204 2,607 2,873 3,269 3,746 4,364 4,827 5,488 6,004 6,570 6,846 7,147 7,354Cable Television (Network) 0 0 0 0 0 0 0 0 0 0 60 134 242 376 612 793 903 1,015 1,258 1,598Syndicated Television (Barter) 0 0 0 0 0 0 0 0 0 0 50 75 150 300 420 520 600 762 901 1,288 Total National Television 2,892 2,738 3,122 3,345 3,642 3,929 5,011 5,664 6,582 7,472 8,509 9,495 10,900 12,458 14,838 15,377 16,415 17,123 18,478 19,350

Total Television Advertising Dollars 3,596 3,534 4,091 4,460 4,854 5,263 6,721 7,612 8,955 10,154 11,488 12,889 14,713 16,879 20,043 21,287 23,199 24,262 26,131 27,459

RadioLocal Spot Radio 881 987 1,136 1,255 1,363 1,461 1,707 1,951 2,285 2,484 2,740 3,121 3,492 3,876 4,300 4,790 5,178 5,463 5,955 6,300Network 56 63 74 68 69 83 105 137 147 161 183 230 255 296 320 365 423 413 425 476National Spot (Local Stations) 371 395 402 400 405 436 518 546 620 665 779 879 923 1,038 1,197 1,335 1,348 1,330 1,418 1,547 National Total 427 458 476 468 474 519 623 683 767 826 962 1,109 1,178 1,334 1,517 1,700 1,771 1,743 1,843 2,023

Total Radio Advertising Dollars 1,308 1,445 1,612 1,723 1,837 1,980 2,330 2,634 3,052 3,310 3,702 4,230 4,670 5,210 5,817 6,490 6,949 7,206 7,798 8,323

NewspapersLocal Newspaper 4,813 5,195 5,876 6,432 6,737 7,125 8,276 9,279 10,673 12,093 12,831 14,269 15,242 17,848 20,441 21,818 23,614 25,918 27,611 28,664National Newspaper 891 972 1,062 1,049 1,105 1,109 1,342 1,472 1,541 1,770 1,963 2,259 2,452 2,734 3,081 3,352 3,376 3,494 3,586 3,704 Total Newspaper Advertising Dollars 5,704 6,167 6,938 7,481 7,842 8,234 9,618 10,751 12,214 13,863 14,794 16,528 17,694 20,582 23,522 25,170 26,990 29,412 31,197 32,368

Magazines Total Magazine Advertising Dollars 1,292 1,370 1,440 1,448 1,504 1,465 1,789 2,162 2,597 2,932 3,149 3,533 3,710 4,233 4,932 5,155 5,317 5,607 6,072 6,716

Business PapersTotal Business Publishing Dollars 740 720 781 865 900 919 1,035 1,221 1,400 1,575 1,674 1,841 1,876 1,990 2,270 2,375 2,382 2,458 2,610 2,763

OutdoorBillboards 205 233 268 289 303 333 389 438 499 591 690 754 807 897 963 1,024 1,124 1,241 1,373 1,488Other 55 66 81 92 101 117 144 171 205 254 310 355 398 463 520 576 661 761 878 972 Total Outdoor Dollars 260 299 349 381 404 450 533 609 704 845 1,000 1,109 1,205 1,360 1,483 1,600 1,785 2,002 2,251 2,460

InternetTotal Internet Advertising 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

MiscellaneousNational 2,126 2,201 2,428 2,562 2,746 2,841 3,431 3,849 4,435 4,992 5,293 5,950 6,547 7,115 8,310 8,746 9,325 9,939 10,764 11,330Local 1,722 1,878 2,149 2,370 2,502 2,665 3,121 3,539 4,120 4,641 2,396 2,595 2,620 3,002 3,544 3,432 3,578 3,950 4,218 4,425 Total Miscellaneous Dollars 3,848 4,079 4,577 4,932 5,248 5,506 6,552 7,388 8,555 9,633 7,689 8,545 9,167 10,117 11,854 12,178 12,903 13,889 14,982 15,755

Yellow PagesLocal Yellow Pages 0 0 0 0 0 0 0 0 0 0 2,570 2,920 3,367 3,911 4,320 5,105 5,741 6,470 6,837 7,319National Yellow Pages 0 0 0 0 0 0 0 0 0 0 330 380 433 489 580 695 759 830 944 1,011 Total Yellow Pages Advertising Dollars 0 0 0 0 0 0 0 0 0 0 2,900 3,300 3,800 4,400 4,900 5,800 6,500 7,300 7,781 8,330

Direct MailTotal Direct Mail Advertising Dollars 2,766 3,067 3,420 3,698 4,054 4,124 4,786 5,164 5,987 6,653 7,596 8,944 10,319 11,795 13,800 15,500 17,145 19,111 21,115 21,945

Total Advertising DollarsTotal Local Advertising Dollars 8,224 8,976 10,270 11,324 11,976 12,765 15,027 16,961 19,733 22,238 23,916 26,743 29,016 33,602 38,403 41,695 45,609 49,741 53,174 55,801Total National Advertising Dollars 11,290 11,705 12,938 13,664 14,667 15,176 18,337 20,580 23,731 26,727 30,076 34,176 38,138 42,964 50,218 53,860 57,561 61,506 66,763 70,318 Total Advertising Dollars 19,514 20,681 23,208 24,988 26,643 27,941 33,364 37,541 43,464 48,965 53,992 60,919 67,154 76,566 88,621 95,555 103,170 111,247 119,937 126,119

Advertising - Broken Out by Measured Media and OtherTotal Measured Media 12,900 13,535 15,211 16,358 17,341 18,311 22,026 24,989 28,922 32,679 35,807 40,130 43,868 50,254 58,067 62,077 66,622 70,947 76,059 80,089Yellow Pages 0 0 0 0 0 0 0 0 0 0 2,900 3,300 3,800 4,400 4,900 5,800 6,500 7,300 7,781 8,330Direct Mail 2,766 3,067 3,420 3,698 4,054 4,124 4,786 5,164 5,987 6,653 7,596 8,944 10,319 11,795 13,800 15,500 17,145 19,111 21,115 21,945Other Advertising 3,848 4,079 4,577 4,932 5,248 5,506 6,552 7,388 8,555 9,633 7,689 8,545 9,167 10,117 11,854 12,178 12,903 13,889 14,982 15,755 Total Advertising $19,514 $20,681 $23,208 $24,988 $26,643 $27,941 $33,364 $37,541 $43,464 $48,965 $53,992 $60,919 $67,154 $76,566 $88,621 $95,555 $103,170 $111,247 $119,937 $126,119

Notes: 2008 Internet estimate from eMarketer. 2008 Outdoor estimate is JPM estimate. Outdoor ad spend growth provided by OAAA. Total Ad Spend does not equal Bob Coen's estimate because historical Internet estimates are from IAB and outdoor ad spend estimates are from OAAA Miscellaneous National estimates revised for 1980-1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Miscellaneous includes point of purchase ads, weekly newspapers, and shoppers, as well as a host of other things like premiums, calendars, and research as well as advertising department budgets and overhead. Source: Robert Coen, MAGNA, July 2008; OAAA; IAB/PricewaterhouseCoopers; eMarketer; J.P.Morgan.

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Table 5. Estimated Annual U.S. Advertising Expenditures, 1970-2008E (cont’d) ($ in millions)

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008ELocal TelevisionLocal Spot Television $7,856 $7,565 $8,079 $8,435 $9,464 $9,985 $10,944 $11,436 $12,169 $12,680 $13,542 $12,256 $13,114 $13,520 $14,507 $14,260 $14,887 $14,441 $14,987Local Cable Television (Non-Network) 631 745 1,030 1,156 1,324 1,666 2,083 2,300 2,700 3,165 3,690 3,959 4,226 4,860 5,103 5,358 5,705 5,705 6,104 Total Local Television 8,487 8,310 9,109 9,591 10,788 11,651 13,027 13,736 14,869 15,845 17,232 16,215 17,340 18,380 19,610 19,618 20,592 20,146 21,091

Network Television (ABC, CBS, NBC) 9,383 8,933 9,549 9,369 9,959 10,263 11,423 11,324 12,105 12,195 14,256 12,795 13,256 13,105 14,691 13,898 14,298 13,840 14,836Fox Broadcasting Company 480 600 700 840 983 1,337 1,658 1,696 1,631 1,766 1,632 1,505 1,744 1,925 2,022 2,230 2,378 2,803 2,972Spot Television (National Stations) 7,788 7,110 7,551 7,800 8,993 9,119 9,803 9,999 10,659 10,500 12,264 9,223 10,920 9,948 11,370 10,040 11,626 10,138 11,152Cable Television (Network) 2,000 2,400 2,800 3,295 3,885 4,500 5,695 6,450 7,640 9,405 11,765 11,777 12,071 13,954 16,424 18,296 19,119 20,614 22,263Syndicated Television (Barter) 1,109 1,253 1,370 1,576 1,734 2,016 2,218 2,438 2,609 2,870 3,108 3,102 3,034 3,434 3,674 3,865 3,691 3,329 3,595 Total National Television 20,760 20,296 21,970 22,880 25,554 27,235 30,797 31,907 34,644 36,736 43,025 38,402 41,025 42,366 48,181 48,329 51,112 50,724 54,818

Total Television Advertising Dollars 29,247 28,606 31,079 32,471 36,342 38,886 43,824 45,643 49,513 52,581 60,257 54,617 58,365 60,746 67,791 67,947 71,704 70,870 75,909

RadioLocal Spot Radio 6,609 6,411 6,725 7,342 8,164 8,899 9,611 10,476 11,628 13,256 14,847 14,194 14,762 14,762 15,205 15,357 15,203 14,899 14,452Network 482 490 424 458 463 480 523 560 622 684 780 711 775 798 836 814 798 830 896National Spot (Local Stations) 1,635 1,575 1,505 1,657 1,902 1,959 2,135 2,455 2,823 3,275 3,668 2,956 3,340 3,540 3,540 3,469 3,642 3,423 3,320 National Total 2,117 2,065 1,929 2,115 2,365 2,439 2,658 3,015 3,445 3,959 4,448 3,667 4,115 4,338 4,376 4,283 4,440 4,253 4,216

Total Radio Advertising Dollars 8,726 8,476 8,654 9,457 10,529 11,338 12,269 13,491 15,073 17,215 19,295 17,861 18,877 19,100 19,581 19,640 19,643 19,152 18,668

NewspapersLocal Newspaper 28,414 26,724 27,135 28,405 30,450 32,321 34,002 36,654 38,890 40,290 41,821 37,640 37,225 37,486 38,985 39,870 40,468 32,524 32,682National Newspaper 3,867 3,685 3,602 3,620 3,906 3,996 4,400 5,016 5,402 6,358 7,229 6,615 6,806 7,357 7,629 7,465 7,241 6,609 6,146 Total Newspaper Advertising Dollars 32,281 30,409 30,737 32,025 34,356 36,317 38,402 41,670 44,292 46,648 49,050 44,255 44,031 44,843 46,614 47,335 47,709 39,133 38,828

Magazines Total Magazine Advertising Dollars 6,803 6,524 7,000 7,357 7,916 8,580 9,010 9,821 10,518 11,433 12,370 11,095 10,995 11,435 12,247 12,847 13,168 13,787 13,925

Business PapersTotal Business Publishing Dollars 2,875 2,982 3,090 3,260 3,358 3,559 3,808 4,109 4,232 4,274 4,915 4,468 3,976 4,004 4,072 4,170 4,195 4,111 3,988

Outdoor (59) (59) (57) (61) (64) (69) (74) (78) (82)Billboards 1,560 1,637 1,583 1,720 1,895 2,100 2,256 2,428 2,648 2,899 3,141 3,116 3,139 3,413 3,617 3,907 4,335 4,659 4,892Other 1,040 1,091 1,055 1,147 1,264 1,400 1,504 1,619 1,765 1,933 2,094 2,077 2,093 2,092 2,217 2,394 2,470 2,621 2,752 Total Outdoor Dollars 2,600 2,728 2,638 2,867 3,159 3,500 3,760 4,047 4,413 4,832 5,235 5,193 5,232 5,504 5,834 6,301 6,805 7,280 7,644

InternetTotal Internet Advertising 0 0 0 0 0 0 267 907 1,920 4,621 8,087 7,134 6,010 7,267 9,626 12,542 16,879 21,208 24,898

MiscellaneousNational 12,074 12,166 12,788 13,534 14,425 16,147 17,574 18,745 20,312 22,264 24,418 23,042 23,414 24,550 26,907 27,822 29,380 29,830 31,083Local 4,582 4,470 4,660 4,979 5,468 5,955 6,529 7,260 8,188 9,281 7,665 6,853 7,316 7,440 7,738 7,870 7,941 7,553 7,372 Total Miscellaneous Dollars 16,656 16,636 17,448 18,513 19,893 22,102 24,103 26,005 28,500 31,545 32,083 29,895 30,730 31,990 34,645 35,692 37,321 37,383 38,455

Yellow PagesLocal Yellow Pages 7,794 8,020 8,132 8,287 8,511 8,826 9,294 9,712 10,120 10,666 11,135 11,505 11,689 11,782 11,892 12,066 12,187 12,065 12,065National Yellow Pages 1,132 1,162 1,188 1,230 1,314 1,410 1,555 1,711 1,870 1,986 2,093 2,087 2,087 2,114 2,110 2,163 2,206 2,185 2,185 Total Yellow Pages Advertising Dollars 8,926 9,182 9,320 9,517 9,825 10,236 10,849 11,423 11,990 12,652 13,228 13,592 13,776 13,896 14,002 14,229 14,393 14,250 14,250

Direct MailTotal Direct Mail Advertising Dollars 23,370 24,460 25,392 27,266 29,638 32,866 34,509 36,890 39,620 41,403 44,591 44,725 46,067 48,370 52,191 55,218 58,642 60,225 61,731

Total Advertising DollarsTotal Local Advertising Dollars 56,926 55,026 56,816 59,751 64,645 69,052 73,967 79,457 85,460 91,271 94,794 88,484 90,425 92,052 95,764 97,301 99,113 90,099 91,025Total National Advertising Dollars 74,558 74,977 78,542 82,982 90,371 98,332 106,834 114,549 124,611 135,933 154,317 144,351 147,634 155,104 170,840 178,620 191,346 197,300 207,271 Total Advertising Dollars 131,484 130,003 135,358 142,733 155,016 167,384 180,801 194,006 210,071 227,204 249,111 232,835 238,059 247,155 266,603 275,921 290,459 287,399 298,296

Advertising - Broken Out by Measured Media and OtherTotal Measured Media 82,532 79,725 83,198 87,437 95,660 102,180 111,340 119,688 129,961 141,604 159,209 144,623 147,486 152,899 165,765 170,782 180,103 175,541 183,860Yellow Pages 8,926 9,182 9,320 9,517 9,825 10,236 10,849 11,423 11,990 12,652 13,228 13,592 13,776 13,896 14,002 14,229 14,393 14,250 14,250Direct Mail 23,370 24,460 25,392 27,266 29,638 32,866 34,509 36,890 39,620 41,403 44,591 44,725 46,067 48,370 52,191 55,218 58,642 60,225 61,731Other Advertising 16,656 16,636 17,448 18,513 19,893 22,102 24,103 26,005 28,500 31,545 32,083 29,895 30,730 31,990 34,645 35,692 37,321 37,383 38,455 Total Advertising $131,484 $130,003 $135,358 $142,733 $155,016 $167,384 $180,801 $194,006 $210,071 $227,204 $249,111 $232,835 $238,059 $247,155 $266,603 $275,921 $290,459 $287,399 $298,296

Notes: 2008 Internet estimate from eMarketer. 2008 Outdoor estimate is JPM estimate. Outdoor ad spend growth provided by OAAA. Total Ad Spend does not equal Bob Coen's estimate because historical Internet estimates are from IAB and outdoor ad spend estimates are from OAAA Miscellaneous National estimates revised for 1980-1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Miscellaneous includes point of purchase advertising, weekly newspapers, and shoppers, as well as a host of other things like premiums, calendars, and research as well as advertising department budgets and overhead.Source: Robert Coen, MAGNA, July 2008; OAAA; IAB/PricewaterhouseCoopers; eMarketer; J.P.Morgan.

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Table 6. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2008E (% change)

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Local TelevisionLocal Spot Television 13.1% 21.7% 15.1% 8.7% 10.1% 28.2% 13.9% 21.8% 13.0% 10.6% 13.5% 11.8% 15.4% 17.0% 12.4% 14.0% 4.9% 6.4% 4.7%Local Cable Television (Non-Network) NM NM NM NM NM NM NM NM NM NM 116.7% 84.6% 58.3% 59.2% 62.0% 37.8% 13.3% 25.2% 29.8% Total Local Television 13.1% 21.7% 15.1% 8.7% 10.1% 28.2% 13.9% 21.8% 13.0% 11.1% 13.9% 12.3% 15.9% 17.7% 13.5% 14.8% 5.2% 7.2% 6.0%

Network Television (ABC, CBS, NBC) -3.9% 13.2% 9.1% 9.0% 7.5% 23.9% 21.1% 14.9% 15.7% 11.5% 8.0% 10.9% 13.2% 19.6% -3.1% 3.5% 1.9% 7.9% -0.7%Fox Broadcasting Company NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NM NMSpot Television (National Stations) -7.2% 15.1% 4.5% 8.7% 8.4% 32.7% 2.3% 18.3% 10.2% 13.8% 14.6% 16.5% 10.6% 13.7% 9.4% 9.4% 4.2% 4.4% 2.9%Cable Television (Network) NM NM NM NM NM NM NM NM NM NM 123.3% 80.6% 55.4% 62.8% 29.6% 13.9% 12.4% 23.9% 27.0%Syndicated Television (Barter) NM NM NM NM NM NM NM NM NM NM 50.0% 100.0% 100.0% 40.0% 23.8% 15.4% 27.0% 18.2% 43.0% Total National Television -5.3% 14.0% 7.1% 8.9% 7.9% 27.5% 13.0% 16.2% 13.5% 13.9% 11.6% 14.8% 14.3% 19.1% 3.6% 6.8% 4.3% 7.9% 4.7%

Total Television Advertising Dollars -1.7% 15.8% 9.0% 8.8% 8.4% 27.7% 13.3% 17.6% 13.4% 13.1% 12.2% 14.2% 14.7% 18.7% 6.2% 9.0% 4.6% 7.7% 5.1%

Local Spot Radio 12.0% 15.1% 10.5% 8.6% 7.2% 16.8% 14.3% 17.1% 8.7% 10.3% 13.9% 11.9% 11.0% 10.9% 11.4% 8.1% 5.5% 9.0% 5.8%Network 12.5% 17.5% -8.1% 1.5% 20.3% 26.5% 30.5% 7.3% 9.5% 13.7% 25.7% 10.9% 16.1% 8.1% 14.1% 15.9% -2.4% 2.9% 12.0%National Spot (Local Stations) 6.5% 1.8% -0.5% 1.3% 7.7% 18.8% 5.4% 13.6% 7.3% 17.1% 12.8% 5.0% 12.5% 15.3% 11.5% 1.0% -1.3% 6.6% 9.1% National Total 7.3% 3.9% -1.7% 1.3% 9.5% 20.0% 9.6% 12.3% 7.7% 16.5% 15.3% 6.2% 13.2% 13.7% 12.1% 4.2% -1.6% 5.7% 9.8%

Total Radio Advertising Dollars 10.5% 11.6% 6.9% 6.6% 7.8% 17.7% 13.0% 15.9% 8.5% 11.8% 14.3% 10.4% 11.6% 11.7% 11.6% 7.1% 3.7% 8.2% 6.7%

NewspapersLocal Newspaper 7.9% 13.1% 9.5% 4.7% 5.8% 16.2% 12.1% 15.0% 13.3% 6.1% 11.2% 6.8% 17.1% 14.5% 6.7% 8.2% 9.8% 6.5% 3.8%National Newspaper 9.1% 9.3% -1.2% 5.3% 0.4% 21.0% 9.7% 4.7% 14.9% 10.9% 15.1% 8.5% 11.5% 12.7% 8.8% 0.7% 3.5% 2.6% 3.3% Total Newspaper Advertising Dollars 8.1% 12.5% 7.8% 4.8% 5.0% 16.8% 11.8% 13.6% 13.5% 6.7% 11.7% 7.1% 16.3% 14.3% 7.0% 7.2% 9.0% 6.1% 3.8%

Magazines Total Magazine Advertising Dollars 6.0% 5.1% 0.6% 3.9% -2.6% 22.1% 20.8% 20.1% 12.9% 7.4% 12.2% 5.0% 14.1% 16.5% 4.5% 3.1% 5.5% 8.3% 10.6%

Business PapersTotal Business Publishing Dollars -2.7% 8.5% 10.8% 4.0% 2.1% 12.6% 18.0% 14.7% 12.5% 6.3% 10.0% 1.9% 6.1% 14.1% 4.6% 0.3% 3.2% 6.2% 5.9%

OutdoorBillboards 13.7% 15.0% 7.8% 4.8% 9.9% 16.8% 12.6% 13.9% 18.4% 16.8% 9.3% 7.0% 11.2% 7.4% 6.3% 9.8% 10.4% 10.6% 8.4%Other Outdoor 20.0% 22.7% 13.6% 9.8% 15.8% 23.1% 18.8% 19.9% 23.9% 22.0% 14.5% 12.1% 16.3% 12.3% 10.8% 14.8% 15.1% 15.4% 10.7% Total Outdoor Dollars 15.0% 16.7% 9.2% 6.0% 11.4% 18.4% 14.3% 15.6% 20.0% 18.3% 10.9% 8.7% 12.9% 9.0% 7.9% 11.6% 12.2% 12.4% 9.3%

InternetTotal Internet Advertising

MiscellaneousNational 3.5% 10.3% 5.5% 7.2% 3.5% 20.8% 12.2% 15.2% 12.6% 6.0% 12.4% 10.0% 8.7% 16.8% 5.2% 6.6% 6.6% 8.3% 5.3%Local 9.1% 14.4% 10.3% 5.6% 6.5% 17.1% 13.4% 16.4% 12.6% -48.4% 8.3% 1.0% 14.6% 18.1% -3.2% 4.3% 10.4% 6.8% 4.9% Total Miscellaneous Dollars 6.0% 12.2% 7.8% 6.4% 4.9% 19.0% 12.8% 15.8% 12.6% -20.2% 11.1% 7.3% 10.4% 17.2% 2.7% 6.0% 7.6% 7.9% 5.2%

Yellow PagesLocal Yellow Pages NM NM NM NM NM NM NM NM NM NM 13.6% 15.3% 16.2% 10.5% 18.2% 12.5% 12.7% 5.7% 7.0%National Yellow Pages NM NM NM NM NM NM NM NM NM NM 15.2% 13.9% 12.9% 18.6% 19.8% 9.2% 9.4% 13.7% 7.1% Total Yellow Pages Advertising Dollars NM NM NM NM NM NM NM NM NM NM 13.8% 15.2% 15.8% 11.4% 18.4% 12.1% 12.3% 6.6% 7.1%

Direct MailTotal Direct Mail Advertising Dollars 10.9% 11.5% 8.1% 9.6% 1.7% 16.1% 7.9% 15.9% 11.1% 14.2% 17.7% 15.4% 14.3% 17.0% 12.3% 10.6% 11.5% 10.5% 3.9%

Total Advertising DollarsTotal Local Advertising Dollars 9.1% 14.4% 10.3% 5.8% 6.6% 17.7% 12.9% 16.3% 12.7% 7.5% 11.8% 8.5% 15.8% 14.3% 8.6% 9.4% 9.1% 6.9% 4.9%Total National Advertising Dollars 3.7% 10.5% 5.6% 7.3% 3.5% 20.8% 12.2% 15.3% 12.6% 12.5% 13.6% 11.6% 12.7% 16.9% 7.3% 6.9% 6.9% 8.5% 5.3% Total Advertising Dollars 6.0% 12.2% 7.7% 6.6% 4.9% 19.4% 12.5% 15.8% 12.7% 10.3% 12.8% 10.2% 14.0% 15.7% 7.8% 8.0% 7.8% 7.8% 5.2%

Advertising - Broken Out by Measured Media and OtherTotal Measured Media 4.9% 12.4% 7.5% 6.0% 5.6% 20.3% 13.5% 15.7% 13.0% 9.6% 12.1% 9.3% 14.6% 15.5% 6.9% 7.3% 6.5% 7.2% 5.3%Yellow Pages NM NM NM NM NM NM NM NM NM NM 13.8% 15.2% 15.8% 11.4% 18.4% 12.1% 12.3% 6.6% 7.1%Direct Mail 10.9% 11.5% 8.1% 9.6% 1.7% 16.1% 7.9% 15.9% 11.1% 14.2% 17.7% 15.4% 14.3% 17.0% 12.3% 10.6% 11.5% 10.5% 3.9%Other Advertising 6.0% 12.2% 7.8% 6.4% 4.9% 19.0% 12.8% 15.8% 12.6% -20.2% 11.1% 7.3% 10.4% 17.2% 2.7% 6.0% 7.6% 7.9% 5.2% Total Advertising 6.0% 12.2% 7.7% 6.6% 4.9% 19.4% 12.5% 15.8% 12.7% 10.3% 12.8% 10.2% 14.0% 15.7% 7.8% 8.0% 7.8% 7.8% 5.2%

Notes: 2008 Internet estimate from eMarketer. 2008 Outdoor estimate is JPM estimate. Outdoor ad spend growth provided by OAAA. Total Ad Spend does not equal Bob Coen's estimate because historical Internet estimates are from IAB and outdoor ad spend estimates are from OAAA Miscellaneous National estimates revised for 1980-1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Miscellaneous includes point of purchase advertising, weekly newspapers, and shoppers, as well as a host of other things like premiums, calendars, and research as well as advertising department budgets and overhead. Source: Robert Coen, MAGNA, July 2008; OAAA; IAB/PricewaterhouseCoopers; eMarketer; J.P.Morgan.

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Table 6. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2008E (cont’d) (% change)

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E

Local TelevisionLocal Spot Television 6.4% 4.7% 3.2% -3.7% 6.8% 4.4% 12.2% 5.5% 9.6% 4.5% 6.4% 4.2% 6.8% -9.5% 7.0% 3.1% 7.3% -1.7% 4.4% -3.0% 3.8%Local Cable Television (Non-Network) 25.2% 29.8% 27.0% 18.1% 38.3% 12.2% 14.5% 25.8% 25.0% 10.4% 17.4% 17.2% 16.6% 7.3% 6.7% 15.0% 5.0% 5.0% 6.5% 0.0% 7.0% Total Local Television 7.2% 6.0% 4.7% -2.1% 9.6% 5.3% 12.5% 8.0% 11.8% 5.4% 8.2% 6.6% 8.8% -5.9% 6.9% 6.0% 6.7% 0.0% 5.0% -2.2% 4.7%

Network Television (ABC, CBS, NBC) 7.9% -0.7% 3.0% -4.8% 6.9% -1.9% 6.3% 3.1% 11.3% -0.9% 6.9% 0.7% 16.9% -10.2% 3.6% -1.1% 12.1% -5.4% 2.9% -3.2% 7.2%Fox Broadcasting Company NM NM NM 25.0% 16.7% 20.0% 17.0% 36.0% 24.0% 2.3% -3.8% 8.3% -7.6% -7.8% 15.9% 10.4% 5.0% 10.3% 6.6% 17.9% 6.0%Spot Television (National Stations) 4.4% 2.9% 5.9% -8.7% 6.2% 3.3% 15.3% 1.4% 7.5% 2.0% 6.6% -1.5% 16.8% -24.8% 18.4% -8.9% 14.3% -11.7% 15.8% -12.8% 10.0%Cable Television (Network) 23.9% 27.0% 25.2% 20.0% 16.7% 17.7% 17.9% 15.8% 26.6% 13.3% 18.4% 23.1% 25.1% 0.1% 2.5% 15.6% 17.7% 11.4% 4.5% 7.8% 8.0%Syndicated Television (Barter) 18.2% 43.0% -13.9% 13.0% 9.3% 15.0% 10.0% 16.3% 10.0% 9.9% 7.0% 10.0% 8.3% -0.2% -2.2% 13.2% 7.0% 5.2% -4.5% -9.8% 8.0% Total National Television 7.9% 4.7% 7.3% -2.2% 8.2% 4.1% 11.7% 6.6% 13.1% 3.6% 8.6% 6.0% 17.1% -10.7% 6.8% 3.3% 13.7% 0.3% 5.8% -0.8% 8.1%

Total Television Advertising Dollars 7.7% 5.1% 6.5% -2.2% 8.6% 4.5% 11.9% 7.0% 12.7% 4.2% 8.5% 6.2% 14.6% -9.4% 6.9% 4.1% 11.6% 0.2% 5.5% -1.2% 7.1%

Local Spot Radio 9.0% 5.8% 4.9% -3.0% 4.9% 9.2% 11.2% 9.0% 8.0% 9.0% 11.0% 14.0% 12.0% -4.4% 4.0% 0.0% 3.0% 1.0% -1.0% -2.0% -3.0%Network 2.9% 12.0% 1.3% 1.7% -13.5% 8.0% 1.1% 3.7% 9.0% 7.1% 11.1% 10.0% 14.0% -8.8% 9.0% 3.0% 4.8% -2.6% -2.0% 4.0% 8.0%National Spot (Local Stations) 6.6% 9.1% 5.7% -3.7% -4.4% 10.1% 14.8% 3.0% 9.0% 15.0% 15.0% 16.0% 12.0% -19.4% 13.0% 6.0% 0.0% -2.0% 5.0% -6.0% -3.0% National Total 5.7% 9.8% 4.6% -2.5% -6.6% 9.6% 11.8% 3.1% 9.0% 13.4% 14.3% 14.9% 12.4% -17.6% 12.2% 5.4% 0.9% -2.1% 3.7% -4.2% -0.9%

Total Radio Advertising Dollars 8.2% 6.7% 4.8% -2.9% 2.1% 9.3% 11.3% 7.7% 8.2% 10.0% 11.7% 14.2% 12.1% -7.4% 5.7% 1.2% 2.5% 0.3% 0.0% -2.5% -2.5%

NewspapersLocal Newspaper 6.5% 3.8% -0.9% -5.9% 1.5% 4.7% 7.2% 6.1% 5.2% 7.8% 6.1% 3.6% 3.8% -10.0% -1.1% 0.7% 4.0% 2.3% 1.5% -19.6% 0.5%National Newspaper 2.6% 3.3% 4.4% -4.7% -2.3% 0.5% 7.9% 2.3% 10.1% 14.0% 7.7% 17.7% 13.7% -8.5% 2.9% 8.1% 3.7% -2.1% -3.0% -8.7% -7.0% Total Newspaper Advertising Dollars 6.1% 3.8% -0.3% -5.8% 1.1% 4.2% 7.3% 5.7% 5.7% 8.5% 6.3% 5.3% 5.1% -9.8% -0.5% 1.8% 3.9% 1.5% 0.8% -18.0% -0.8%

Magazines Total Magazine Advertising Dollars 8.3% 10.6% 1.3% -4.1% 7.3% 5.1% 7.6% 8.4% 5.0% 9.0% 7.1% 8.7% 8.2% -10.3% -0.9% 4.0% 7.1% 4.9% 2.5% 4.7% 1.0%

Business PapersTotal Business Publishing Dollars 6.2% 5.9% 4.1% 3.7% 3.6% 5.5% 3.0% 6.0% 7.0% 7.9% 3.0% 1.0% 15.0% -9.1% -11.0% 0.7% 1.7% 2.4% 0.6% -2.0% -3.0%

OutdoorBillboards 10.6% 8.4% 4.8% 4.9% -3.3% 8.7% 10.2% 10.8% 7.4% 7.6% 9.0% 9.5% 8.3% -0.8% 0.8% 8.7% 6.0% 8.0% 11.0% 7.5% 5.0%Other Outdoor 15.4% 10.7% 7.0% 4.9% -3.3% 8.7% 10.2% 10.8% 7.4% 7.6% 9.0% 9.5% 8.3% -0.8% 0.8% -0.1% 6.0% 8.0% 3.2% 6.1% 5.0% Total Outdoor Dollars 12.4% 9.3% 5.7% 4.9% -3.3% 8.7% 10.2% 10.8% 7.4% 7.6% 9.0% 9.5% 8.3% -0.8% 0.8% 5.2% 6.0% 8.0% 8.0% 7.0% 5.0%

InternetTotal Internet Advertising 111.7% 140.7% NM -11.8% -15.8% 20.9% 32.5% 30.3% 34.6% 25.6% 17.4%

MiscellaneousNational 8.3% 5.3% 6.6% 0.8% 5.1% 5.8% 6.6% 11.9% 8.8% 6.7% 8.4% 9.6% 9.7% -5.6% 1.6% 4.9% 9.6% 3.4% 5.6% 1.5% 4.2%Local 6.8% 4.9% 3.5% -2.4% 4.3% 6.8% 9.8% 8.9% 9.6% 11.2% 12.8% 13.3% -17.4% -10.6% 6.8% 1.7% 4.0% 1.7% 0.9% -4.9% -2.4% Total Miscellaneous Dollars 7.9% 5.2% 5.7% -0.1% 4.9% 6.1% 7.5% 11.1% 9.1% 7.9% 9.6% 10.7% 1.7% -6.8% 2.8% 4.1% 8.3% 3.0% 4.6% 0.2% 2.9%

Yellow PagesLocal Yellow Pages 5.7% 7.0% 6.5% 2.9% 1.4% 1.9% 2.7% 3.7% 5.3% 4.5% 4.2% 5.4% 4.4% 3.3% 1.6% 0.8% 0.9% 1.5% 1.0% -1.0% 0.0%National Yellow Pages 13.7% 7.1% 12.0% 2.7% 2.2% 3.5% 6.8% 7.3% 10.3% 10.0% 9.3% 6.2% 5.4% -0.3% 0.0% 1.3% -0.2% 2.5% 2.0% -1.0% 0.0% Total Yellow Pages Advertising Dollars 6.6% 7.1% 7.2% 2.9% 1.5% 2.1% 3.2% 4.2% 6.0% 5.3% 5.0% 5.5% 4.6% 2.8% 1.4% 0.9% 0.8% 1.6% 1.2% -1.0% 0.0%

Direct MailTotal Direct Mail Advertising Dollars 10.5% 3.9% 6.5% 4.7% 3.8% 7.4% 8.7% 10.9% 5.0% 6.9% 7.4% 4.5% 7.7% 0.3% 3.0% 5.0% 7.9% 5.8% 6.2% 2.7% 2.5%

Total Advertising DollarsTotal Local Advertising Dollars 6.9% 4.9% 2.0% -3.3% 3.3% 5.2% 8.2% 6.8% 7.1% 7.4% 7.6% 6.8% 3.9% -6.7% 2.2% 1.8% 4.0% 1.6% 1.9% -9.1% 1.0%Total National Advertising Dollars 8.5% 5.3% 6.0% 0.6% 4.8% 5.7% 8.9% 8.8% 8.6% 7.2% 8.8% 9.1% 13.5% -6.5% 2.3% 5.1% 10.1% 4.6% 7.1% 3.1% 5.1% Total Advertising Dollars 7.8% 5.2% 4.3% -1.1% 4.1% 5.4% 8.6% 8.0% 8.0% 7.3% 8.3% 8.2% 9.6% -6.5% 2.2% 3.8% 7.9% 3.5% 5.3% -1.1% 3.8%

Advertising - Broken Out by Measured Media and OtherTotal Measured Media 7.2% 5.3% 3.1% -3.4% 4.4% 5.1% 9.4% 6.8% 9.0% 7.5% 8.6% 9.0% 12.4% -9.2% 2.0% 3.7% 8.4% 3.0% 5.5% -2.5% 4.7%Yellow Pages 6.6% 7.1% 7.2% 2.9% 1.5% 2.1% 3.2% 4.2% 6.0% 5.3% 5.0% 5.5% 4.6% 2.8% 1.4% 0.9% 0.8% 1.6% 1.2% -1.0% 0.0%Direct Mail 10.5% 3.9% 6.5% 4.7% 3.8% 7.4% 8.7% 10.9% 5.0% 6.9% 7.4% 4.5% 7.7% 0.3% 3.0% 5.0% 7.9% 5.8% 6.2% 2.7% 2.5%Other Advertising 7.9% 5.2% 5.7% -0.1% 4.9% 6.1% 7.5% 11.1% 9.1% 7.9% 9.6% 10.7% 1.7% -6.8% 2.8% 4.1% 8.3% 3.0% 4.6% 0.2% 2.9% Total Advertising 7.8% 5.2% 4.3% -1.1% 4.1% 5.4% 8.6% 8.0% 8.0% 7.3% 8.3% 8.2% 9.6% -6.5% 2.2% 3.8% 7.9% 3.5% 5.3% -1.1% 3.8% Notes: 2008 Internet estimate from eMarketer. 2008 Outdoor estimate is JPM estimate. Outdoor ad spend growth provided by OAAA. Total Ad Spend does not equal Bob Coen's estimate because historical Internet estimates are from IAB and outdoor ad spend estimates are from OAAA Miscellaneous National estimates revised for 1980-1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Miscellaneous includes point of purchase advertising, weekly newspapers, and shoppers, as well as a host of other things like premiums, calendars, and research as well as advertising department budgets and overhead. Source: Robert Coen, MAGNA, July 2008; OAAA; IAB/PricewaterhouseCoopers; eMarketer; J.P.Morgan.

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Table 7. U.S. Advertising Expenditure by Medium, 2006-2007 ($ in billions) Media 2007 2006 % Change % of Total (for 2007) Network TV² $22.43 $22.89 -2.0% 15.0% Cable TV 17.84 16.75 6.5% 11.9% Spot TV³ 15.59 17.36 -10.2% 10.4% Spanish-language TV 4.39 4.33 1.3% 2.9% Syndication (National) 4.17 4.24 -1.5% 2.8% Television total 64.42 65.55 -1.7% 43.0% Consumer magazines 24.43 22.83 7.0% 16.3% B-to-B publications 3.36 3.50 -4.2% 2.2% Sunday magazines 1.88 1.76 6.8% 1.3% Local magazines 0.44 0.45 -4.0% 0.3% Spanish-language magazines 0.23 0.21 10.4% 0.2% Magazine total 30.33 28.74 5.5% 20.3% Local newspapers 22.66 24.01 -5.6% 15.1% National newspapers (NYT, USA, WSJ) 3.35 3.54 -5.5% 2.2% Spanish-language newspapers 0.36 0.36 -2.4% 0.2% Newspaper total 26.36 27.92 -5.6% 17.6% Internet (Display)5 11.31 9.75 15.9% 7.6% Local Radio4 7.19 7.39 -2.7% 4.8% National spot radio 2.50 2.70 -7.1% 1.7% Network radio 1.00 1.00 -0.2% 0.7% Radio total 10.69 11.08 -3.5% 7.1% Outdoor 4.02 3.83 4.9% 2.7% Free-standing inserts6 1.86 1.83 1.8% 1.2% Total7 $149.6 $143.8 4.1% 100.0% 1. Based on TNS Media Intelligence Strategy multimedia ad expenditure database across all TNS measured media including. network TV; spot TV, cable TV (44 networks); syndication TV; Hispanic network TV; consumer magazines (212 publications); Sunday magazines (6 publications); local magazines (27 publications); Hispanic magazines (26 publications); business-to-business (387 publications); local newspapers (145 publications); national newspapers (3 publications); Hispanic newspapers (54 publication); network radio; spot radio; local radio; and outdoor. Figures exclude public service announcements. 2. Includes the CW and MyTV networks, both of which launched in Sept. 2006. 3. Excludes Hispanic spot TV. 4. Includes spending for 34 markets in U.S. 5. Excludes paid search (for example, Google). 6. Distribution costs only. 7. Numbers rounded. Source: TNS Media Intelligence; J.P.Morgan.

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Table 8. U.S. Advertising Expenditure by Medium, 2000-2010E ($ in millions)

2000 % Change 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008 % Change 2009 % Change 2010 % ChangeTelevisionNetwork 16,380 9.0% 15,643 -4.5% 15,799 1.0% 16,273 3.0% 17,412 7.0% 17,587 1.0% 18,202 3.5% 18,020 -1.0% 18,020 0.0% 17,479 -3.0% 17,479 0.0%Spot 23,976 7.2% 22,000 -8.2% 23,430 6.5% 22,024 -6.0% 23,786 8.0% 22,359 -6.0% 23,924 7.0% 23,685 -1.0% 23,685 0.0% 22,974 -3.0% 22,745 -1.0%National Cable 9,548 24.0% 9,834 3.0% 10,129 3.0% 10,940 8.0% 11,815 8.0% 12,878 9.0% 13,587 5.5% 14,402 6.0% 15,266 6.0% 15,724 3.0% 16,510 5.0%Syndication 2,354 7.0% 2,236 -5.0% 2,281 2.0% 2,372 4.0% 2,491 5.0% 2,566 3.0% 2,643 3.0% 2,616 -1.0% 2,773 6.0% 2,801 1.0% 2,885 3.0%Total TV 52,258 10.5% 49,714 -4.9% 51,640 3.9% 51,610 -0.1% 55,504 7.5% 55,390 -0.2% 58,355 5.4% 58,723 0.6% 59,744 1.7% 58,979 -1.3% 59,619 1.1%

RadioNetwork radio 1,000 11.1% 1000 0.0% 1,000 0.0% 1,011 1.1% 1,051 4.0% 1,083 3.0% 1,094 1.0% 1,116 2.0% 1,132 1.5% 1,172 3.5% 1,213 3.5%Local radio 19,819 12.1% 17,800 -10.2% 18,423 3.5% 18,570 0.8% 19,313 4.0% 19,506 1.0% 19,799 1.5% 20,095 1.5% 20,196 0.5% 19,994 -1.0% 20,294 1.5%Total radio 20,819 12.0% 18,800 -9.7% 19,423 3.3% 19,581 0.8% 20,364 4.0% 20,589 1.1% 20,892 1.5% 21,211 1.5% 21,328 0.6% 21,166 -0.8% 21,507 1.6%

MagazinesConsumer magazines 17,700 13.5% 15,930 -10.0% 15,611 -2.0% 16,548 6.0% 17,541 6.0% 18,488 5.4% 19,228 4.0% 20,112 4.6% 20,514 2.0% 21,027 2.5% 22,079 5.0%Business-to-business magazines 6,278 12.1% 5,610 -10.6% 5,292 -5.7% 5,164 -2.4% 5,216 1.0% 5,414 3.8% 5,576 3.0% 5,576 0.0% 5,632 1.0% 5,773 2.5% 5,917 2.5%Total magazines 23,978 13.1% 21,540 -10.2% 20,903 -3.0% 21,712 3.9% 22,757 4.8% 23,902 5.0% 24,804 3.8% 25,688 3.6% 26,146 1.8% 26,800 2.5% 27,996 4.5%

Newspapers 48,700 11.4% 45,778 -6.0% 45,320 -1.0% 46,227 2.0% 48,538 5.0% 50,237 3.5% 51,493 2.5% 49,948 -3.0% 47,151 -5.6% 44,322 -6.0% 42,549 -4.0%

OutdoorBillboards 2,320 5.7% 2,274 -2.0% 2,392 5.2% 2,476 3.5% 2,575 4.0% 2,678 4.0% 2,839 6.0% 3,009 6.0% 3,099 3.0% 3,192 3.0% 3,288 3.0%Other out-of-home 2,592 9.4% 2,540 -2.0% 2,553 0.5% 2,617 2.5% 2,722 4.0% 3,048 12.0% 3,506 15.0% 4,031 15.0% 4,434 10.0% 4,878 10.0% 5,366 10.0%Total outdoor 4,912 7.6% 4,814 -2.0% 4,945 2.7% 5,093 3.0% 5,297 4.0% 5,726 8.1% 6,344 10.8% 7,040 11.0% 7,534 7.0% 8,070 7.1% 8,654 7.2%

InternetDisplay - - 2,723 3,556 30.6% 4,089 15.0% 4,665 14.1% 5,509 18.1%Internet video/rich media - - 1,224 1,319 7.8% 1,854 40.5% 2,629 41.8% 4,073 55.0%Classified - - 1,998 2,719 36.1% 3,127 15.0% 3,554 13.7% 4,158 17.0%Paid search - - 4,871 6,484 33.1% 7,910 22.0% 9,328 17.9% 11,490 23.2%Internet radio - - - - 200 286 42.6% 364 27.4%Podcast - - - 22 25 15.0% 34 37.6% 42 21.2%Other - - 1,674 2,011 20.2% 2,313 15.0% 2,731 18.1% 3,446 26.2%Total internet 6,000 30.4% 6,600 10.0% 7,250 9.8% 7,758 7.0% 8,688 12.0% 9,992 15.0% 12,490 25.0% 16,111 29.0% 19,519 21.1% 23,227 19.0% 29,082 25.2%

Cinema 275 303 10.0% 339 12.0% 400 18.0% 460 15.0% 529 15.1% 608 15.0% 699 15.0% 804 15.0%

TOTAL MAJOR MEDIA 156,667 12.0% 147,246 -6.0% 149,756 1.7% 152,282 1.7% 161,487 6.0% 166,235 2.9% 174,838 5.2% 179,251 2.5% 182,030 1.6% 183,263 0.7% 190,210 3.8%

Direct mailAddressed 32,705 34340 5.0% 33,877 -1.3% 34,894 3.0% 35,582 2.0% 36,489 2.5% 38,575 5.7% 40,875 6.0% 42,798 4.7% 44,082 3.0% 46,550 5.6%Unaddressed 5,324 5590.2 5.0% 6,453 15.4% 6,646 3.0% 7,288 9.7% 8,010 9.9% 7,348 -8.3% 6,654 -9.4% 6,395 -3.9% 6,587 3.0% 6,956 5.6%Total direct mail 38,029 4.8% 39,930 5.0% 40,330 1.0% 41,540 3.0% 42,869 3.2% 44,498 3.8% 45,922 3.2% 47,530 3.5% 49,193 3.5% 50,669 3.0% 53,506 5.6%

Telemarketing 45,300 45,300 0.0% 45,300 0.0% 45,300 0.0% 45,300 0.0% 45,300 0.0% 45,300 0.0% 46,100 1.8% 47,000 2.0% 47,917 2.0% 48,851 1.9%

Sales promotionSales promotion (consumer) 39,674 37,961 -4.3% 39,097 3.0% 39,922 2.1% 41,391 3.7% 42,635 3.0% 44,251 3.8% 45,965 3.9% 47,832 4.1% 49,897 4.3% 52,092 4.4%Sales promotion (business) 40,129 38,161 -4.9% 38,535 1.0% 40,165 4.2% 41,658 3.7% 43,040 3.3% 44,763 4.0% 46,419 3.7% 48,269 4.0% 50,308 4.2% 52,485 4.3%Total sales promotion 79,803 76,122 -4.6% 77,632 2.0% 80,087 3.2% 83,049 3.7% 85,675 3.2% 89,014 3.9% 92,384 3.8% 96,101 4.0% 100,205 4.3% 104,577 4.4%

Public relations 2,817 2,557 -9.2% 2,575 0.7% 2,663 3.4% 2,977 11.8% 3,349 12.5% 3,813 13.9% 4,263 11.8% 4,685 9.9% 5,158 10.1% 5,684 10.2%

Event sponsorship 8,700 9,301 6.9% 9,650 3.8% 10,251 6.2% 11,117 8.4% 12,106 8.9% 13,377 10.5% 14,929 11.6% 16,511 10.6% 18,014 9.1% 19,545 8.5%

Directories 13,200 13,600 3.0% 13,800 1.5% 14,324 3.8% 14,238 -0.6% 14,284 0.3% 14,380 0.7% 14,295 -0.6% 14,210 -0.6% 14,137 -0.5% 14,029 -0.8%

TOTAL MARKETING SERVICES 187,849 417.7% 186,810 -0.6% 189,287 1.3% 194,165 2.6% 199,551 2.8% 205,212 2.8% 211,806 3.2% 219,500 3.6% 227,701 3.7% 236,099 3.7% 246,192 4.3%

GRAND TOTAL 344,516 95.5% 334,056 -3.0% 339,043 1.5% 346,448 2.2% 361,038 4.2% 371,447 2.9% 386,644 4.1% 398,751 3.1% 409,731 2.8% 419,362 2.4% 436,403 4.1% Source: Advertising data. ZenithOptimedia October 2008 Notes:1) Includes agency commission 2) Includes production costs 3) Includes classified advertising 4) Reflects negotiated rates (=after discounts) 5) Includes national and local media (Npprs and OOH are mostly local, magazines national) 6) Internet includes banners, paid search, rich media and sponsorship; excludes alliance deals and partnership programmes 7) Other includes Yellow Pages and B2B displays and exhibitions

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Table 9. 2007 CPM Comparison Adults TV (30-second ad unit)1 Early AM $8.17 Daytime $5.35 Early News $7.11 Primetime $16.39 Late Fringe $14.21 Cable TV (30-second ad unit) Primetime $8.49 Radio (30-second ad unit) Network $1.76 Spot (100 Markets) $7.31 Magazines (4-color page) Celeb./Entertainment $9.12 Mass Dual Audience $4.81 Newsweeklies $7.01 Newspapers (Mag. Size, white page) 40 Market Top Papers $5.50 Out-of-Home (30-Sheet Poster) Top 50 Markets $2.26 Source: Media Dynamics, Inc., 2008.

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Table 10. U.S. Ad Spending by Category ($ in millions)

Rank Measured Ad Spending 2007 2006 Category 2007 2006 % Change

1 2 Retail $18,702 $19103.2 -2.1% 2 1 Automotive 18,540.1 19807.8 -6.4% 3 3 Telecom, internet services and ISP 10,909.1 11041.6 -1.2% 4 4 Medicine & remedies 9,297.8 9187.5 1.2% 5 5 Financial services 9,219.3 8697.5 6.0% 6 6 General services 8,930.0 8636.4 3.4% 7 7 Food, beverages & candy 7,459.2 7200.0 3.6% 8 8 Personal care 6,306.6 5728.1 10.1% 9 9 Airlines, hotels, car rental, travel 5,414.4 5436.1 -0.4%

10 10 Movies, recorded video & music 5,407.5 5380.6 0.5% 11 11 Restaurants 5,349.8 5323.2 0.5% 12 12 Media 5,195.0 5063.4 2.6% 13 14 Insurance 3,679.0 3451.2 6.6% 14 16 Apparel 2,984.5 2903.2 2.8% 15 13 Government, politics, religion 2,770.1 3578.9 -22.6% 16 15 Real estate 2,682.0 3129.5 -14.3% 17 17 Computers, software 2,208.1 2469.9 -10.6% 18 19 Beer, wine & liquor 2,200.6 2099.8 4.8% 19 18 Home furnishings, appliances & electronics 2,113.0 2121.5 -0.4% 20 20 Home supplies & cleaners 2,100.2 2002.1 4.9% 21 21 Education 2,014.2 1944.2 3.6% 22 22 Toys & games 1,326.3 1241.9 6.8% 23 23 Hardware & home building supplies 1,030.1 1060.9 -2.9% 24 25 Gas & oil 553.0 525.2 5.3% 25 24 Sporting goods 548.5 564.9 -2.9% 26 26 Pet food & pet care 520.2 490.3 6.1% 27 27 Office equipment 334.4 338.1 -1.1% 28 28 Shipping & freight 301.0 325.8 -7.6% 29 29 Cigarettes & tobacco 125.0 152.6 -18.1%

Source: Advertising Age.

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Global Advertising Expenditures

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Table 11. Worldwide Advertising Growth, 1990-2009E U.S.A. Overseas Total World Year $ Spend % Change $ Spend % Change $ Spend % Change 1990 $130.0 3.9% $145.9 11.8% $275.9 7.9% 1991 128.4 -1.2% 153.9 5.5% 282.3 2.3% 1992 133.8 4.2% 165.4 7.5% 299.2 6.0% 1993 141.0 5.4% 163.2 -1.3% 304.2 1.7% 1994 153.0 8.6% 179.0 9.7% 332.0 9.1% 1995 165.1 7.9% 205.9 15.0% 371.0 11.7% 1996 178.1 7.9% 212.1 3.0% 390.2 5.2% 1997 191.3 7.4% 210.0 -1.0% 401.3 2.8% 1998 206.7 8.0% 205.2 -2.3% 411.9 2.6% 1999 222.3 7.6% 213.8 4.2% 436.1 5.9% 2000 247.5 11.3% 226.8 6.1% 474.3 8.8% 2001 231.3 -6.5% 209.6 -8.6% 440.9 -7.9% 2002 236.9 2.4% 213.6 1.9% 450.5 2.2% 2003 245.5 3.6% 244.4 14.4% 489.9 8.7% 2004 263.8 7.5% 279.8 14.5% 543.6 11.0% 2005 271.1 2.8% 298.0 6.5% 569.1 4.7% 2006 281.6 3.9% 323.0 8.4% 604.6 6.2% 2007 279.6 -0.7% 360.1 11.5% 639.7 5.8%

2008E 1 285.1 2.0% 382.8 6.3% 667.9 4.4% 2009E 1 294.0 3.1% 414.0 4.6% 708.0 4.0%

Note: 1. In current local currencies Source: Robert Coen, MAGNA. Figure 3. Worldwide Ad Growth, 1990-2009E (% change)

-10%

-5%

0%

5%

10%

15%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008E

2009E

% Change in US Ad Spend %Change in WW Ad Spend

Source: Robert Coen, MAGNA, July 2008; J.P. Morgan.

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Table 12. Outlook for Ad Expenditure Growth by Country, 2006-08E (% change) Country 2006 2007 2008E Japan 1.0% 1.1% 1.7% Australia 5.0 4.6 4.6 Germany 2.7 2.2 2.6 United Kingdom 1.0 4.0 3.0 France 3.5 2.9 3 Netherlands 5.3 4.5 5.1 Italy -0.2 1.1 1.7 Spain 7.1 5.9 5.3 Canada 7.7 4.1 3.7 Brazil 15.5 12.0 10.0 Mexico 12.3 5.0 4.0 China 10.6 9.0 12.0 Poland 13.0 12.8 8.2 Denmark 18.3 7.6 5.4 Philippines 5.0 10.0 8.0 Argentina 36.0 35.0 30.0 India 19.0 10.0 8.0 United States 3.9 -0.7 2.0 Austria 4.9 9.7 5.1 Norway 9.2 10.4 8.4 Greece 6.4 13.8 6.1 Russia 24.0 26.0 23.0 Source: Robert Coen, Universal McCann. June, 2008.

Table 13. Zenith’s World Advertising Expenditure by Region, 2006-2010E ($ in millions, current prices)

Major Media1 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % Change North America 183,417 5.3% 188,300 2.7% 191,639 1.8% 193,365 0.9% 200,810 3.9% Western Europe2 113,449 5.6% 119,922 5.7% 121,750 1.5% 124,733 2.5% 130,035 4.3% Asia/Pacific 94,758 6.7% 101,966 7.6% 108,112 6.0% 113,823 5.3% 121,240 6.5% C & E Europe 25,843 18.6% 31,629 22.4% 36,463 15.3% 41,097 12.7% 46,169 12.3% Latin America3 22,701 14.9% 26,406 16.3% 29,058 10.0% 31,876 9.7% 34,911 9.5% Africa/M. East/ROW4

14,043 26.8% 17,258 22.9% 18,657 8.1% 20,815 11.6% 23,974 15.2%

World 454,211 7.3% 485,481 6.9% 505,679 4.2% 525,711 4.0% 557,140 6.0% Source: ZenithOptimedia, October, 2008. 1TV, Print, Radio, Cinema, Outdoor, Internet 2These totals exclude the 'other' category in Denmark 3Latin America includes the ten countries detailed in this report plus 11 smaller countries. All 21 are listed in the Latin America summary. 4ROW includes the 11 countries detailed in this report plus 24 smaller countries. All 35 are listed in the Rest of World summary.

Table 14. Global Advertising Expenditures by Medium, 2006-2010E ($ in millions, current prices) Medium 2006 % of Total 2007 % Chg % of Total 2008E % Chg % of Total 2009E % Chg % of Total 2010E % Chg % of TotalTelevision $168,355 37.5% $179,268 6.5% 37.4% $187,496 4.6% 37.5% $193,854 3.4% 37.3% $203,770 5.1% 37.0%Newspapers 127,473 28.4% 130,032 2.0% 27.1% 128,277 -1.3% 25.6% 127,217 -0.8% 24.5% 128,444 1.0% 23.3%Internet 30,404 6.8% 41,038 35.0% 8.6% 51,054 24.4% 10.2% 61,729 20.9% 11.9% 75,803 22.8% 13.8%Magazines 56,040 12.5% 57,920 3.4% 12.1% 58,433 0.9% 11.7% 59,407 1.7% 11.4% 61,279 3.2% 11.1%Radio 36,990 8.2% 38,391 3.8% 8.0% 39,469 2.8% 7.9% 40,033 1.4% 7.7% 41,324 3.2% 7.5%Outdoor 28,048 6.2% 31,050 10.7% 6.5% 33,132 6.7% 6.6% 35,117 6.0% 6.8% 37,752 7.5% 6.8%Cinema 2,031 0.5% 2,265 11.5% 0.5% 2,458 8.5% 0.5% 2664 8.4% 0.5% 2,910 9.2% 0.5%Total1 $449,341 $479,964 $500,319 $520,021 $551,283

(1) Totals are lower than in the above "World Advertising Expenditures by Region" as that table includes several countries for which advertising spend is not itemized by medium. Source: ZenithOptimedia. October 2008.

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Table 15. Total Advertising Expenditure by Country, 2000-2010E ($ in millions) Country 2000 2001 2002 2003 2004 2005 2006 2007 2008E 2009E 2010ECanada 6,442 6,537 6,694 7,130 7,538 7,967 8,579 9,049 9,609 10,102 10,600USA 156,667 147,246 149,756 152,282 161,487 166,235 174,838 179,251 182,030 183,263 190,210North America 163,109 153,782 156,450 159,412 169,026 174,202 183,417 188,300 191,639 193,365 200,810

Austria 2,593 2,616 2,549 2,622 2,772 2,921 3,089 3,373 3,670 3,819 3,972Belgium 2,492 2,414 2,661 2,954 3,190 3,343 3,982 4,287 4,476 4,659 4,841Denmark 2,108 2,028 1,902 1,902 2,025 2,155 2,512 2,587 2,711 2,768 2,831Finland 1,542 1,463 1,441 1,477 1,574 1,628 1,693 1,800 1,878 1,929 1,987France 12,861 12,110 11,868 12,113 12,742 13,128 13,622 13,904 13,905 14,014 14,190Germany 27,362 25,276 23,003 21,868 22,152 23,180 24,684 25,758 26,099 26,492 27,145Ireland 1,065 1,198 1,417 1,589 1,908 2,007 2,306 2,536 2,609 2,501 2,531Italy 11,047 10,683 10,330 10,711 11,472 11,748 11,877 12,249 12,300 12,443 12,720Netherlands 5,305 5,084 4,949 4,726 4,694 4,789 4,997 5,199 5,294 5,357 5,457Norway 2,222 2,204 2,283 2,622 2,961 3,576 3,950 4,436 5,003 5,517 6,102Portugal 1,327 1,244 1,135 1,160 1,241 1,254 1,241 1,285 1,324 1,358 1,406Spain 7,578 7,328 7,273 7,479 8,265 9,030 9,817 10,738 10,379 10,661 11,133Sweden 2,732 2,434 2,338 2,342 2,450 2,701 3,041 3,273 3,417 3,512 3,716Switzerland 3,628 3,476 3,193 2,997 2,698 2,821 3,072 3,345 3,468 3,565 3,644UK 21,178 20,248 20,299 20,890 22,829 23,536 23,916 25,433 25,529 26,458 28,691Western Europe 105,041 99,807 96,642 97,452 102,973 107,816 113,797 120,203 122,062 125,055 130,366

Belarus - - - - 39 40 65 92 123 149 183Bosnia & Herzegovina 70 89 101 116 144 173 222 245 272 297 316Bulgaria 85 119 165 238 304 398 519 695 784 840 898Croatia 236 345 440 530 598 768 905 1,012 1,168 1,339 1,540Czech Republic 1,388 1,617 1,598 1,721 1,903 2,145 2,474 2,605 2,880 3,025 3,200Estonia 59 66 71 79 87 100 119 156 160 174 197Georgia 13 16 21 24 33 41 64 92 112 132 153Greece 2,083 2,163 2,421 2,564 2,806 3,019 3,266 3,683 3,708 3,778 3,870Hungary 1,221 1,453 1,739 2,017 2,411 2,739 2,946 2,984 3,222 3,383 3,570Latvia 58 67 79 84 96 116 148 183 209 232 254Lithuania 151 216 291 318 346 425 493 614 638 673 709Moldova - - - - - 10 14 18 34 46 59Poland 2,806 3,462 3,620 4,029 4,495 1,899 2,126 2,518 2,857 3,120 3,501Romania 128 118 126 154 226 308 420 590 799 955 1,062Russia 826 1,336 2,210 2,890 3,910 5,030 6,654 8,957 11,414 13,726 16,110Serbia - - - 320 450 713 820 1,276 1,464 1,653 1,859Slovakia 378 512 568 677 964 1,201 1,433 1,667 1,988 2,354 2,746Slovenia 253 275 309 346 428 477 516 618 712 810 895Turkey 1,070 551 719 881 1,291 1,687 1,950 2,629 2,689 2,921 3,311Ukraine - - 161 259 348 511 691 994 1,229 1,490 1,735Central & Eastern Euro 10,825 12,404 14,638 17,246 20,878 21,799 25,843 31,629 36,463 41,097 46,169

Australia 6,756 6,278 6,445 7,044 7,910 8,473 8,891 9,831 10,355 10,788 11,263China 5,220 5,641 6,765 8,520 9,518 11,084 13,327 15,438 18,336 20,187 22,922Hong Kong 1,531 1,618 1,837 1,829 2,288 2,521 2,844 3,163 3,285 3,144 3,275India 1,731 1,992 2,160 2,701 3,393 3,912 5,008 6,635 7,293 8,610 10,100Indonesia 517 645 872 1,205 1,578 1,828 2,155 2,564 2,928 3,310 3,750Japan 38,944 38,346 35,691 35,662 37,049 40,301 40,746 41,017 41,603 42,549 43,335Malaysia 904 930 1,010 1,089 1,317 1,364 1,431 1,646 1,896 2,024 2,190New Zealand 1,094 1,097 1,153 1,302 1,461 1,576 1,566 1,646 1,569 1,579 1,610Pakistan 106 107 120 135 155 184 236 369 451 498 537Philippines 1,331 1,513 1,683 2,045 2,454 3,019 3,114 3,340 3,719 3,971 4,152Singapore 995 1,023 1,119 1,172 1,349 1,237 1,287 1,327 1,352 1,387 1,472South Korea 7,327 7,236 8,394 8,259 8,276 8,628 9,279 9,967 10,264 10,719 11,265Taiwan 1,840 1,990 2,012 2,201 1,797 1,602 1,581 1,542 1,491 1,399 1,401Thailand 1,486 1,741 1,965 2,264 2,625 2,776 2,873 2,950 2,961 3,002 3,213Vietnam 131 147 162 215 263 334 418 530 610 658 756Asia Pacific 69,914 70,303 71,388 75,642 81,433 88,839 94,758 101,966 108,112 113,823 121,240

Argentina 2,675 2,569 504 825 1,001 1,271 1,554 1,817 1,996 2,178 2,375Brazil 5,365 3,968 3,313 3,680 4,653 6,496 7,756 9,703 11,198 12,612 14,161Chile 599 587 629 660 707 786 849 951 1,008 1,078 1,165Colombia 1,031 1,075 1,018 960 1,026 2,551 2,914 3,277 3,681 3,703 4,004Costa Rica 103 103 118 113 106 116 126 143 163 187 209Ecuador 184 275 381 436 480 578 703 774 851 920 990Mexico 3,449 3,562 3,447 3,175 3,347 3,704 4,226 4,980 5,259 5,950 6,426Panama 173 152 165 196 223 237 275 300 292 350 325Peru 198 184 188 223 215 253 291 344 394 447 508Puerto Rico 1,638 1,810 1,831 1,865 1,911 1,824 1,765 1,746 1,836 1,799 1,808Uruguay 149 100 50 43 48 47 51 56 64 67 65Venezuela 836 847 689 593 641 679 874 915 831 981 1,127Latin America 16,400 15,231 12,333 12,770 14,359 18,542 21,384 25,005 27,573 30,272 33,163

Armenia - - 11 21 24 34 48 64 77 88 97Azerbaijan - - 29 37 63 89 119 158 215 289 386Bahrain 52 66 89 100 143 118 136 139 154 161 169Egypt 241 291 337 329 454 1,027 1,432 1,755 1,872 1,918 2,083Israel 1,183 875 878 790 837 879 882 962 1,002 1,034 1,069Kazakhstan - - - - - 314 651 854 1,039 1,402 1,892Kuwait 218 252 250 276 335 395 477 501 580 637 692Oman 28 32 52 65 76 81 88 101 109 119 128Pan Arab 612 927 1,084 1,443 1,820 1,986 2,604 3,667 3,842 4,354 4,920Qatar - - 73 81 89 89 172 188 158 174 193Saudi Arabia 377 417 423 476 605 774 988 1,072 1,277 1,403 1,575South Africa 1,260 1,369 1,635 1,854 2,179 2,714 3,475 4,340 4,725 5,321 6,410UAE 195 243 376 566 777 973 1,234 1,612 1,707 1,923 2,254Uzbekistan - - 2 2 5 7 9 21 24 29 37

Total 369,454 356,000 356,690 368,563 396,075 420,679 451,516 482,539 502,629 522,464 553,653 Source: ZenithOptimedia. October, 2008.

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Table 16. Advertising Expenditure as a % of GDP by Country, 2000-2010E (% of total) Country 2000 2001 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E

% % % % % % % % % % % Canada 0.64 0.63 0.62 0.63 0.63 0.63 0.64 0.63 0.65 0.66 0.66USA 1.60 1.45 1.43 1.39 1.38 1.34 1.33 1.30 1.27 1.23 1.23North America 1.51 1.38 1.36 1.32 1.31 1.27 1.26 1.23 1.21 1.18 1.18

Austria 0.90 0.89 0.84 0.85 0.86 0.87 0.88 0.90 0.94 0.94 0.94Belgium 0.72 0.68 0.73 0.78 0.80 0.81 0.92 0.94 0.94 0.95 0.96Denmark 0.89 0.83 0.75 0.74 0.75 0.76 0.83 0.83 0.84 0.84 0.83Finland 0.85 0.76 0.73 0.74 0.75 0.76 0.74 0.74 0.73 0.72 0.71France 0.65 0.59 0.56 0.55 0.56 0.56 0.56 0.54 0.52 0.51 0.50Germany 0.97 0.87 0.78 0.74 0.73 0.75 0.78 0.77 0.76 0.75 0.74Ireland 0.74 0.75 0.79 0.83 0.94 0.91 0.96 1.00 0.98 0.89 0.85Italy 0.68 0.63 0.58 0.59 0.60 0.60 0.59 0.58 0.57 0.56 0.56Netherlands 0.93 0.83 0.78 0.72 0.70 0.69 0.68 0.68 0.66 0.65 0.63Norway 0.88 0.84 0.87 0.96 1.00 1.05 1.07 1.14 1.21 1.27 1.34Portugal 0.79 0.70 0.61 0.61 0.63 0.61 0.58 0.58 0.57 0.57 0.57Spain 0.88 0.79 0.73 0.70 0.72 0.73 0.73 0.75 0.68 0.67 0.67Sweden 0.83 0.71 0.65 0.63 0.63 0.67 0.71 0.72 0.72 0.71 0.72Switzerland 1.05 0.99 0.89 0.83 0.74 0.75 0.79 0.83 0.83 0.83 0.83UK 1.10 1.01 1.01 0.93 0.96 0.95 0.92 0.92 0.88 0.88 0.92Western Europe 0.87 0.79 0.75 0.72 0.73 0.74 0.74 0.75 0.73 0.72 0.73

Belarus - - - - 0.17 0.13 0.18 0.21 0.24 0.25 0.27Bosnia & Herzegovina 0.99 1.16 1.24 1.35 1.52 1.67 1.88 1.94 1.95 1.96 1.94Bulgaria 0.67 0.87 1.06 1.19 1.23 1.46 1.65 1.76 1.88 1.92 1.94Croatia 0.83 1.12 1.30 1.43 1.49 1.78 1.94 1.99 2.09 2.22 2.37Czech Republic 1.29 1.40 1.32 1.36 1.37 1.46 1.55 1.49 1.49 1.44 1.42Estonia 0.71 0.69 0.67 0.67 0.66 0.65 0.65 0.76 0.69 0.69 0.72Georgia 0.37 0.39 0.47 0.47 0.55 0.58 0.78 0.95 0.96 0.99 0.99Greece 1.25 1.07 1.12 1.09 1.11 1.11 1.11 1.18 1.11 1.06 1.03Hungary 1.66 1.75 1.86 1.96 2.14 2.18 2.28 2.16 2.16 2.14 2.12Latvia 0.63 0.66 0.70 0.67 0.66 0.66 0.67 0.67 0.64 0.65 0.66Lithuania 0.83 1.12 1.41 1.41 1.40 1.50 1.52 1.60 1.45 1.36 1.31Moldova - - - - - 0.32 0.39 0.43 0.67 0.77 0.88Poland 1.04 1.23 1.24 1.32 1.35 0.53 0.55 0.60 0.62 0.63 0.65Romania 0.34 0.29 0.27 0.26 0.30 0.31 0.34 0.38 0.49 0.55 0.59Russia 0.32 0.44 0.64 0.67 0.66 0.66 0.67 0.69 0.83 0.94 1.04Serbia - 0.00 0.00 1.71 2.01 2.56 2.49 3.39 3.36 3.28 3.23Slovakia 0.99 1.24 1.27 1.37 1.75 2.00 2.13 2.22 2.40 2.59 2.78Slovenia 1.02 0.99 0.99 1.02 1.17 1.23 1.24 1.38 1.46 1.57 1.63Turkey 0.54 0.28 0.31 0.29 0.33 0.35 0.37 0.40 0.39 0.41 0.44Ukraine - - 0.38 0.52 0.54 0.59 0.65 0.77 0.74 0.75 0.73Central & Eastern Eu 0.85 0.87 0.93 0.94 0.94 0.83 0.85 0.86 0.92 0.96 1.01

Australia 1.20 1.05 1.01 1.04 1.12 1.13 1.10 1.08 1.07 1.04 1.02China 0.40 0.39 0.43 0.48 0.45 0.45 0.48 0.48 0.49 0.47 0.47Hong Kong 0.91 0.97 1.12 1.16 1.38 1.42 1.50 1.53 1.47 1.29 1.22India 0.34 0.36 0.36 0.41 0.45 0.45 0.50 0.58 0.57 0.59 0.62Indonesia 0.34 0.35 0.43 0.54 0.63 0.60 0.59 0.59 0.60 0.60 0.61Japan 0.91 0.91 0.86 0.86 0.88 0.95 0.94 0.93 0.93 0.92 0.91Malaysia 0.91 0.91 0.91 0.89 0.96 0.90 0.86 0.88 0.93 0.92 0.91New Zealand 1.28 1.19 1.19 1.26 1.33 1.36 1.29 1.29 1.16 1.11 1.08Pakistan 0.17 0.15 0.16 0.18 0.17 0.17 0.19 0.26 0.27 0.26 0.25Philippines 1.83 1.92 1.96 2.19 2.32 2.56 2.38 2.32 2.34 2.27 2.16Singapore 0.94 1.01 1.07 1.10 1.12 0.96 0.92 0.87 0.81 0.78 0.77South Korea 1.18 1.08 1.14 1.06 0.99 0.99 1.02 1.03 0.98 0.95 0.94Taiwan 0.60 0.66 0.64 0.69 0.54 0.47 0.44 0.41 0.38 0.33 0.31Thailand 1.04 1.17 1.24 1.32 1.39 1.35 1.27 1.20 1.11 1.04 1.02Vietnam 0.47 0.49 0.48 0.56 0.59 0.64 0.69 0.74 0.68 0.63 0.61Asia Pacific 0.82 0.80 0.79 0.80 0.80 0.81 0.81 0.80 0.78 0.76 0.74

Argentina 0.94 0.96 0.49 0.64 0.65 0.69 0.73 0.69 0.71 0.74 0.78Brazil 0.83 0.72 0.65 0.67 0.70 0.74 0.73 0.74 0.81 0.88 0.95Chile 0.77 0.70 0.71 0.67 0.63 0.62 0.57 0.59 0.56 0.55 0.55Colombia 1.23 1.31 1.25 1.21 1.05 2.08 2.14 1.88 2.02 1.94 2.00Costa Rica 0.65 0.63 0.70 0.65 0.57 0.58 0.57 0.47 0.51 0.56 0.59Ecuador 1.15 1.31 1.79 1.75 1.68 1.77 1.89 1.87 1.93 1.94 1.94Mexico 0.59 0.57 0.53 0.50 0.49 0.48 0.50 0.55 0.57 0.63 0.66Panama 1.49 1.29 1.34 1.52 1.57 1.53 1.60 1.42 1.20 1.28 1.06Peru 0.37 0.34 0.33 0.37 0.31 0.32 0.31 0.32 0.34 0.36 0.39Puerto Rico 2.65 2.61 2.56 2.49 2.42 1.99 1.70 1.60 1.58 1.44 1.34Uruguay 0.74 0.54 0.41 0.38 0.36 0.28 0.27 0.25 0.27 0.28 0.26Venezuela 0.71 0.69 0.74 0.71 0.59 0.54 0.57 0.46 0.32 0.27 0.23Latin America 0.83 0.79 0.72 0.72 0.70 0.75 0.75 0.75 0.77 0.80 0.82

Armenia 0.00 0.00 0.27 0.44 0.43 0.52 0.62 0.82 0.98 1.13 1.25Azerbaijan 0.00 0.00 0.42 0.45 0.63 0.61 0.58 0.66 0.74 0.83 0.93Bahrain 0.65 0.84 1.06 1.03 1.27 0.88 0.95 0.88 0.89 0.85 0.81Egypt 0.40 0.46 0.51 0.45 0.53 1.09 1.32 1.37 1.25 1.10 1.03Israel 0.99 0.72 0.70 0.62 0.62 0.61 0.57 0.59 0.59 0.57 0.56Kazakhstan - - - - - 0.50 0.79 0.86 0.85 0.99 1.16Kuwait 0.53 0.67 0.61 0.55 0.54 0.46 0.46 0.44 0.45 0.44 0.43Oman 0.14 0.16 0.26 0.30 0.31 0.26 0.26 0.26 0.25 0.24 0.23Qatar - - 0.26 0.34 0.28 0.21 0.33 0.36 0.23 0.26 0.23Saudi Arabia 0.20 0.23 0.22 0.22 0.24 0.25 0.28 0.28 0.30 0.30 0.30South Africa 0.96 0.95 0.99 1.04 1.10 1.24 1.41 1.56 1.51 1.54 1.69UAE 0.28 0.35 0.50 0.64 0.75 0.73 0.77 0.85 0.77 0.78 0.81Uzbekistan - - 0.03 0.02 0.04 0.05 0.06 0.11 0.11 0.11 0.12

Total 1.05 0.97 0.95 0.93 0.94 0.93 0.93 0.92 0.90 0.89 0.90 Source: ZenithOptimedia. October 2008

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Table 17. Advertising Expenditure per Capita by Country, 1995-2006 (in USD) Country 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006Canada 159.0 165.5 182.1 195.2 200.3 209.9 210.9 213.8 225.4 235.9 246.9 263.3USA 372.7 395.0 406.0 433.8 497.5 550.0 511.6 514.9 518.2 544.0 554.4 577.3North America 351.3 371.9 384.1 410.5 468.5 516.9 482.3 485.7 489.8 514.1 524.5 546.8

Austria 197.7 206.3 227.1 252.4 291.8 319.7 321.4 311.9 319.3 336.0 352.3 370.9Belgium 150.9 154.2 175.3 204.8 223.5 244.6 235.9 259.1 286.2 307.9 321.4 381.7Denmark 328.8 341.9 370.7 387.8 372.6 394.8 381.3 354.3 352.8 374.9 397.6 462.5Finland 206.0 211.8 233.2 258.5 276.7 297.8 281.9 277.2 282.9 301.0 310.1 321.2France 171.4 175.3 181.1 195.1 214.5 217.3 203.6 198.3 201.1 210.2 215.3 222.1Germany 266.4 269.8 279.1 292.4 307.9 332.4 306.8 278.9 264.8 268.1 280.5 298.7Ireland 130.8 143.6 168.1 184.7 207.8 280.2 310.3 360.5 398.3 468.8 484.7 546.5Italy 114.1 123.0 134.9 149.2 166.9 191.5 187.5 180.7 185.9 197.2 200.4 201.7Netherlands 223.7 246.3 265.3 293.5 311.3 333.2 316.8 306.4 291.4 288.3 293.5 305.8Norway 306.1 362.2 394.9 419.2 450.3 494.9 488.7 502.9 575.0 645.2 774.0 847.6Portugal 58.3 69.5 83.4 97.4 117.0 129.7 121.1 109.6 111.4 118.5 119.1 117.3Spain 123.3 127.4 132.1 147.6 170.7 188.4 179.9 175.7 177.7 193.1 208.1 223.7Sweden 219.6 219.1 236.7 262.7 270.9 308.0 273.8 262.1 261.4 272.2 298.8 335.0Switzerland 412.9 401.3 396.5 421.5 466.5 499.8 476.8 436.1 407.2 365.1 380.2 412.3UK 238.6 256.4 286.0 312.9 330.9 359.7 342.5 341.8 350.0 380.7 390.7 395.2Western Europe 197.7 206.0 219.4 237.5 256.2 278.1 263.7 254.0 254.6 267.3 278.4 292.5

Belarus - - - - - - - - - 3.9 4.1 6.7Bosnia & Herzegovina - - - - - 18.5 23.1 26.1 29.8 36.8 44.1 56.5Bulgaria 5.4 4.5 3.0 4.9 7.2 10.6 14.9 20.9 30.3 39.0 51.4 67.5Croatia - - - 27.9 33.8 53.2 77.7 99.1 119.4 134.8 173.0 203.9Czech Republic 38.7 49.3 70.2 94.1 115.9 135.8 158.4 156.6 168.7 186.7 210.5 242.8Estonia 16.6 24.7 34.9 44.6 40.5 43.1 48.3 52.4 58.8 64.2 74.7 88.4Georgia - - - - - 2.8 3.3 4.5 5.3 7.3 9.1 14.5Greece 165.9 117.1 135.6 153.3 162.0 189.9 196.4 219.3 231.8 253.2 272.0 293.7Hungary 25.6 37.9 55.0 77.1 91.9 119.6 142.6 171.1 198.9 238.5 271.5 292.8Latvia 10.5 17.2 30.7 20.0 22.9 24.5 28.2 33.5 35.9 41.3 50.5 64.6Lithuania 10.4 22.7 35.1 51.7 48.1 43.1 62.2 83.8 92.2 100.6 124.7 145.4Moldova - - - - - - - - - - 2.5 3.7Poland 12.7 19.2 31.8 46.6 63.8 73.0 90.2 94.4 103.5 117.5 49.7 55.7Romania 2.5 4.1 5.1 9.7 5.6 5.8 5.3 5.8 7.1 10.4 14.3 19.5Russia 5.4 7.1 9.5 8.8 3.9 5.6 9.1 15.1 19.9 27.0 34.9 46.5Serbia - - - - - - - - 32.1 45.5 72.3 83.2Slovakia 12.2 18.2 38.4 55.3 60.5 70.1 95.0 105.4 125.5 178.8 222.8 265.9Slovenia 34.6 50.2 62.7 92.5 118.5 128.0 138.3 155.4 173.7 213.8 238.4 257.9Turkey 10.5 11.8 14.7 14.0 14.0 15.7 8.0 10.2 12.4 17.9 23.1 26.4Ukraine - - - - - - - 3.3 5.4 7.4 10.9 14.8Central & Eastern Europe 11.9 13.1 17.9 21.7 22.5 26.9 30.1 35.6 41.5 50.4 52.7 62.5

Australia 274.6 272.8 297.5 318.1 328.1 353.0 324.1 328.8 355.0 393.9 417.2 433.1China 1.8 2.2 2.8 3.2 3.6 4.1 4.4 5.3 6.6 7.3 8.4 10.1Hong Kong 314.5 338.1 406.0 418.8 470.9 229.9 239.7 269.0 265.1 327.8 357.0 398.9India 1.0 1.2 1.4 1.3 1.5 1.7 1.9 2.0 2.5 3.0 3.4 4.3Indonesia 1.2 1.5 1.8 1.3 1.8 2.4 3.0 4.0 5.5 7.1 8.1 9.4Japan 275.8 294.8 304.5 291.8 286.0 306.6 301.3 280.0 279.4 289.9 315.1 318.5Malaysia 28.5 33.6 35.9 29.0 33.0 38.8 39.1 41.6 44.0 52.3 53.2 54.8New Zealand 265.0 271.9 274.2 267.3 276.9 284.3 281.2 292.0 325.4 360.7 384.5 378.3Pakistan 0.5 0.6 0.7 0.7 0.7 0.7 0.7 0.8 0.9 1.0 1.2 1.5Philippines 7.9 10.0 12.9 13.5 15.3 17.5 19.4 21.2 25.2 29.6 35.7 36.1Singapore 197.8 205.2 228.3 205.8 205.8 247.6 249.4 268.9 277.7 315.9 285.7 293.9South Korea 83.0 96.3 114.1 84.5 113.1 156.6 153.8 177.5 173.9 173.6 180.2 193.1Taiwan 117.0 62.0 72.5 90.9 82.9 82.8 89.1 89.6 97.6 79.4 70.6 69.4Thailand 20.6 22.9 22.4 17.1 22.7 24.5 28.5 31.9 36.4 41.9 44.1 45.3Vietnam 0.8 1.3 1.5 1.4 1.5 1.7 1.9 2.0 2.7 3.2 4.0 5.0Asia Pacific 18.9 19.9 21.2 20.3 20.9 22.2 22.1 22.2 23.3 24.8 26.7 28.2

Argentina 83.4 87.7 97.4 99.9 88.6 72.5 68.9 13.4 21.7 26.1 32.8 39.7Brazil 31.9 37.3 40.1 38.0 25.1 30.8 22.5 18.5 20.2 25.2 34.8 41.0Chile 33.3 40.2 43.1 39.1 37.1 38.9 37.6 39.9 41.4 43.9 48.2 51.5Colombia 18.5 22.7 24.3 27.3 24.7 24.7 25.4 23.7 22.0 23.2 56.8 64.0Costa Rica - - - - - 26.3 25.8 28.7 27.1 24.9 26.7 28.6Ecuador 9.4 10.3 27.3 26.4 14.0 14.9 22.1 30.2 34.1 37.2 44.3 53.3Mexico 14.6 18.7 26.8 27.4 30.0 34.6 35.3 33.9 31.0 32.4 35.5 40.1Panama 40.7 47.2 48.4 53.9 62.4 58.6 50.5 53.9 62.8 70.1 73.4 83.6Peru 14.7 12.5 13.6 11.7 9.1 7.7 7.1 7.1 8.4 8.0 9.3 10.5Puerto Rico 242.3 277.1 335.0 361.1 402.1 429.8 471.3 473.2 480.8 490.1 465.4 450.3Uruguay 44.8 49.9 52.6 55.0 51.5 45.0 30.1 15.0 13.0 14.5 14.2 15.4Venezuela 25.8 22.7 20.9 29.1 31.7 34.2 34.0 27.2 23.0 24.4 25.4 32.1Latin America 31.0 35.1 40.1 40.2 34.5 36.9 33.8 27.0 27.7 30.7 39.2 44.7

Armenia - - - - - - - 3.5 6.9 8.0 11.3 15.9Azerbaijan - - - - - - - 3.6 4.5 7.6 10.7 14.1Bahrain 33.5 30.7 38.1 46.0 52.2 79.2 100.6 131.3 142.4 200.8 163.5 183.4Egypt 1.8 2.0 2.6 3.4 3.6 3.6 4.3 4.9 4.7 6.3 14.1 19.3Israel 146.4 156.1 169.2 161.0 173.5 194.6 135.8 133.6 118.1 122.9 126.9 125.2Kazakhstan - - - - - - - - - - 20.8 42.8Kuwait 69.8 86.7 93.7 93.9 88.8 97.5 107.6 102.4 109.3 127.7 146.3 171.7Oman 10.1 10.7 11.4 12.1 11.4 11.5 13.3 21.5 26.6 30.7 32.4 34.5Qatar - - - - - - - 105.7 110.4 116.9 110.9 210.0Saudi Arabia 15.8 17.9 16.1 16.3 15.3 18.1 19.5 19.3 21.2 26.3 32.8 40.9South Africa 15.7 18.1 21.1 23.0 25.1 27.8 29.8 35.1 39.4 45.8 56.6 72.0UAE 63.7 74.8 72.4 64.3 60.4 59.9 71.0 104.5 149.9 196.8 237.4 290.3Uzbekistan - - - - - - - 0.1 0.1 0.2 - -

Total 55.5 58.5 62.6 65.2 70.3 75.9 72.3 71.5 73.1 77.8 82.2 87.4 Source: ZenithOptimedia. October 2008.

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Table 18. Western European Advertising Expenditures by Medium, 1996-2010E ($ in millions)

Year Total % change Newspapers % change Magazines % change TV % change Radio % change Cinema % change Outdoor % change Internet % change1997 81,871 6.8% 30,773 2.0% 17,361 12.4% 24,381 9.2% 4,064 6.9% 642 10.2% 4,618 7.3% 32 2841.5%1998 88,868 8.5% 33,182 7.8% 18,592 7.1% 26,695 9.5% 4,428 9.0% 716 11.5% 5,114 10.7% 141 337.8%1999 96,149 8.2% 35,137 5.9% 19,864 6.8% 29,225 9.5% 4,985 12.6% 811 13.3% 5,599 9.5% 528 274.2%2000 104,593 8.8% 38,513 9.6% 19,919 0.3% 32,238 10.3% 5,543 11.2% 874 7.7% 6,237 11.4% 1,269 140.5%2001 99,361 -5.0% 36,017 -6.5% 19,240 -3.4% 30,417 -5.6% 5,230 -5.6% 908 4.0% 6,360 2.0% 1,188 -6.4%2002 96,235 -3.1% 34,145 -5.2% 18,173 -5.5% 30,200 -0.7% 5,167 -1.2% 924 1.7% 6,276 -1.3% 1,350 13.6%2003 97,085 0.9% 33,596 -1.6% 17,629 -3.0% 30,690 1.6% 5,452 5.5% 933 1.0% 6,457 2.9% 2,327 72.5%2004 102,600 5.7% 34,605 3.0% 17,872 1.4% 33,361 8.7% 5,880 7.8% 942 1.0% 6,596 2.2% 3,344 43.7%2005 107,477 4.8% 35,049 1.3% 17,921 0.3% 34,491 3.4% 6,147 4.6% 940 -0.3% 6,929 5.1% 6,000 79.4%2006 113,449 5.6% 36,195 3.3% 18,208 1.6% 35,295 2.3% 6,401 4.1% 910 -3.2% 7,194 3.8% 9,246 54.1%2007 119,922 5.7% 37,053 2.4% 18,314 0.6% 36,836 4.4% 6,628 3.5% 929 2.1% 7,524 4.6% 12,638 36.7%

2008E 121,750 1.5% 36,587 -1.3% 17,891 -2.3% 36,642 -0.5% 6,590 -0.6% 939 1.2% 7,481 -0.6% 15,619 23.6%2009E 124,733 2.5% 36,359 -0.6% 17,624 -1.5% 36,829 0.5% 6,668 1.2% 963 2.5% 7,544 0.8% 18,746 20.0%2010E 130,035 4.3% 36,598 0.7% 17,638 0.1% 37,540 1.9% 6,830 2.4% 992 3.1% 7,769 3.0% 22,667 20.9%

Source: ZenithOptimedia, October 2008.

Table 19. Asia Pacific Advertising Expenditure by Medium, 1996-2010E ($ in millions)

Outdoor/Year Total % change Newspapers % change Magazines % change TV % change Radio % change Cinema % change Others % change Internet % change1996 58,900 2.3% 19,380 1.9% 4,944 5.2% 25,310 8.2% 3,326 3.0% 57 10.1% 5,870 -18.4% 14 NM1997 63,650 8.1% 21,531 11.1% 5,445 10.1% 27,040 6.8% 3,435 3.3% 76 34.1% 6,071 3.4% 51 275.0%1998 61,664 -3.1% 20,171 -6.3% 5,239 -3.8% 26,774 -1.0% 3,308 -3.7% 87 13.3% 5,989 -1.4% 97 89.8%1999 64,211 4.1% 21,392 6.1% 5,382 2.7% 27,694 3.4% 3,354 1.4% 89 2.3% 5,976 -0.2% 325 236.2%2000 69,914 8.9% 23,342 9.1% 5,581 3.7% 29,658 7.1% 3,597 7.2% 139 56.8% 6,820 14.1% 777 139.0%2001 70,303 0.6% 23,124 -0.9% 5,682 1.8% 29,880 0.7% 3,680 2.3% 139 0.0% 6,889 1.0% 910 17.0%2002 71,388 1.5% 22,844 -1.2% 5,721 0.7% 30,986 3.7% 3,734 1.5% 154 11.1% 6,726 -2.4% 1,222 34.3%2003 75,642 6.0% 24,196 5.9% 5,926 3.6% 32,704 5.5% 3,906 4.6% 179 15.9% 6,919 2.9% 1,811 48.3%2004 81,433 7.7% 24,993 3.3% 5,947 0.3% 35,453 8.4% 4,182 7.1% 283 58.3% 7,789 12.6% 2,785 53.8%2005 88,839 9.1% 25,528 2.1% 7,020 18.1% 37,513 5.8% 4,399 5.2% 283 -0.2% 8,957 15.0% 5,139 84.5%2006 94,758 6.7% 26,751 4.8% 7,068 0.7% 39,213 4.5% 4,745 7.9% 328 16.2% 9,602 7.2% 7,051 37.2%2007 101,966 7.6% 28,521 6.6% 7,154 1.2% 40,780 4.0% 4,911 3.5% 436 32.7% 10,496 9.3% 9,669 37.1%

2008E 108,112 6.0% 28,898 1.3% 7,259 1.5% 42,736 4.8% 5,221 6.3% 475 8.9% 11,297 7.6% 12,227 26.5%2009E 113,823 5.3% 29,744 2.9% 7,341 1.1% 44,032 3.0% 5,358 2.6% 507 6.7% 12,060 6.8% 14,782 20.9%2010E 121,240 6.5% 30,971 4.1% 7,556 2.9% 46,034 4.5% 5,569 3.9% 547 7.9% 13,106 8.7% 17,457 18.1%

Source: ZenithOptimedia, October, 2008.

Table 20. China Advertising Expenditure by Medium, 1996-2010E ($ in millions)

Year Total % ChangeNewspapers% Change Magazines % Change TV % Change Radio % Change Cinema % Change Outdoor % Change Internet % Change1996 2,759 36.0% 1,021 29.4% 74 58.2% 1,193 50.5% 115 27.4% - 355 15.2% 01997 3,521 27.6% 1,273 24.6% 69 -6.1% 1,504 26.0% 139 21.2% - 536 50.7% 01998 4,045 14.9% 1,372 7.8% 94 35.3% 1,783 18.6% 175 25.7% - 622 16.1% 01999 4,525 11.9% 1,477 7.6% 117 25.1% 2,053 15.1% 165 -5.9% - 714 14.9% 02000 5,220 15.4% 1,925 30.4% 149 27.1% 2,220 8.2% 207 25.7% 7 690 -3.4% 212001 5,641 8.1% 2,073 7.7% 156 4.6% 2,358 6.2% 248 19.8% 10 36.8% 738 7.0% 58 175.0%2002 6,765 19.9% 2,478 19.5% 200 28.2% 3,037 28.8% 288 16.1% 14 35.0% 669 -9.4% 80 38.6%2003 8,520 26.0% 3,194 28.9% 320 60.4% 3,352 10.4% 336 16.8% 16 16.9% 1,128 68.8% 172 114.8%2004 9,518 11.7% 3,033 -5.1% 267 -16.6% 3,832 14.3% 433 28.8% 19 15.6% 1,626 44.1% 308 78.6%2005 11,084 16.5% 3,366 11.0% 327 22.3% 4,670 21.9% 511 18.0% 20 8.0% 1,655 1.8% 535 73.9%2006 13,327 20.2% 4,109 22.1% 317 -3.1% 5,311 13.7% 752 47.2% 22 11.2% 1,890 14.2% 927 73.2%2007 15,438 15.8% 4,235 3.1% 348 9.8% 5,823 9.6% 826 9.9% 26 15.8% 2,574 36.2% 1,606 73.3%

2008E 18,336 18.8% 4,405 4.0% 383 10.0% 6,871 18.0% 991 20.0% 31 20.0% 3,166 23.0% 2,490 55.0%2009E 20,187 10.1% 4,449 1.0% 413 8.0% 7,145 4.0% 1,110 12.0% 36 15.0% 3,673 16.0% 3,361 35.0%2010E 22,922 13.5% 4,582 3.0% 455 10.0% 7,789 9.0% 1,276 15.0% 43 20.0% 4,408 20.0% 4,370 30.0%

Source: ZenithOptimedia, October, 2008.

30




Television Advertising Expenditures

31




32




Table 21. Television Advertising Expenditure by Region and Country, 2000-2010E ($ in millions) Country 2000 2001 Change 2002 % Change 2003 Change 2004 % Change 2005 Change 2006 % Change 2007 % Change 2008E Change 2009E% Change 2010E ChangeCanada 2,281 2,377 4.2% 2,414 1.6% 2,632 9.0% 2,759 4.8% 2,806 1.7% 3,016 7.5% 3,071 1.8% 3,123 1.7% 3,175 1.7% 3,202 0.8%USA 52,258 49,714 -4.9% 51,640 3.9% 51,610 -0.1% 55,504 7.5% 55,390 -0.2% 58,355 5.4% 58,723 0.6% 59,744 1.7% 58,979 -1.3% 59,619 1.1%North America 54,539 52,091 -4.5% 54,054 3.8% 54,242 0.3% 58,263 7.4% 58,196 -0.1% 61,372 5.5% 61,794 0.7% 62,868 1.7% 62,154 -1.1% 62,821 1.1%

Austria 655 636 -3.0% 624 -1.8% 634 1.6% 680 7.3% 695 2.2% 746 7.3% 817 9.5% 872 6.7% 906 3.9% 944 4.2%Belgium 1,070 1,110 3.7% 1,184 6.6% 1,293 9.3% 1,374 6.2% 1,343 -2.2% 1,466 9.1% 1,590 8.4% 1,679 5.6% 1,742 3.8% 1,809 3.8%Denmark 335 321 -4.2% 308 -4.1% 354 15.0% 390 10.3% 414 6.1% 454 9.6% 463 2.0% 468 1.0% 477 2.0% 486 2.0%Finland 291 267 -8.4% 275 3.1% 283 3.0% 311 9.7% 316 1.8% 332 5.2% 359 7.9% 381 6.1% 394 3.6% 411 4.2%France 4,168 3,923 -5.9% 3,998 1.9% 3,879 -3.0% 4,385 13.1% 4,429 1.0% 4,629 4.5% 4,804 3.8% 4,718 -1.8% 4,784 1.4% 4,851 1.4%Germany 6,445 6,117 -5.1% 5,415 -11.5% 5,216 -3.7% 5,283 1.3% 5,379 1.8% 5,631 4.7% 5,688 1.0% 5,742 0.9% 5,765 0.4% 5,835 1.2%Ireland 273 270 -1.3% 283 5.1% 267 -5.8% 344 28.7% 393 14.3% 446 13.6% 512 14.7% 527 2.9% 534 1.3% 541 1.3%Italy 5,658 5,480 -3.1% 5,513 0.6% 5,782 4.9% 6,361 10.0% 6,532 2.7% 6,434 -1.5% 6,512 1.2% 6,574 1.0% 6,646 1.1% 6,739 1.4%Netherlands 1,001 951 -4.9% 999 5.0% 1,021 2.2% 1,036 1.5% 1,066 2.9% 1,109 4.0% 1,181 6.5% 1,204 2.0% 1,216 1.0% 1,253 3.0%Norway 790 780 -1.3% 760 -2.5% 839 10.3% 886 5.7% 972 9.6% 1,010 4.0% 1,099 8.7% 1,165 6.0% 1,211 4.0% 1,235 2.0%Portugal 710 663 -6.7% 609 -8.1% 635 4.2% 690 8.7% 708 2.6% 701 -0.9% 729 3.9% 748 2.6% 770 3.0% 794 3.1%Spain 3,161 2,943 -6.9% 2,989 1.6% 3,170 6.1% 3,661 15.5% 4,037 10.3% 4,351 7.8% 4,743 9.0% 4,610 -2.8% 4,656 1.0% 4,773 2.5%Sweden 586 519 -11.4% 510 -1.8% 521 2.1% 555 6.5% 613 10.5% 673 9.7% 695 3.3% 681 -1.9% 688 1.0% 710 3.2%Switzerland 433 412 -5.0% 439 6.7% 444 1.1% 614 38.3% 675 9.9% 741 9.8% 878 18.6% 931 6.0% 968 4.0% 998 3.0%UK 6,661 6,026 -9.5% 6,294 4.5% 6,352 0.9% 6,791 6.9% 6,917 1.9% 6,571 -5.0% 6,767 3.0% 6,361 -6.0% 6,170 -3.0% 6,293 2.0%Western Europe 32,238 30,417 -5.6% 30,200 -0.7% 30,690 1.6% 33,361 8.7% 34,491 3.4% 35,295 2.3% 36,836 4.4% 36,658 -0.5% 36,928 0.7% 37,671 2.0%

Belarus - - - - 18 16 -11.1% 35 118.8% 53 51.4% 75 41.5% 95 26.7% 120 26.3%Bosnia & Herzegovina 41 49 20.0% 62 25.0% 79 28.9% 103 29.3% 137 33.3% 186 36.0% 205 10.3% 226 10.0% 246 9.1% 259 5.0%Bulgaria 51 82 60.5% 96 17.5% 151 56.4% 207 37.2% 262 27.0% 306 16.6% 432 41.1% 504 16.7% 528 4.7% 550 4.2%Croatia 154 229 48.9% 301 31.0% 343 14.2% 381 11.1% 524 37.3% 600 14.5% 673 12.2% 758 12.6% 851 12.2% 960 12.8%Czech Republic 715 885 23.8% 765 -13.6% 831 8.6% 895 7.6% 1,052 17.6% 1,167 10.9% 1,201 2.9% 1,310 9.1% 1,380 5.3% 1,461 5.9%Estonia 14 14 6.4% 17 18.3% 20 18.7% 22 9.1% 27 22.5% 32 17.1% 42 32.0% 43 2.0% 46 7.0% 51 12.0%Georgia 13 16 18.2% 21 34.6% 24 14.3% 33 37.5% 39 18.0% 61 56.6% 72 19.0% 88 21.3% 104 17.9% 119 15.0%Greece 799 799 0.0% 888 11.1% 873 -1.7% 936 7.2% 949 1.3% 965 1.7% 1,158 20.0% 1,166 0.7% 1,177 0.9% 1,198 1.8%Hungary 706 868 23.0% 1,111 28.0% 1,321 18.9% 1,558 17.9% 1,804 15.8% 1,890 4.8% 1,863 -1.4% 1,994 7.0% 2,092 4.9% 2,238 7.0%Latvia 20 22 13.9% 26 18.3% 28 5.9% 34 20.1% 42 25.4% 53 24.9% 64 21.0% 75 17.4% 86 14.3% 96 12.7%Lithuania 83 146 75.4% 208 41.9% 229 10.2% 240 4.9% 308 28.2% 359 16.7% 454 26.2% 474 4.6% 499 5.1% 522 4.7%Moldova - - - - - 4 6 54.2% 9 35.0% 21 143.8% 29 40.0% 38 30.0%Poland 1,605 2,184 36.1% 2,303 5.4% 2,384 3.5% 2,479 3.9% 940 -62.1% 1,087 15.6% 1,274 17.2% 1,462 14.7% 1,602 9.6% 1,791 11.8%Romania 76 70 -7.9% 75 7.1% 100 33.3% 128 27.9% 188 47.2% 266 41.0% 390 46.9% 548 40.4% 657 20.0% 723 10.0%Russia 270 510 88.9% 920 80.4% 1,240 34.8% 1,700 37.1% 2,330 37.1% 3,160 35.6% 4,406 39.4% 5,833 32.4% 7,222 23.8% 8,630 19.5%Serbia - - - 297 409 37.7% 632 54.7% 706 11.6% 1,073 52.0% 1,198 11.6% 1,334 11.4% 1,471 10.3%Slovakia 265 363 37.0% 400 10.2% 481 20.2% 721 49.9% 911 26.3% 1,115 22.5% 1,297 16.3% 1,544 19.0% 1,807 17.0% 2,085 15.4%Slovenia 163 175 7.7% 200 14.3% 218 9.0% 259 18.6% 264 2.1% 266 0.9% 332 24.9% 397 19.3% 476 20.0% 547 14.9%Turkey 455 232 -49.0% 348 50.0% 462 32.7% 671 45.4% 848 26.4% 1,009 19.0% 1,351 33.8% 1,392 3.1% 1,541 10.7% 1,772 15.0%Ukraine - - 85 #DIV/0! 130 52.9% 163 25.4% 237 45.4% 333 40.5% 483 45.0% 580 20.1% 670 15.5% 740 10.4%Central & Eastern Europe 5,430 6,647 22.4% 7,827 17.7% 9,212 17.7% 10,956 18.9% 11,514 5.1% 13,603 18.1% 16,832 23.7% 19,686 17.0% 22,440 14.0% 25,371 13.1%

Australia 2,304 2,089 -9.3% 2,231 6.8% 2,453 10.0% 2,740 11.7% 2,832 3.4% 2,869 1.3% 3,146 9.6% 3,212 2.1% 3,290 2.4% 3,448 4.8%China 2,220 2,358 6.2% 3,037 28.8% 3,352 10.4% 3,832 14.3% 4,670 21.9% 5,311 13.7% 5,823 9.6% 6,871 18.0% 7,145 4.0% 7,789 9.0%Hong Kong 469 537 14.5% 571 6.5% 669 17.0% 675 1.0% 954 41.3% 1,036 8.6% 1,046 1.0% 1,088 3.9% 1,072 -1.4% 1,126 5.0%India 680 808 18.9% 905 12.0% 1,013 12.0% 1,467 44.8% 1,747 19.1% 2,183 24.9% 2,521 15.5% 2,891 14.7% 3,336 15.4% 3,818 14.4%Indonesia 297 364 22.8% 504 38.4% 705 39.7% 931 32.1% 1,070 15.0% 1,242 16.0% 1,389 11.8% 1,528 10.0% 1,681 10.0% 1,849 10.0%Japan 17,659 17,563 -0.5% 16,434 -6.4% 16,544 0.7% 17,355 4.9% 17,334 -0.1% 17,122 -1.2% 16,969 -0.9% 16,806 -1.0% 16,820 0.1% 16,757 -0.4%Malaysia 272 255 -6.2% 268 4.9% 289 7.9% 409 41.5% 414 1.2% 471 13.7% 566 20.2% 705 24.6% 743 5.4% 800 7.6%New Zealand 369 353 -4.4% 380 7.7% 436 14.7% 474 8.6% 491 3.6% 472 -3.8% 482 2.0% 464 -3.7% 463 -0.3% 467 0.8%Pakistan 47 40 -16.5% 44 12.5% 54 22.2% 69 27.3% 77 11.9% 104 34.0% 174 67.5% 218 25.3% 239 10.0% 255 6.5%Philippines 883 1,015 14.9% 1,192 17.5% 1,482 24.3% 1,781 20.2% 2,279 28.0% 2,391 4.9% 2,589 8.3% 2,851 10.1% 3,071 7.7% 3,239 5.5%Singapore 334 369 10.4% 462 25.0% 480 4.0% 590 22.8% 481 -18.5% 507 5.4% 453 -10.6% 453 0.0% 458 1.0% 458 0.0%South Korea 2,227 2,114 -5.1% 2,616 23.7% 2,535 -3.1% 2,861 12.9% 2,842 -0.7% 3,077 8.3% 3,124 1.5% 3,605 15.4% 3,462 -4.0% 3,604 4.1%Taiwan 944 982 4.1% 1,170 19.2% 1,335 14.1% 735 -45.0% 647 -11.9% 586 -9.5% 558 -4.7% 536 -4.0% 504 -6.0% 519 3.0%Thailand 883 953 7.9% 1,082 13.6% 1,225 13.3% 1,367 11.5% 1,449 6.0% 1,549 6.9% 1,549 0.0% 1,627 5.0% 1,676 3.0% 1,760 5.0%Vietnam 71 80 13.0% 90 12.5% 131 46.1% 166 26.5% 224 34.8% 294 31.0% 364 24.0% 437 20.0% 516 18.0% 600 16.2%Asia Pacific 29,658 29,880 0.7% 30,986 3.7% 32,704 5.5% 35,453 8.4% 37,513 5.8% 39,213 4.5% 40,753 3.9% 43,291 6.2% 44,476 2.7% 46,486 4.5%

Argentina 1,183 1,052 -11.1% 211 -79.9% 358 69.3% 441 23.3% 601 36.2% 732 22.0% 856 16.9% 940 9.9% 1,026 9.1% 1,119 9.1%Brazil 3,105 2,334 -24.8% 2,014 -13.7% 2,237 11.1% 2,941 31.5% 4,141 40.8% 5,021 21.2% 6,258 24.6% 7,072 13.0% 7,779 10.0% 8,557 10.0%Chile 256 279 8.9% 312 11.6% 336 7.6% 356 6.2% 387 8.6% 422 9.2% 476 12.6% 506 6.4% 543 7.4% 589 8.4%Colombia 598 660 10.4% 619 -6.2% 572 -7.6% 580 1.4% 1,346 132.0% 1,640 21.8% 1,846 12.6% 2,079 12.6% 2,100 1.0% 2,341 11.5%Costa Rica 39 38 -2.3% 46 21.0% 42 -9.7% 38 -8.3% 42 11.2% 45 5.9% 49 8.1% 54 11.0% 62 15.0% 70 12.5%Ecuador 119 198 66.4% 276 39.4% 307 11.2% 333 8.5% 408 22.6% 513 25.7% 563 9.7% 626 11.2% 688 9.9% 751 9.2%Mexico 1,986 2,102 5.8% 2,074 -1.4% 2,086 0.6% 2,254 8.0% 2,516 11.6% 2,861 13.7% 3,419 19.5% 3,566 4.3% 4,082 14.5% 4,415 8.2%Panama 105 95 -9.5% 113 18.9% 129 14.2% 154 19.4% 162 5.2% 194 19.8% 211 8.8% 200 -5.2% 245 22.5% 235 -4.1%Peru 85 72 -15.3% 80 11.1% 101 26.0% 99 -1.8% 120 21.2% 136 13.3% 166 22.1% 202 21.7% 242 19.8% 290 19.8%Puerto Rico 978 1,119 14.4% 1,104 -1.3% 1,109 0.5% 1,122 1.2% 1,037 -7.6% 968 -6.7% 954 -1.4% 1,010 5.9% 970 -4.0% 970 0.0%Uruguay 75 51 -32.0% 25 -51.0% 22 -12.0% 25 13.6% 25 0.0% 28 12.0% 30 7.1% 34 14.0% 38 9.9% 35 -8.2%Venezuela 614 574 -6.5% 517 -10.0% 483 -6.5% 447 -7.4% 455 1.6% 593 30.4% 567 -4.4% 428 -24.4% 514 20.0% 591 15.0%Latin America 9,142 8,574 -6.2% 7,391 -13.8% 7,781 5.3% 8,791 13.0% 11,240 27.8% 13,154 17.0% 15,394 17.0% 16,718 8.6% 18,289 9.4% 19,962 9.2%

Armenia - - 11 21 95.4% 24 14.7% 30 24.0% 41 35.3% 55 36.0% 66 20.0% 76 15.0% 84 10.0%Azerbaijan - - 24 27 14.5% 43 60.2% 57 31.2% 82 43.9% 119 45.1% 170 42.9% 238 40.0% 328 37.8%Bahrain 24 32 31.7% 23 -28.8% 20 -10.7% 34 70.7% 20 -40.9% 19 -6.1% 19 -2.5% 16 -15.0% 15 -3.1% 16 2.6%Egypt 93 101 8.3% 127 25.4% 115 -9.4% 143 24.9% 477 233.0% 705 47.8% 728 3.3% 760 4.4% 790 3.9% 850 7.6%Israel 259 241 -7.2% 254 5.6% 263 3.5% 282 7.2% 266 -5.5% 263 -1.3% 307 16.7% 324 5.7% 334 3.1% 345 3.3%Kazakhstan - - - - - 229 494 115.5% 667 35.0% 824 23.5% 1,112 35.0% 1,501 35.0%Kuwait 13 10 -22.2% 2 -75.0% 7 175.7% 14 105.6% 18 29.0% 25 36.5% 18 -28.1% 27 53.0% 27 -1.6% 26 -1.8%Oman 4 6 43.0% 14 128.8% 19 34.7% 24 23.3% 18 -25.4% 14 -20.1% 13 -6.5% 14 7.0% 14 -3.8% 13 -1.4%Pan Arab 563 797 41.7% 977 22.6% 1,289 31.8% 1,641 27.3% 1,748 6.5% 2,353 34.6% 3,386 43.9% 3,550 4.8% 4,073 14.7% 4,711 15.7%Qatar - - 6 9 41.6% 7 -17.2% 1 -92.3% 9 1523.6% 13 49.1% 8 -43.6% 7 -6.8% 7 -4.5%Saudi Arabia 20 25 22.7% 43 71.1% 38 -10.8% 76 99.5% 63 -17.3% 66 4.4% 61 -7.1% 84 37.4% 89 6.1% 96 8.3%South Africa 506 589 16.2% 706 20.0% 818 15.8% 989 20.9% 1,099 11.1% 1,616 47.0% 2,239 38.5% 2,395 7.0% 2,755 15.0% 3,443 25.0%UAE 26 28 4.2% 24 -12.4% 57 134.1% 97 71.1% 40 -58.9% 34 -13.5% 33 -3.1% 38 13.7% 38 1.3% 38 0.0%Uzbekistan - - 2 2 14.4% 5 116.5% 7 48.8% 9 26.6% 14 51.4% 16 12.7% 19 15.8% 24 30.0%

Total 132,516 129,436 -2.3% 132,671 2.5% 137,312 3.5% 150,204 9.4% 157,026 4.5% 168,365 7.2% 179,282 6.5% 187,512 4.6% 193,873 3.4% 203,794 5.1% Source: ZenithOptimedia, October 2008.

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Table 22. Quarterly Changes in Ad Revenue ($ change year-over-year) Four TV Networks Quarter 2004 2005 2006 2007 2008 I 11.5% 5.1% 13.3% -5.7% 1.60% II 6.1 5.8 -0.5 3.0 - III 30.4 -14.9 -0.5 1.6 - IV 3.6 5.6 0.5 1.3 - Year 11.2 -3.5 3.4 -0.2 - National Spot TV Quarter 2004 2005 2006 2007 2008 I 9.5% -5.8% 7.5% -3.4% -2.9% II 8.6 -9.0 5.6 -7.6 - III 14.5 -15.0 14.7 -11.4 - IV 24.9 -16.2 32.1 -23.7 - Year 14.3 -11.7 15.8 -12.8 - Cable TV Networks Quarter 2004 2005 2006 2007 2008 I 16.2% 18.1% 1.4% 1.4% 3.6% II 20.0 13.1 5.8 -0.1 - III 14.0 6.3 7.2 8.2 - IV 20.0 8.1 6.8 10.5 - Year 17.7 11.4 5.6 6.7 - Source: Robert Coen, MAGNA. July 2008.

Table 23. DVR Household Penetration in the U.S., 2005-2012E

% of TV Households 2005 10.0% 2006 15.9% 2007 22.4% 2008 26.8% 2009 30.7% 2010 34.6% 2011 38.1% 2012 40.9%

Source: eMarketer, September 2008.

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Table 24. Total U.S. Broadcast TV Ad Revenues, 1949-2008E ($ in millions)

Network Spot Local National Syndication Cable Total TV Advertising$ Million Change Share $ Million Change Share $ Million Change Share $ Million Change Share $ Million Change Share $ Million Change

1949 $30 NA 51.7% $9 NA 15.5% $19 NA 32.8% -- NA NA -- NA NA $58 NA1950 85 NM 49.7% 31 NM 18.1% 55 NM 32.2% -- NA NA -- NA NA 171 NM1951 181 NM 54.5% 70 NM 21.1% 81 47.3% 24.4% -- NA NA -- NA NA 332 94.2%1952 256 41.4% 56.4% 94 34.3% 20.7% 104 28.4% 22.9% -- NA NA -- NA NA 454 36.7%1953 320 25.0% 52.8% 145 54.3% 23.9% 141 35.6% 23.3% -- NA NA -- NA NA 606 33.5%1954 422 31.9% 52.2% 207 42.8% 25.6% 180 27.7% 22.2% -- NA NA -- NA NA 809 33.5%1955 550 30.3% 53.1% 260 25.6% 25.1% 225 25.0% 21.7% -- NA NA -- NA NA 1,035 27.9%1956 643 16.9% 52.5% 329 26.5% 26.9% 253 12.4% 20.7% -- NA NA -- NA NA 1,225 18.4%1957 690 7.3% 53.7% 352 7.0% 27.4% 244 (3.6)% 19.0% -- NA NA -- NA NA 1,286 5.0%1958 742 7.5% 53.5% 397 12.8% 28.6% 248 1.6% 17.9% -- NA NA -- NA NA 1,387 7.9%1959 776 4.6% 50.8% 486 22.4% 31.8% 267 7.7% 17.5% -- NA NA -- NA NA 1,529 10.2%1960 820 5.7% 50.4% 527 8.4% 32.4% 280 4.9% 17.2% -- NA NA -- NA NA 1,627 6.4%1961 887 8.2% 52.5% 548 4.0% 32.4% 256 (8.6)% 15.1% -- NA NA -- NA NA 1,691 3.9%1962 976 10.0% 51.4% 629 14.8% 33.2% 292 14.1% 15.4% -- NA NA -- NA NA 1,897 12.2%1963 1,025 5.0% 50.4% 698 11.0% 34.4% 309 5.8% 15.2% -- NA NA -- NA NA 2,032 7.1%1964 1,132 10.4% 49.5% 806 15.5% 35.2% 351 13.6% 15.3% -- NA NA -- NA NA 2,289 12.6%1965 1,237 9.3% 49.2% 892 10.7% 35.5% 386 10.0% 15.3% -- NA NA -- NA NA 2,515 9.9%1966 1,393 12.6% 49.3% 988 10.8% 35.0% 442 14.5% 15.7% -- NA NA -- NA NA 2,823 12.2%1967 1,455 4.5% 50.0% 988 0.0% 34.0% 466 5.4% 16.0% -- NA NA -- NA NA 2,909 3.0%1968 1,523 4.7% 47.1% 1,131 14.5% 35.0% 577 23.8% 17.9% -- NA NA -- NA NA 3,231 11.1%1969 1,678 10.2% 46.8% 1,253 10.8% 35.0% 654 13.3% 18.2% -- NA NA -- NA NA 3,585 11.0%1970 1,658 (1.2)% 46.1% 1,234 (1.5)% 34.3% 704 7.6% 19.6% -- NA NA -- NA NA 3,596 0.3%1971 1,593 (3.9)% 45.1% 1,145 (7.2)% 32.4% 796 13.1% 22.5% -- NA NA -- NA NA 3,534 (1.7)%1972 1,804 13.2% 44.1% 1,318 15.1% 32.2% 969 21.7% 23.7% -- NA NA -- NA NA 4,091 15.8%1973 1,968 9.1% 44.1% 1,377 4.5% 30.9% 1,115 15.1% 25.0% -- NA NA -- NA NA 4,460 9.0%1974 2,145 9.0% 44.2% 1,497 8.7% 30.8% 1,212 8.7% 25.0% -- NA NA -- NA NA 4,854 8.8%1975 2,306 7.5% 43.8% 1,623 8.4% 30.8% 1,334 10.1% 25.3% -- NA NA -- NA NA 5,263 8.4%1976 2,857 23.9% 42.5% 2,154 32.7% 32.0% 1,710 28.2% 25.4% -- NA NA -- NA NA 6,721 27.7%1977 3,460 21.1% 45.5% 2,204 2.3% 29.0% 1,948 13.9% 25.6% -- NA NA -- NA NA 7,612 13.3%1978 3,975 14.9% 44.4% 2,607 18.3% 29.1% 2,373 21.8% 26.5% -- NA NA -- NA NA 8,955 17.6%1979 4,599 15.7% 45.3% 2,873 10.2% 28.3% 2,682 13.0% 26.4% -- NA NA -- NA NA 10,154 13.4%1980 5,130 11.5% 44.7% 3,269 13.8% 28.5% 2,967 10.6% 25.8% 50 NA 0.4% 72 NA 0.6% 11,488 13.1%1981 5,540 8.0% 43.0% 3,746 14.6% 29.1% 3,368 13.5% 26.1% 75 50.0% 0.6% 160 122.2% 1.2% 12,889 12.2%1982 6,144 10.9% 41.8% 4,364 16.5% 29.7% 3,765 11.8% 25.6% 150 100.0% 1.0% 290 81.3% 2.0% 14,713 14.2%1983 6,955 13.2% 41.2% 4,827 10.6% 28.6% 4,345 15.4% 25.7% 300 100.0% 1.8% 452 55.9% 2.7% 16,879 14.7%1984 8,318 19.6% 41.5% 5,488 13.7% 27.4% 5,084 17.0% 25.4% 420 40.0% 2.1% 733 62.2% 3.7% 20,043 18.7%1985 8,060 (3.1)% 37.9% 6,004 9.4% 28.2% 5,714 12.4% 26.8% 520 23.8% 2.4% 989 34.9% 4.6% 21,287 6.2%1986 8,342 3.5% 36.0% 6,570 9.4% 28.3% 6,514 14.0% 28.1% 600 15.4% 2.6% 1,173 18.6% 5.1% 23,199 9.0%1987 8,500 1.9% 35.0% 6,846 4.2% 28.2% 6,833 4.9% 28.2% 762 27.0% 3.1% 1,321 12.6% 5.4% 24,262 4.6%1988 9,172 7.9% 35.1% 7,147 4.4% 27.4% 7,270 6.4% 27.8% 901 18.2% 3.4% 1,641 24.2% 6.3% 26,131 7.7%1989 9,110 (0.7)% 33.2% 7,354 2.9% 26.8% 7,612 4.7% 27.7% 1,288 43.0% 4.7% 2,095 27.7% 7.6% 27,459 5.1%1990 9,863 8.3% 33.7% 7,788 5.9% 26.6% 7,856 3.2% 26.9% 1,109 -13.9% 3.8% 2,631 25.6% 9.0% 29,247 6.5%1991 9,533 (3.3)% 33.3% 7,110 (8.7)% 24.9% 7,565 (3.7)% 26.4% 1,253 13.0% 4.4% 3,145 19.5% 11.0% 28,606 (2.2)%1992 10,249 7.5% 33.0% 7,551 6.2% 24.3% 8,079 6.8% 26.0% 1,370 9.3% 4.4% 3,830 21.8% 12.3% 31,079 8.6%1993 10,209 (0.4)% 31.4% 7,800 3.3% 24.0% 8,435 4.4% 26.0% 1,576 15.0% 4.9% 4,451 16.2% 13.7% 32,471 4.5%1994 10,942 7.2% 30.1% 8,993 15.3% 24.7% 9,464 12.2% 26.0% 1,734 10.0% 4.8% 5,209 17.0% 14.3% 36,342 11.9%1995 11,600 6.0% 29.8% 9,119 1.4% 23.5% 9,985 5.5% 25.7% 2,016 16.3% 5.2% 6,166 18.4% 15.9% 38,886 7.0%1996 13,081 12.8% 29.8% 9,803 7.5% 22.4% 10,944 9.6% 25.0% 2,218 10.0% 5.1% 7,778 26.1% 17.7% 43,824 12.7%1997 13,020 (0.5)% 28.5% 9,999 2.0% 21.9% 11,436 4.5% 25.1% 2,438 9.9% 5.3% 8,750 12.5% 19.2% 45,643 4.2%1998 13,736 5.5% 27.7% 10,659 6.6% 21.5% 12,169 6.4% 24.6% 2,609 7.0% 5.3% 10,340 18.2% 20.9% 49,513 8.5%1999 13,961 1.6% 26.6% 10,500 (1.5)% 20.0% 12,680 4.2% 24.1% 2,870 10.0% 5.5% 12,570 21.6% 23.9% 52,581 6.2%2000 15,888 13.8% 26.4% 12,264 16.8% 20.4% 13,542 6.8% 22.5% 3,108 8.3% 5.2% 15,455 23.0% 25.6% 60,257 14.6%2001 14,300 (10.0)% 26.2% 9,223 (24.8)% 16.9% 12,256 (9.5)% 22.4% 3,102 (0.2)% 5.7% 15,736 1.8% 28.8% 54,617 (9.4)%2002 15,000 4.9% 25.7% 10,920 18.4% 18.7% 13,114 7.0% 22.5% 3,034 -2.2% 5.2% 16,297 3.6% 27.9% 58,365 6.9%2003 15,030 0.2% 24.7% 9,948 -8.9% 16.4% 13,520 3.1% 22.3% 3,434 13.2% 5.7% 18,814 15.4% 31.0% 60,746 4.1%2004 16,713 11.2% 24.7% 11,370 14.3% 16.8% 14,507 7.3% 21.4% 3,674 7.0% 5.4% 21,527 14.4% 31.8% 67,791 11.6%2005 16,128 -3.5% 23.7% 10,040 -11.7% 14.8% 14,260 -1.7% 21.0% 3,865 5.2% 5.7% 23,654 9.9% 34.8% 67,947 0.2%2006 16,676 3.4% 23.2% 11,626 15.8% 16.2% 14,887 4.4% 20.7% 3,691 -4.5% 5.1% 25,025 5.8% 34.8% 71,905 5.8%2007 16,643 -0.2% 23.5% 10,138 -12.8% 14.3% $14,441 -3.0% 20.4% 3,329 -9.8% 4.7% 26,319 5.2% 37.1% 70,870 2.7%2008E 17,808 7.0% 23.5% 11,152 10.0% 14.7% $14,987 3.8% 19.7% 3,595 8.0% 4.7% 28,367 7.8% 37.4% 75,909 2.7% Note: Syndication includes UPN, WB, PAX and CW. Includes all costs (time & talent, space, and production). Thus, these data are different from the TVB statistics. Source: Robert Coen, MAGNA.

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Table 25. Top 10 Broadcast TV Companies ($ in millions)

Rank U.S. Broadcast TV Net Revenue 2007 2006 Media Company 2007 %CHG

1 2 CBS Corp. $6,216 1.9 2 3 Walt Disney Co. 5,296 -0.2 3 1 NBC Universal (GE) 4,994 -20.4 4 4 News Corp. 4,911 1.3 5 5 Univision Communications 1,532 -1.4 6 6 Tribune Co. 1,136 -3.6 7 7 Gannett Co. 789 -7.7 8 9 Belo Co. 777 0.8 9 8 Hearst Corp. 756 -3.8

10 11 Sinclair Broadcast Group 684 0.4 Note: AdAge estimates. Revenue is pro-forma for significant acquisitions/divestitures. Source: Advertising Age.

Table 26. Top 10 Cable-Network Companies ($ in millions) Rank U.S. Cable Net Revenue 2007 2006 Media Company 2007 %CHG Top Cable Property

1 1 Walt Disney Co. $7,791 13.2 ESPN 2 2 Time Warner 7,197 4.6 HBO (incl. Cinemax)1

3 3 Viacom 5,912 7.5 Nickelodeon 4 4 News Corp. 4,182 17.7 FSN 5 5 NBC Universal (GE) 3,417 10.5 USA Network 6 6 Discovery Communications 1,909 10.0 Discovery Channel 7 9 Comcast Corp. 1,314 24.7 E! Entertainment Television 8 7 A&E Television Networks 1,299 9.0 A&E Network 9 10 Scripps Networks Interactive 1,185 12.6 HGTV

10 8 CBS Corp. 1,145 5.1 Showtime/TMC/Flix1

Notes: Dollars in millions. Net revenue from radio considered estimates. Top property and its gross revenue are from BIA Financial Network. *Westwood One, managed by CBS Radio, is the nation's largest radio network and outsourcer for traffic reporting services. Source: Advertising Age.

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Radio Advertising

37




Table 27. Radio Ad Spending by Country and Region, 2000-2010E ($ in millions) Country 2000 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada 932 976 4.7% 1,005 3.1% 1,090 8.4% 1,126 3.2% 1,222 8.6% 1,292 5.7% 1,367 5.8% 1,456 6.5% 1,526 4.8% 1,602 5.0%USA 20,819 18,800 -9.7% 19,423 3.3% 19,581 0.8% 20,364 4.0% 20,589 1.1% 20,892 1.5% 21,211 1.5% 21,328 0.6% 21,166 -0.8% 21,507 1.6%North America 21,751 19,776 -9.1% 20,428 3.3% 20,671 1.2% 21,490 4.0% 21,811 1.5% 22,185 1.7% 22,578 1.8% 22,784 0.9% 22,692 -0.4% 23,109 1.8%

Austria 216 222 2.7% 201 -9.4% 211 4.8% 234 11.0% 235 0.6% 233 -1.2% 233 0.0% 249 7.1% 257 3.3% 260 1.1%Belgium 255 277 8.6% 285 2.8% 313 10.1% 346 10.3% 396 14.6% 448 12.9% 514 14.8% 522 1.5% 546 4.7% 572 4.7%Denmark 39 43 9.9% 41 -5.1% 40 -2.7% 39 -2.3% 51 32.7% 52 1.1% 57 10.0% 60 5.0% 63 5.0% 66 5.0%Finland 51 55 6.7% 60 10.0% 66 9.1% 66 0.0% 64 -2.1% 64 -0.4% 64 0.4% 66 2.1% 68 3.3% 71 4.0%France 979 897 -8.4% 976 8.9% 1,018 4.3% 1,074 5.5% 1,088 1.3% 1,105 1.5% 1,050 -5.0% 1,013 -3.5% 999 -1.4% 1,013 1.4%Germany 1,002 928 -7.4% 814 -12.2% 792 -2.7% 846 6.7% 909 7.4% 931 2.4% 947 1.8% 894 -5.6% 873 -2.3% 894 2.4%Ireland 75 96 27.3% 89 -7.1% 119 33.8% 125 4.6% 145 16.5% 170 17.0% 192 12.9% 197 2.9% 204 3.5% 205 0.7%Italy 621 565 -9.0% 530 -6.3% 602 13.7% 724 20.2% 731 0.9% 788 7.8% 851 8.0% 894 5.0% 940 5.2% 991 5.4%Netherlands 320 298 -6.8% 307 2.8% 335 9.4% 342 2.0% 346 1.2% 359 3.6% 375 4.7% 389 3.5% 400 3.0% 413 3.3%Norway 103 85 -17.2% 111 29.8% 119 7.6% 161 34.8% 195 21.3% 192 -1.5% 206 7.2% 226 10.0% 242 7.0% 254 5.0%Portugal 84 83 -1.1% 74 -11.1% 74 0.0% 78 5.0% 76 -2.3% 71 -6.7% 69 -2.5% 69 0.0% 68 -2.0% 68 1.0%Spain 686 670 -2.4% 663 -0.9% 695 4.8% 739 6.3% 834 12.9% 871 4.4% 927 6.5% 903 -2.6% 912 1.0% 931 2.0%Sweden 88 75 -14.2% 70 -7.1% 66 -5.1% 73 9.6% 76 4.9% 89 17.3% 95 6.3% 100 5.5% 102 1.6% 107 4.7%Switzerland 116 108 -7.2% 108 0.0% 106 -1.6% 108 1.6% 113 4.7% 113 0.7% 114 0.7% 114 0.0% 117 2.2% 119 2.1%UK 907 829 -8.6% 839 1.2% 895 6.7% 927 3.6% 887 -4.3% 917 3.4% 933 1.7% 895 -4.1% 877 -2.0% 885 0.9%Western Europe 5,543 5,230 -5.6% 5,167 -1.2% 5,452 5.5% 5,880 7.8% 6,147 4.6% 6,401 4.1% 6,628 3.5% 6,591 -0.6% 6,669 1.2% 6,849 2.7%

Czech Republic 52 51 -1.0% 83 62.8% 107 28.1% 106 -0.6% 118 11.2% 130 10.1% 139 6.6% 143 3.0% 149 4.0% 155 4.0%Estonia 7 7 -1.5% 7 5.2% 7 2.5% 8 7.4% 8 3.4% 9 16.7% 11 22.9% 14 21.5% 16 15.0% 18 15.0%Georgia - - - - - 0.0 0.0 #DIV/0! 5.2 #DIV/0! 6.4 21.6% 7.5 17.8% 8.6 15.0%Greece 75 81 7.3% 100 23.7% 104 4.1% 125 19.7% 129 3.3% 131 2.1% 188 42.7% 241 28.5% 244 1.1% 271 11.2%Hungary 66 71 8.8% 79 10.1% 87 10.4% 144 66.5% 146 1.1% 184 25.9% 215 16.9% 249 16.0% 266 6.5% 281 5.8%Latvia 10 8 -12.2% 10 18.6% 10 3.9% 11 11.3% 14 18.6% 17 21.9% 19 14.9% 21 11.2% 23 9.2% 25 9.2%Lithuania 6 5 -5.3% 6 19.2% 7 15.0% 8 6.2% 10 20.3% 9 -8.3% 14 59.1% 14 -2.5% 14 4.3% 15 5.4%Poland 174 207 18.5% 254 23.0% 315 23.9% 377 19.7% 157 -58.3% 174 10.9% 180 3.5% 195 7.9% 198 1.4% 204 3.3%Romania 5 5 11.1% 6 20.0% 7 8.3% 14 116.9% 20 41.8% 28 40.0% 35 24.3% 43 22.1% 49 15.1% 54 10.0%Russia 45 70 55.6% 115 64.3% 155 34.8% 250 61.3% 300 20.0% 461 53.6% 615 33.5% 735 19.5% 831 13.1% 914 10.0%Slovakia 22 30 33.7% 39 30.8% 45 13.9% 61 35.3% 70 16.3% 74 5.6% 73 -1.3% 78 5.7% 87 12.3% 99 13.5%Slovenia - - - - 13 25 94.4% 26 4.9% 28 6.8% 27 -2.0% 29 5.0% 29 -0.5%Turkey 76 37 -51.2% 36 -2.5% 40 10.8% 53 31.6% 60 13.2% 71 18.7% 85 20.5% 84 -1.1% 85 1.4% 93 8.8%Ukraine - - 8 8 0.0% 14 68.8% 20 48.1% 27 35.0% 42 55.6% 60 42.9% 80 33.3% 120 50.0%Central & Eastern Europe 541 578 6.9% 751 29.9% 903 20.3% 1,203 33.2% 1,103 -8.3% 1,373 24.5% 1,691 23.1% 1,960 15.9% 2,135 9.0% 2,351 10.1%

Australia 574 583 1.6% 589 1.0% 618 5.0% 706 14.2% 753 6.7% 776 3.0% 826 6.4% 858 4.0% 870 1.4% 895 2.9%China 207 248 19.8% 288 16.1% 336 16.8% 433 28.8% 511 18.0% 752 47.2% 826 9.9% 991 20.0% 1,110 12.0% 1,276 15.0%Hong Kong 88 72 -18.7% 88 23.3% 81 -8.7% 92 14.1% 101 10.2% 107 5.7% 144 34.3% 160 11.3% 145 -9.5% 149 3.0%India 44 54 25.0% 63 15.0% 69 10.0% 57 -17.1% 80 39.8% 89 12.1% 127 42.2% 129 1.7% 146 12.5% 163 12.0%Indonesia 20 25 28.0% 32 25.5% 38 18.9% 47 24.6% 60 27.6% 65 8.8% 93 43.0% 102 10.0% 107 5.0% 113 5.0%Japan 1,759 1,697 -3.5% 1,560 -8.1% 1,535 -1.6% 1,524 -0.7% 1,510 -0.9% 1,481 -1.9% 1,419 -4.2% 1,374 -3.2% 1,351 -1.7% 1,325 -1.9%Malaysia 30 35 17.6% 42 20.0% 45 6.3% 49 10.5% 52 5.3% 56 8.4% 70 24.9% 84 20.0% 93 10.0% 102 10.0%New Zealand 140 144 3.2% 150 3.6% 165 10.3% 182 10.3% 189 3.6% 198 5.1% 202 1.9% 185 -8.4% 187 1.2% 191 2.0%Pakistan 3 3 15.9% 3 0.0% 3 0.0% 3 0.0% 5 50.0% 6 16.7% 9 57.1% 13 38.4% 14 9.0% 14 5.9%Philippines 234 280 19.6% 294 4.9% 356 21.2% 422 18.5% 479 13.7% 523 9.0% 520 -0.5% 617 18.7% 638 3.3% 640 0.4%Singapore 51 76 49.9% 86 13.0% 110 27.7% 125 13.8% 118 -5.8% 102 -14.0% 96 -5.9% 96 0.0% 93 -2.8% 96 2.9%South Korea 228 214 -5.8% 249 16.0% 245 -1.6% 235 -3.9% 241 2.6% 251 4.1% 251 0.0% 252 0.3% 254 1.0% 257 1.0%Taiwan 71 96 35.7% 111 15.0% 113 2.0% 107 -5.9% 95 -11.1% 122 28.9% 116 -4.9% 114 -2.0% 105 -8.0% 99 -5.0%Thailand 147 149 1.5% 179 20.1% 193 8.0% 198 2.8% 204 3.0% 216 5.7% 211 -2.5% 217 3.0% 221 2.0% 224 1.0%Vietnam 3 2 -33.3% 2 5.0% 1 -67.0% 1 -13.5% 1 33.3% 1 6.3% 1 4.7% 1 5.6% 1 5.2% 1 -19.8%Asia Pacific 3,597 3,680 2.3% 3,734 1.5% 3,906 4.6% 4,182 7.1% 4,399 5.2% 4,745 7.9% 4,910 3.5% 5,193 5.8% 5,334 2.7% 5,545 3.9%

Argentina 231 226 -2.2% 22 -90.2% 29 28.9% 32 11.2% 36 13.6% 41 14.1% 49 19.0% 50 1.8% 55 9.0% 59 9.0%Brazil 263 189 -28.2% 152 -19.6% 166 9.7% 207 24.3% 280 35.5% 335 19.6% 403 20.2% 500 24.0% 600 20.0% 720 20.0%Chile 63 60 -5.5% 60 0.1% 61 1.9% 58 -4.9% 65 12.0% 63 -2.2% 66 4.1% 67 0.9% 70 5.4% 75 6.3%Colombia 167 99 -40.7% 104 5.1% 93 -10.6% 112 20.0% 423 279.0% 424 0.2% 483 13.9% 551 14.1% 550 -0.2% 535 -2.7%Costa Rica 14 18 23.3% 22 22.8% 22 0.6% 20 -9.4% 23 17.0% 24 5.3% 26 6.6% 28 7.0% 30 8.0% 32 6.6%Ecuador 26 28 7.7% 38 35.7% 47 23.7% 50 6.4% 55 10.4% 56 0.7% 69 24.1% 72 4.3% 75 4.2% 77 2.7%Mexico 530 494 -6.8% 497 0.7% 325 -34.6% 342 5.3% 382 11.7% 439 14.7% 515 17.4% 640 24.2% 711 11.2% 756 6.2%Panama 10 7 -30.0% 7 0.0% 8 14.3% 10 25.0% 8 -20.0% 8 0.0% 10 25.0% 8 -20.0% 10 25.0% 8 -20.0%Peru 22 21 -4.5% 21 0.0% 16 -21.7% 26 58.1% 30 15.4% 35 16.7% 39 11.4% 41 5.1% 43 4.9% 45 4.7%Puerto Rico 111 118 6.3% 119 0.8% 100 -16.0% 116 16.0% 120 3.4% 122 1.7% 116 -4.9% 125 7.8% 120 -4.0% 120 0.0%Uruguay 22 12 -45.5% 7 -41.7% 5 -22.9% 6 1.9% 6 0.0% 6 9.1% 7 8.3% 8 16.8% 7 -6.5% 8 9.0%Venezuela 23 41 79.8% 22 -47.5% 13 -41.6% 30 140.1% 44 43.4% 41 -7.0% 36 -11.3% 47 30.0% 58 25.0% 67 15.0%Latin America 1,482 1,312 -11.5% 1,070 -18.5% 885 -17.3% 1,008 13.9% 1,472 46.0% 1,594 8.3% 1,818 14.1% 2,135 17.4% 2,329 9.1% 2,501 7.4%

Egypt 1 0 -16.1% 1 34.6% 4 528.6% 24 513.2% 27 14.2% 47 74.1% 58 23.4% 60 3.4% 62 3.3% 70 12.9%Israel 97 60 -37.9% 65 6.9% 58 -9.8% 57 -2.5% 61 8.2% 57 -7.1% 57 0.0% 57 0.0% 58 2.1% 60 3.8%South Africa 174 171 -1.4% 204 19.4% 243 18.8% 274 13.0% 397 44.8% 447 12.5% 497 11.2% 547 10.0% 602 10.0% 674 12.0%

Total 33,188 30,810 -7.2% 31,423 2.0% 32,126 2.2% 34,123 6.2% 35,456 3.9% 36,986 4.3% 38,392 3.8% 39,468 2.8% 40,032 1.4% 41,325 3.2% Source: ZenithOptimedia. October 2008.

38




Table 28. Historical U.S. Radio Advertising Revenues, 1960-2007 ($ in millions)

Local/Retail National Spot Network TotalYear $ Million Change Share $ Million Change Share $ Million Change Share $ Million Change1960 $402 N/A 61.4% $208 N/A 31.8% $45 N/A 6.9% $655 N/A1961 398 -1.0% 61.0% 206 -1.0% 31.6% 48 6.7% 7.4% 652 -0.5%1962 434 9.0% 62.3% 218 5.8% 31.3% 45 -6.3% 6.5% 697 6.9%1963 465 7.1% 62.2% 231 6.0% 30.9% 52 15.6% 7.0% 748 7.3%1964 504 8.4% 62.8% 244 5.6% 30.4% 54 3.8% 6.7% 802 7.2%1965 553 9.7% 63.7% 261 7.0% 30.1% 54 0.0% 6.2% 868 8.2%1966 608 9.9% 63.5% 293 12.3% 30.6% 57 5.6% 5.9% 958 10.4%1967 641 5.4% 64.3% 298 1.7% 29.9% 58 1.8% 5.8% 997 4.1%1968 733 14.4% 64.9% 342 14.8% 30.3% 55 -5.2% 4.9% 1,130 13.3%1969 800 9.1% 66.6% 350 2.3% 29.1% 51 -7.3% 4.2% 1,201 6.3%1970 853 6.6% 67.9% 355 1.4% 28.2% 49 -3.9% 3.9% 1,257 4.7%1971 955 12.0% 68.8% 378 6.5% 27.2% 55 12.2% 4.0% 1,388 10.4%1972 1,098 15.0% 71.0% 384 1.6% 24.8% 65 18.2% 4.2% 1,547 11.5%1973 1,205 9.7% 73.2% 382 -0.5% 23.2% 59 -9.2% 3.6% 1,646 6.4%1974 1,309 8.6% 74.5% 387 1.3% 22.0% 60 1.7% 3.4% 1,756 6.7%1975 1,403 7.2% 74.2% 416 7.5% 22.0% 73 21.7% 3.9% 1,892 7.7%1976 1,639 16.8% 73.6% 495 19.0% 22.2% 92 26.0% 4.1% 2,226 17.7%1977 1,873 14.3% 74.6% 521 5.3% 20.7% 118 28.3% 4.7% 2,512 12.8%1978 2,179 16.3% 75.3% 590 13.2% 20.4% 126 6.8% 4.4% 2,895 15.2%1979 2,397 10.0% 75.5% 637 8.0% 20.1% 139 10.3% 4.4% 3,173 9.6%1980 2,643 10.3% 74.5% 746 17.1% 21.0% 158 13.7% 4.5% 3,547 11.8%1981 3,007 13.8% 74.1% 854 14.5% 21.1% 196 24.1% 4.8% 4,057 14.4%1982 3,365 11.9% 74.9% 909 6.4% 20.2% 218 11.2% 4.9% 4,492 10.7%1983 3,739 11.1% 74.5% 1,023 12.5% 20.4% 254 16.5% 5.1% 5,016 11.7%1984 4,412 18.0% 75.0% 1,184 15.7% 20.1% 288 13.4% 4.9% 5,884 17.3%1985 4,915 11.4% 74.9% 1,319 11.4% 20.1% 329 14.2% 5.0% 6,563 11.5%1986 5,313 8.1% 75.6% 1,333 1.1% 19.0% 380 15.5% 5.4% 7,026 7.1%1987 5,605 5.5% 76.9% 1,315 -1.4% 18.0% 371 -2.4% 5.1% 7,291 3.8%1988 6,109 9.0% 77.4% 1,402 6.6% 17.8% 382 3.0% 4.8% 7,893 8.3%1989 6,463 5.8% 76.8% 1,530 9.1% 18.2% 427 11.8% 5.1% 8,420 6.7%1990 6,780 4.9% 76.7% 1,626 6.3% 18.4% 433 1.4% 4.9% 8,839 5.0%1991 6,578 -3.0% 76.6% 1,573 -3.3% 18.3% 440 1.6% 5.1% 8,591 -2.8%1992 6,725 2.2% 77.7% 1,505 -4.3% 17.4% 424 -3.6% 4.9% 8,654 0.7%1993 7,342 9.2% 77.6% 1,657 10.1% 17.5% 458 8.0% 4.8% 9,457 9.3%1994 8,164 11.2% 77.5% 1,902 14.8% 18.1% 463 1.1% 4.4% 10,529 11.3%1995 9,124 11.8% 79.5% 1,920 0.9% 16.7% 426 -8.0% 3.7% 11,470 8.9%1996 9,854 8.0% 79.4% 2,093 9.0% 16.9% 465 9.2% 3.7% 12,412 8.2%1997 10,741 9.0% 77.9% 2,407 15.0% 17.4% 646 38.9% 4.7% 13,794 11.1%1998 11,923 11.0% 77.3% 2,768 15.0% 17.9% 739 14.4% 4.8% 15,430 11.9%1999 13,592 14.0% 76.9% 3,211 16.0% 18.2% 878 18.8% 5.0% 17,681 14.6%2000 15,223 12.0% 76.7% 3,596 12.0% 18.1% 1,029 17.2% 5.2% 19,848 12.3%2001 14,552 -4.4% 79.2% 2,898 -19.4% 15.8% 919 -10.7% 5.0% 18,369 -7.5%2002 15,134 4.0% 78.0% 3,275 13.0% 16.9% 1,000 8.8% 5.2% 19,409 5.7%2003 15,100 -0.2% 77.0% 3,470 6.0% 17.7% 1,032 3.2% 5.3% 19,602 1.0%2004 15,479 2.5% 77.3% 3,453 -0.5% 17.3% 1,081 4.7% 5.4% 20,013 2.1%2005 15,634 1.0% 77.6% 3,384 -2.0% 16.8% 1,135 5.0% 5.6% 20,153 0.7%2006 15,478 -1.0% 76.8% 3,553 5.0% 17.6% 1,112 -2.0% 5.5% 20,143 0.0%2007 15,133 -2.2% 77.1% 3,343 -5.9% 17.0% 1,153 3.7% 5.9% 19,629 -2.6% Note: All expenditures are in actual dollars for the reported year. Source: FCC (1960-1980); Radio Advertising Bureau (1981-2007).

39




Table 29. Top 10 Radio Companies ($ in millions)

Rank U.S. Radio Net Revenue 2007 2006 Company 2007 %CHG

1 1 Clear Channel Communications $3,439 0.0 2 3 Sirius XM Radio 1,953 31.6 3 2 CBS Corp. 1,745 -5.7 4 4 Citadel Broadcasting Corp. 945 -3.5 5 5 Cumulus Media 561 2.0 6 7 Entercom Communications Corp. 479 -2.8 7 6 Westwood One 451 -11.9 8 8 Cox Enterprises 445 1.1 9 9 Univision Communications 430 12.7

10 10 Radio One 330 -3.2 Note: AdAge estimates. Revenue is pro-forma for significant acquisitions/divestitures. Source: Advertising Age.

40




Newspaper Advertising Expenditures

41




42




Table 30. Historical Newspaper Advertising Revenues, 1950-2007 ($ in millions)

NATIONAL RETAIL CLASSIFIED PRINT TOTAL ONLINE TOTAL$ % Share $ % Share $ % Share $ % $ % Share $ %

1950 $518 11.9% 25.0% $1,175 6.3% 56.8% $377 9.9% 18.2% $2,070 8.3% — — — $2,070 8.3%1951 529 2.1% 23.5% 1,259 7.1% 55.9% 463 22.8% 20.6% 2,251 8.7% — — — 2,251 8.7%1952 537 1.5% 21.8% 1,411 12.1% 57.3% 516 11.4% 20.9% 2,464 9.5% — — — 2,464 9.5%1953 606 12.8% 23.0% 1,455 3.1% 55.3% 571 10.7% 21.7% 2,632 6.8% — — — 2,632 6.8%1954 607 0.2% 22.6% 1,539 5.8% 57.3% 539 -5.6% 20.1% 2,685 2.0% — — — 2,685 2.0%1955 712 17.3% 23.1% 1,755 14.0% 57.0% 610 13.2% 19.8% 3,077 14.6% — — — 3,077 14.6%1956 768 5.9% 23.8% 1,808 3.0% 56.1% 661 8.4% 20.5% 3,223 4.7% — — — 3,223 4.7%1957 738 0.8% 22.6% 1,835 1.5% 56.2% 665 0.6% 20.3% 3,268 1.4% — — — 3,268 1.4%1958 724 -4.7% 22.8% 1,802 -1.8% 56.7% 650 -2.3% 20.5% 3,176 -2.8% — — — 3,176 -2.8%1959 774 6.9% 22.0% 2,014 11.8% 57.1% 738 13.5% 20.9% 3,526 11.0% — — — 3,526 11.0%1960 778 0.5% 21.1% 2,100 4.3% 57.0% 803 8.8% 21.8% 3,681 4.4% — — — 3,681 4.4%1961 744 -4.4% 20.7% 2,053 -2.2% 57.0% 804 0.1% 22.3% 3,601 -2.2% — — — 3,601 -2.2%1962 722 -3.0% 19.7% 2,103 2.4% 57.5% 834 3.7% 22.8% 3,659 1.6% — — — 3,659 1.6%1963 702 -2.8% 18.6% 2,211 5.1% 58.5% 867 4.7% 22.9% 3,780 3.3% — — — 3,780 3.3%1964 773 10.1% 18.8% 2,344 6.0% 56.9% 1,003 15.7% 24.3% 4,120 9.0% — — — 4,120 9.0%1965 783 1.3% 17.7% 2,429 3.6% 54.9% 1,214 21.0% 27.4% 4,426 7.4% — — — 4,426 7.4%1966 887 13.3% 18.2% 2,645 8.9% 54.4% 1,333 9.8% 27.4% 4,865 9.9% — — — 4,865 9.9%1967 846 -4.6% 17.2% 2,760 4.3% 56.2% 1,304 -2.2% 26.6% 4,910 0.9% — — — 4,910 0.9%1968 889 5.1% 17.0% 2,919 5.8% 55.8% 1,424 9.2% 27.2% 5,232 6.6% — — — 5,232 6.6%1969 943 6.1% 16.5% 3,166 8.5% 55.4% 1,605 12.7% 28.1% 5,714 9.2% — — — 5,714 9.2%1970 891 -5.5% 15.6% 3,292 4.0% 57.7% 1,521 -5.2% 26.7% 5,704 -0.2% — — — 5,704 -0.2%1971 972 9.1% 15.8% 3,565 8.3% 57.8% 1,630 7.2% 26.4% 6,167 8.1% — — — 6,167 8.1%1972 1,062 9.3% 15.3% 3,964 11.2% 57.1% 1,913 17.4% 27.6% 6,939 12.5% — — — 6,939 12.5%1973 1,049 -1.2% 14.0% 4,245 7.1% 56.7% 2,187 14.3% 29.2% 7,481 7.8% — — — 7,481 7.8%1974 1,105 5.3% 14.1% 4,563 7.5% 58.2% 2,174 -0.6% 27.7% 7,842 4.8% — — — 7,842 4.8%1975 1,109 0.4% 13.5% 4,966 8.8% 60.3% 2,159 -0.7% 26.2% 8,234 5.0% — — — 8,234 5.0%1976 1,342 21.0% 14.0% 5,668 14.1% 58.9% 2,608 20.8% 27.1% 9,618 16.8% — — — 9,618 16.8%1977 1,472 9.7% 13.7% 6,241 10.1% 58.1% 3,038 16.5% 28.3% 10,751 11.8% — — — 10,751 11.8%1978 1,541 4.7% 12.6% 7,023 12.5% 57.5% 3,649 20.1% 29.9% 12,213 13.6% — — — 12,213 13.6%1979 1,770 14.9% 12.8% 7,845 11.7% 56.6% 4,248 16.4% 30.6% 13,863 13.5% — — — 13,863 13.5%1980 1,963 10.9% 13.3% 8,609 9.7% 58.2% 4,222 -0.6% 28.5% 14,794 6.7% — — — 14,794 6.7%1981 2,258 15.0% 13.7% 9,686 12.5% 58.6% 4,583 8.6% 27.7% 16,527 11.7% — — — 16,527 11.7%1982 2,452 8.6% 13.9% 10,390 7.3% 58.7% 4,852 5.9% 27.4% 17,694 7.1% — — — 17,694 7.1%1983 2,734 11.5% 13.3% 11,841 14.0% 57.5% 6,006 23.8% 29.2% 20,581 16.3% — — — 20,581 16.3%1984 3,081 12.7% 13.1% 12,784 8.0% 54.3% 7,657 27.5% 32.6% 23,522 14.3% — — — 23,522 14.3%1985 3,352 8.8% 13.3% 13,443 5.2% 53.4% 8,375 9.4% 33.3% 25,170 7.0% — — — 25,170 7.0%1986 3,376 0.7% 12.5% 14,311 6.5% 53.0% 9,303 11.1% 34.5% 26,990 7.2% — — — 26,990 7.2%1987 3,494 3.5% 11.9% 15,227 6.4% 51.8% 10,691 14.9% 36.3% 29,412 9.0% — — — 29,412 9.0%1988 3,821 2.6% 12.2% 15,790 4.0% 50.6% 11,586 10.1% 37.1% 31,197 6.1% — — — 31,197 6.1%1989 3,948 3.3% 12.2% 16,504 4.5% 51.0% 11,916 2.9% 36.8% 32,368 3.8% — — — 32,368 3.8%1990 4,122 4.4% 12.8% 16,652 0.9% 51.6% 11,506 -3.5% 35.6% 32,280 -0.3% — — — 32,280 -0.3%1991 3,924 -4.8% 12.9% 15,839 -4.9% 52.2% 10,587 -8.0% 34.9% 30,349 -6.0% — — — 30,349 -6.0%1992 3,834 -2.3% 12.5% 16,041 1.3% 52.4% 10,764 1.7% 35.1% 30,639 1.0% — — — 30,639 1.0%1993 3,853 0.5% 12.1% 16,859 5.1% 52.9% 11,157 3.7% 35.0% 31,869 4.0% — — — 31,869 4.0%1994 4,149 7.7% 12.2% 17,496 3.8% 51.3% 12,464 11.7% 36.5% 34,109 7.0% — — — 34,109 7.0%1995 4,251 2.5% 11.8% 18,099 3.4% 50.1% 13,742 10.3% 38.1% 36,092 5.8% — — — 36,092 5.8%1996 4,667 9.8% 12.3% 18,344 1.4% 48.2% 15,065 9.6% 39.6% 38,075 5.5% — — — 38,075 5.5%1997 5,315 13.9% 12.9% 19,242 4.9% 46.6% 16,773 11.3% 40.6% 41,330 8.5% — — — 41,330 8.5%1998 5,721 7.7% 13.0% 20,331 5.7% 46.3% 17,873 6.6% 40.7% 43,925 6.3% — — — 43,925 6.3%1999 6,732 17.7% 14.5% 20,907 2.8% 45.2% 18,650 4.3% 40.3% 46,289 5.4% — — — 46,289 5.4%2000 7,653 13.7% 15.7% 21,409 2.4% 44.0% 19,608 5.1% 40.3% 48,670 5.1% — — — 48,670 5.1%2001 7,004 -8.5% 15.8% 20,679 -3.4% 46.7% 16,622 -15.2% 37.5% 44,305 -9.0% — — — 44,305 -9.0%2002 7,210 2.9% 16.3% 20,994 1.5% 47.6% 15,898 -4.3% 36.0% 44,102 -0.5% — — — 44,102 -0.5%2003 7,797 8.1% 16.9% 21,341 1.7% 46.2% 15,801 -0.6% 34.2% 44,939 1.9% 1,216 — 2.6% 46,156 —2004 8,083 3.7% 16.8% 22,012 3.1% 45.6% 16,608 5.1% 34.4% 46,703 3.9% 1,541 26.7% 3.2% 48,244 4.5%2005 7,910 -2.2% 16.0% 22,187 0.8% 44.9% 17,312 4.2% 35.0% 47,408 1.5% 2,027 31.5% 4.1% 49,435 2.5%2006 7,505 -5.1% 15.2% 22,121 -0.3% 44.9% 16,986 -1.9% 34.5% 46,611 -1.7% 2,664 31.5% 5.4% 49,275 -0.3%2007 7,005 -6.7% 15.4% 21,018 -5.0% 46.3% 14,186 -16.5% 31.3% 42,209 -9.4% 3,166 18.8% 7.0% 45,375 -7.9%

PRINT AND ONLINE TOTAL

Source: Newspaper Association of America.

43




Table 31.. Historical Newspaper Classified Advertising Expenditures, 1975-2007 ($ in millions)

Year $Millions Change $Millions Change $Millions Change $Millions Change $Millions Change1975 $723.3 NA $572.1 NA $347.6 NA $516.0 NA $2,159.0 NA1976 853.0 17.9% 719.9 25.8% 448.7 29.1% 586.9 13.7% 2,608.5 20.8%1977 972.3 14.0% 814.3 13.0% 589.4 31.4% 662.4 12.9% 3,038.3 16.5%1978 1,047.4 7.7% 963.5 18.3% 894.1 51.7% 744.5 12.4% 3,649.5 20.1%1979 1,219.1 16.4% 1,074.6 11.5% 1,117.1 24.9% 836.8 12.4% 4,247.6 16.4%1980 1,140.0 -6.5% 937.3 -12.8% 1,178.0 5.4% 966.9 15.5% 4,222.2 -0.6%1981 1,177.9 3.3% 1,109.1 18.3% 1,214.5 3.1% 1,081.6 11.9% 4,583.2 8.5%1982 1,208.2 2.6% 1,552.7 40.0% 936.4 -22.9% 1,154.8 6.8% 4,852.0 5.9%1983 1,505.8 24.6% 2,004.3 29.1% 1,174.3 25.4% 1,322.0 14.5% 6,006.4 23.8%1984 1,730.5 14.9% 2,634.1 31.4% 1,837.7 56.5% 1,454.9 10.0% 7,657.2 27.5%1985 1,851.0 7.0% 2,956.6 12.2% 2,018.5 9.8% 1,549.5 6.5% 8,375.6 9.4%1986 2,046.7 10.6% 3,375.6 14.2% 2,171.6 7.6% 1,708.6 10.3% 9,302.5 11.1%1987 2,234.4 9.2% 3,848.8 14.0% 2,736.9 26.0% 1,870.9 9.5% 10,691.0 14.9%

1988R(1) 2,251.2 0.7% 4,305.4 11.9% 3,018.2 10.3% 2,011.3 7.5% 11,586.0 8.4%1989 2,299.1 2.1% 4,502.1 4.6% 3,023.5 0.2% 2,091.5 4.0% 11,916.1 2.8%1990 2,132.8 -7.2% 4,609.7 2.4% 2,618.5 -13.4% 2,145.5 2.6% 11,506.4 -3.4%

1991(2) 1,887.4 -11.5% 4,574.3 -0.8% 1,934.5 -2612.0% 2,190.8 2.1% 10,587.0 -8.0%1992(2) data unavailable - - - - - - - - -1993(2) data unavailable - - - - - - - - -1994(2) 2,293.4 NA 4,449.7 NA 3,726.7 NA 1,994.2 NA 12,464.0 NA1995 2,557.1 11.5% 3,929.3 -11.7% 5,020.8 34.7% 2,234.3 12.0% 13,741.6 10.3%1996 2,809.2 9.9% 4,036.0 2.7% 5,775.1 15.0% 2,444.3 9.4% 15,064.6 9.6%1997 2,932.5 4.4% 4,314.6 6.9% 6,997.0 21.2% 2,528.8 3.5% 16,772.9 11.3%1998 3,094.3 5.5% 4,505.3 4.4% 7,702.1 10.1% 2,571.8 1.7% 17,873.5 6.6%1999 3,116.3 0.7% 4,911.6 9.0% 8,026.0 4.2% 2,595.7 0.9% 18,649.5 4.3% 2000 3,116.8 1.6% 5,026.3 2.3% 8,712.6 8.6% 2,702.9 4.1% 19,608.7 5.1%

2001R 3,511.8 10.9% 4,889.5 -2.7% 5,704.7 -4.5% 2,515.2 -6.9% 16,621.2 -15.2%2002 3,668.4 4.5% 5,156.0 5.5% 4,387.8 -23.1% 2,686.3 6.8% 15,898.2 -4.3%2003 3,953.7 7.8% 5,192.4 0.7% 3,977.4 -9.3% 2,677.8 -0.3% 15,801.3 -0.6%2004 4,221.5 6.8% 5,023.8 -3.2% 4,576.3 15.1% 2,795.1 4.4% 16,607.8 5.1%2005 4,639.4 9.90% 4,589.0 -8.49% 5,126.5 12.02% 2,956.0 5.78% 17,311.6 4.24%2006 5,155.2 11.1% 3,999.5 -12.8% 4,741.1 -7.5% 3,089.3 4.5% 16,985.5 -1.9%2007 3,990.9 -22.6% 3,266.0 -18.3% 3,804.6 -19.8% 3,124.3 1.1% 14,185.7 -16.5%

TotalReal Estate Automotive Employment Other

Source: www.naa.org

44




Table 32. Newspaper Advertising Expenditure by Country, 2000-2010E ($ in millions) Country 2000 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada 2,403 2,328 -3.1% 2,337 0.4% 2,355 0.8% 2,431 3.2% 2,476 1.8% 2,453 -0.9% 2,395 -2.4% 2,361 -1.4% 2,314 -2.0% 2,263 -2.2%USA 48,700 45,778 -6.0% 45,320 -1.0% 46,227 2.0% 48,538 5.0% 50,237 3.5% 51,493 2.5% 49,948 -3.0% 47,151 -5.6% 44,322 -6.0% 42,549 -4.0%North America 51,103 48,106 -5.9% 47,657 -0.9% 48,581 1.9% 50,969 4.9% 52,712 3.4% 53,946 2.3% 52,342 -3.0% 49,512 -5.4% 46,636 -5.8% 44,812 -3.9%

Austria 987 975 -1.2% 935 -4.1% 976 4.4% 1,035 6.0% 1,140 10.2% 1,207 5.9% 1,333 10.4% 1,448 8.6% 1,497 3.4% 1,540 2.8%Belgium 558 384 -31.1% 528 37.6% 646 22.2% 727 12.5% 811 11.5% 1,199 47.9% 1,234 2.9% 1,256 1.8% 1,278 1.8% 1,300 1.8%Denmark 1,025 962 -6.1% 881 -8.5% 865 -1.8% 921 6.5% 1,003 9.0% 1,095 9.1% 1,102 0.7% 1,113 1.0% 1,091 -2.0% 1,069 -2.0%Finland 872 820 -6.0% 794 -3.2% 816 2.8% 865 6.0% 880 1.7% 905 2.8% 945 4.4% 964 2.0% 976 1.3% 995 2.0%France 2,469 2,263 -8.4% 2,116 -6.5% 2,048 -3.2% 2,102 2.7% 2,135 1.6% 2,157 1.0% 2,102 -2.5% 2,063 -1.9% 2,022 -2.0% 1,981 -2.0%Germany 11,900 10,634 -10.6% 9,585 -9.9% 8,913 -7.0% 9,127 2.4% 9,195 0.7% 9,343 1.6% 9,442 1.1% 9,370 -0.8% 9,294 -0.8% 9,225 -0.7%Ireland 590 678 14.8% 860 26.9% 998 16.1% 1,225 22.8% 1,236 0.9% 1,421 15.0% 1,481 4.2% 1,519 2.6% 1,403 -7.7% 1,419 1.2%Italy 2,488 2,336 -6.1% 2,175 -6.9% 2,164 -0.5% 2,198 1.6% 2,220 1.0% 2,226 0.2% 2,299 3.3% 2,265 -1.5% 2,273 0.4% 2,293 0.9%Netherlands 2,436 2,341 -3.9% 2,191 -6.4% 2,044 -6.7% 1,974 -3.4% 1,960 -0.7% 2,016 2.9% 2,096 4.0% 2,128 1.5% 2,147 0.9% 2,177 1.4%Norway 948 962 1.5% 1,012 5.1% 1,185 17.2% 1,370 15.6% 1,553 13.3% 1,678 8.1% 1,850 10.2% 1,987 7.4% 2,086 5.0% 2,149 3.0%Portugal 135 122 -9.8% 98 -19.8% 95 -3.0% 97 3.0% 96 -2.0% 92 -4.0% 92 0.0% 93 1.9% 92 -1.9% 93 1.0%Spain 2,315 2,180 -5.8% 2,095 -3.9% 2,046 -2.3% 2,166 5.9% 2,280 5.2% 2,449 7.4% 2,592 5.8% 2,306 -11.0% 2,318 0.5% 2,353 1.5%Sweden 1,382 1,232 -10.8% 1,143 -7.2% 1,150 0.6% 1,162 1.0% 1,228 5.7% 1,309 6.6% 1,350 3.1% 1,326 -1.8% 1,319 -0.6% 1,354 2.7%Switzerland 1,875 1,792 -4.4% 1,551 -13.4% 1,372 -11.6% 945 -31.1% 964 2.0% 1,107 14.8% 1,179 6.6% 1,221 3.5% 1,251 2.5% 1,276 2.0%UK 8,534 8,338 -2.3% 8,182 -1.9% 8,279 1.2% 8,691 5.0% 8,348 -3.9% 7,991 -4.3% 7,957 -0.4% 7,569 -4.9% 7,402 -2.2% 7,474 1.0%Western Europe 38,513 36,017 -6.5% 34,145 -5.2% 33,596 -1.6% 34,605 3.0% 35,049 1.3% 36,195 3.3% 37,053 2.4% 36,628 -1.1% 36,448 -0.5% 36,698 0.7%

Croatia 36 53 48.4% 59 10.2% 87 49.5% 101 15.7% 110 8.5% 143 30.2% 162 13.0% 195 20.6% 242 24.1% 297 22.9%Czech Republic 272 269 -1.2% 320 18.8% 337 5.3% 385 14.2% 400 4.0% 462 15.6% 430 -7.1% 463 7.8% 481 3.9% 495 3.0%Estonia 27 32 17.1% 32 2.1% 35 9.3% 39 9.7% 44 14.3% 51 15.7% 63 23.0% 58 -7.0% 60 3.0% 64 7.0%Greece 322 270 -16.2% 275 2.0% 326 18.4% 397 21.8% 454 14.5% 516 13.6% 563 9.0% 568 1.0% 571 0.5% 580 1.6%Hungary 180 204 13.3% 215 5.7% 241 12.0% 273 13.2% 293 7.4% 289 -1.5% 294 1.9% 303 3.0% 315 4.0% 317 0.6%Latvia 21 25 17.6% 27 11.0% 27 -1.4% 29 5.8% 34 19.0% 37 8.2% 40 9.4% 42 4.3% 44 3.7% 45 3.1%Lithuania 39 43 9.6% 47 9.2% 51 9.0% 60 18.0% 63 4.5% 70 11.3% 73 4.0% 74 1.0% 75 1.3% 76 2.1%Poland 377 392 3.9% 387 -1.1% 553 42.8% 689 24.5% 256 -62.8% 267 4.0% 275 2.9% 281 2.3% 279 -0.5% 286 2.2%Romania 20 18 -10.0% 20 11.1% 22 10.0% 34 55.9% 34 0.3% 38 9.9% 44 17.5% 62 39.6% 72 16.0% 78 7.9%Russia 240 310 29.2% 495 59.7% 585 18.2% 730 24.8% - - - - - -Slovakia 36 46 27.4% 48 5.4% 59 23.2% 71 20.4% 80 11.4% 79 -1.2% 88 12.1% 99 12.9% 111 11.3% 124 11.7%Slovenia 31 36 15.1% 47 30.5% 52 12.2% 64 22.8% 98 52.5% 117 18.9% 138 18.3% 157 13.9% 161 2.6% 164 1.7%Turkey 367 206 -43.9% 241 16.9% 281 16.7% 431 53.4% 599 38.9% 640 6.8% 760 18.7% 742 -2.3% 735 -1.0% 739 0.6%Central & Eastern Europe 1,991 1,925 -3.3% 2,262 17.5% 2,749 21.5% 3,412 24.1% 2,619 -23.2% 2,891 10.4% 3,199 10.6% 3,356 4.9% 3,494 4.1% 3,651 4.5%

Australia 2,818 2,627 -6.8% 2,555 -2.7% 2,780 8.8% 3,051 9.7% 3,180 4.2% 3,182 0.1% 3,419 7.5% 3,493 2.2% 3,543 1.4% 3,596 1.5%China 1,925 2,073 7.7% 2,478 19.5% 3,194 28.9% 3,033 -5.1% 3,366 11.0% 4,109 22.1% 4,235 3.1% 4,405 4.0% 4,449 1.0% 4,582 3.0%Hong Kong 704 710 0.9% 848 19.3% 775 -8.6% 1,043 34.7% 952 -8.8% 1,122 17.8% 1,193 6.4% 1,199 0.5% 1,102 -8.1% 1,135 3.0%India 848 781 -7.9% 846 8.3% 1,275 50.8% 1,432 12.3% 1,620 13.1% 2,131 31.6% 3,181 49.3% 3,304 3.8% 3,882 17.5% 4,516 16.3%Indonesia 140 189 35.2% 255 35.1% 325 27.5% 437 34.4% 507 16.0% 625 23.3% 817 30.8% 997 22.0% 1,197 20.0% 1,436 20.0%Japan 10,594 10,265 -3.1% 9,093 -11.4% 8,917 -1.9% 8,967 0.6% 8,813 -1.7% 8,481 -3.8% 8,036 -5.2% 7,749 -3.6% 7,591 -2.0% 7,413 -2.3%Malaysia 543 563 3.8% 636 13.0% 688 8.1% 777 13.0% 808 3.9% 797 -1.3% 892 11.8% 981 10.0% 1,049 7.0% 1,133 8.0%New Zealand 439 447 1.7% 463 3.6% 508 9.7% 582 14.7% 612 5.1% 597 -2.4% 609 2.0% 599 -1.6% 604 0.7% 607 0.6%Pakistan 39 47 21.6% 50 5.3% 53 6.7% 57 5.9% 64 12.8% 74 15.8% 99 34.8% 120 20.5% 134 11.6% 149 11.1%Philippines 214 163 -24.0% 156 -4.4% 165 6.1% 188 14.1% 185 -1.6% 165 -11.2% 190 15.3% 205 8.0% 222 8.0% 234 5.4%Singapore 498 451 -9.4% 459 1.8% 453 -1.4% 491 8.5% 487 -0.8% 503 3.3% 547 8.8% 559 2.1% 570 2.0% 597 4.8%South Korea 3,650 3,621 -0.8% 3,999 10.4% 3,992 -0.2% 3,609 -9.6% 3,681 2.0% 3,771 2.5% 4,111 9.0% 4,120 0.2% 4,326 5.0% 4,629 7.0%Taiwan 577 667 15.7% 449 -32.8% 428 -4.5% 557 30.0% 478 -14.1% 455 -5.0% 421 -7.5% 391 -7.0% 352 -10.0% 331 -6.0%Thailand 315 477 51.2% 509 6.8% 575 12.9% 716 24.5% 717 0.1% 672 -6.3% 691 2.8% 670 -3.0% 677 1.0% 683 1.0%Vietnam 37 43 16.5% 48 11.6% 66 37.8% 51 -22.9% 59 16.5% 68 15.0% 79 15.1% 90 15.0% 104 14.5% 117 12.6%Asia Pacific 23,342 23,124 -0.9% 22,844 -1.2% 24,196 5.9% 24,993 3.3% 25,528 2.1% 26,751 4.8% 28,521 6.6% 28,883 1.3% 29,800 3.2% 31,158 4.6%

Argentina 654 808 23.5% 200 -75.2% 332 65.9% 379 14.2% 441 16.5% 533 20.7% 571 7.2% 613 7.3% 645 5.2% 679 5.4%Brazil 1,154 844 -26.8% 664 -21.3% 664 -0.1% 796 19.9% 1,087 36.5% 1,244 14.5% 1,631 31.1% 1,908 17.0% 2,195 15.0% 2,524 15.0%Chile 207 180 -13.1% 189 5.1% 187 -1.0% 206 10.4% 231 12.1% 248 7.1% 272 9.8% 284 4.5% 299 5.1% 317 6.1%Colombia 203 250 23.2% 232 -7.2% 230 -0.9% 258 12.3% 348 34.7% 391 12.4% 430 10.0% 460 7.0% 462 0.4% 514 11.3%Ecuador 33 41 24.2% 56 36.6% 68 21.4% 79 16.2% 89 12.7% 107 19.8% 109 2.2% 115 5.5% 116 0.9% 118 1.7%Mexico 541 557 2.9% 547 -1.7% 417 -23.7% 412 -1.3% 435 5.7% 502 15.3% 570 13.5% 630 10.5% 694 10.3% 748 7.8%Panama 58 50 -13.8% 45 -10.0% 50 11.1% 50 0.0% 54 8.0% 58 7.4% 62 6.9% 67 8.1% 75 11.9% 67 -10.7%Peru 66 63 -4.5% 60 -4.8% 78 30.3% 58 -25.8% 60 3.4% 68 13.3% 75 10.3% 78 4.0% 80 2.6% 83 3.8%Puerto Rico 489 478 -2.2% 508 6.3% 549 8.1% 572 4.2% 568 -0.7% 562 -1.1% 555 -1.2% 570 2.7% 568 -0.4% 568 0.0%Venezuela 121 142 17.5% 85 -40.0% 55 -35.6% 97 75.7% 101 4.9% 146 44.4% 198 35.3% 228 15.0% 262 15.0% 298 14.0%Latin America 3,602 3,468 -3.7% 2,631 -24.1% 2,674 1.6% 2,948 10.3% 3,456 17.2% 3,903 12.9% 4,524 15.9% 5,012 10.8% 5,465 9.0% 5,994 9.7%

Bahrain - - 55 66 20.1% 90 35.5% 77 -14.3% 89 14.9% 101 13.9% 110 9.1% 117 6.6% 125 6.5%Egypt 124 163 32.2% 185 13.5% 188 1.5% 252 33.9% 297 17.8% 373 25.6% 432 15.8% 496 14.8% 501 1.0% 580 15.8%Israel 695 461 -33.7% 442 -4.1% 367 -16.9% 371 1.2% 389 4.7% 374 -3.9% 378 1.2% 379 0.3% 380 0.3% 380 0.0%Kuwait 146 175 19.5% 183 4.7% 212 15.8% 250 17.7% 284 14.0% 343 20.7% 377 10.0% 418 10.8% 470 12.4% 521 10.7%Oman 23 25 7.2% 38 54.3% 45 19.1% 50 9.6% 61 24.1% 69 13.1% 80 15.2% 88 9.8% 98 11.3% 107 9.2%Pan Arab 7 17 132.1% 39 125.6% 62 60.2% 86 39.5% 106 22.7% 104 -1.3% 100 -4.0% 102 2.0% 99 -3.6% 98 -0.5%Qatar - - 66 71 6.8% 81 14.4% 87 6.8% 157 81.4% 169 7.2% 145 -13.8% 163 11.9% 182 11.7%Saudi Arabia 269 295 9.6% 312 6.0% 340 8.9% 424 24.7% 582 37.2% 644 10.7% 727 12.8% 890 22.4% 1,000 12.5% 1,160 15.9%South Africa 351 358 1.9% 442 23.5% 487 10.3% 559 14.8% 698 24.9% 832 19.1% 963 15.8% 1,078 12.0% 1,154 7.0% 1,269 10.0%UAE 126 164 30.1% 260 59.1% 379 45.6% 524 38.2% 714 36.1% 863 21.0% 1,138 31.8% 1,262 11.0% 1,489 17.9% 1,809 21.5%

Total 120,292 114,297 -5.0% 111,564 -2.4% 114,016 2.2% 119,619 4.9% 122,661 2.5% 127,538 4.0% 130,108 2.0% 128,364 -1.3% 127,317 -0.8% 128,548 1.0% Source: ZenithOptimedia, October 2008.

45




Table 33. Top 10 Newspaper Companies ($ in millions)

2007 2006 Media Company 2007 %Chg Top Property1 1 Gannett Co. $4,618 -7.6 USA Today2 2 Tribune Co. 3,616 -8.8 Los Angelas Times3 3 The New York Times Co. 2,840 -11.2 The New York Times4 4 McClatchy Co. 2,187 -8.1 The Miami Herald5 5 Advance Publications 2,073 -4.9 The Star-Ledger6 6 MediaNews Group 1,787 -5.3 San Jose Mercury News (54% stake)7 7 Hearst Corp. 1,522 -3.8 Houston Chronicle8 8 News Corp 1,499 -2.4 The Wall Street Journal9 9 Cox Enterprises 1,400 0.0 The Atlanta Journal-Constitution10 10 Lee Enterprises 1,128 0.0 St. Louis Post-Dispatch

Rank Newspaper Net Revenue

Note: Revenue figures are AdAge estimates and pro-forma for significant acquisitions/divestitures. Source: Advertising Age.

Figure 4. Newsprint Prices, 1Q88-2Q08

$400

$450

$500

$550

$600

$650

$700

$750

$800

1Q88

3Q88

1Q89

3Q89

1Q90

3Q90

1Q91

3Q91

1Q92

3Q92

1Q93

3Q93

1Q94

3Q94

1Q95

3Q95

1Q96

3Q96

1Q97

3Q97

1Q98

3Q98

1Q99

3Q99

1Q00

3Q00

1Q01

3Q01

1Q02

3Q02

1Q03

3Q03

1Q04

3Q04

1Q05

3Q05

1Q06

3Q06

1Q07

3Q07

1Q08

Source: Pulp and Paper; J.P.Morgan

46




Figure 5. National Newspaper Ad Expenditures – Year-over-Year Change, 1Q91-2Q08

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

1Q91

1Q92

1Q93

1Q94

1Q95

1Q96

1Q97

1Q98

1Q99

1Q00

1Q01

1Q02

1Q03

1Q04

1Q05

1Q06

1Q07

1Q08

Source: NAA; Business Analysis and Research; J.P.Morgan.

Figure 6. National Newspaper Ad Expenditure Detail, 2007

Automotive, 6.9%

Coupon Marketing Organizations, 15.4%

Motion Pictures, 11.9%

Public Service Utilities / Comm, 20.1%

Transportation / Travel, 14.0%

Other, 31.8%

Note: Other includes such categories as alcoholic beverages, apparel, business, computer equipment, farm/lawn, foods, home furnishings, industrial/office, jewelry/tableware, medical, pet supplies, photography, political/gov't, tobacco, and sports/leisure. Source: NAA; Business Analysis and Research; J.P.Morgan.

47




Figure 7. Retail Ad Spending Versus Retail Sales – Year-over-Year Change, 1Q91-2Q08

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

1Q91

1Q92

1Q93

1Q94

1Q95

1Q96

1Q97

1Q98

1Q99

1Q00

1Q01

1Q02

1Q03

1Q04

1Q05

1Q06

1Q07

1Q08

Source: U.S. Census Economic Statistics; NAA; Business Analysis and Research; J.P.Morgan.

Figure 8. Retail Ad Expenditure Detail, 2007

Computers / Electronics, 10.9%

Financial, 18.1%

Food, 8.6%

General Merchandise, 29.3%

Other, 18.6%

Home Supplies / Furniture, 15.2%

Note: Other includes such categories as hobby/craft, toy, sports, records, books, and cards, farm equipment dealers and services, and automotive aftermarket. Source: NAA; Business Analysis and Research; J.P.Morgan.

48




Figure 9. Classified Ad Expenditures – Year-over-Year Change, 1Q91–2Q08

-20%

-15%

-10%

-5%

0%

5%

10%

15%

1Q91

1Q92

1Q93

1Q94

1Q95

1Q96

1Q97

1Q98

1Q99

1Q00

1Q01

1Q02

1Q03

1Q04

1Q05

1Q06

1Q07

1Q08


Figure 10. Classified Ad Expenditures Detail, 2007

Classified Real Estate, 30.4%

Classified Auto, 23.5%

Classified Employment,

27.9%

Classified Other, 18.2%


49




50




Magazine Advertising Expenditures

51




52




Table 34. Magazine Advertising Expenditures by Country, 2000-2010E ($ in millions) Country 2000 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada 479 504 5.3% 520 3.1% 568 9.3% 602 6.1% 619 2.8% 635 2.6% 668 5.3% 685 2.5% 699 2.0% 716 2.4%USA 23,978 21,540 -10.2% 20,903 -3.0% 21,712 3.9% 22,757 4.8% 23,902 5.0% 24,804 3.8% 25,688 3.6% 26,146 1.8% 26,800 2.5% 27,996 4.5%North America 24,457 22,044 -9.9% 21,423 -2.8% 22,280 4.0% 23,359 4.8% 24,521 5.0% 25,439 3.7% 26,357 3.6% 26,832 1.8% 27,499 2.5% 28,712 4.4%

Austria 567 600 5.8% 590 -1.6% 583 -1.2% 589 0.9% 578 -1.9% 600 3.8% 646 7.8% 705 9.1% 725 2.9% 746 2.8%Belgium 336 353 5.0% 369 4.5% 371 0.6% 386 4.0% 384 -0.5% 392 2.2% 412 4.9% 431 4.8% 441 2.1% 450 2.1%Denmark 133 127 -4.3% 115 -9.7% 113 -1.4% 120 6.0% 132 9.8% 148 12.4% 147 -0.9% 150 2.0% 153 2.0% 156 2.0%Finland 261 252 -3.7% 245 -2.7% 244 -0.6% 253 3.9% 266 4.9% 274 3.1% 288 5.0% 294 2.3% 298 1.4% 302 1.4%France 3,333 3,226 -3.2% 3,056 -5.3% 2,947 -3.6% 2,929 -0.6% 2,885 -1.5% 2,873 -0.4% 2,772 -3.5% 2,674 -3.5% 2,589 -3.2% 2,511 -3.0%Germany 6,545 6,072 -7.2% 5,682 -6.4% 5,417 -4.6% 5,338 -1.5% 5,324 -0.3% 5,489 3.1% 5,547 1.1% 5,359 -3.4% 5,226 -2.5% 5,200 -0.5%Ireland 21 23 13.3% 33 41.2% 47 41.7% 44 -5.9% 55 25.0% 55 0.0% 56 2.5% 59 4.9% 53 -9.3% 55 2.6%Italy 1,585 1,627 2.7% 1,491 -8.4% 1,506 1.0% 1,512 0.5% 1,549 2.4% 1,642 6.0% 1,683 2.5% 1,653 -1.8% 1,656 0.2% 1,668 0.7%Netherlands 1,288 1,266 -1.7% 1,211 -4.3% 1,095 -9.6% 1,053 -3.9% 1,068 1.4% 1,095 2.6% 1,104 0.9% 1,101 -0.3% 1,094 -0.7% 1,081 -1.2%Norway 264 272 3.2% 273 0.3% 301 10.2% 329 9.3% 342 3.8% 356 4.2% 379 6.6% 394 4.0% 406 3.0% 418 3.0%Portugal 247 219 -11.3% 198 -9.5% 198 0.0% 200 1.0% 203 1.3% 203 -0.3% 206 1.6% 206 0.0% 207 0.5% 211 2.0%Spain 846 848 0.2% 807 -4.8% 822 1.9% 909 10.5% 923 1.5% 941 2.0% 988 4.9% 944 -4.4% 954 1.0% 973 2.0%Sweden 387 354 -8.5% 328 -7.3% 304 -7.2% 319 4.9% 334 4.7% 357 6.9% 369 3.1% 351 -4.8% 337 -4.0% 350 3.8%Switzerland 653 613 -6.0% 571 -6.9% 547 -4.2% 639 16.9% 663 3.7% 673 1.6% 727 7.9% 738 1.5% 748 1.5% 760 1.6%UK 3,453 3,387 -1.9% 3,204 -5.4% 3,134 -2.2% 3,252 3.8% 3,217 -1.1% 3,111 -3.3% 2,992 -3.8% 2,852 -4.7% 2,786 -2.3% 2,808 0.8%Western Europe 19,919 19,240 -3.4% 18,173 -5.5% 17,629 -3.0% 17,872 1.4% 17,921 0.3% 18,208 1.6% 18,314 0.6% 17,911 -2.2% 17,673 -1.3% 17,688 0.1%

Belarus - - - - - - - - - - - Bosnia & Herzegovina 2 2 -11.8% 3 26.7% 2 -36.8% 7 300.0% 5 -16.7% 7 25.0% 7 0.0% 8 20.0% 8 0.0% 10 16.7%Bulgaria 5 6 33.4% 19 200.5% 12 -40.1% 18 52.9% 30 69.2% 41 37.5% 57 38.1% 65 14.8% 77 18.4% 89 14.9%Croatia 27 36 30.8% 50 41.4% 58 14.6% 72 25.0% 82 14.3% 102 24.0% 118 15.7% 142 19.9% 158 11.2% 177 12.2%Czech Republic 285 306 7.4% 319 4.2% 341 7.0% 381 11.7% 431 13.1% 482 11.8% 523 8.7% 538 2.8% 557 3.6% 585 5.0%Estonia 8 9 6.3% 9 11.0% 9 -0.3% 10 6.5% 12 16.5% 13 14.9% 17 24.0% 16 -7.0% 16 2.0% 21 31.4%Georgia - - - - - - - - - - - Greece 579 658 13.7% 745 13.1% 845 13.4% 990 17.2% 1,105 11.6% 1,213 9.8% 1,313 8.2% 1,400 6.7% 1,440 2.8% 1,449 0.6%Hungary 173 196 13.3% 212 8.3% 239 12.7% 261 9.4% 285 9.3% 314 10.1% 324 3.0% 341 5.2% 350 2.8% 358 2.3%Latvia 5 7 45.8% 9 34.3% 11 23.4% 13 17.2% 15 16.2% 22 41.6% 32 45.7% 35 9.8% 38 7.8% 39 4.1%Lithuania 14 15 8.3% 18 14.9% 20 16.9% 23 12.8% 25 7.9% 32 27.0% 39 23.8% 42 7.0% 45 7.9% 49 8.8%Moldova - - - - - 0 1 54.3% 1 20.0% 1 -11.1% 1 25.0% 1 25.0%Poland 406 453 11.6% 452 -0.3% 518 14.7% 628 21.3% 301 -52.1% 309 2.6% 323 4.5% 336 4.3% 337 0.2% 344 1.9%Romania 11 11 0.0% 12 9.1% 14 16.7% 26 87.1% 33 25.6% 44 34.0% 59 33.6% 63 7.0% 73 15.1% 78 8.0%Russia 100 160 60.0% 260 62.5% 350 34.6% 470 34.3% - -100.0% - - - - - Serbia - - - 11 22 95.7% 32 46.8% 42 29.9% 60 43.3% 75 25.9% 84 11.4% 94 12.2%Slovakia 43 55 27.4% 58 5.4% 71 23.2% 86 20.4% 95 11.4% 107 11.9% 132 23.8% 157 18.9% 186 18.4% 214 15.2%Slovenia 48 49 2.5% 46 -5.7% 56 21.6% 67 19.1% 48 -27.7% 54 10.7% 59 9.4% 62 4.9% 64 4.4% 66 2.1%Turkey 68 25 -63.0% 31 24.7% 33 6.8% 47 41.1% 63 34.6% 74 17.3% 94 27.2% 86 -9.2% 92 6.9% 92 0.1%Ukraine - - 14 29 110.8% 50 76.5% 76 51.0% 102 34.2% 164 60.8% 190 15.9% 238 25.3% 273 14.7%Central & Eastern Europe 1,773 1,987 12.1% 2,256 13.5% 2,619 16.1% 3,171 21.1% 2,640 -16.7% 2,957 12.0% 3,320 12.3% 3,556 7.1% 3,763 5.8% 3,937 4.6%

Australia 701 647 -7.8% 662 2.3% 690 4.2% 751 8.9% 820 9.3% 834 1.6% 867 4.0% 884 1.9% 889 0.6% 914 2.7%China 149 156 4.6% 200 28.2% 320 60.4% 267 -16.6% 327 22.3% 317 -3.1% 348 9.8% 383 10.0% 413 8.0% 455 10.0%Hong Kong 180 198 9.7% 219 10.5% 212 -2.9% 305 43.9% 349 14.3% 363 3.8% 414 14.3% 451 8.8% 423 -6.0% 436 3.0%India - 183 173 -5.5% 167 -3.3% 127 -24.2% 146 15.0% 230 57.5% 318 38.4% 414 30.2% 546 31.7% 702 28.7%Indonesia 32 44 39.8% 55 24.7% 69 24.7% 84 21.9% 93 10.4% 95 2.9% 105 9.8% 110 5.0% 116 5.0% 121 5.0%Japan 3,710 3,550 -4.3% 3,440 -3.1% 3,427 -0.4% 3,372 -1.6% 4,112 22.0% 4,057 -1.3% 3,862 -4.8% 3,766 -2.5% 3,704 -1.6% 3,650 -1.4%Malaysia 38 53 39.7% 46 -13.7% 46 0.6% 49 6.3% 47 -5.3% 45 -2.5% 48 6.4% 49 2.0% 51 4.0% 54 5.0%New Zealand 116 122 5.7% 128 4.2% 143 12.1% 164 14.9% 192 16.6% 185 -3.5% 189 2.4% 163 -14.0% 161 -0.9% 168 4.1%Pakistan 10 4 -65.6% 4 21.7% 6 36.4% 8 30.0% 10 34.6% 15 45.7% 23 54.4% 27 16.0% 30 10.0% 32 7.5%Philippines - 55 42 -24.5% 42 0.8% 63 48.9% 75 19.3% 36 -52.4% 41 14.9% 46 11.6% 40 -12.2% 39 -1.9%Singapore 45 48 5.0% 43 -9.3% 60 38.5% 62 4.0% 64 2.6% 80 26.0% 82 1.7% 83 1.6% 85 2.4% 88 3.9%South Korea 298 314 5.4% 351 11.8% 321 -8.7% 294 -8.5% 359 22.4% 388 8.1% 431 11.0% 426 -1.3% 438 3.0% 452 3.0%Taiwan 222 218 -1.8% 253 16.1% 290 15.0% 197 -32.3% 201 2.3% 196 -2.8% 197 0.7% 184 -6.5% 168 -9.0% 163 -3.0%Thailand 78 90 14.9% 105 17.0% 132 25.3% 177 34.3% 196 10.7% 195 -0.4% 193 -1.5% 197 2.0% 202 3.0% 208 3.0%Vietnam - - - - 27 29 8.9% 31 8.8% 34 8.9% 37 8.8% 40 8.5% 44 10.0%Asia Pacific 5,581 5,682 1.8% 5,721 0.7% 5,926 3.6% 5,947 0.3% 7,020 18.1% 7,068 0.7% 7,154 1.2% 7,219 0.9% 7,307 1.2% 7,527 3.0%

Argentina 331 271 -18.1% 25 -90.7% 44 75.5% 62 40.3% 82 32.4% 82 0.3% 99 20.7% 112 12.8% 124 11.1% 138 10.9%Brazil 566 415 -26.6% 314 -24.3% 348 10.8% 400 14.9% 592 48.0% 693 17.0% 853 23.1% 1,032 21.0% 1,208 17.0% 1,389 15.0%Chile 30 26 -12.5% 26 -1.3% 25 -2.9% 24 -4.2% 25 3.7% 26 4.4% 30 12.5% 30 2.1% 31 3.4% 34 8.0%Colombia 63 66 4.8% 63 -4.5% 65 3.2% 76 16.9% 112 47.4% 127 13.4% 138 8.7% 150 8.7% 153 2.0% 162 5.9%Costa Rica - - - - - - - - - - - Ecuador 6 8 33.3% 11 37.5% 14 27.3% 18 28.6% 20 9.0% 20 1.1% 22 10.9% 23 4.5% 23 0.0% 25 8.7%Mexico 392 409 4.4% 329 -19.5% 346 5.0% 339 -1.9% 370 9.2% 424 14.4% 476 12.3% 424 -11.0% 462 9.1% 506 9.5%Panama - - - 9 9 0.0% 13 44.4% 15 15.4% 17 13.3% 17 0.0% 20 17.6% 15 -25.0%Peru 5 5 0.0% 5 0.0% 5 8.0% 6 11.1% 6 0.0% 8 33.3% 10 25.0% 10 0.0% 11 10.0% 11 0.0%Puerto Rico 46 48 4.3% 51 6.3% 56 9.8% 60 7.1% 51 -15.0% 58 13.7% 65 12.1% 65 0.0% 68 4.6% 70 2.9%Uruguay - - - - 1 1 0.0% 1 20.0% 1 8.3% 1 7.7% 1 1.4% 1 7.5%Venezuela 8 11 27.4% 8 -26.3% 5 -40.8% 6 25.7% 6 4.9% 8 24.9% 11 47.0% 12 4.0% 14 15.0% 15 10.0%Latin America 1,448 1,260 -13.0% 833 -33.9% 917 10.1% 1,001 9.1% 1,278 27.7% 1,462 14.4% 1,722 17.8% 1,876 8.9% 2,115 12.7% 2,365 11.9%

Armenia - - - - - 0 0 300.0% 0 50.0% 0 25.0% 0 20.0% 0 11.1%Azerbaijan - - 4 8 108.1% 15 96.1% 14 -5.3% 17 16.1% 17 5.0% 21 20.0% 25 20.0% 30 20.0%Bahrain - - - - - 9 11 15.9% 12 14.7% 11 -9.8% 11 -1.2% 11 -0.3%Egypt 23 26 10.9% 24 -7.1% 23 -6.1% 32 42.7% 37 14.8% 49 32.4% 49 0.0% 52 6.1% 54 3.8% 60 11.1%Israel 49 51 5.1% 59 15.2% 55 -7.0% 56 1.8% 58 4.4% 56 -3.8% 57 1.7% 57 0.0% 58 2.1% 60 3.8%Kazakhstan - - - - - - - - - - - Kuwait 37 38 2.9% 25 -33.2% 26 2.6% 37 41.7% 41 12.0% 47 13.1% 57 21.9% 55 -4.4% 54 -1.6% 53 -0.8%Oman 0 2 252.1% 0 -77.2% 1 196.1% 3 194.8% 2 -30.7% 1 -39.9% 3 123.1% 1 -48.1% 1 -3.8% 1 -2.4%Pan Arab 42 113 167.6% 68 -39.6% 93 35.5% 93 0.4% 132 42.5% 147 11.4% 181 22.8% 190 4.8% 183 -3.6% 111 -39.3%Qatar - - 0 0 -14.1% 0 -88.7% 0 1548.3% 0 -0.6% 1 160.0% 0 -61.5% 0 -5.0% 0 -2.5%Saudi Arabia 61 56 -7.2% 25 -56.3% 29 18.3% 27 -7.7% 30 12.6% 38 24.0% 42 11.7% 38 -9.6% 36 -6.4% 34 -4.0%South Africa 173 182 4.8% 205 12.7% 213 4.3% 229 7.3% 304 32.7% 354 16.5% 387 9.4% 410 6.0% 435 6.0% 500 15.0%UAE 33 42 27.6% 57 36.0% 76 33.4% 104 37.4% 159 52.2% 186 17.1% 246 32.4% 205 -16.8% 193 -6.0% 189 -1.9%Uzbekistan - - - - - - - - - - -

Total 53,595 50,722 -5.4% 48,873 -3.6% 49,895 2.1% 51,945 4.1% 54,169 4.3% 56,040 3.5% 57,920 3.4% 58,433 0.9% 59,407 1.7% 61,279 3.2% Source: ZenithOptimedia, October 2008.

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Table 35. Top 10 Magazines Companies

($ in millions) Magazine Net U.S. Revenue

2007 2006 Media Company 2006 %Chg Top Magazine Property1 2 Advance Publications $3,882 10.0 Parade2 1 Time Warner 3,600 -0.9 People3 3 Hearst Corp. 2,341 7.3 Good Housekeeping4 4 Meredith Corp. 946 -2.4 Better Homes & Gardens5 5 McGraw-Hill Cos. 916 5.7 BusinessWeek6 6 Readers Digest Association 814 -1.8 Reader's Digest7 7 Wenner Media 674 9.5 Us Weekly8 8 Reed Elsevier 599 -1.4 Furniture Today9 10 Source Interlink Cos. 533 1.6 Motor Trend10 9 Hachette Filipacchi U.S. (Lagardere) 531 -1.9 Woman's Day

Rank

Source: Advertising Age, September 2008.

Table 36. Top Magazine Ad Categories, 2006-07

($ in millions) Category 2007 2006 % ChangeDrugs & Remedies $2,585 $2,414 7.1%Toiletries & Cosmetics $2,563 $2,290 11.9%Apparel & Accessories $2,181 $2,032 7.4%Food & Food Products $2,126 $1,817 17.0%Automotive $2,007 $2,049 -2.1%Retail $1,881 $1,705 10.3%Direct Response Companies $1,810 $1,765 2.5%Media & Advertising $1,770 $1,593 11.1%Home Furnishings & Supplies $1,565 $1,705 -8.2%Financial, Insurance & Real Estate $1,379 $1,260 9.5%Public Transportation, Hotels & Resorts $1,162 $1,086 7.0%Technology $1,023 $1,124 -9.0%Total $22,052 $20,841 5.8%

Note: Ranked by rate card revenue. Sunday supplements excluded. Source: MPA.

54




Table 37. Subscriptions/Single-Copy Sales, 1997-2007 (in millions)

Year Subscription Single Copy Total1997 301.2 66.1 367.41998 303.3 63.7 367.11999 310.1 62.0 372.12000 318.7 60.2 378.92001 305.3 56.1 361.42002 305.4 52.9 358.42003 301.8 50.8 352.62004 311.8 51.3 363.12005 314.0 48.3 362.32006 321.6 48.0 369.62007 322.4 47.4 369.8

Source: MPA.

Table 38. Cost of Magazines, 1997-2007 Average Single- Average 1-Year Basic

Year Copy Price Subscription Price1997 3.22 28.601998 3.33 25.381999 3.44 24.832000 3.83 24.412001 3.88 25.302002 4.11 25.702003 4.22 26.552004 4.40 25.932005 4.40 26.782006 4.46 27.302007 $4.53 $27.83

Note: Comics, annuals, and international editions are not included. Source: MPA.

Table 39. Retail Sales by Channel, 1998 and 2007

Percent Retail Channel 1998 2007

Supermarkets 45% 44% Discount Stores - 9% Mass Merchandisers 15% - Drugstores 8% 11% Convenience Stores 10% 10% Bookstores 4% 7% Terminals 6% 5% Newsstands 3% 2% Bargain - 1% Newsstands/Misc. 9% 11% Total 100% 100% Source: Harrington Associates, 1999, 2008.

55




Table 40. Magazine Advertising Pages and Rate Card Revenue, 1991-2007

Rate Card Year Pages % change Revenue ($MM) % change1997 231,371 $12,7551998 242,383 4.8% 13,813 8.3%1999 255,383 5.4 15,508 12.32000 286,932 12.4 17,665 13.92001 237,613 -17.2 16,214 -8.22002 225,620 -5.0 16,700 3.02003 225,831 0.1 19,216 15.12004 234,428 3.8 21,313 10.92005 243,305 3.8 23,068 8.22006 244,906 0.7 23,997 4.02007 244,737 -0.1 25,502 6.3

Note: Sunday supplements excluded. Source: MPA.

Figure 11. Ratio of Advertising to Editorial Pages, 1997-2007

47.1%47.0%47.2%48.1%47.9%

50.3%

46.6%

45.1%

49.4%50.7%

48.3%

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Adve

rtisin

g Pa

ges a

s % o

f Tot

al

Source: MPA.

Figure 12. Magazine Revenue by Source, 2007

Advertising, 56%Subscription, 32%

Single Copy, 12%

Source: MPA.

56




Internet Advertising Expenditures

57




58




Table 41. Internet Advertising Expenditure, 2000-2010E ($ in millions) Country 2000 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada 102 90 -11.8% 164 81.4% 221 34.7% 339 53.6% 523 54.4% 838 60.1% 1,155 37.9% 1,557 34.7% 1,923 23.5% 2,307 20.0%USA 6,000 6,600 10.0% 7,250 9.8% 7,758 7.0% 8,688 12.0% 9,992 15.0% 12,490 25.0% 16,111 29.0% 19,519 21.1% 23,864 22.3% 29,907 25.3%North America 6,102 6,690 9.6% 7,414 10.8% 7,978 7.6% 9,027 13.2% 10,515 16.5% 13,327 26.7% 17,267 29.6% 21,075 22.1% 25,787 22.4% 32,214 24.9%

Austria - - - 14 30 111.9% 38 27.3% 51 32.1% 89 75.7% 118 32.3% 153 30.2% 197 28.6%Belgium 18 15 -15.4% 15 0.0% 25 63.6% 44 78.0% 75 71.7% 126 67.3% 175 39.1% 212 21.1% 255 20.0% 292 14.5%Denmark 58 57 -1.9% 77 34.8% 89 16.3% 107 19.8% 136 27.5% 330 141.8% 445 35.0% 512 15.0% 563 10.0% 619 10.0%Finland 16 21 27.1% 21 0.0% 23 13.3% 31 35.3% 49 56.5% 65 31.9% 84 29.3% 108 28.7% 125 15.2% 137 9.9%France 197 157 -20.1% 136 -13.9% 687 406.9% 677 -1.4% 1,002 48.0% 1,261 25.9% 1,546 22.6% 1,800 16.5% 2,042 13.5% 2,248 10.1%Germany 209 253 20.9% 311 22.7% 337 8.4% 371 10.2% 1,139 207.0% 2,053 80.3% 2,866 39.6% 3,522 22.9% 4,149 17.8% 4,769 14.9%Ireland 2 4 100.0% 5 33.3% 8 50.0% 12 50.0% 5 -55.6% 18 225.0% 30 69.2% 31 4.5% 33 4.3% 34 4.2%Italy 190 146 -22.9% 136 -6.9% 143 5.3% 146 1.7% 189 29.6% 272 44.2% 389 42.7% 486 25.0% 627 29.0% 834 33.0%Netherlands 52 28 -46.1% 44 55.1% 54 24.8% 91 66.8% 133 46.5% 188 41.2% 210 12.2% 236 12.0% 257 9.0% 277 8.0%Norway 51 40 -21.7% 43 6.4% 55 30.0% 78 40.0% 358 361.5% 532 48.5% 699 31.4% 1,016 45.3% 1,346 32.5% 1,809 34.4%Portugal 7 7 7.1% 6 -13.4% 6 -10.0% 6 5.0% 7 10.2% 10 42.9% 18 85.0% 28 60.6% 39 38.5% 51 28.5%Spain 73 71 -3.4% 98 38.8% 102 4.2% 129 26.5% 221 71.3% 425 92.0% 659 55.3% 791 20.0% 989 25.0% 1,256 27.0%Sweden 153 132 -13.7% 158 19.1% 169 6.8% 196 16.3% 292 49.0% 444 52.0% 598 34.6% 788 31.9% 898 13.9% 1,021 13.7%Switzerland 21 16 -24.0% 17 5.3% 25 50.0% 24 -3.3% 30 24.1% 43 44.4% 43 0.0% 50 15.4% 55 10.0% 58 4.5%UK 221 240 8.2% 284 18.7% 590 107.3% 1,402 137.7% 2,325 65.8% 3,430 47.5% 4,787 39.5% 5,936 24.0% 7,293 22.9% 9,211 26.3%Western Europe 1,269 1,188 -6.4% 1,350 13.6% 2,327 72.5% 3,344 43.7% 6,000 79.4% 9,246 54.1% 12,638 36.7% 15,634 23.7% 18,824 20.4% 22,812 21.2%

Belarus - - - - 0 1 100.0% 1 71.4% 3 150.0% 7 126.7% 8 17.6% 10 25.0%Bosnia & Herzegovina - - - - - 0 0 52.9% 0 23.1% 1 56.3% 1 60.0% 1 25.0%Bulgaria - - - - 2 3 78.7% 6 101.9% 12 85.5% 19 60.9% 31 63.5% 45 43.3%Croatia - - - - - 2 2 33.3% 8 258.3% 20 148.8% 33 66.4% 47 40.4%Czech Republic 5 10 100.0% 12 20.0% 17 45.0% 33 90.8% 41 25.0% 100 144.3% 168 68.0% 233 38.7% 269 15.3% 302 12.5%Estonia 1 2 45.8% 2 4.3% 2 43.6% 3 7.1% 3 33.3% 6 65.0% 13 125.8% 18 35.0% 23 30.0% 29 25.0%Georgia - - - - - - - - - - - Greece - - - - - - - - - - - Hungary - - - - 13 31 129.1% 52 70.5% 69 31.9% 106 54.0% 130 22.2% 139 7.1%Latvia 0 1 200.0% 1 66.7% 2 60.0% 2 12.5% 3 66.7% 6 117.5% 11 80.8% 17 49.2% 20 19.3% 25 21.0%Lithuania - - - - 2 4 92.3% 6 60.0% 14 118.8% 14 1.0% 18 31.1% 24 30.0%Moldova - - - - - 0 0 25.0% 0 40.0% 0 333.3% 0 24.3% 0 26.1%Poland 7 9 33.3% 12 37.5% 18 51.5% 31 74.0% 54 70.2% 78 45.2% 214 175.6% 299 39.5% 404 35.2% 534 32.2%Romania - - - 1 2 220.0% 3 75.0% 6 100.0% 10 74.8% 16 67.5% 23 40.2% 32 40.0%Russia 3 6 100.0% 11 83.3% 18 63.6% 35 94.4% 60 71.4% 107 78.1% 227 112.5% 414 82.4% 663 59.9% 1,037 56.5%Serbia - - - - - 1 2 124.9% 5 201.1% 8 66.4% 16 100.0% 35 120.0%Slovakia - - - - - 8 12 49.8% 20 61.9% 40 97.6% 75 89.5% 118 56.7%Slovenia - - - - 4 6 39.3% 9 58.4% 14 52.1% 22 52.4% 27 25.0% 34 25.0%Turkey - 1 2 50.0% 3 70.4% 6 119.5% 13 138.7% 21 56.8% 130 521.2% 182 39.5% 239 31.3% 360 50.5%Ukraine - - 1 1 0.0% 2 50.0% 2 33.3% 5 150.0% 11 120.0% 22 100.0% 40 81.8% 65 62.5%Central & Eastern Europ 16 28 76.2% 40 43.9% 61 53.5% 134 118.9% 234 74.9% 421 79.4% 931 121.2% 1,438 54.5% 2,021 40.6% 2,837 40.4%

Australia 70 51 -26.5% 140 173.8% 198 41.3% 326 64.4% 520 59.8% 840 61.5% 1,129 34.5% 1,438 27.3% 1,713 19.1% 1,914 11.7%China 21 58 175.0% 80 38.6% 172 114.8% 308 78.6% 535 73.9% 927 73.2% 1,606 73.3% 2,490 55.0% 3,361 35.0% 4,370 30.0%Hong Kong - - - - - - - 103 116 13.0% 128 9.9% 140 10.0%India 6 8 39.4% 8 0.3% 8 0.0% 10 19.7% 26 154.8% 51 96.3% 77 52.4% 111 43.8% 200 80.0% 340 70.0%Indonesia - - - - - 0 0 25.2% 1 56.3% 1 0.0% 1 30.0% 1 30.0%Japan 501 624 24.6% 718 15.0% 1,005 40.0% 1,541 53.3% 3,208 108.2% 4,099 27.8% 5,098 24.4% 6,166 21.0% 7,169 16.3% 8,123 13.3%Malaysia - - - - - 6 12 100.0% 15 25.0% 19 30.0% 26 35.4% 33 28.4%New Zealand - - - 6 11 87.5% 32 193.3% 48 47.7% 99 107.7% 96 -3.7% 101 5.4% 111 10.2%Pakistan - - - - - 0 1 109.5% 1 95.5% 2 57.0% 2 11.9% 3 20.5%Philippines - - - - - - - - - - - Singapore - - - - - - - 21 30 40.6% 46 55.6% 66 42.9%South Korea 146 138 -5.9% 241 75.2% 383 58.7% 520 35.8% 713 37.1% 959 34.4% 1,365 42.4% 1,531 12.2% 1,838 20.0% 2,244 22.1%Taiwan 27 26 -2.3% 29 12.0% 34 15.0% 60 79.0% 94 55.5% 110 17.5% 147 33.9% 162 10.0% 175 8.0% 189 8.0%Thailand 7 4 -33.3% 5 6.7% 5 9.4% 10 96.6% 4 -56.4% 5 13.3% 5 10.0% 8 40.1% 9 19.8% 11 20.1%Vietnam - - - 0 0 0.0% 0 33.3% 1 25.0% 1 0.0% 1 20.0% 1 16.7% 1 71.4%Asia Pacific 777 910 17.0% 1,222 34.3% 1,811 48.3% 2,785 53.8% 5,139 84.5% 7,051 37.2% 9,669 37.1% 12,171 25.9% 14,771 21.4% 17,547 18.8%

Argentina - - 4 6 63.2% 8 40.1% 11 34.2% 30 170.4% 42 42.0% 60 41.2% 83 38.4% 114 37.9%Brazil - - - 55 77 39.7% 112 45.4% 167 49.5% 278 66.6% 400 44.0% 540 35.0% 676 25.0%Chile - - - 6 6 9.7% 9 34.7% 12 34.0% 15 31.3% 19 26.2% 24 23.9% 29 22.7%Colombia - - - - - 40 45 12.5% 49 8.9% 58 18.4% 62 6.9% 67 8.1%Costa Rica - - - - - - - - - - - Ecuador - - - - - 0 0 25.0% 0 60.0% 1 212.5% 1 60.0% 1 25.0%Mexico - - - - - - - - - - - Panama - - - - - - - - - - - Peru - - - - - - - 7 9 28.6% 11 22.2% 14 27.3%Puerto Rico 1 1 16.7% 1 28.6% 1 33.3% 1 16.7% 1 0.0% 2 7.1% 2 20.0% 3 66.7% 4 33.3% 5 25.0%Uruguay 2 1 -56.5% 1 -50.0% 1 60.0% 1 0.0% 1 0.0% 1 12.5% 1 11.1% 1 20.0% 1 -9.2% 1 10.0%Venezuela - - - - - - - 0 0 42.9% 1 60.0% 1 60.0%Latin America 3 2 -41.4% 5 193.6% 69 1276.5% 94 36.3% 174 85.4% 256 47.3% 395 54.4% 551 39.7% 726 31.8% 908 25.0%

Armenia - - - - - - 0.001 0.005 400.0% 0.005 0.0% 0.010 100.0% 0.010 0.0%Azerbaijan - - - - - - - - - - - Bahrain - - - - - - - - - - - Egypt - - - - - 2 3 4 7 11 16Israel 3 7 137.1% 9 31.0% 13 42.1% 33 150.0% 58 77.0% 76 30.1% 96 27.3% 114 18.2% 127 11.5% 140 10.3%Kazakhstan - - - - - - - - - - - Kuwait - - - - - - - - - - - Oman - - - - - - - - - - - Pan Arab - - - - - - - - - - - Qatar - - - - - - - - - - - Saudi Arabia - - - - - - - - - - - South Africa - 8 7 -13.2% 7 8.7% 16 126.0% 20 23.9% 25 24.3% 39 56.3% 64 65.0% 99 55.0% 153 55.0%UAE - - - - - - - - - - - Uzbekistan - - - - - - - - - - -

Total 8,171 8,832 8.1% 10,046 13.7% 12,267 22.1% 15,433 25.8% 22,142 43.5% 30,404 37.3% 41,038 35.0% 51,054 24.4% 62,366 22.2% 76,628 22.9% Source: ZenithOptimedia, October 2008.

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Table 42. US Online Ad Spending, 2000-2013E

Year $ in billions % Change2000 $8.1 75.0%2001 7.1 -12.3%2002 6.0 -15.5%2003 7.3 21.7%2004 9.6 31.5%2005 12.5 30.2%2006 16.9 35.2%2007 21.2 26.0%

2008E 24.9 17.4%2009E 28.5 14.5%2010E 33.5 17.5%2011E 40.5 20.9%2012E 50.0 23.5%2013E 59.0 18.0%

Source: eMarketer. August 2008.

Figure 13. Internet Ad Revenues by Quarter, 1997-2Q08 ($ in millions)

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

1Q97

3Q97

1Q98

3Q98

1Q99

3Q99

1Q00

3Q00

1Q01

3Q01

1Q02

3Q02

1Q03

3Q03

1Q04

3Q04

1Q05

3Q05

1Q06

3Q06

1Q07

3Q07

1Q08

Source: Internet Advertising Bureau/PricewaterhouseCoopers.

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Table 43. Digital Revenue by Ad Holding Company, 2007 ($ in millions) % of total Holding Company 2007 revenue Omnicom Group* $1,600 12.6% WPP Group 1,400 11.3 Publicis Groupe* 958 15.0 Interpublic Group* 655 9.9 Aegis Group 575 26.1 Havas 230 11.0 Note: * AdAge estimate. Source: Advertising Age.

Table 44. Top 20 U.S. Digital Agencies ($ in thousands)

U.S. Digital Revenue 2007 2006 Agency (Parent) 2007 2006 %Chg

1 1 Digitas* (Publicis) $345,000 $257,000 34.2 2 2 Avenue A/Razorfish (Microsoft) 299,320 235,415 27.1 3 6 Rapp Collins Worldwide* (Omnicom) 204,000 107,100 90.5 4 3 OgilvyInteractive* (WPP) 203,900 175,300 16.3 5 NA IBM Interactive* (IBM) 188,000 NA NA 6 4 Sapient (Sapient) 164,000 148,000 10.8 7 5 Wunderman* (WPP) 162,250 145,200 11.7 8 7 AKQA 128,000 98,000 30.6 9 9 Organic* (Omnicom) 125,300 86,400 45

10 12 R/GA* (Interpublic) 102,200 76,600 33.4 11 8 DraftFCB* (Interpublic) 100,000 94,100 6.3 12 NA iCrossing 98,000 NA NA 13 15 IMC2* 91,749 61,707 48.7 14 NA Isobar* (Aegis) 91,500 NA NA 15 11 G2* (WPP) 90,258 80,100 12.7 16 17 Tribal DDB* (Omnicom) 88,000 60,000 46.7 17 NA MRM Worldwide* (Iinterpublic) 84,000 NA NA 18 21 Web.com (Submitawebsite, Leads.com) 83,000 52,000 59.6 19 13 Purple@Epsilon* (ADS) 80,000 68,000 17.6 20 20 VML* (WPP) 74,000 56,000 32.1

Note: *AdAge estimate. Source: Advertising Age

Table 45. Top 10 U.S. Search Agencies ($ in thousands)

U.S. Search Revenue 2007 2006 Agency (Parent) 2007 2006 %Chg

1 1 Avenue A/Razorfish (Microsoft) $83,810 $65,916 27.1 2 2 iCrossing 68,000 63,000 7.9 3 3 360i* 42,000 34,000 23.5 4 NA Web.com (Submitawebsite, Leads.com) 31,000 NA NA 5 4 Performics* (Publicis) 27,780 22,420 23.9 6 5 Efficient Frontier* 25,793 19,652 31.3 7 NA Group M Search* (WPP) 23,200 NA NA 8 7 iProspect* (Aegis) 20,635 16,143 27.8 9 6 OgilvyInteractive* (WPP) 20,390 17,530 16.3

10 8 Impaqt 17,359 14,100 23.1 Note: *AdAge estimate. Source: Advertising Age.

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Table 46. Top 10 U.S. Ad Networks, September 2008

Unique % Rank Network Visitors Reach

1 Platform A (AOL) 171,692 90.6%2 Yahoo! Network 161,996 85.53 Google Ad Network 156,355 82.54 Specific Media 153,435 81.05 ValueClick 150,395 79.46 Tribal Fusion 141,850 74.97 adconion media group 131,458 69.48 Casale Media Network 128,775 68.09 Traffic Marketplace 128,585 67.910 DRIVEpm (MSFT) 122,632 64.7

Total U.S. Internet Unique Visitors: 189,468 Source: comScore; J.P.Morgan.

Table 47. Top 25 Web Sites by Unique Visitor Aug Unique Visitors % Change Avg. Minutes (thousands) % of total vs. 08/07 per Visitor 1 Google Sites 144,738 76.6 12.6 118.5 2 Yahoo! Sites 141,549 74.9 4.7 291.6 3 Microsoft Sites 123,466 65.3 4.3 163.0 4 AOL LLC 110,623 58.6 NA 210.4 5 Fox Interactive Media (incl. MySpace) 89,236 47.2 11.6 224.7 6 eBay 71,495 37.8 (10.3) 64.9 7 Ask Network 58,482 31.0 12.3 18.1 8 Amazon Sites 57,942 30.7 7.5 17.9 9 Wikimedia Foundation Sites 55,423 29.3 14.5 12.7

10 CBS Corporation (incl. CNET Networks) 49,229 26.1 90.7 19.1 11 Apple Inc. 47,578 25.2 11.3 8.7 12 Turner Network 46,787 24.8 NA 53.5 13 Viacom Digital 44,836 23.7 (0.1) 66.9 14 Glam Media 44,377 23.5 121.2 38.0 15 New York Times Digital 43,367 23.0 (1.7) 11.1 16 Facebook.com 40,959 21.7 21.4 167.0 17 Weather Channel, The 36,613 19.4 (5.9) 11.5 18 craigslist, inc. 35,516 18.8 NA 93.6 19 Time Warner (excl. AOL) 32,517 17.2 NA 23.5 20 Disney Online 32,334 17.1 26.3 53.3 21 Wal-Mart 31,958 16.9 12.1 14.5 22 Target Corporation 30,533 16.2 (1.6) 8.9 23 Adobe Sites 30,172 16.0 (3.4) 4.6 24 Comcast Corporation 29,725 15.7 17.6 72.6 25 AT&T, Inc. 28,588 15.1 0.3 31.3

Total Internet Audience 188,937 100.00 4.2 1,686.7 Source: comScore; J.P.Morgan.

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Table 48. Top 10 U.S. Internet Display Advertisers

($ in millions)

Rank Advertiser 2007 Y/Y %Chg Total U.S.

Spending '07 Internet Spend as % of Total

1 IAC/InterActiveCorp $314.4 155.6 $806 39% 2 General Motors Corp. 212.0 79.4 3,010 7 3 Experian Group (incl. LowerMyBills.com) 193.1 49.3 331 58 4 Apollo Group (incl. Univ of Phoenix) 192.4 55.8 262 73 5 Verizon Communications 189.1 69.7 3,016 6 6 E-Trade Group 186.9 74.8 301 62 7 Ford Motor Co. 163.5 65.0 2,525 7 8 FMR Corp. (Fidelity Investments) 142.8 46.6 499 29 9 Scottrade 142.5 35.8 204 70

10 Microsoft Corp. 142.2 73.4 960 15 Source: Advertising Age; TNS Media Intelligence.

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Figure 14. Online Advertising Expenditures by Ad Type, 2000-2007 (% share)

2000

Sponsorship28%

Classifieds7%

Keyword Search1%

Display Ads48%

Referrals4%

Interstitial4%Email

3%

Rich Media2%

Slotting Fees3%

2002

Email4%

Interstitial5%

Sponsorship18%

Classifieds15%

Keyword Search15%

Display Ads29%

Referrals1%

Slotting Fees8%

Rich Media5%

2004

Lead Generation2%

Email1%

Slotting Fees2%

Rich Media10%

Sponsorship8%

Classifieds18% Keyword Search

40%

Display Ads19%

2007

Lead Generation7%

Email2%

Digital Video, 2%

Rich Media8%

Sponsorship3%

Classifieds16%

Keyword Search41%

Display Ads21%

Source: Internet Advertising Bureau; PriceWaterhouseCoopers.

Table 49. U.S. Online Ad Spending by Format ($ in millions) Format 2008E 2009E 2010E 2011E 2012E 2013E 5yr CAGRSearch $10,396 $11,885 $13,869 $16,605 $20,375 $23,777 18.0%Display ads 5,210 5,919 6,857 8,144 9,425 10,012 14.0%Classified 3,710 4,218 4,925 5,913 7,200 8,319 17.5%Video 505 750 1,150 1,900 3,400 5,800 62.9%Lead generation 1,868 2,109 2,429 2,936 3,500 4,071 16.9%Rich media 1,967 2,195 2,580 2,957 3,550 4,012 15.3%Sponsorships 772 912 1,106 1,377 1,800 2,183 23.1%E-mail 473 513 586 668 750 826 11.8%Total 24,900 28,500 33,500 40,500 50,000 59,000 18.8%% change 17.4% 14.5% 17.5% 20.9% 23.5% 18.0%

Source: eMarketer, August 2008; J.P.Morgan.

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Table 50. U.S. Online Ad Revenues for Top 4 Portals as a Percentage of Total Internet Ad Spending, 2004-2008E (% market share)

2004 2005 2006 2007 2008EGoogle 13.1% 19.2% 24.3% 28.3% 30.7%Yahoo 18.4% 19.4% 17.8% 15.8% 14.6%MSN 9.6% 8.2% 6.8% 6.6% 6.4%AOL 6.8% 7.2% 7.1% 6.3% 4.7%Total Top 4 48.0% 54.1% 55.8% 57.0% 56.4%

Note: Data through 2007 based on reported revenues and eMarketer estimates; 2008 projections based on reported revenues through 2Q08 and eMarkter estimates; revenues are net of traffic acquisition costs. Source: eMarketer.

Table 51. U.S. Online Video Ad spending, 2007-2013E ($ in millions)

Spending % chg2007 $3242008E 505 56%2009E 750 49%2010E 1,150 53%2011E 1,900 65%2012E 3,400 79%2013E 5,800 71%

Note: Online video advertising includes in-stream (such as preroll and overlays), in banner and in text (ads delivered when users mouse over relevant words) Source: eMarketer, August 2008.

Table 52. US Online Social Network Advertising Spending, 2006-2012E ($ in millions)

Spending % Change 2006 $350 2007 920 162.9%

2008E 1,430 55.4% 2009E 1,815 26.9% 2010E 2,085 14.9% 2011E 2,360 13.2% 2012E 2,610 10.6%

Source: eMarketer, May 2008

Table 53. Worldwide Online Social Network Advertising Spending, 2006-2011E ($ in millions)

% Change 2006 $449 2007 1,053 134.5%

2008E 1,768 68.0% 2009E 2,387 35.0% 2010E 2,907 21.8% 2011E 3,490 20.1%

Note: Original data in GBP, converted to USD at $1.72 per £ Source: eMarketer May 2008; J.P.Morgan.

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Table 54. Social Networking Users in Select Countries (millions and % population)

Users

% of Population

Australia 2.6 21.1% Austria 0.6 11.5% Brazil 11.4 9.6% Canada 4.2 21.7% China 39.0 4.5% Czech Republic 0.8 12.7% Denmark 0.6 21.9% France 4.2 11.4% Germany 8.2 15.6% Greece 0.5 7.8% Hong Kong 1.0 21.4% India 11.8 18.6% Italy 4.0 12.0% Japan 12.4 12.2% Mexico 5.1 8.1% Netherlands 3.7 36.4% Pakistan 1.8 2.2% Philippines 3.0 6.0% Poland 2.7 11.2% Romania 1.4 10.0% Russia 6.1 7.1% South Korea 9.4 23.7% Spain 4.7 19.7% Switzerland 0.8 17.6% Taiwan 4.0 25.8% Turkey 3.3 7.8% UK 10.6 29.1% US 43.0 23.4% Source: emarketer.com, September 2008.

Table 55. U.S. Retail E-Commerce Sales, 2007-2012E

2007 2008E 2009E 2010E 2011E 2012E 5yr CAGRForrester Research $175 $204 $235 $268 $301 $335 % growth 21% 17% 15% 14% 12% 11% 13.8%

JupiterResearch $128 $148 $166 $182 $199 $215 % growth 19% 16% 12% 10% 9% 8% 10.9%

eMarketer $128 $146 $164 $183 $201 $218 % growth 20% 14% 13% 11% 10% 9% 11.3%

Source: Forrester Research, April 2008; JupiterResearch, May 2008; eMarketer, May 2008; J.P.Morgan.

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Table 56. U.S. Online Affiliate Marketing Spending

($ in billions) % Change

2005 $1.32006 1.6 23.1%2007 1.8 12.5%

2008E 2.1 16.7%2009E 2.3 9.5%2010E 2.6 13.0%2011E 2.9 11.5%2012E 3.3 13.8%

Source: JupiterResearch, June 2008.

Table 57. Mobile Ad Spending Worldwide, by format, 2007-2012E ($ in millions)

2007 2008E 2009E 2010E 2011E 2012EMobile message advertising1 $2,560 $4,200 $6,440 $9,260 $11,960 $14,173 y/y %change 64% 53% 44% 29% 19%Mobile search advertising2 83 244 597 1,290 2,345 3,773 y/y %change 194% 145% 116% 82% 61%Mobile display advertising3 52 142 338 629 945 1,203 y/y %change 173% 138% 86% 50% 27%Total 2,695 4,586 7,375 11,179 15,250 19,149 y/y %change 70% 61% 52% 36% 26% Note: (1) spending on placement in text messages, includes direct spending on message campaigns as spending on promotional coverage of end-user messaging costs. (2) spending on display banners, links or icons placed on WAP, mobile HTML sites or embedded in mobile applications such as maps or entertainment services (e.g., games or video); (3) spending on sponsored display ads and text links that appear alongside mobile search results, as well as ad spending on audio ads played to mobile phone callers making a directory inquiry. Source: eMarketer; J.P.Morgan.

Table 58. U.S. Video Game (In-Game) Ad Spending ($ in millions)

%chg2007 $295

2008E 403 37%2009E 511 27%2010E 589 15%2011E 625 6%2012E 650 4%

Note: includes static ads, dynamic ads, product placements, game portal display ads and sponsored sesssionsin console-based, PC-based, and Web-based games; excludes advergames and advertising on mobile games Source: eMarketer, February 2008.

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Outdoor & Cinema Advertising Expenditures

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Table 59. Outdoor Advertising Expenditure, 2000-2010E ($ in millions) Country 2000 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada 245 262 6.8% 254 -2.8% 264 4.0% 282 6.7% 320 13.5% 344 7.6% 393 14.1% 426 8.5% 466 9.2% 510 9.6%USA 4,912 4,814 -2.0% 4,945 2.7% 5,093 3.0% 5,297 4.0% 5,726 8.1% 6,344 10.8% 7,040 11.0% 7,534 7.0% 8,070 7.1% 8,654 7.2%North America 5,157 5,076 -1.6% 5,199 2.4% 5,357 3.0% 5,579 4.1% 6,047 8.4% 6,689 10.6% 7,433 11.1% 7,960 7.1% 8,536 7.2% 9,164 7.4%

Austria 153 171 11.8% 186 8.9% 188 1.2% 190 1.0% 215 12.9% 233 8.3% 234 0.6% 259 10.5% 260 0.5% 264 1.6%Belgium 221 237 7.1% 250 5.4% 271 8.6% 280 3.3% 294 4.9% 310 5.6% 327 5.4% 338 3.3% 357 5.8% 378 5.8%Denmark 62 63 1.5% 62 -2.0% 63 2.7% 66 4.1% 68 3.1% 74 9.5% 80 8.0% 84 5.0% 87 3.0% 90 3.0%Finland 48 47 -2.9% 44 -5.9% 42 -3.1% 45 6.5% 51 12.1% 50 -0.8% 57 13.6% 60 5.5% 63 4.5% 66 4.3%France 1,606 1,545 -3.8% 1,485 -3.9% 1,445 -2.7% 1,482 2.6% 1,482 0.0% 1,485 0.2% 1,508 1.6% 1,531 1.5% 1,567 2.4% 1,588 1.3%Germany 1,021 1,040 1.9% 976 -6.2% 972 -0.4% 985 1.4% 1,053 6.8% 1,077 2.3% 1,122 4.2% 1,065 -5.1% 1,035 -2.8% 1,069 3.3%Ireland 95 118 23.6% 134 14.0% 138 3.1% 145 5.0% 160 10.4% 183 14.5% 250 36.6% 260 3.8% 260 0.0% 263 1.1%Italy 435 449 3.1% 402 -10.4% 419 4.1% 427 2.0% 431 1.0% 427 -0.9% 436 1.9% 444 2.0% 448 0.8% 453 1.2%Netherlands 190 188 -1.4% 188 0.0% 167 -10.9% 190 13.9% 207 8.6% 224 8.6% 225 0.4% 230 2.0% 237 3.0% 249 5.0%Norway 45 42 -5.2% 64 50.6% 98 53.3% 112 14.4% 129 15.3% 153 17.8% 167 9.5% 175 5.0% 182 4.0% 190 4.0%Portugal 135 141 4.0% 141 -0.1% 143 2.0% 161 12.0% 156 -3.0% 156 0.4% 164 5.0% 172 4.5% 175 2.1% 182 3.9%Spain 421 556 32.1% 559 0.5% 578 3.4% 605 4.7% 676 11.7% 724 7.1% 777 7.4% 777 0.0% 785 1.0% 800 2.0%Sweden 125 110 -12.5% 118 7.4% 122 3.6% 137 12.0% 148 8.1% 158 6.9% 153 -3.0% 156 1.7% 154 -1.2% 159 2.8%Switzerland 493 503 1.9% 476 -5.3% 472 -0.9% 327 -30.7% 335 2.6% 353 5.2% 364 3.3% 372 2.1% 383 2.9% 390 2.0%UK 1,186 1,152 -2.9% 1,193 3.6% 1,338 12.1% 1,443 7.9% 1,526 5.7% 1,586 3.9% 1,658 4.5% 1,560 -5.9% 1,560 0.0% 1,638 5.0%Western Europe 6,237 6,360 2.0% 6,276 -1.3% 6,457 2.9% 6,596 2.2% 6,929 5.1% 7,194 3.8% 7,524 4.6% 7,482 -0.6% 7,552 0.9% 7,777 3.0%

Belarus - - - - 7 8 18.6% 10 14.5% 12 26.3% 14 15.0% 15 10.0% 17 15.0%Bosnia & Herzegovina 19 27 42.9% 26 -5.0% 25 -5.3% 21 -16.7% 14 -33.3% 12 -10.0% 11 -11.1% 12 12.5% 16 33.3% 21 25.0%Bulgaria 8 12 50.2% 20 69.9% 27 31.3% 15 -43.8% 32 112.9% 90 184.7% 111 22.3% 116 5.0% 126 8.3% 138 9.7%Croatia 19 27 39.8% 30 13.2% 41 36.5% 44 5.3% 51 16.1% 58 14.3% 51 -11.6% 53 4.0% 55 3.8% 59 7.4%Czech Republic 59 92 56.2% 95 4.0% 82 -13.4% 95 15.8% 96 0.3% 123 28.8% 135 9.8% 186 37.3% 183 -1.7% 194 6.2%Estonia 3 3 8.9% 4 30.2% 5 29.5% 6 14.0% 6 3.1% 7 25.4% 11 46.4% 13 17.0% 14 10.0% 14 3.0%Georgia - - - - - 2 3 6 8 9 11Greece 290 337 16.0% 394 17.1% 397 0.7% 339 -14.5% 363 6.9% 419 15.5% 439 4.9% 308 -29.9% 320 4.0% 344 7.5%Hungary 92 108 16.9% 116 7.5% 122 5.4% 154 26.6% 173 12.2% 210 21.0% 214 2.2% 226 5.4% 227 0.7% 234 2.9%Latvia 3 3 13.3% 4 29.4% 5 9.1% 6 33.3% 7 15.6% 13 76.6% 16 23.9% 18 13.6% 20 12.0% 22 9.7%Lithuania 9 6 -25.0% 12 91.7% 10 -16.2% 12 21.6% 16 26.9% 16 2.5% 20 22.0% 20 1.0% 21 6.9% 23 6.0%Moldova - - - - - 2 3 29.0% 3 25.0% 7 105.6% 9 25.1% 11 25.0%Poland 228 201 -12.0% 196 -2.3% 205 4.4% 245 19.7% 171 -30.1% 189 10.4% 226 19.7% 256 13.0% 270 5.6% 309 14.3%Romania 16 14 -12.5% 12 -14.3% 10 -16.7% 20 101.0% 28 37.6% 36 30.0% 49 35.1% 64 31.3% 77 19.9% 92 20.1%Russia 165 275 66.7% 400 45.5% 530 32.5% 710 34.0% 910 28.2% 1,220 34.1% 1,582 29.7% 1,898 20.0% 2,160 13.8% 2,366 9.5%Serbia - - - - - 15 19 29.4% 27 38.6% 33 25.8% 39 17.9% 44 13.0%Slovakia 12 18 57.0% 22 24.3% 20 -11.3% 25 24.4% 35 42.9% 45 26.8% 55 22.6% 70 26.4% 87 25.2% 104 19.8%Slovenia 12 15 28.0% 16 5.8% 19 16.9% 21 9.2% 33 62.4% 42 24.6% 44 5.1% 44 1.6% 49 10.2% 52 6.1%Turkey 91 45 -50.6% 55 22.4% 51 -8.0% 67 31.6% 82 22.8% 112 36.8% 180 61.0% 175 -3.0% 202 15.2% 226 12.0%Ukraine - - 38 60 57.9% 87 45.0% 116 33.3% 152 31.0% 201 32.2% 260 29.4% 320 23.1% 380 18.8%Central & Eastern Europe 1,024 1,182 15.4% 1,442 21.9% 1,608 11.5% 1,874 16.5% 2,159 15.2% 2,779 28.7% 3,393 22.1% 3,780 11.4% 4,220 11.6% 4,662 10.5%

Australia 232 227 -1.8% 219 -3.7% 249 13.8% 274 10.1% 297 8.3% 318 7.1% 366 15.0% 387 5.7% 398 3.0% 410 2.9%China 690 738 7.0% 669 -9.4% 1,128 68.8% 1,626 44.1% 1,655 1.8% 1,890 14.2% 2,574 36.2% 3,166 23.0% 3,673 16.0% 4,408 20.0%Hong Kong 89 99 11.4% 108 9.4% 92 -14.9% 172 86.4% 164 -4.6% 217 32.4% 262 20.6% 272 3.7% 274 0.8% 287 5.0%India 145 150 3.3% 151 0.4% 152 1.2% 214 40.5% 230 7.3% 254 10.5% 330 29.9% 336 1.9% 373 11.0% 412 10.5%Indonesia 29 22 -24.9% 25 14.9% 68 169.4% 79 16.0% 97 21.9% 126 30.1% 157 25.0% 189 20.0% 207 10.0% 228 10.0%Japan 4,722 4,647 -1.6% 4,446 -4.3% 4,235 -4.7% 4,290 1.3% 5,324 24.1% 5,507 3.4% 5,632 2.3% 5,741 1.9% 5,914 3.0% 6,067 2.6%Malaysia 18 20 12.9% 15 -28.6% 17 16.0% 29 69.0% 33 15.3% 44 33.6% 48 9.3% 49 3.0% 53 8.0% 59 10.0%New Zealand 21 24 14.3% 27 15.6% 35 27.0% 38 8.5% 53 41.2% 58 9.7% 57 -1.3% 55 -3.8% 56 1.3% 58 3.9%Pakistan 7 13 100.0% 18 37.5% 18 0.0% 18 0.0% 26 45.5% 36 37.5% 46 27.3% 49 7.0% 52 5.0% 53 1.7%Philippines - - - - - - - - - - - Singapore 52 63 22.3% 60 -5.9% 62 4.4% 73 16.5% 78 7.8% 88 11.9% 118 34.8% 121 2.2% 123 2.2% 155 25.3%South Korea 750 805 7.4% 899 11.6% 738 -17.9% 700 -5.2% 738 5.4% 755 2.3% 604 -20.0% 785 30.0% 770 -2.0% 846 10.0%Taiwan - - - - 142 87 -38.5% 113 29.3% 103 -8.5% 104 1.0% 96 -8.0% 101 5.0%Thailand 47 58 24.2% 68 17.6% 107 57.3% 117 9.5% 155 32.0% 173 11.7% 174 0.6% 183 5.0% 192 5.0% 202 5.0%Vietnam 20 22 10.0% 22 0.0% 16 -27.3% 18 12.5% 20 12.4% 23 15.1% 24 2.6% 25 2.5% 28 14.5% 30 7.4%Asia Pacific 6,820 6,889 1.0% 6,726 -2.4% 6,919 2.9% 7,789 12.6% 8,957 15.0% 9,602 7.2% 10,496 9.3% 11,462 9.2% 12,210 6.5% 13,316 9.1%

Argentina 228 168 -26.3% 33 -80.4% 44 33.8% 64 45.8% 80 24.2% 114 42.6% 174 52.8% 196 12.3% 218 11.3% 238 9.1%Brazil 278 185 -33.3% 168 -9.2% 210 24.8% 232 10.5% 284 22.4% 295 4.0% 280 -5.2% 286 2.0% 291 2.0% 297 2.0%Chile 40 39 -2.1% 40 2.0% 43 8.0% 54 23.3% 66 23.8% 75 13.3% 90 19.8% 99 9.8% 108 9.2% 118 9.1%Colombia - - - - - 279 284 1.8% 328 15.5% 380 15.9% 373 -1.8% 382 2.4%Costa Rica 8 9 11.6% 12 37.5% 12 2.7% 13 3.4% 15 16.6% 18 22.3% 24 30.2% 28 19.0% 33 16.0% 38 13.7%Ecuador - - - - - 6 8 26.2% 11 42.9% 14 27.3% 16 14.3% 17 6.3%Mexico - - - - - - - - - - - Panama - - - - - - - - - - - Peru 20 23 15.0% 22 -4.3% 23 2.9% 26 14.8% 30 15.4% 35 16.7% 42 20.0% 48 14.3% 54 12.5% 58 7.4%Puerto Rico 9 35 288.9% 38 7.1% 40 6.7% 32 -20.0% 38 18.8% 45 18.4% 46 2.2% 55 19.6% 60 9.1% 65 8.3%Uruguay 16 19 15.6% 10 -45.9% 8 -20.0% 10 18.8% 9 -5.3% 10 5.6% 10 5.3% 11 10.0% 11 -0.9% 12 5.5%Venezuela 39 44 12.9% 32 -26.7% 24 -24.8% 38 54.3% 46 21.8% 55 19.2% 67 22.4% 75 12.5% 84 11.1% 101 20.0%Latin America 638 522 -18.2% 356 -31.9% 405 13.9% 468 15.6% 853 82.3% 939 10.0% 1,072 14.2% 1,192 11.2% 1,248 4.7% 1,324 6.1%

Armenia - - - - - 4 7 75.0% 9 21.4% 10 17.6% 12 15.0% 13 13.0%Azerbaijan - - - - - - - - - - - Bahrain - - 5 5 -2.3% 9 70.3% 9 0.8% 11 25.4% 4 -62.4% 12 176.3% 12 1.7% 12 1.6%Egypt - - - - 1 174 241 38.5% 471 95.4% 480 1.9% 482 0.4% 487 1.0%Israel 77 52 -32.7% 46 -11.7% 31 -33.3% 35 14.3% 41 16.0% 52 26.9% 60 17.0% 65 7.3% 69 6.8% 76 9.5%Kazakhstan - - - - - 22 38 72.9% 47 23.3% 58 24.8% 79 34.3% 106 35.0%Kuwait 18 26 44.2% 35 33.7% 29 -16.8% 29 -1.7% 46 57.9% 56 23.0% 39 -30.8% 73 89.1% 79 7.8% 85 7.9%Oman - - - - - - 3 5 58.4% 6 20.6% 6 3.7% 6 3.4%Pan Arab - - - - - - - - - - - Qatar - - - - - 0 3 3986.7% 3 10.0% 3 -16.0% 3 2.6% 3 3.1%Saudi Arabia 27 41 51.1% 43 4.9% 69 58.7% 78 14.0% 99 26.2% 166 68.5% 186 11.7% 201 8.3% 217 7.6% 227 4.5%South Africa 46 54 17.2% 61 12.0% 74 21.0% 84 14.1% 112 33.5% 145 29.9% 165 13.3% 176 7.0% 220 25.0% 309 40.0%UAE 10 10 1.1% 35 258.5% 47 35.7% 45 -4.8% 51 14.0% 123 140.7% 143 16.1% 171 19.9% 174 1.3% 187 7.5%Uzbekistan - - - - - - - 3 4 30.0% 5 30.0% 6 30.0%

Total 20,056 20,214 0.8% 20,225 0.1% 21,001 3.8% 22,586 7.5% 25,503 12.9% 28,048 10.0% 31,053 10.7% 33,136 6.7% 35,122 6.0% 37,759 7.5% Source: ZenithOptimedia, October 2008.

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Figure 15. U.S. Outdoor Ad Spending, 1970-2009E ($ in billions)

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

E20

09E

Source: OAAA.

Table 60. Top 10 U.S. Outdoor Advertising Categories

% of Total Rank Category 2007 Ad Expenditures Outdoor Expenditures Growth vs 2006

1 Local Services & Amusements $1,085.1 14.9% 4.9% 2 Insurance & Real Estate $721.0 9.9% 9.2% 3 Communications $655.4 9.0% 35.7% 4 Public Transportation, Hotels/Resorts $619.0 8.5% 7.0% 5 Media & Advertising $597.2 8.2% -0.3% 6 Retail $589.9 8.1% -4.7% 7 Restaurants $444.2 6.1% 3.6% 8 Financial $422.4 5.8% -3.0% 9 Auto Dealers & Services $364.1 5.0% 1.0%

10 Auto Accessories & Equipment $342.3 4.7% 11.8% Total Spending by Top 10 Categories $5,840.7 80.2% Total Outdoor Advertising Expenditures $7,282.7

Source: OAAA.

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Figure 16. Outdoor Advertising by Type

Billboards, 66%Transit, 11%

Street Furniture, 7%

Alternative Outdoor, 16%

Source: OAAA.

Table 61. Outdoor Ad Spending by Top 10 Advertisers % of Total

Rank Advertiser 2007 Ad Expenditures Outdoor Expenditures 1 At&T Inc. $110.0 1.5% 2 Verizon Communications $64.1 0.9% 3 Sprint Nextel $61.1 0.8% 4 Time Warner Inc. $54.5 0.7% 5 Walt Disney Co. $48.0 0.7% 6 General Motors Corp $47.4 0.7% 7 McDonalds Corp $47.3 0.6% 8 National Amusements Inc $42.5 0.6% 9 Anheuser-Busch Inc $37.0 0.5%

10 General Electric Co $28.3 0.4% Source: OAAA.

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Table 62. Cinema Advertising Expenditure, 2000-2010E ($ in millions) Country 2001 % Change 2002 % Change 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change 2008E % Change 2009E % Change 2010E % ChangeCanada - - - - - - - - - - USA - 275 303 10.0% 339 12.0% 400 18.0% 460 15.0% 529 15.1% 608 15.0% 699 15.0% 804 15.0%North America - 275 303 10.0% 339 12.0% 400 18.0% 460 15.0% 529 15.1% 608 15.0% 699 15.0% 804 15.0%

Austria 14 -10.6% 12 -10.0% 15 25.2% 14 -11.3% 19 40.0% 21 7.1% 21 0.0% 19 -6.7% 20 3.6% 21 3.4%Belgium 38 10.5% 31 -17.3% 34 9.0% 34 0.2% 39 15.1% 41 3.0% 36 -12.4% 39 9.8% 40 1.8% 41 1.8%Denmark 9 8.7% 13 40.0% 10 -21.4% 9 -7.3% 10 11.8% 10 -3.5% 11 8.0% 13 15.0% 13 5.0% 14 5.0%Finland 3 17.6% 3 0.0% 3 0.0% 3 0.0% 2 -20.0% 2 -12.5% 3 64.3% 5 73.9% 5 0.0% 5 0.0%France 99 -9.5% 101 2.2% 89 -12.2% 92 3.1% 107 16.4% 112 5.1% 122 8.5% 116 -4.5% 120 3.5% 125 3.4%Germany 233 -2.9% 220 -5.3% 220 0.0% 201 -8.7% 181 -10.2% 160 -11.4% 145 -9.4% 148 1.9% 151 1.9% 153 1.8%Ireland 10 14.8% 12 28.6% 12 0.0% 14 11.1% 12 -10.0% 14 11.1% 15 10.0% 15 0.0% 14 -9.1% 14 0.0%Italy 78 14.0% 83 7.0% 96 14.8% 104 8.6% 96 -8.2% 88 -8.2% 80 -8.4% 72 -10.2% 72 0.4% 73 1.0%Netherlands 12 -30.8% 10 -22.2% 10 0.0% 8 -14.3% 10 16.7% 7 -28.6% 7 -1.9% 7 -2.0% 6 -3.0% 6 -1.0%Norway 22 2.2% 20 -5.5% 24 19.2% 25 2.8% 28 10.2% 30 6.8% 37 23.7% 40 10.0% 43 8.0% 47 8.0%Portugal 9 11.7% 9 -4.6% 9 3.0% 9 0.0% 9 1.5% 8 -10.6% 8 -6.8% 8 0.0% 7 -1.8% 8 2.0%Spain 61 -19.2% 62 1.6% 65 5.1% 56 -14.4% 59 5.3% 56 -5.3% 53 -5.5% 47 -10.0% 48 0.5% 48 1.0%Sweden 12 1.3% 12 0.0% 10 -11.4% 9 -15.7% 10 15.3% 11 8.8% 13 23.0% 14 2.7% 15 8.2% 16 6.6%Switzerland 33 -11.1% 32 -5.0% 32 0.0% 42 31.6% 42 0.0% 42 0.0% 39 -6.0% 43 8.5% 43 2.0% 44 1.9%UK 276 28.1% 303 9.8% 303 0.0% 323 6.7% 316 -2.2% 310 -1.9% 340 9.7% 356 4.7% 370 3.9% 382 3.2%Western Europe 908 4.0% 924 1.7% 933 1.0% 942 1.0% 940 -0.3% 910 -3.2% 929 2.1% 942 1.4% 969 2.9% 996 2.8%

Belarus - - - - - - - - - - Bosnia & Herzegovina - - - - - - - - - - Bulgaria - - - - - - - - - - Croatia - - - - - - - - - - Czech Republic 4 3 -17.1% 5 76.2% 8 50.5% 8 -7.8% 10 29.5% 9 -3.7% 7 -26.0% 7 6.0% 8 7.0%Estonia - - - - - - - - - - Georgia - - - - - - - - - - Greece 18 0.0% 19 7.7% 19 0.0% 19 0.0% 21 7.1% 22 6.7% 23 6.3% 25 5.9% 26 5.6% 27 5.3%Hungary 6 6.5% 6 -5.0% 7 21.9% 7 -4.7% 7 4.6% 7 -3.3% 5 -25.9% 4 -27.0% 3 -20.0% 3 -8.0%Latvia 0 0.0% 1 50.0% 1 33.3% 1 0.0% 1 0.0% 1 13.3% 1 28.0% 1 8.6% 1 11.1% 2 28.6%Lithuania - - - 0 0 -47.5% 0 600.0% 0 0.0% 0 0.0% 0 0.0% 0 14.3%Moldova - - - - 0.1 0.1 25.0% 0.1 20.0% 0.3 152.7% 0.4 24.9% 0.5 25.1%Poland 17 78.0% 16 -9.5% 36 126.0% 46 29.5% 19 -58.6% 22 12.9% 26 19.8% 29 9.9% 30 6.8% 34 13.0%Romania 0 50.0% 1 66.7% 1 40.0% 2 157.1% 2 27.8% 3 26.1% 3 17.2% 4 17.6% 5 17.5% 5 10.0%Russia 5 66.7% 9 80.0% 12 33.3% 15 25.0% 40 166.7% 66 65.8% 94 41.7% 127 34.6% 158 25.2% 195 23.4%Serbia - 1 1 25.0% 1 20.0% 1 16.7%Slovakia 0 211.1% 1 17.9% 0 -6.8% 0 0.0% 1 68.6% 1 6.1% 1 -18.2% 1 36.4% 2 65.8% 2 50.0%Slovenia - - - - 2 2 0.0% 3 42.9% 3 -5.0% 3 10.5% 3 9.5%Turkey 5 -61.9% 6 19.4% 12 100.8% 16 34.5% 21 29.2% 23 10.9% 28 19.6% 28 0.8% 28 0.6% 29 5.1%Ukraine - - - 3 5 66.7% 7 40.0% 9 28.6% 20 122.2% 30 50.0% 40 33.3%Central & Eastern Europe 56 12.1% 61 7.4% 94 54.4% 118 26.0% 126 7.1% 164 29.7% 204 24.3% 249 22.1% 296 18.9% 352 19.1%

Australia 54 -7.2% 49 -9.4% 55 13.8% 62 12.1% 70 13.5% 72 2.4% 78 8.1% 82 5.4% 84 2.0% 87 4.0%China 10 36.8% 14 35.0% 16 16.9% 19 15.6% 20 8.0% 22 11.2% 26 15.8% 31 20.0% 36 15.0% 43 20.0%Hong Kong 3 366.7% 3 8.9% 1 -75.0% 0 -44.3% 0 -41.2% 0 0.0% 1 103.3% 1 0.0% 1 0.0% 1 0.0%India 7 -11.4% 15 93.5% 16 8.3% 86 444.6% 64 -25.4% 70 9.8% 80 13.5% 107 35.1% 127 18.2% 148 16.7%Indonesia - - - - 1 1 7.0% 2 28.6% 1 -16.0% 2 5.0% 2 5.0%Japan - - - - - - - - - - Malaysia 3 10.0% 3 -9.1% 4 30.0% 4 7.7% 5 28.6% 6 11.1% 8 30.0% 8 2.0% 8 10.0% 9 10.0%New Zealand 7 -30.8% 6 -11.1% 9 50.0% 10 8.3% 8 -15.4% 7 -9.1% 7 0.0% 7 -10.0% 7 0.0% 7 11.1%Pakistan - - - 0 1 350.0% 1 -22.2% 16 2728.6% 22 35.0% 28 25.0% 31 12.6%Philippines - - - - - - - - - - Singapore 15 -0.4% 9 -41.7% 7 -23.1% 8 16.0% 9 12.1% 8 -7.7% 10 25.0% 11 6.7% 11 6.3% 12 5.9%South Korea 29 5.8% 39 34.9% 45 15.0% 56 23.2% 54 -3.8% 77 44.0% 81 5.0% 84 3.0% 86 3.0% 88 2.0%Taiwan - - - - - - - - - - Thailand 11 13.7% 17 61.3% 26 50.3% 39 48.9% 50 29.1% 63 25.5% 127 103.0% 121 -5.0% 111 -8.0% 113 2.0%Vietnam - - 0 0 0.0% 0 50.0% 0 13.3% 0 0.0% 0 11.8% 0 5.3% 0 19.0%Asia Pacific 139 0.0% 154 11.1% 179 15.9% 283 58.3% 283 -0.2% 328 16.2% 436 32.7% 475 8.9% 501 5.4% 542 8.3%

Argentina 44 -8.3% 9 -80.6% 13 49.1% 15 15.3% 20 33.4% 22 10.1% 25 13.6% 26 6.0% 28 8.3% 29 1.4%Brazil - - - - - - - - - - Chile 2 -2.0% 2 -10.1% 2 1.9% 2 3.0% 2 5.7% 2 -2.0% 3 5.0% 3 19.0% 3 7.0% 3 8.0%Colombia - - - - 3 3 5.0% 3 5.0% 3 5.0% 3 -7.6% 3 -6.5%Costa Rica - - - - - - - - - - Ecuador - - - - 0 0 53.3% 0 30.4% 1 100.0% 1 33.3% 1 12.5%Mexico - - - - - - - - - - Panama - - - - - - - - - - Peru - - - - 7 9 28.6% 5 -44.4% 6 10.0% 6 9.1% 7 16.7%Puerto Rico 11 176.8% 11 -2.4% 10 -6.3% 8 -21.0% 9 12.5% 9 -2.2% 8 -9.1% 8 0.0% 9 12.5% 10 11.1%Uruguay 2 1 -66.7% 1 60.0% 1 0.0% 1 25.0% 1 0.0% 2 50.0% 2 26.7% 2 -14.2% 2 7.0%Venezuela 34 12.8% 25 -25.2% 14 -45.2% 23 66.7% 27 18.5% 32 16.8% 35 10.0% 40 15.0% 49 20.0% 53 10.0%Latin America 93 9.9% 47 -49.0% 40 -16.0% 49 23.0% 70 42.2% 78 12.3% 80 2.8% 89 10.7% 101 13.1% 108 7.5%

Armenia - - - - 0.001 0.003 200.0% 0.005 66.7% 0.005 0.0% 0.005 0.0% 0.005 0.0%Azerbaijan - - - - - - - - - - Bahrain - - 1 2 18.7% 2 9.6% 2 0.0% 2 -4.6% 2 10.0% 2 -1.2% 2 0.7%Egypt - - - 2 13 470.4% 14 7.7% 13 -7.1% 17 30.8% 18 5.9% 20 11.1%Israel 3 6.3% 3 7.7% 3 0.0% 3 -7.1% 6 76.9% 6 0.0% 7 17.4% 7 0.0% 7 0.0% 7 0.0%Kazakhstan - - - - - - - - - - Kuwait - - - - - - - - - - Oman - - - - - - - - - - Pan Arab - - - - - - - - - - Qatar - - - - - - - - - - Saudi Arabia - - - - - - - - - - South Africa 9 -10.1% 11 24.2% 12 13.0% 28 125.3% 84 201.5% 56 -33.5% 51 -8.7% 54 5.0% 56 5.0% 62 10.0%UAE - - 7 7 -7.6% 9 30.6% 14 53.0% 16 12.6% 16 4.6% 16 1.3% 17 4.6%Uzbekistan - - - - - - - - - -

Total 1,208 4.2% 1,476 22.1% 1,573 6.6% 1,773 12.7% 1,931 8.9% 2,031 5.2% 2,265 11.5% 2,458 8.5% 2,664 8.4% 2,910 9.2% Source: ZenithOptimedia, October 2008.

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Event Advertising: Political & Sporting

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Table 63. Political Advertising Expenditures, 1970-2008E ($ in millions)

Network Local Total Network Local Year Type of Elections Stations Stations Political Share Share 1970 Congressional $0.3 $11.8 $12.0 2.2% 97.8% 1971 Off-Election Year 0.0 5.5 5.5 0.5 99.5 1972 Presidential 6.5 18.1 24.6 26.5 73.5 1973 Off-Election Year 1.2 7.9 9.1 13.2 86.8 1974 Congressional 1.5 21.8 23.3 6.4 93.6 1975 Off-Election Year 1.7 6.3 8.0 21.8 78.2 1976 Presidential 7.9 42.9 50.8 15.6 84.4 1977 Off-Election Year 0.0 15.0 15.0 0.0 100.0 1978 Congressional 1.1 56.5 57.6 1.9 98.1 1979 Off-Election Year 0.3 16.9 17.1 1.5 98.5 1980 Presidential 20.7 69.9 90.6 22.9 77.1 1981 Off-Election Year 0.7 20.1 20.8 3.4 96.6 1982 Congressional 0.0 122.8 122.8 0.0 100.0 1983 Off-Election Year 2.7 24.6 27.3 10.0 90.0 1984 Presidential 43.7 110.2 153.8 28.4 71.6 1985 Off-Election Year 0.0 22.7 22.7 0.0 100.0 1986 Congressional 0.5 161.2 161.6 0.3 99.7 1987 Off-Election Year 0.0 24.9 24.9 0.0 100.0 1988 Presidential 38.5 189.4 227.9 16.9 83.1 1989 Off-Election Year 0.0 51.5 51.5 0.0 100.0 1990 Congressional 0.0 203.3 203.3 0.0 100.0 1991 Off-Election Year 0.0 37.3 37.3 0.0 100.0 1992 Presidential 73.8 225.8 299.6 24.6 75.4 1993 Off-Election Year 0.0 70.2 70.2 0.0 100.0 1994 Congressional 0.0 355.0 355.0 0.0 100.0 1995 Off-Election Year 0.0 44.5 44.5 0.0 100.0 1996 Presidential 33.8 366.7 400.5 8.4 91.6 1997 Off-Election Year 0.0 78.9 78.9 0.0 100.0 1998 Congressional 0.0 498.9 498.9 0.0 100.0 1999 Off-Election Year 0.0 60.9 60.9 0.0 100.0 2000 Presidential 0.8 611.2 611.9 0.1 99.9 2001 Off-Election Year 0.0 119.0 119.0 0.0 100.0 2002 Congressional 0.0 1100.0 1,100.0 0.0 100.0 2003 Off-Election Year 0.0 225.0 225.0 0.0 100.0 2004 Presidential 0.1 1,400.0 1,400.1 0.0 100.0 2005 Off-Election Year 0.0 450.0 450.0 0.0 100.0 2006 Congressional 0.0 1,650.0 1650.0 0.0 100.0 2007 Off-Election Year 0.0 700.0 700.0 0.0 100.0

2008E Presidential 0.2 1,900.0 1,900.2 0.0 100.0 Source: Television Bureau of Advertising; TNS Media Intelligence; J.P.Morgan.

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Table 64. Olympics Rights Deals, 1992-2012 ($ in millions) Company Games Value NBC Universal Summer 2012 $1,180 NBC Universal Winter 2010 820 NBC Universal Summer 2008 894 NBC Universal Winter 2006 613 NBC Universal Summer 2004 793 NBC/CNBC/MSNBC Winter 2002 555 NBC/CNBC/MSNBC Summer 2000 715 CBS Winter 1998 375 NBC Summer 1996 456 CBS Winter 1994 300 TNT Winter 1994 25 CBS Winter 1992 243 TNT Winter 1992 25 NBC Summer 1992 401 SportsChannel Summer 1992 75 Source: Magna Global USA; Broadcasting & Cable

Table 65. Major U.S. Sporting Championships, Network TV Ad Revenue ($ millions) Number of years with ads in games Ad spending Anheuser Busch 20 $274.2 Pepsico 20 192.8 General Motors 15 77.1 Time Warner 11 63.4 Walt Disney 8 51.5 Top 5 total $659.00 Source: TNS Media Intelligence

Table 66. Super Bowl Advertising Rates and Total Ad Revenues, 1986-2007

Cost per Total 30 second unit ad revenues (thousands) (millions)

1986 $550 $28.1 1987 600 31.5 1988 645 34.8 1991 800 45.6 1992 850 48.2 1996 1,085 69.4 1997 1,200 72.2 1998 1,292 80.1 2001 2,100 136.4 2002 2,200 134.2 2003 2,150 130.1 2004 2,302 149.6 2005 2,400 158.4 2006 2,500 162.5 2007 2,385 151.5

Source: TNS Media Intelligence.

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Table 67. Top 5 Super Bowl Advertisers, 1987-2007 ($ in millions)

World Series NCAA Men's Basketball Super Bowl (# of games) Final Four (3 games)

2002 $134.2 $141.2 (7) $101.1 2003 130.1 124.3 (6) 117.6 2004 149.6 113.4 (4) 126.4 2005 158.4 146.9 (4) 142.2 2006 162.5 160.8 (5) 154.7 2007 151.5 156.6 (4) 168.4

Source: TNS Media Intelligence

Table 68. Top 5 TV Advertisers in NCAA Men's Basketball Tournament, 2003-2007

Avg Annual Ad Spending Company 2003-2007($ millions)

1 General Motors $70.2 2 Coca-Cola $22.0 3 AT&T $20.7 4 Anheuser-Busch $15.8 5 SABMiller $13.8

Source: TNS Media Intelligence , March 2008.

Table 69. NCAA Men’s Basketball Tournament Network TV Advertising Revenue ($ in millions)

Year Total Ad Spend # of Advertisers1998 $239 811999 270 832000 319 752001 318 1132002 358 1252003 380 952004 451 992005 475 922006 500 1042007 520 126Total $3,830

Source: TNS Media Intelligence.

Table 70. Post-Season TV Ad Revenue, 2007 ($ millions) Sport Total Ad Spend Pro Foot ball $643 NCAA Men's Basketball 520 Pro Baseball 322 Pro basketball 279 College Football Bowls 242 Source: TNS Media Intelligence, March 2008

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Table 71. Super Bowl Spot Costs, 1967-2007

Average :30Year Spot Cost % Change Network Rating Viewers % Change2007 $2,600,000 4% CBS 42.6 93,200,000 3%2006 $2,500,000 4% ABC 41.6 90,720,000 5%2005 2,400,000 7% FOX 41.1 86,100,000 -4%2004 2,250,000 7% CBS 41.4 89,795,000 1%2003 2,100,000 11% ABC 40.7 88,637,000 2%2002 1,900,000 -7% FOX 40.4 86,801,000 3%2001 2,050,000 -2% CBS 40.4 84,335,000 -5%2000 2,100,000 31% ABC 43.3 88,465,000 6%1999 1,600,000 23% FOX 40.2 83,720,000 -7%1998 1,300,000 8% NBC 44.5 90,000,000 2%1997 1,200,000 9% FOX 43.3 87,870,000 -7%1996 1,100,000 10% NBC 46.0 94,080,000 13%1995 1,000,000 11% ABC 41.3 83,420,000 -7%1994 900,000 6% NBC 45.5 90,000,000 -1%1993 850,000 6% NBC 45.1 90,990,000 14%1992 800,000 0% CBS 40.3 79,590,000 0%1991 800,000 14% ABC 41.9 79,510,000 8%1990 700,000 4% CBS 39.0 73,852,000 -9%1989 675,000 13% NBC 43.5 81,590,000 2%1988 600,000 4% ABC 41.9 80,140,000 -8%1987 575,000 5% CBS 45.8 87,190,000 -6%1986 550,000 10% NBC 48.3 92,570,000 8%1985 500,000 11% ABC 46.4 85,530,000 10%1984 450,000 13% CBS 46.4 77,620,000 -5%1983 400,000 16% NBC 48.6 81,770,000 -4%1982 345,000 6% CBS 49.1 85,230,000 25%1981 324,300 18% NBC 44.4 68,290,000 -10%1980 275,000 24% CBS 46.3 76,240,000 2%1979 222,000 20% NBC 47.1 74,740,000 -5%1978 185,000 14% CBS 47.2 78,940,000 27%1977 162,000 30% NBC 44.4 62,060,000 8%1976 125,000 14% CBS 42.3 57,710,000 3%1975 110,000 3% NBC 42.4 56,050,000 8%1974 107,000 3% CBS 41.6 51,700,000 -3%1973 103,500 20% NBC 42.7 53,320,000 -6%1972 86,000 19% CBS 44.2 56,640,000 23%1971 72,000 -8% NBC 39.9 45,960,000 4%1970 78,200 16% CBS 39.4 44,270,000 -1969 67,500 25% NBC 36.0 NA1968 54,000 29% CBS 36.8 NA1967 42,000 - CBS + NBC 40.8 NA

Table presents average prices for 30-second spots in the Super Bowl. Rating is percentage of U.S. households. Data from AdAge reports and Nielsen Media Research. Ad costs in the table are actual dollars. In 1967, the Super Bowl was shown on both CBS and NBC. Source: Nielsen Media Research; Advertising Age.

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Hispanic Advertising Expenditures

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Table 72. Hispanic Market Advertising Expenditures, 2003-07 ($ in millions) Medium 2003 % Change 2004 % Change 2005 % Change 2006 % Change 2007 % Change Network/national TV $1,216.8 20% $1,387.2 14% $1,512.0 9% $1,733.9 15% $1,789.4 3% Local TV 558.1 10% 602.8 8% 638.9 6% 690.1 8% 707.0 2% National radio 180.3 6% 191.2 6% 200.8 5% 214.3 7% 221.3 3% Local radio 448.3 7% 473.2 6% 492.2 4% 511.7 4% 524.1 2% National newspapers 95.0 5% 110.2 16% 113.5 3% 120.7 6% 123.8 3% Local newspapers 143.7 6% 161.9 13% 170.8 5% 182.0 7% 185.8 2% Internet - - - - 100.0 - 132.0 32% 179.9 36% Magazines 73.6 20% 88.3 20% 92.8 5% 100.2 8% 110.6 10% Out-of-home 74.3 13% 76.3 3% 80.1 5% 83.9 5% 86.2 3% Total $2,790.1 13% $3,091.2 11% $3,401.1 10% $3,768.8 11% $3,928.1 4% Source: Hispanic Business; Advertising Age, July 2008.

Figure 17. Hispanic Market Advertising Expenditures by Medium, 2007

Network/national TV, 46%

Local newspapers, 5%

Internet, 5%

National newspapers, 3%

Local radio, 13%

National radio, 6%

Local TV, 18%

Magazines, 3%Out-of-home, 2%

Source: Hispanic Business; Advertising, July 2008.

Table 73. Top U.S. Hispanic Categories by Ad spending, 2007 ($ millions)

Category 2007 % Share 1 Automotive 725.3 15% 2 retail 584.4 12% 3 Telecommunications, internet services and ISP 549.6 12% 4 Food, beverages & candy 285.5 6% 5 Restaurants 280.9 6% 6 Movies, recorded video & music 274.2 6% 7 General services 246.3 5% 8 Personal care 227.6 5% 9 Medicine & remedies 203.3 4%

10 Financial services 167.4 4% Source: TNS, Advertising Age, July 2008.

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Figure 18. Top U.S. Hispanic Categories by Ad spending, 2007 ($ millions)

Automotive, 14%

Retail, 12%

Movies, recorded video & music, 9%

Telecommunications & internet, 8%

Food, beverages & candy, 7%Restaurants, 5%

Personal care, 5%

General services, 4%

Medicines & remedies, 4%

Financial services, 3%

All other, 28%

Source: TNS, Advertising Age, July 2008.

Table 74. Top Hispanic DMAs by Media Spend, 2007 ($ in millions)

DMA TV Radio Print Total % Change 1 Los Angeles $353.3 $190.3 $101.9 $645.5 2.2% 2 Miami-Fort Lauderdale 136.7 103.3 65 305 2.0% 3 New York 113.7 92 55 260.7 2.0% 4 Houston 63.9 63.3 9.5 136.7 1.5% 5 Chicago 51.8 47.9 27.1 126.8 2.8% 6 San Francisco-Oakland-San Jose 47.1 31.8 6.3 85.2 2.9% 7 Dallas 39.3 31.2 8.9 79.4 2.1% 8 Phoenix 30.3 15 18 63.3 1.7% 9 San Antonio 24.3 35.1 4.6 64 3.0% 10 San Diego 29.6 19.9 5.7 55.3 2.2%

Total 890.0 629.8 302.0 1,821.8 2.2% Source: Hispanic Business Inc.; Advertising Age, July 2008.

Table 75. U.S. Hispanic Population Growth, 2000-2050E ($ in millions)

Year Hispanic Population Total U.S. Population % of Total 2000 35.6 282.1 12.6% 2007 45.5 301.6 15.1

2010E 47.8 308.9 15.5 2020E 59.8 335.8 17.8 2030E 73.1 363.6 20.1 2040E 87.6 391.9 22.4 2050E 102.6 419.9 24.4

Source: U.S. Census Bureau; Advertising Age, 2008.

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Table 76. Top 10 U.S. Hispanic Markets by population (thousands)

Hispanic Hispanic Rank Market Area Population % of Total

1 Los Angeles 8,507 48.1% 2 New York 4,434 21.1% 3 Miami 2,152 49.2% 4 Houston 2,064 34.5% 5 Chicago 1,972 20.3% 6 Dallas-Fort Worth 1,757 25.9% 7 San Francisco 1,712 23.7% 8 Phoenix 1,378 27.4% 9 San Antonio, Texas 1,259 54.6%

10 McAllen, Texas 1,153 96.5% Source: Synovate; Advertising Age, July 28, 2008

Table 77. Top 10 Advertisers in National Spanish-Language TV, 2006-07 ($ thousands)

Rank Marketer 2007 2006 % Change 1 Lexicon Marketing Corp. $214,316.8 $173,535.9 23.5% 2 Procter & Gamble Co. 144,198.2 154,387.8 -6.6% 3 Sears Holdings Corp. 75,523.5 77,064.8 -2.0% 4 McDonald’s Corp. 69,483.6 67,987.9 2.2% 5 General Motors Corp. 68,153.7 69,473.7 -1.9% 6 Johnson & Johnson 67,415.1 70,963.3 -5.0% 7 AT&T 62,897.7 76,611.1 -17.9% 8 Broadcasting Media Partners (Univision) 62,832.4 72,976.1 -13.9% 9 Toyota Motor Corp. 58,521.2 49,426.7 18.4%

10 Walt Disney Co. 57,246.3 53,055.0 7.9% Source: TNS Media Intelligence. Advertising Age. July 2006.

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Table 78. Top 25 Advertisers in Hispanic media ($ millions)

RANK MARKETER 2007 AD SPENDING % Change 1 Lexicon Marketing Corp. $218.1 24.4 2 Procter & Gamble Co. 163.1 -4.3 3 AT&T 119.3 -10 4 General Motors Corp. 100.8 -2.7 5 Broadcasting Media Partners (Univision) 91.3 -14.8 6 McDonald’s Corp. 89.7 6.6 7 Toyota Motors Corp. 80.7 16.9 8 Sears Holdings Corp. 79.6 -4.5 9 Verizon Communications 79.3 -12.8

10 Johnson & Johnson 76.8 -3.6 11 Ford Motor Co. 73.4 -0.3 12 Walt Disney Co. 67.0 3.8 13 Cerberus Capital Mgmt (incl. Chrysler) 66.1 1.9 14 Nissan Motor Co. 61.3 82.7 15 Wal-Mart Stores 59.9 -10.3 16 TVAtlas.com 55.1 14.8 17 Hyundai Corp. 53.9 -12.8 18 America Directo 52.5 14.2 19 Sprint Nextel Corp. 51.8 98.3 20 Deutsche Telekom 50.1 15.4 21 Allstate Corp. 47.0 26.4 22 Olympia 43.2 NA 23 Unilever 42.8 -4.6 24 SABMiller 42.0 -8.7 25 L’Oreal 41.7 -10.5

Source: TNS Media Intelligence. Advertising Age. July 2008.

Table 79. Top 10 Advertisers in Spanish-Language Spot TV ($ millions)

Rank Marketer 2007 2006 % Change 1 AT&T $50.1 $46.4 8.1% 2 Ford Motor Co. 26.9 26.7 0.9% 3 Nissan Motor Co. 25.9 12.7 103.8% 4 Broadcasting Media Partners(Univision) 25.1 31.3 -20.0% 5 Cerberus Capital Mgmt (incl. Chrysler) 23.8 20.1 18.7% 6 Ventura Entertainment Enterprises 20.9 37.0 -43.6% 7 Yum Brands 18.5 15.6 18.5% 8 Verizon Communications 17.5 27.7 -36.7% 9 Guthy-Renker Corp. 16.3 6.2 162.2%

10 Toyota Motor Corp. 15.6 12.8 22.4% Source: TNS Media Intelligence. Advertising Age. July 2008.

Table 80. Hispanic TV network viewership Rank Network HH Rating HH Share HH(000)

1 Univision 16.0 25 1,946 2 Telemundo 5.1 8 621 3 Fox 3.4 5 416 4 TeleFutura 3.2 5 383 5 ABC 3.0 5 361 6 CBS 2.6 4 314 7 NBC 2.5 4 302 8 CW 1.9 3 226 9 MNT 0.8 1 102

10 Azteca America 0.8 1 94 Source: TNS Media Intelligence. Advertising Age. July 2008.

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Table 81. Top 10 Advertisers in Hispanic Newspapers, 2006-07 ($ thousands)

Rank Marketer 2007 % Change 1 Interbond Corp of America $5,289.0 258.6% 2 Gobierno Del Estado/Chihuahua 3,224.4 63.0% 3 Macy’s 3,211.9 -5.6% 4 Sears Holdings Corp. 3,018.7 -27.2% 5 Verizon Communications 2,888.8 -32.1% 6 Rooms To Go 2,833.1 -9.8% 7 Best Buy Co. 2,572.9 -23.7% 8 Bank of America Corp. 2,447.6 3.1% 9 Home Depot 2,360.7 -2.8%

10 Target Corp. 2,280.1 -28.0% Source: TNS Media Intelligence. Advertising Age, July 2008.

Table 82. Top 10 Advertisers in Hispanic magazines, 2006-07 ($ thousands)

Rank Marketer 2007 % Change 1 Procter & Gamble $14,453.1 7.0% 2 L’Oreal 11,193.8 -3.6% 3 Johnson & Johnson 8,854.7 39.1% 4 General Motors Corp. 8,389.3 29.0% 5 Cerberus Capital Mgmt (incl. Chrysler) 3,979.7 33.5% 6 Berkshire Hathaway(incl. Geico) 3,877.8 77.1% 7 McDonald’s Corp. 3,826.9 6.0% 8 Time Warner 3,592.4 19.8% 9 Kraft Foods 3,537.1 197.3%

10 Toyota Motor Corp. 3,292.5 -5.1% Source: TNS Media Intelligence. Advertising Age. July 2008.

Table 83. Top 25 Hispanic Newspapers by Ad Revenue, 2007 ($ thousands) Rank Newspaper 2007 % Change

1 El Nuevo Herald (Miami) $90,450.6 8.6 2 La Opinion (Los Angeles) 45,910.3 -12.5 3 El Diario (Juarez, Mexico) 33,712.8 6.9 4 El Diario La Prensa (New York) 25,710.3 0.6 5 Hoy (Chicago) 20,288.6 41.0 6 Hoy (Los Angeles) 12,929.6 -0.1 7 La Raza (Chicago) 11,649.5 11.4 8 El Norte (El Paso, Texas/Juarez, Mexico) 10,754.1 17.5 9 Hoy (New York) 10,625.4 -16.3

10 Washington Hispanic 10,393.2 -13.9 11 TV y Mas (Phoenix) 6,821.0 -5.9 12 Al Dia (Dallas) 6,427.5 -16.2 13 La Voz de Phoenix 6,311.3 -5.3 14 El Sentinel (Miami-Fort Lauderdale) 6,148.1 -25.8 15 Diario Las Americas (Miami) 5,969.2 -6.1 16 Prensa Hispana (Phoenix) 3,871.3 -14.5 17 Lawndale News (Chicago) 3,862.9 -14.2 18 La Voz de Houston 3,828.1 -15.1 19 Vida en El Valle (Fresno, Calif.) 3,785.4 -46.1 20 Al Dia (Philadelphia) 3,213.4 -25.0 21 El Latino (San Diego) 3,153.0 -15.7 22 El Especial (New York) 2,837.7 -0.1 23 El Mensajero (San Francisco) 2,406.5 -15.8 24 Excelsior (Orange County, Calif.) 2,257.0 -17.6 25 Reflejos (Chicago) 2,210.9 47.4

Source: Advertising Age 2008 Hispanic Fact Book, July 28, 2008

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Table 84. Top 25 Hispanic Magazines by Ad Revenue, 2007 ($ thousands)

Rank Newspaper 2007 % Change 1 People en Español $49,692.5 1.7% 2 Latina 36,042.1 11.4% 3 TV y Novelas 16,152.8 30.2% 4 Selecciones (Reader’s Digest) 15,330.4 0.7% 5 Siempre Mujer 12,890.5 39.5% 6 Vanidades 12,607.8 5.0% 7 Ser Padres 9,699.4 41.6% 8 Hispanic Business 8,055.2 0.0% 9 Mira 7,942.2 13.1%

10 Sports Illustrated Latino 6,670.3 16.2% 11 Hispanic Magazine 6,576.0 20.0% 12 Fox Sports en Español Magazine 6,352.7 83.6% 13 TV Notas 6,263.8 24.2% 14 Healthy Kids en Español 5,624.5 -2.9% 15 Fútbol Mundial 5,550.0 -13.5% 16 Vista 5,131.9 4.4% 17 Tu Ciudad Los Angeles* 4,959.9 68.1% 18 Cosmopolitan en Español 4,896.4 -12.2% 19 Espera 3,359.8 11.6% 20 Selecta 3,316.6 11.2% 21 Ocean Drive Español 3,098.8 4.1% 22 Sobre Ruedas 2,802.4 44.2% 23 Casa y Hogar 2,729.2 -10.8% 24 Alma Magazine 2,468.4 5.8%

25 ESPN Deportes - La Revista 1,993.6 16.2% Source: Advertising Age 2008 Hispanic Fact Book, July 28, 2008.

Table 85. Top 10 Advertisers in Hispanic spot radio, 2006-07 ($ thousands)

RANK MARKETER 2007 % Change 1 Broadcasting Media Partners (Univision) $20,091.2 -35.1% 2 Verizon Communications 9,915.8 0.2 3 Sprint Nextel Corp. 9,760.5 109.9 4 McDonald’s Corp. 8,965.5 -10.7 5 AT&T 8,306.8 -12.2 6 General Electric Co. 7,627.5 -30.4 7 Toyota Motor Corp. 7,000.2 -22.8 8 J.C. Penney Co. 6,258.0 -15.4 9 Radio Shack Corp. 6,104.4 82.7

10 General Motors Corp. 5,899.5 -18.0 Source: TNS Media Intelligence. Advertising Age. July 2008.

Table 86. Top 10 Advertisers on Hispanic web sites by Ad Spending ($ thousands)

RANK MARKETER 2007 % Change 1 AT&T $12,775.2 NA 2 Grupo Televisa 5,279.3 NA 3 General Motors Corp. 5,061.4 -13.7% 4 Ford Motor Co. 4,563.7 75.6% 5 U.S. Government 3,985.1 NA 6 Verizon Communications 3,600.8 NA 7 Impremedia 3,150.0 NA 8 Sprint Nextel Corp. 3,086.0 79.1% 9 Cerberus Capital Mgmt (Chrysler) 2,840.4 28.0%

10 Toyota Motor Corp. 2,819.0 -5.8% Source: TNS Media Intelligence. Advertising Age. July 2008.

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Table 87. Top 10 Hispanic web sites by ad revenue ($ thousands)

Rank Web Site 2007 % change 1 YahooTelemundo.com $18,011.3 46.1% 2 Univision.com 16,717.0 -45.7 3 StarMedia.com 13,531.0 10.1 4 Batanga.com 11,695.1 69.7 5 MSNLatino.com 9,465.1 27.6 6 LatinoAOL.com 5,825.8 NA 7 La Opinion Digital.com 5,332.5 130.2 8 ElHispanoNews.com 2,237.7 NA 9 ElNuevoHerald.com 1,803.7 77.4

10 ElDiarioNY.com 1,742.8 NA Source: TNS Media Intelligence. Advertising Age. July 2008.

Table 88. Top online member communities for people of Hispanic origin ranked by unique audience Unique Users % of Total Site Site May 2008 (000) Uniques MySpace.com 7,112 11.7% Blogger 3,388 8.6 Facebook 1,941 7.5 WordPress.com 1,786 10.4 Windows Live Spaces 1,033 13.5 Six Apart TyrePad 855 7.7 MSN Groups 803 10 Classmates Online 706 4.9 Source: Nielsen NetRatings. Advertising Age. July 2008.

Table 89. Top Hispanic agencies by US revenue in 2007 ($ in millions) Rank Agency Revenue % change 1 Dieste Harmel & Partners* [Omnicom] $40.4 4.9 2 Bravo Group* [WPP] 37.8 7.1 3 Vidal Partnership 31.0 19.2 4 Lopez Negrete Communications 23.8 12.2 5 Bromley Communications* [Publicis] 22.6 -3.3 6 Conill* [Publicis] 20.9 20.1 7 GlobalHue*1 Southfield, 20.5 23.7 8 Zubi Advertising Services 19.6 3.2 9 LatinWorks* [Omnicom] 17.3 9.3 10 Casanova Pendrill* [Interpublic] 15.0 11.1 11 Accentmarketing* [Interpublic] 14.3 -20.8 12 Hispanic Group Corp. 13.2 -7.3 13 Alma DDB* [Omnicom] 13.1 0 14 De la Cruz Group 13.0 3.5 15 La Agencia de Orci & Asociados 12.1 -24.7 16 Arvizu Advertising & Promotions 11.8 15.1 17 Winglatino* [WPP] 10.0 0 18 Grupo Gallegos Long Beach, 9.5 12 19 Euro RSCG Latino* [Havas] 9.5 102.1 20 Machado/Garcia-Serra Coral 9.3 28.8 21 Vox Collective 9.0 37.4 22 Lopito Ileana & Howie 8.2 17.1 23 Moroch Partners1 7.9 5.1 24 Al Punto 7.8 13 25 Acento 7.5 15.5 Source: Advertising Age *Figures are Ad Age estimates.

89




90




U.S. Advertisers

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Table 90. Top U.S. Ad Spending Categories ($ in millions) Rank Measured Media U.S. Measured Media Breakout for 2007 2007 2006 Category 2007 % Change Magazine Newspaper Outdoor TV Cable Nets Radio Internet

1 2 Retail $18,702.0 -2.1 $2,312.0 $6,374.6 $353.7 $5,270.2 $1,080.2 $2,053.8 $1,257.6 2 1 Automotive 18,540.1 -6.4 2,150.3 4,468.2 349.8 7,978.6 1,256.6 1,454.7 881.8 3 3 Telecommunications, internet services and ISP 10,909.1 -1.2 775.6 1,954.0 362 4,073.4 1,208.5 831.9 1,703.8 4 4 Medicine & remedies 9,297.8 1.2 2,912.9 204.8 17.6 4,122.3 1,467.4 238.7 334.3 5 5 Financial services 9,219.3 6 1,299.0 1,856.1 230.7 2,158.1 1,046.8 703.2 1,925.3 6 6 General services 8,930.0 3.4 1,047.1 2,466.6 582.3 2,263.6 375.4 1,341.8 853.0 7 7 Food, beverages & candy 7,459.2 3.6 2,328.8 47.7 79.3 3,009.2 1,475.2 326.4 192.8 8 8 Personal care 6,306.6 10.1 2,689.1 35.6 8.5 2,450.6 898.4 47.2 177.1 9 9 Airlines, hotels, car rental, travel 5,414.4 -0.4 1,534.1 1,345.5 338.1 817.8 484.9 380.9 513.0

10 10 Movies, recorded video & music 5,407.5 0.5 281.1 1,028.0 108.8 2,329.2 1,133.8 271.1 255.2 11 11 Restaurants 5,349.8 0.5 136.4 207.2 234.2 3,219.4 875.2 570.5 106.9 12 12 Media 5,195.0 2.6 1,894.0 1,327.7 221.4 268.8 96.3 585.2 801.6 13 14 Insurance 3,679.0 6.6 311.4 352.8 138.4 1,478.5 786 409.6 202.4 14 16 Apparel 2,984.5 2.8 2,325.3 74.8 40.2 282.7 194.2 13.2 54.2 15 13 Government, politics, religion 2,770.1 -22.6 463.5 524.8 158.6 810.5 247.7 371.8 193.1 16 15 Real estate 2,682.0 -14.3 339.3 1,545.3 252.6 219.0 77.8 134.3 113.6 17 17 Computers, software 2,208.1 -10.6 909.2 156.6 71.7 367.1 148.6 60.7 494.3 18 19 Beer, wine & liquor 2,200.6 4.8 610.5 68.4 180.6 694.7 346 195.2 105.2 19 18 Home furnishings, appliances & electronics 2,113.0 -0.4 1,031.0 110.2 18.7 494.3 315.3 39.2 104.3 20 20 Home supplies & cleaners 2,100.2 4.9 328.3 13.4 3.2 1,052.6 630.6 28.2 43.9 21 21 Education 2,014.2 3.6 372.8 296.6 78.7 523.8 167.1 180.3 394.9 22 22 Toys & games 1,326.3 6.8 177.9 6.9 0.5 310.8 680.6 9.9 139.8 23 23 Hardware & home building supplies 1,030.1 -2.9 462.5 92.9 7.4 180.0 203.6 38.9 44.8 24 25 Gas & oil 553.0 5.3 114.9 76.5 35.6 130.2 89.5 91.5 14.8 25 24 Sporting goods 548.5 -2.9 403.2 12.9 4.6 69.9 35.7 5.3 16.7 26 26 Pet food & pet care 520.2 6.1 151.3 5.3 1.2 210.9 115.1 10.5 26.0 27 27 Office equipment 334.4 -1.1 141.6 30.9 4.7 79.3 38.4 18.5 21.0 28 28 Shipping & freight 301.0 -7.6 65.5 19.8 5.1 140.9 30.4 23.5 15.9 29 29 Cigarettes & tobacco 125.0 -18.1 109.5 1.9 0.4 7.5 2 0.7 3.0

Miscellaneous 4,407.5 2.4 2,069.6 1,248.30 53 332.0 235.4 162.9 306.2 Direct response advertising 7,810.7 19.8 2,596.2 561.2 2.2 1,211.3 3,258.4 63.9 117.5 Total 150,439.3 0.4 32,343.9 26,515.7 3,943.70 46,557.0 19,001.4 10,663.6 11,414.1

Source: Advertising Age; TNS. May, 2008.

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Table 91. Top 50 Leading National Advertisers, 2006-2007 ($ in millions)

ESTIMATED MEASURED U.S. MEASURED MEDIA SPENDING BREAKOUT IN 20072007 2006 ADVERTISER 2007 2006 % CHG UNMEASURED MEDIA MAGAZINE NEWSPAPER OUTDOOR TV RADIO INTERNET

1 1 Procter & Gamble Co. $5,230.1 $4,883.7 7.1% $1,529.8 $3,700.3 $964.1 $213.7 $1.8 $2,414.2 $26.0 $80.62 2 AT&T 3207.3 3,344.5 -4.1% 962.2 2,245.1 59.4 328.3 108.6 1,356.4 256.9 135.53 5 Verizon Communications 3016.1 2,791.9 8.0% 871.7 2,144.5 92.3 686.7 63.7 906.8 205.9 189.14 3 General Motors Corp. 3010.1 3,296.1 -8.7% 948.2 2,061.9 373.6 149.9 45.2 1,176.8 104.4 212.05 4 Time Warner 2962.1 3,073.7 -3.6% 1,224.6 1,737.6 280.6 311.6 54.3 908.4 84.2 98.46 6 Ford Motor Co. 2525.2 2,576.6 -2.0% 872.0 1,653.2 300.4 131.5 18.2 982.1 57.5 163.57 7 GlaxoSmithKline 2456.9 2,504.0 -1.9% 1,269.9 1,187.0 387.1 13.0 0.9 742.4 14.2 29.48 8 Johnson & Johnson 2408.8 2,401.4 0.3% 987.6 1,421.2 402.1 50.9 4.8 879.4 34.8 49.29 9 Walt Disney Co. 2293.3 2,300.5 -0.3% 905.8 1,387.4 207.7 185.2 48.0 664.5 140.6 141.4

10 10 Unilever 2245.8 2,099.5 7.0% 1,335.5 910.3 278.4 31.6 0.4 543.7 9.5 46.611 15 Sprint Nextel Corp. 1903.2 1,775.9 7.2% 590.0 1,313.2 46.4 460.6 60.5 575.4 99.1 71.212 12 General Electric Co. 1791.3 1,916.8 -6.6% 734.4 1,056.8 124.9 200.7 28.5 482.8 141.2 78.913 14 Toyota Motor Corp. 1757.9 1,850.3 -5.0% 685.6 1,072.3 186.1 34.8 23.2 752.0 18.9 57.314 13 Chrysler 1739.4 1,886.4 -7.8% 591.4 1,148.0 182.6 120.8 8.1 750.6 33.1 52.815 11 Sony Corp. 1736.8 2,001.3 -13.2% 764.2 972.6 140.7 127.8 20.0 570.9 41.7 71.516 17 L'Oreal 1632.3 1,458.0 12.0% 850.1 782.3 324.4 34.4 0.8 407.9 2.7 12.017 16 Sears Holdings Corp. 1627.8 1,650.8 -1.4% 867.1 760.6 62.5 200.7 1.1 437.3 35.6 23.418 18 Kraft Foods 1508.0 1,426.7 5.7% 425.5 1,082.5 499.8 55.6 0.9 476.8 13.1 36.319 31 Bank of America Corp. 1491.3 1,140.6 30.7% 1,088.6 402.6 22.3 116.0 8.0 131.2 53.6 71.620 19 Nissan Motor Co. 1422.9 1,407.4 1.1% 469.6 953.3 193.2 38.8 16.3 653.0 18.0 34.021 21 Macy's 1389.7 1,362.9 2.0% 372.0 1,017.7 87.3 609.7 2.2 236.0 71.3 11.122 24 Anheuser-Busch Cos. 1354.1 1,279.1 5.9% 879.4 474.6 38.2 11.1 36.8 341.3 36.9 10.223 22 Honda Motor Co. 1326.5 1,351.2 -1.8% 477.5 849.0 196.1 56.8 5.5 548.5 13.2 28.824 41 Viacom 1309.9 1,010.5 29.6% 500.6 809.3 79.1 104.6 25.1 491.8 46.7 62.125 27 Berkshire Hathaway 1308.3 1,194.3 9.5% 536.4 771.9 102.1 29.5 23.3 444.9 146.3 25.926 23 PepsiCo 1308.3 1,323.8 -1.2% 418.7 889.7 174.9 23.7 13.8 612.3 36.9 28.127 25 Nestle 1260.3 1,255.8 0.4% 567.1 693.1 159.0 50.3 2.9 429.6 25.4 25.928 42 Pfizer 1252.9 1,006.5 24.5% 501.2 751.7 225.2 33.3 1.2 456.6 11.3 24.229 20 News Corp. 1210.4 1,400.4 -13.6% 363.1 847.3 78.2 168.1 20.1 334.0 120.9 126.030 29 Target Corp. 1186.2 1,161.4 2.1% 455.6 730.7 107.9 159.6 8.9 371.7 15.1 67.431 28 J.C. Penney Co. 1161.8 1,162.7 -0.1% 686.4 475.4 71.4 159.7 0.3 186.1 36.1 21.832 34 McDonald's Corp. 1150.1 1,083.9 6.1% 341.3 808.7 51.3 4.5 45.7 601.6 78.5 27.233 26 Citigroup 1135.3 1,224.1 -7.3% 684.4 450.9 157.7 52.4 5.7 207.0 8.1 19.934 32 U.S. Government 1121.9 1,133.4 -1.0% 471.2 650.7 126.6 29.7 8.5 378.4 49.3 58.235 33 Home Depot 1119.6 1,119.6 0.0% 542.9 576.7 64.0 97.2 1.8 282.9 117.3 13.536 35 Wal-Mart Stores 1102.5 1,073.7 2.7% 549.8 552.7 114.3 31.9 1.2 304.9 56.8 43.637 48 Schering-Plough Corp. 1092.0 883.6 23.6% 589.7 502.3 54.4 6.0 0.0 426.7 6.1 9.138 37 Wyeth 1078.3 1,051.3 2.6% 643.2 435.1 94.7 9.1 0.4 296.4 19.8 14.739 30 JPMorgan Chase & Co. 1073.9 1,156.5 -7.1% 700.8 373.1 6.1 93.0 15.7 201.8 21.9 34.740 46 American Express Co. 1050.0 929.3 13.0% 526.2 523.8 103.8 56.9 7.8 243.6 7.8 103.841 38 Yum Brands 1004.4 1,039.9 -3.4% 266.2 738.2 4.0 3.4 5.5 680.7 37.2 7.442 47 Microsoft Corp. 959.5 913.7 5.0% 516.0 443.5 165.8 25.9 12.0 92.0 5.6 142.243 39 Estee Lauder Cos. 956.1 1,031.4 -7.3% 792.9 163.2 131.6 1.1 1.5 24.7 2.4 1.944 45 General Mills 955.2 937.2 1.9% 286.0 669.2 90.0 95.8 0.1 470.8 2.6 9.945 56 Kellogg Co. 871.5 765.2 13.9% 309.3 562.2 142.1 9.4 3.2 384.7 1.2 21.546 59 Bayer 860.8 683.4 26.0% 387.4 473.5 102.5 16.1 0.9 330.6 18.0 5.347 43 Dell 843.4 984.0 -14.3% 295.2 548.2 187.5 124.2 0.9 129.5 3.1 103.048 55 Kohl's Corp. 836.7 766.0 9.2% 397.2 439.5 31.6 148.4 0.4 218.1 34.2 6.949 52 Deutsche Telekom 831.3 815.2 2.0% 224.4 606.8 3.2 152.3 8.3 393.9 17.2 32.150 54 IAC/InterActiveCorp 806.1 792.4 1.7% 313.8 492.3 19.5 3.7 1.4 133.9 19.5 314.4

RANK TOTAL U.S. AD SPENDING

Source: Advertising Age; TNS. May, 2008.

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Table 92. Top 50 Brands, 2007 ($ in millions)

2007 2006 BRAND PARENT COMPANY 2007 2006 % CHG1 1 AT&T AT&T $2,243.20 $2,332.50 -3.82 2 Verizon Verizon Communications 2,144.10 1,926.00 11.33 3 Sprint Sprint Nextel Corp. 1,156.90 1,027.80 12.64 4 Ford Ford Motor Co. 1,009.90 1,002.40 0.85 5 Macy's Macy's 920.7 989 -6.96 6 Toyota Toyota Motor Corp. 834.5 925 -9.87 7 McDonald's McDonald's Corp. 808.4 776.4 4.18 9 Nissan Nissan Motor Co. 750.6 740 1.49 11 Target Target Corp. 727.3 670.8 8.4

10 8 Chevrolet General Motors Corp. 723.5 755.8 -4.311 12 Honda Honda Motor Co. 622.6 627.7 -0.812 13 T-Mobile Deutsche Telekom 606.7 594.9 213 15 Home Depot Home Depot 566.2 529.5 6.914 18 Geico Berkshire Hathaway 556.9 499.5 11.515 10 Dell Dell 544.5 731.4 -25.516 17 Wal-Mart Wal-Mart Stores 523 515.9 1.417 16 American Express American Express Co. 510 519.8 -1.918 19 Dodge Chrysler 494 486.7 1.519 21 JCPenney J.C. Penney Co. 473.2 462.7 2.320 14 Hyundai Hyundai Motor Co. 442.6 550.1 -19.521 26 Kohl's Kohl's Corp. 439.5 435.5 0.922 22 Lowe's Lowe's Cos. 438.1 461.3 -523 25 Sears Sears Holdings Corp. 428.1 441.4 -324 30 Kellogg's Kellogg Co. 419.7 367.6 14.225 33 Comcast Comcast Corp. 411.8 359.6 14.526 28 Citi Citigroup 405.9 394.3 2.927 23 HP Hewlett-Packard Co. 394.9 454.6 -13.128 34 Olay Procter & Gamble Co. 394.8 357.7 10.429 27 Visa Visa 392.2 417.9 -6.130 35 Best Buy Best Buy Co. 375 354.4 5.831 36 Allstate Allstate Corp. 369.5 349.8 5.632 63 Bank of America Bank of America Corp. 360.7 237.5 51.933 31 Subway Doctor's Associates 360.4 361.3 -0.334 24 Chrysler Chrysler 354.3 454.5 -2235 39 Chase JPMorgan Chase & Co. 340.9 336.7 1.236 64 Fidelity FMR Corp. (Fidelity 340.6 231.7 4737 29 Microsoft Microsoft Corp. 328 376.5 -12.938 48 Sony Sony Corp. 324.7 273.1 18.939 50 Progressive Progressive Corp. 321.8 265.1 21.440 37 MasterCard MasterCard 311.4 345.6 -9.941 51 State Farm State Farm Mutual Auto 307.9 262.2 17.542 32 Wendy's Wendy's International 304.4 360.4 -15.543 44 Jeep Chrysler 298.9 303.2 -1.444 42 L'Oreal L'Oreal 298.7 312.3 -4.345 38 Budweiser, Bud Light Anheuser-Busch Cos. 297 338.5 -12.346 40 Coca-Cola, Coke, Diet Coca-Cola Co. 294.6 334 -11.847 73 Campbell's Campbell Soup Co. 290.5 218.7 32.848 47 Apple Apple 289.8 281.9 2.849 150 LendingTree IAC/InterActiveCorp 283 125.9 124.850 41 Capital One Capital One Financial Corp. 281.1 319.6 -12

Rank Measured U.S. Ad Spending

Source: Advertising Age, May 2008.

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Table 93. Top 10 U.S. Advertisers, 2006-2007 ($ in millions)

Rank Company 2007 2006 % Change 1 Procter & Gamble Co. $5,230.1 $4,883.7 7.1% 2 AT&T 3,207.3 3,344.5 -4.1% 3 Verizon Communications 3,016.1 2,791.9 8.0% 4 General Motors Corp. 3,010.1 3,296.1 -8.7% 5 Time Warner 2,962.1 3,073.7 -3.6% 6 Ford Motor Co. 2,525.2 2,576.6 -2.0% 7 GlaxoSmithKline 2,456.9 2,504.0 -1.9% 8 Johnson & Johnson 2,408.8 2,401.4 0.3% 9 Walt Disney Co. 2,293.3 2,300.5 -0.3% 10 Unilever 2,245.8 2,099.5 7.0%

Source: TNS Media Intelligence, May, 2008.

Table 94. Top 10 Network TV Advertisers, 2006-07 ($ in millions) Network TV

Rank Advertiser 2007 2006 % Change 1 Procter & Gamble Co. $1,078.1 $1,105.1 -2.4% 2 AT&T 817.4 683.3 19.6 3 General Motors Corp. 737.9 875.4 -15.7 4 Ford Motor Co. 553 563.7 -1.9 5 Johnson & Johnson 536.8 566 -5.2 6 Verizon Communications 496.7 470.7 5.5 7 Toyota Motor Corp. 424.7 399.9 6.2 8 GlaxoSmithKline 418.6 468.6 -10.7 9 Time Warner 414.5 467.5 -11.3

10 PepsiCo 360.6 403.6 -10.7 Top 10 Advertisers 5,838.3 6,003.8 -2.8

Source: Advertising Age; TNS Media Intelligence. May, 2008.

Table 95. Top 10 Spot TV Advertisers, 2006-07 ($ in millions) Spot TV

Rank Advertiser 2007 2006 % Change 1 Chrysler $391.4 $456.1 -14.2% 2 AT&T 348.8 356.6 -2.2 3 Honda Motor Co. 307.3 377 -18.5 4 Nissan Motor Co. 298.9 288 3.8 5 Verizon Communications 235.1 170.7 37.7 6 Toyota Motor Corp. 231.9 262.4 -11.6 7 Ford Motor Co. 224.3 278.8 -19.5 8 General Motors Corp. 190.7 243.6 -21.7 9 Yum Brands 189.6 223.3 -15.1

10 Time Warner 155.5 157.5 -1.3 Top 10 Advertisers 2,573.5 2,814.0 -8.5


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Table 96. Top 10 Syndicated Spot TV Advertisers, 2006-07 ($ in millions) Syndicated TV

Rank Advertiser 2007 2006 % Change 1 Procter & Gamble Co. $313.7 $320.8 -2.2% 2 GlaxoSmithKline 134.6 89.9 49.7 3 Johnson & Johnson 110.2 128.4 -14.2 4 L'Oreal 95.5 69.6 37.2 5 Wyeth 74.5 81.5 -8.6 6 Unilever 73.6 84.5 -12.9 7 Kellogg Co. 70.5 102.0 -30.9 8 Time Warner 66.8 61.3 9.0 9 Pfizer 63.4 4.4 1340.9

10 Schering-Plough Corp. 61.5 41.5 48.2 Top 10 Advertisers 1,064.3 983.9 8.2


Table 97. Top 10 Cable TV Advertisers, 2006-07 ($ in millions) Cable TV

RankAdvertiser 2007 2006 % Change1Procter & Gamble Co. $886.20 $805.70 10.0%2Time Warner 276.3 295.3 -6.43Johnson & Johnson 215.9 193 11.94General Motors Corp. 210.6 194.3 8.45General Mills 208.3 184 13.26Walt Disney Co. 201 203.5 -1.27Sprint Nextel Corp. 195.4 244.1 -20.08AT&T 185.3 139.6 32.79Kraft Foods 183.5 211.7 -13.3

10Berkshire Hathaway 182.8 167.8 8.9Top 10 Advertisers 2,745.3 2,639.0 4.0


Table 98. Top 10 National Radio Advertisers, 2006-07 ($ in millions) National Radio

RankAdvertiser 2007 2006 % Change1AT&T $115.70 $147.00 -21.3%2Verizon Communications 98.1 93 5.53Berkshire Hathaway 84.8 79.3 6.94Home Depot 83.7 76.6 9.35Walt Disney Co. 62.3 89.6 -30.56General Motors Corp. 57.4 51.5 11.57News Corp. 49.6 62.1 -20.18General Electric Co. 49.5 57.9 -14.59Sprint Nextel Corp. 43.6 10.7 307.5

10Safeway 42.7 54.9 -22.2Top 10 Total 687.4 722.6 -4.9


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Table 99. Top 10 Local Radio Advertisers, 2006-07 ($ in millions) Local Radio

Rank Advertiser 2007 2006 % Change 1 AT&T $141.30 $152.30 -7.2% 2 Verizon Communications 107.8 100.4 7.4 3 General Electric Co. 91.6 107.3 -14.6 4 Walt Disney Co. 78.3 106.4 -26.4 5 News Corp. 71.3 86.8 -17.9 6 Comcast Corp. 67.9 61.4 10.6 7 McDonald's Corp. 67.9 66.9 1.5 8 Berkshire Hathaway 61.5 56.9 8.1 9 Sprint Nextel Corp. 55.5 14.4 285.4

10 Time Warner 50.7 68.3 -25.8 Top 10 Total 793.8 821.1 -3.3

Source: Advertising Age; TNS Media Intelligence. May, 2008

Table 100. Top 10 Internet advertisers Rank Advertiser 2007 2006 % Change

1 IAC/InterActiveCorp $314.4 $123.0 155.6 2 General Motors Corp. 212.0 118.2 79.4 3 Experian Group 193.1 129.4 49.3 4 Apollo Group 192.4 123.5 55.8 5 Verizon Communications 189.1 111.4 69.7 6 E-Trade Group 186.9 106.9 74.8 7 Ford Motor Co. 163.5 99.1 65 8 FMR Corp. (Fidelity Investments) 142.8 97.4 46.6 9 Scottrade 142.5 105 35.8 10 Microsoft Corp. 142.2 82 73.4

Source: TNS Media Intelligence; AdAge, May, 2008

Table 101. Top 10 Newspaper Advertisers, 2006-07 Rank Advertiser 2007 2006 % Change

1 Verizon Communications $686.7 $686.9 0 2 Macy's 609.7 715.3 -14.8 3 Sprint Nextel Corp. 460.6 495.7 -7.1 4 AT&T 328.3 483.5 -32.1 5 Time Warner 311.6 298.4 4.4 6 Fry's Electronics 229.3 215.1 6.6 7 Procter & Gamble Co. 213.7 207.6 3 8 Sears Holdings Corp. 200.7 233.1 -13.9 9 General Electric Co. 200.7 215.1 -6.7 10 Walt Disney Co. 185.2 185 0.2

Top 10 Total 3,426.5 3,735.7 -8.3 Source: TNS Media Intelligence; Ad Age, May, 2008.

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Table 102. Top 10 Magazine Advertisers, 2006-07 ($ in millions) Rank Advertiser 2007 2006 % Change

1 Procter & Gamble Co. $964.1 $889.0 8.4% 2 Kraft Foods 499.8 440.7 13.4% 3 Johnson & Johnson 402.1 377.8 6.4% 4 GlaxoSmithKline 387.1 440.3 -12.1% 5 General Motors Corp. 373.6 401.7 -7.0% 6 L'Oreal 324.4 326.2 -0.6% 7 Ford Motor Co. 300.4 336.8 -10.8% 8 Time Warner 280.6 285 -1.5% 9 Unilever 278.4 238.1 16.9% 10 Pfizer 225.2 271.4 -17.0%

Top 10 Total 4,035.7 4,007.0 0.7% Source: Advertising Age; TNS Media Intelligence. May, 2008.

Table 103. Top 10 Outdoor Advertisers, 2006-2007 ($ in millions) Rank Advertiser 2007 2006 % Change

1 AT&T $108.6 $85.8 26.6% 2 Verizon Communications 63.7 57.2 11.4% 3 Sprint Nextel Corp. 60.5 24.6 145.9% 4 Time Warner 54.3 53.9 0.7% 5 Walt Disney Co. 48 45.5 5.5% 6 McDonald's Corp. 45.7 48.7 -6.2% 7 General Motors Corp. 45.2 40.8 10.8% 8 Anheuser-Busch Cos. 36.8 36.9 -0.3% 9 General Electric Co. 28.5 23.5 21.3% 10 Coca-Cola Co. 27.4 26.7 2.6%

Top 10 Total 518.7 443.6 16.9% Source: Advertising Age; TNS Media Intelligence. May, 2008.

Table 104. Top 25 Advertisers in Hispanic media ($ millions)

RANK MARKETER 2007 AD SPENDING % Change 1 Lexicon Marketing Corp. $218.1 24.4 2 Procter & Gamble Co. 163.1 -4.3 3 AT&T 119.3 -10 4 General Motors Corp. 100.8 -2.7 5 Broadcasting Media Partners (Univision) 91.3 -14.8 6 McDonald’s Corp. 89.7 6.6 7 Toyota Motors Corp. 80.7 16.9 8 Sears Holdings Corp. 79.6 -4.5 9 Verizon Communications 79.3 -12.8 10 Johnson & Johnson 76.8 -3.6 11 Ford Motor Co. 73.4 -0.3 12 Walt Disney Co. 67.0 3.8 13 Cerberus Capital Mgmt (incl. Chrysler) 66.1 1.9 14 Nissan Motor Co. 61.3 82.7 15 Wal-Mart Stores 59.9 -10.3 16 TVAtlas.com 55.1 14.8 17 Hyundai Corp. 53.9 -12.8 18 America Directo 52.5 14.2 19 Sprint Nextel Corp. 51.8 98.3 20 Deutsche Telekom 50.1 15.4 21 Allstate Corp. 47.0 26.4 22 Olympia 43.2 NA 23 Unilever 42.8 -4.6 24 SABMiller 42.0 -8.7 25 L’Oreal 41.7 -10.5

Source: TNS Media Intelligence. Advertising Age. July 2008.

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Table 105. Top 10 U.S. Wireless Providers, 2006-07 ($ in millions) Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 AT&T 27.4% 26.9% $1,589.3 $1,381.5 $57.9 2 Verizon Wireless 25.7 25.3 1,717.4 1,592.3 66.8 3 Sprint Nextel Corp. 21.1 22.8 1,313.2 1,251.9 62.3 4 T-Mobile (Deutsche Telekom) 11.2 10.7 606.8 595.1 54 5 Alltel Corp. 4.8 4.9 191.7 160.6 39.8 6 U.S. Cellular (TDS) 2.4 2.5 82.6 75.4 34.6 7 MetroPCS Communications 1.6 1.3 42 27.1 26.8 8 Leap Wireless International 1.1 1 38.8 25.2 34.2 9 Centennial Communications Corp. 0.4 0.4 3.5 3.7 8.1

10 Rural Cellular Corp. 0.3 0.3 2 2.3 6.4 Top 10 96.1 96.1 5,587.3 5,115.1 58.1

Industry total (subscribers in millions) 255.4 233 5,910.5 5,512.9 NA Source: TNS Media Intelligence (ad spending), AgAge May, 2008.

Table 106. Top 10 Movie Studios, 2006-2007 ($ in millions) Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 Time Warner (Warner Bros./New Line) 20.50% 14.90% $925.20 $797.80 $45.10 2 Viacom (Paramount) 16.1 10.8 556.2 455.6 34.5 3 Disney (Buena Vista/Miramax) 15.3 16.7 498.1 492.3 32.6 4 Sony (Sony/Columbia) 13.3 19.2 513.3 708.9 38.6 5 GE (Universal) 12.7 10.8 590.4 581.2 46.5 6 News Corp. (Fox) 11.9 17 299.2 450 25.1 7 Lions Gate (Lionsgate) 3.8 3.6 177.3 109.7 46.7 8 Metro-Goldwyn-Mayer (MGM/UA) 3.8 1.8 243.5 150.6 64.1 9 Weinstein Co. 0.4 2.5 28.2 99.5 70.4 10 IDP Distribution 0.2 0.2 17.1 0.8 85.3

Top 10 98 97.5 3,848.50 3,846.40 39.3 Industry total (box office, $ million) 9,664.00 9,210.00 4,108.30 4,005.60 NA

Source: TNS Media Intelligence (ad spending), Ad Age DataCetner (share calculation); Ad Age, May, 2008.

Table 107. Top 10 Restaurant Chains Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 McDonald's 7.9% 7.7% $808.4 $776.4 $102.4 2 Burger King 2.4 2.4 274.6 285.2 116.8 3 Starbucks 2.3 2.0 66.8 36.5 28.4 4 Subway (Doctor's Associates) 2.3 2.2 360.4 361.3 160.0 5 Wendy's 2.1 2.2 304.4 360.4 141.7 6 Taco Bell (Yum Brands) 1.7 1.7 239.0 260.2 143.8 7 KFC (Yum Brands) 1.4 1.5 261.8 251.4 185.2 8 Pizza Hut (Yum Brands) 1.4 1.5 199.7 206.4 142.5 9 Dunkin' Donuts (Dunkin' Brands) 1.4 1.3 106.6 107.9 78.0 10 Applebee's (IHOP Corp.) 1.2 1.3 168.2 174.2 136.4

Top 10 24.1 23.9 2,789.8 2,820.0 115.9 Industry total (sales, $ billion) 364.1 350.3 5,349.8 5,323.1 NA

Source: Ad Age DataCenter (spending per share point); Adage, May, 2008

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Table 108. Top 10 Auto Marketers Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 General Motors Corp. 23.7% 24.5% $2,061.9 $2,208.4 $87.1 2 Toyota Motor Corp. 16.2 15.4 1,072.1 1,202.7 66.1 3 Ford Motor Co. 15.8 17.5 1,651.1 1,700.3 104.2 4 Chrysler(1) 12.9 12.9 1,148.0 1,245.0 89.3 5 Honda Motor Co. 9.6 9.1 849.0 878.3 88.4 6 Nissan Motor Co. 6.6 6.2 953.3 942.9 144.2 7 Hyundai Motor Co. 2.9 2.8 442.6 550.1 153.1 8 BMW 2.1 1.9 147.1 134.6 70.7 9 Volkswagen 2.0 2.0 201.1 302.0 99.0 10 Kia Motors Corp.(2) 1.9 1.8 187.3 184.7 99.1

Top 10 93.7 94.0 8,713.6 9,349.1 93.0 Industry total (units in millions) 16.2 16.6 9,622.2 10,187.6 NA

Source: Automotive News (sales); TNS Media Intelligence (ad spending), Ad Age DataCenter (share calculations); AdAge, May, 2008.

Table 109. Top 10 Retailers, 2006-2007 ($ in millions) Ad Spending in 18 Measured Media Market Share Million in Dollars `

Rank Brand 2007 2006 2007 2006 Share Point 1 Macy's 1.0% 1.1% $1,017.7 $1,090.3 $1,017.1 2 Sears Holdings Corp. 1.7 1.9 752.7 782.1 438.9 3 Target Corp. 2.4 2.3 727.6 671.3 302.0 4 Home Depot 2.9 3.1 576.6 542.9 196.0 5 Wal-Mart Stores 10.8 10.6 550.3 536.2 51.0 6 J.C. Penney Co. 0.8 0.8 473.6 463.5 627.1 7 Kohl's Corp 0.6 0.6 439.5 435.9 701.6 8 Lowe's Cos. 1.8 1.9 438.1 461.3 238.6 9 Best Buy Co. 1.2 1.1 403.5 380.5 341.9 10 Gap Inc. 0.5 0.5 341.9 406.2 732.6

Top 10 23.7 23.8 5,721.5 5,770.3 241.1 Industry total (sales, $ trillion) 2.6 2.5 18,702.1 19,108.9 NA

Source: CMR; Advertising Age, May, 2008.

Table 110. Top 10 Beverage Brands, 2006-2007 ($ in millions) Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 Coca-Cola (Coca-Cola Co.) 15.2% 15.7% $294.6 $334.0 $19.4 2 Pepsi (PepsiCo) 9.5 10.0 162.1 192.7 17.1 3 Mountain Dew (PepsiCo) 4.3 4.4 46.9 57.6 10.9 4 Dr Pepper (Dr Pepper Snapple Group) 3.8 3.9 52.9 86.1 13.9 5 Gatorade(3) (PepsiCo) 3.6 3.6 175.4 183.0 48.7 6 Sprite (Coca-Cola Co.) 3.0 3.2 12.5 27.1 4.2 7 Tropicana(4) (PepsiCo) 2.3 2.5 31.8 17.8 13.8 8 Aquafina (PepsiCo) 2.2 2.1 15.1 18.2 6.9 9 Dasani (Coca-Cola Co.) 1.9 1.8 1.5 16.6 0.8

10 Minute Maid(4) (Coca-Cola Co.) 1.8 2.1 26.5 21.5 14.7 Top 10 47.7 49.2 819.1 954.6 17.2 Industry total (gallons in billions) 30.5 30.2 1,589.2 1,658.0 NA

Source: Advertising Age, May, 2008.

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Table 111. Top 10 Beer Brands, 2006-2007 ($ in millions) Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007 Rank Brand 2007 2006 2007 2006 Share Point

1 Anheuser-Busch 48.20% 47.90% $452.70 $486.60 $9.40 2 SABMiller 18.4 17.7 230.7 244.7 12.5 3 Molson Coors 11.1 10.8 184.4 182 16.6 4 Crown Imports(1) 5.4 2.7 85.7 66.3 15.9 5 Heineken 4.1 4 163.4 150.6 39.9 6 Pabst 2.8 3 1.3 0.6 0.5 7 Diageo/Guinness 1.4 1.5 33.4 42.4 23.8 8 Boston Beer Co. 0.8 0.7 30.2 28.9 37.7 9 D.G. Yuengling & Son 0.8 0.7 0.8 0.8 0.9

10 Labatt USA(2) (InBev) 0.7 1.7 4.3 5.2 6.1 Top 10 93.7 90.7 1,186.80 1,208.10 12.7 Industry total (barrels in millions) 218.3 215 1,215.40 1,248.50 NA

Source: Advertising Age May, 2008.

Table 112. Top 10 Credit Card Issuers, 2006-2007 ($ in millions)

Ad Spending in 18 Measured Media Market Share Million in Dollars Per 2007

Rank Brand 2007 2006 2007 2006 Share Point 1 American Express 24.2% 23.0% $496.8 $502.4 $20.6 2 J.P.Morgan Chase 19.6 20.2 196.5 196.4 10.0 3 Bank of America 18.4 18.7 25.1 16.5 1.4 4 Citigroup 14.7 15.0 141.5 201.2 9.7 5 Capital One 6.8 7.0 243.0 256.0 35.8 6 Discover 5.8 6.0 85.5 141.1 14.8 7 U.S. Bancorp 3.8 3.7 0.2 0.1 0.1 8 Wells Fargo 2.7 2.4 0.0 0.0 0.0 9 HSBC 2.6 2.6 6.9 2.9 2.6 10 GE Money 1.5 NA 1.0 0.5 0.6

Top 10 (card volume, $ billion) 1,849.0 NA 1,196.5 1,317.2 0.6 Total credit-card measured spending NA NA 1,887.6 2,071.1 NA

Source: TNS; Advertising Age ,May , 2008.

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Global Advertisers

102




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Table 113. Top 25 Global Marketers ($ in millions)

Rank 2006 Worldwide Ad 2006 Advertiser Spending % Change

1 Procter & Gamble $8,522 4.1% 2 Unilever 4,537 8.1% 3 General Motors Corp. 3,353 -17.4% 4 L'Oreal 3,119 12.7% 5 Toyota Motor Corp. 3,098 9.1% 6 Ford Motor Co. 2,869 8.5% 7 Time Warner 2,136 -13.8% 8 Nestle 2,114 0.2% 9 Johnson & Johnson 2,025 -13.2% 10 DaimlerChrysler² ³ 2,003 -5.4% 11 Honda Motor Co 1,910 4.2% 12 Coca-Cola Co 1,893 7.9% 13 Walt Disney Co. 1,755 -3.7% 14 GlaxoSmithKline 1,754 9.3% 15 Nissan Motor Co. 1,670 -6.2% 16 Sony Corp. 1,620 5.4% 17 McDonald's Corp. 1,611 3.7% 18 Volkswagen 1,609 -0.1% 19 Reckitt Benckiser 1,550 7.2% 20 PepsiCo 1,530 -8.4% 21 Kraft Foods 1,513 0.9% 22 Danone Group 1,297 3.0% 23 General Electric Co. 1,253 -6.8% 24 Yum Brands 1,178 5.4% 25 News Corp. 1,104 -1.3%

Source: Advertising Age. November 2007.

Table 114. Regional Ad Spending by Top 100 Marketers, 2005-06 ($ in millions) Region 2006 2005 % Change % of Total Africa $711 $655 8.6% 0.7% Asia and Pacific 14,915 14,947 -0.2 15.3 Europe 31,121 29,498 5.5 31.8 Latin America 2,483 2,203 12.7 2.5 Middle East 422 424 -0.5 0.4 Canada 2,093 1,898 10.3 2.1 U.S. 46,015 47,049 -2.2 47.1 Worldwide 97,760 96,673 1.1% 100.0% Note: All figures are considered AdAge estimates. Source: Advertising Age. November 2007.

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Table 115. Ad Spending by Category for Top 100 Global Advertisers, 2005-06 ($ in millions) Category 2006 2005 % Change % Total Advertiser Count Automotive $22,195 $22,291 -0.4% 22.7% 16 Personal Care 19,526 18,394 6.2% 20.0% 9 Entertainment & media 9,538 10,038 -5.0% 9.8% 8 Food 7,793 7,638 2.0% 8.0% 7 Drugs 7,707 7,376 4.5% 7.9% 9 Electronics 4,023 3,800 5.9% 4.1% 8 Soft drinks 3,916 3,941 -0.6% 4.0% 3 Retail 3,576 3,355 6.6% 3.7% 7 Cleaners 3,571 3,323 7.5% 3.7% 4 Restaurants 3,553 3,375 5.3% 3.6% 4 Computers 3,247 3,223 0.7% 3.3% 5 Telephone 2,488 2,956 -15.8% 2.5% 4 Financial 2,433 2,622 -7.2% 2.5% 5 Beer, wine & liquor 2,050 2,261 -9.4% 2.1% 6 Candy 1,137 1,104 3.0% 1.2% 2 Toys 699 704 -0.6% 0.7% 2 Source: Advertising Age. November 2007. Note: All figures are considered AA estimates. Table 116. Top 10 Advertisers in Brazil, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Casas Bahia $313.2 $319.7 -2.1% 2 Unilever 112.5 58.4 92.6 3 Ambev 69.8 NA NA 4 General Motors Corp. 63.5 53.7 18.4 5 Grupo Pao De Acucar 61.1 NA NA 6 Fiat 60.9 42.9 42.0 7 Justica Eleitoral 54.6 16.6 228.3 8 Abril 53.3 27.7 92.8 9 Ford Motor Co. 52.9 41.0 29.0

10 CEF (state bank) 52.2 32.7 59.9 Source: Advertising Age. November 2007.

Table 117. Top 10 Advertisers in Canada, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Procter & Gamble Co. $182.0 $169.4 7.4% 2 General Motors Corp. 97.7 114.2 -14.4 3 Telus Corp. 77.3 70.9 9.1 4 L’Oreal 74.8 63.2 18.3 5 Provincial Government Lotteries 71.9 66.7 7.7 6 Sony Corp. 71.2 55.0 29.6 7 Ford Motor Co. 71.0 50.4 40.9 8 Honda Motor Co. 67.8 52.5 29.0 9 Johnson & Johnson 63.4 50.3 26.0

10 Toyota Motor Corp. 58.6 56.4 3.9 Source: Advertising Age. November 2007.

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Table 118. Top 10 Advertisers in China, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Procter & Gamble Co. $977.8 $948.5 3.1% 2 Unilever 377.0 230.8 63.4 3 Harbin Pharma Group Group 353.5 288.5 22.5 4 Shanghai Goldenpartner Biology 179.3 162.0 10.6 5 China Mobile Telecom 178.3 120.3 48.2 6 Yum Brands 133.3 79.8 67.1 7 Hayao Group Sanchine Pharmacy 126.0 89.3 41.2 8 L’Oreal 121.0 83.0 45.8 9 Colgate-Palmolive Co. 108.0 121.0 -10.7

10 Nice Group 92.3 64.0 44.1 Source: Advertising Age. November 2007.

Table 119. Top 10 Advertisers in France, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Vivendi $389.0 $349.1 11.4% 2 L’Oreal 384.2 347.5 10.6 3 PSA Peugeot Citroen 336.5 311.3 8.1 4 France Telecom 295.4 313.4 -5.7 5 Renault 265.8 242.7 9.5 6 Association Familiale Mulliez 258.1 277.6 -7.0 7 Danone 224.9 224.3 0.3 8 Nestle Group 215.9 226.8 -4.8 9 Carrefour 201.5 201.1 0.2

10 Canal + Groupe 186.5 180.6 3.2 Source: Advertising Age. November 2007.

Table 120. Top 10 Advertisers in Germany, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Metro Group $401.7 $350.4 14.6% 2 Deutsche Telekom 289.6 239.8 20.8 3 Lidl & Schwarz Stiftung & Co. 280.9 268.2 4.8 4 Procter & Gamble Co. 265.8 237.2 12.1 5 Volkswagen 257.2 223.1 15.3 6 L’Oreal 236.6 196.0 20.7 7 Bertelsmann 227.7 204.5 11.4 8 Albrecht, Muelheim 215.9 204.5 5.6 9 Unilever 204.5 212.8 -3.9

10 Axel Springer Verlag 193.3 212.9 -9.2 Source: Advertising Age. November 2007.

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Table 121. Top 10 Advertisers in Italy, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Fiat $156.5 $131.5 19.0% 2 Procter & Gamble Co. 125.0 135.8 -8.0 3 Unilever 122.8 142.0 -13.5 4 Ferrero 121.7 105.8 15.1 5 Telecom Italia 111.1 142.3 -21.9 6 L’Oreal 105.8 93.7 12.9 7 Vodafone 95.9 94.5 1.5 8 Barilla Holding 94.1 93.8 0.3 9 Volkswagen 91.7 87.9 4.3

10 PSA Peugeot Citroen 84.6 78.6 7.6 Source: Advertising Age. November 2007.

Table 122. Top 10 Advertisers in Japan, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Toyota Motor Corp. $1,023.9 $929.4 10.2% 2 Matsushita Electric Industrial Co. 714.1 712.8 0.2 3 Honda Motor Co. 705.5 676.7 4.3 4 Softbank Mobile 542.1 0.0 NA 5 Kao Corp. 481.8 514.3 -6.3 6 Canon 447.4 460.2 -2.8 7 Seven & I Holdings Co. 438.8 90.2 386.3 8 Nissan Motor Co. 413.0 424.1 -2.6 9 Aeon Co. 404.4 297.8 35.8

10 Kddi Corp. 387.2 288.7 34.1 Source: Advertising Age. November 2007.

Table 123. Top 10 Advertisers in South Korea, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 LG Group $240.0 $180.6 32.9% 2 Samsung Group 204.4 235.7 -13.3 3 KT Corp. 148.8 148.1 0.5 4 Hyundai Motor Co. 142.6 94.4 51.1 5 SK Group 135.9 122.9 10.6 6 Lotte Group 123.6 111.4 10.9 7 American International Group 94.5 60.9 55.2 8 Amore Pacific 64.5 56.6 14.0 9 Kia Motors Corp. 55.6 49.5 12.4

10 Hi Mart 48.8 47.0 3.9 Source: Advertising Age. November 2007.

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Table 124. Top 10 Advertisers in Spain, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Telefonica $182.7 $185.1 -1.3% 2 Volkswagen 150.9 126.2 19.5 3 L’Oreal 124.3 111.5 11.5 4 Procter & Gamble Co. 109.4 101.0 8.4 5 El Corte Ingles 99.9 98.9 1.0 6 Renault 83.9 66.3 26.7 7 General Motors Corp. 80.7 86.3 -6.4 8 Vodafone 73.3 86.3 -15.0 9 Danone Group 73.3 64.2 14.2

10 Ford Motor Co. 68.0 57.9 17.5 Source: Advertising Age. November 2007.

Table 125. Top 10 Advertisers in United Kingdom, 2005-2006 ($ in millions)

Rank Advertiser 2006 2005 % Change 1 Procter & Gamble Co. $384.7 $390.4 -1.5% 2 Unilever 305.6 356.7 -14.3 3 COI Communications 253.3 306.1 -17.2 4 L’Oreal 217.0 193.0 12.4 5 DFS Furn 180.7 157.8 14.6 6 Ford Motor Co. 180.3 191.2 -5.7 7 Volkswagen 152.1 155.8 -2.4 8 Reckitt Benckiser 152.0 146.4 3.8 9 General Motors Corp. 144.4 155.8 -7.3

10 Tesco 143.8 122.2 17.7 Source: Advertising Age. November 2007.

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Advertising & Marketing Services Companies

111




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Table 126. Advertising Holding Company Family Tree

Agency Family TreeAgency Family TreePrimary holdings of the world’s top four marketing organizations by 2007 worldwide revenue

Omnicom Group$12.69 Billion

Global Networks

DDB World wide Communications$2.62 Billion

BBDO Worldwide$ 2.39Billion

TBWA Worldwide$1.78 Billion

Omnicom Media Group$1.76 Billion

Other Agencies

Bernard Hodes Group$136 million

Cline Davis & Mann$127 million

Alcone Marketing Group$126 million

1

Media Agencies

JWT $1.49 Billion

Ogilvy Group$1.84 Billion

Young & Rubicam Brands$2.15 Billion

Global Networks

Group M$2.07 Billion

WPP investments

United Group$115 million

2

Grey Group$1.18 Billion

Media Agencies

Market Research

Kantar Group$1.81 Billion

Asatsu-DK$454 million

STW Group$235 million

Other Agencies

WPP Group$12.38 Billion

CHI & Partners$45 million

LOWE $518 million

DRAFTFCB$1.24 Billion

Mccann World Group$2.53 Billion

Global Networks

Initiative$276 million

Public Relations

Media Agencies

3

Hill Holliday$154 million

Universal McCann$410 million

Interpublic Group of Co.s$6.55 Billion

Saatchi & Saatchi$740 million

Leo Burnett Worldwide$1.07 Billion

Publicis Worldwide$1.2 Billion

Global Networks

Zenithoptimedia$681 million

Other Agencies

Media Agencies

4

Digitas$415 million

Starcom Mediavest Group$814 million

Publicis Groupe$6.38 Billion

Saatchi & Saatchi$740 million

Leo Burnett Worldwide$1.07 Billion

Publicis Worldwide$1.2 Billion

Global Networks

Zenithoptimedia$681 million

Other Agencies

Media Agencies

4

Digitas$415 million

Starcom Mediavest Group$814 million

Publicis Groupe$6.38 Billion

Media & Regies Europe$95 million

Healthcare Agencies

Bartle Bogle Hegarty$161 million

DeVries Public Relations

GolinHarris

Medicus N.Y.$74 MILLION

Publicis Selling Solutions Group$78 MILLION

Saatchi & Saatchi ConsumerHealth & Wellness $75 million

Fallon Worldwide$92 million

Kaplan Thaler Group$58 million

Reprise Media$12 million

ID Media

Other Agencies

Campbell-Ewald$239 million

Deutsch$146 million

Mullen$121 million

Tapsa$40 million

Chime Communications$193 millionGMR Marketing

$100 million

Goodby, Silverstein & Partners$84 million

Targetbase$87 million

Marketing Arm$68 million

GSD&M’s Idea City$114 million

GMMB$37 million

Element 79 Partners$46 million

Source: Advertising Age. May 2008.

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Table 127. World’s Top 50 Agency Companies, 2006-2007 ($ in millions)

2007 2006 AGENCY 2007 2006 % CHG 2007 2006 % CHG 2007 2006 % CHG1 1 Omnicom Group $12,694 $11,377.0 11.6 $6,704.0 $6,194.0 8.2 $5,990.0 $5,183.0 15.62 2 WPP Group 12,383.0 10,820.0 14.5 4,538.0 4,196.0 8.1 7,846.0 6,624.0 18.43 3 Interpublic Group of Cos. 6,554.0 6,191.0 5.9 3,650.0 3,441.0 6.1 2,904.0 2,750.0 5.64 4 Publicis Groupe 6,384.0 5,872.0 8.7 2,681.0 2,673.0 0.3 3,703.0 3,199.0 15.75 5 Dentsu* 2,932.0 2,951.0 -0.6 67.0 46.0 44.0 2,866.0 2,904.0 -1.36 7 Aegis Group* 2,215.0 1,826.0 21.3 512.0 NA NA 1,703.0 NA NA7 6 Havas 2,094.0 1,840.0 13.8 691.0 681.0 1.5 1,403.0 1,159.0 21.08 8 Hakuhodo DY Holdings* 1,392.0 1,337.0 4.1 NA NA NA 1,392.0 1,337.0 4.19 10 MDC Partners 547.0 412.0 32.8 439.0 345.0 27.3 108.0 67.0 61.2

10 12 Alliance Data Systems (Epsilon)* 469.0 309.0 51.8 440.0 300.0 46.7 29.0 9.0 232.611 9 Asatsu-DK 454.0 430.0 5.6 3.0 3.0 7.7 451.0 427.0 5.612 13 Media Consulta 415.0 301.0 38.0 NA NA NA 415.0 301.0 38.013 11 Carlson Marketing* 413.0 390.0 5.9 299.0 282.0 6.0 114.0 108.0 5.614 14 Microsoft Corp. 368.0 268.0 37.7 299.0 235.0 27.1 69.0 32.0 114.915 30 Photon Group* 314.0 154.0 103.3 NA NA NA 314.0 154.0 103.316 15 Cheil Worldwide 300.0 256.0 16.9 27.0 21.0 33.8 272.0 236.0 15.417 NA IBM Corp.* (IBM Interactive) 278.0 NA NA 188.0 NA NA 90.0 NA NA18 17 George P. Johnson Co. 253.0 213.0 18.5 185.0 159.0 16.4 67.0 54.0 24.719 16 Sapient Corp. (Sapient 241.0 228.0 5.8 164.0 148.0 10.8 77.0 80.0 -3.520 25 STW Group 235.0 168.0 39.6 NA NA NA 235.0 168.0 39.621 26 Grupo ABC de Comunicacao 228.0 161.0 42.1 NA NA NA 228.0 161.0 42.122 23 Clemenger Communications 220.0 174.0 26.6 NA NA NA 220.0 174.0 26.623 20 Cossette Communication Group 218.0 190.0 14.4 17.0 20.0 -12.7 200.0 170.0 17.624 21 LBi International 211.0 184.0 14.9 NA NA NA 211.0 184.0 14.925 18 Media Square 206.0 196.0 5.2 13.0 12.0 5.9 193.0 184.0 5.226 19 inVentiv Health (inVentiv 204.0 192.0 6.7 184.0 180.0 1.9 21.0 11.0 82.527 34 Chime Communications 193.0 143.0 35.4 3.0 2.0 47.1 191.0 141.0 35.228 22 Harte-Hanks Direct 182.0 181.0 0.6 182.0 181.0 0.6 NA NA NA29 31 Merkle 181.0 149.0 20.9 181.0 149.0 20.9 NA NA NA30 28 Mosaic Sales Solutions 175.0 160.0 9.5 121.0 116.0 4.6 54.0 44.0 22.331 24 Doner 175.0 174.0 0.6 164.0 163.0 0.6 11.0 11.0 0.032 39 Commarco Holding 172.0 116.0 48.0 NA NA NA 172.0 116.0 48.033 27 Richards Group 168.0 160.0 5.3 168.0 160.0 5.3 NA NA NA34 33 Wieden & Kennedy* 165.0 144.0 14.6 90.0 86.0 4.8 75.0 58.0 29.035 35 M&C Saatchi 164.0 139.0 18.2 7.0 7.0 12.4 157.0 132.0 18.536 36 Creston* 164.0 128.0 28.1 3.0 3.0 9.1 161.0 125.0 28.537 29 Bartle Bogle Hegarty* 161.0 155.0 3.9 31.0 25.0 24.0 130.0 130.0 0.038 41 Serviceplan Agenturgruppe 149.0 105.0 42.1 NA NA NA 149.0 105.0 42.139 32 Tokyu Agency 148.0 145.0 2.1 NA NA NA 148.0 145.0 2.140 38 Cramer-Krasselt 137.0 118.0 16.3 137.0 118.0 16.3 NA NA NA41 43 AKQA 128.0 98.0 30.6 128.0 98.0 30.6 NA NA NA42 37 Marketing Store 127.0 121.0 4.3 45.0 50.0 -9.8 81.0 71.0 14.243 40 RPA 116.0 105.0 10.3 116.0 105.0 10.3 NA NA NA44 45 Aspen Marketing Services* 112.0 95.0 18.3 112.0 95.0 18.3 NA NA NA45 42 Protocol Integrated Direct 111.0 101.0 9.9 89.0 81.0 9.9 22.0 20.0 10.046 44 Derse 109.0 97.0 12.0 106.0 95.0 11.5 2.0 2.0 38.847 49 TMP Worldwide 105.0 83.0 26.9 87.0 77.0 13.3 17.0 6.0 201.248 52 D. L. Ryan Cos. 94.0 77.0 22.5 92.0 75.0 22.2 2.0 2.0 36.149 58 IMC2* 92.0 62.0 48.7 92.0 62.0 48.7 NA NA NA50 48 HealthStar Communications* 88.0 83.0 5.9 88.0 83.0 5.9 NA NA NA

RANK WORLDWIDE REVENUE U.S. REVENUE REVENUE OUTSIDE THE U.S.

Note: * reflects Advertising Age estimate. Source: Advertising Age, May 2008.

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Figure 19. Ad Holding Company Revenue by Client Vertical (% share)

OMC (top 250 clients)

Food/Beverage, 15%

Pharma, 14%

CPG, 9%

Telecom, 9%

Finc Svcs, 8%

PC's, 5%

Retail, 4%

Travel/Entertainment, 4%

Tech, 3%

Oil/Gas, 2%Auto1, 18%

Other, 12%IPG (top 100 clients)

Tech/Telecom, 26%

Health/personal care, 19%

Food/Beverage, 14%

Auto/Transportation, 14%

Packaged goods, 8%

Financial Services, 7%

Other, 12%

Publicis

FMCG, 37%

Auto, 15%Healthcare, 12%

Financial, 9%

Telecom, 7%

Tech, 6%

Other, 3%

Retail, 4%Leisure, 3%

Media, 2%Energy, 1%

Luxury, 1% Havas

Retail, 30%

Health, 13%

TMT, 12%Auto, 11%

Finance, 11%

Services, 4%

Industry, 2%

Transportation, 2%

Other, 16%

Note: Category definitions are not standard across companies. OMC and IPG figures are approximations. WPP breakdown unavailable. 1. Skewed toward top clients, Auto represents 10-11% of total revenues, per OMC. Source: Companies; J.P.Morgan.

Table 128. World's Top 10 Core Agency Brands, 2006-2007 ($ in millions)

RANK WORLDWIDE REVENUE 2007 2006 AGENCY 2007 2006 % CHG

1 1 Dentsu $2,171.0 $2,185.0 -0.6% 2 2 BBDO Worldwide* [Omnicom] 1742.0 1540.0 13.2% 3 3 McCann Erickson Worldwide* [Interpublic] 1619.0 1479.0 9.5% 4 4 DDB Worldwide* [Omnicom] 1432.0 1264.0 13.3% 5 6 TBWA Worldwide* [Omnicom] 1292.0 1135.0 13.8% 6 5 JWT* [WPP] 1237.0 1140.0 8.5% 7 7 Publicis* [Publicis] 1004.0 974.0 3.0% 8 8 Hakuhodo [Hakuhodo DY Holdings] 943.0 886.0 6.4% 9 9 Y&R* [WPP] 907.0 820.0 10.6%

10 10 Ogilvy & Mather Worldwide* [WPP] 812.0 770.0 5.5% *Revenue is Ad Age estimate and represents worldwide revenue from core advertising services for the global network. Figures exclude revenue from media planning/buying and from marketing services such as direct marketing, promotion and digital. Source: Advertising Age ,May, 2008.

115




Table 129. Top 25 U.S. Agency Brands by Core Advertising Revenue, 2006-2007 ($ in millions)

RANK U.S. REVENUE REVENUE OUTSIDE THE U.S. WORLDWIDE REVENUE 2007 2006 AGENCY 2007 2006 % CHG 2007 2006 % CHG 2007 2006 % CHG

1 1 BBDO Worldwide* [Omnicom] $628.0 $584.7 7.4 $1,271 $1,095.7 16 $1,899.0 $1,680.0 132 2 DraftFCB* [Interpublic] 518.9 496.1 4.6 472 445.1 6 991 941 5.33 3 McCann Erickson Worldwide* [Interpublic] 490 443.4 10.5 1129 1,035.8 9 1,619 1,479 9.54 17 Epsilon/Purple@Epsilon* [ADS (Epsilon)] 360 232 55.2 10 NA NA 370 232 59.45 4 Rapp Collins Worldwide* [Omnicom] 351.9 306 15 250 211 18.5 602 517 16.46 13 Digitas* [Publicis] 345 257 34.2 19 NA NA 364 257 41.67 6 OgilvyOne Worldwide* [WPP] 338.5 297.8 13.7 351 305.9 14.8 690 604 14.38 5 JWT* [WPP] 315.5 303.3 4 922 836.5 10.2 1,237 1,140 8.59 9 Y&R* [WPP] 307 280 9.6 600 540 11.1 907 820 10.6

10 11 MindShare Worldwide[WPP] 302.4 277.8 8.9 432 409.6 5.4 734 687 6.811 16 Avenue A/Razorfish [Microsoft Corp.] 299.3 235.4 27.1 69 32.2 114.9 368 268 37.712 8 Carlson Marketing* 299 282 6 114 108 5.6 413 390 5.913 7 OMD Worldwide* [Omnicom] 298.8 290.1 3 560 499.9 12 859 790 8.714 12 Wunderman* [WPP] 295 264 11.7 425 351 21.1 720 615 17.115 10 DDB Worldwide* [Omnicom] 290.8 277.9 4.6 1141 986 15.8 1,432 1,264 13.316 19 Starcom USA* [Publicis] 259 227.9 13.6 NA NA NA 259 228 13.617 14 Ogilvy & Mather Worldwide* [WPP] 255 250 2 557 520 7.2 812 770 5.518 15 Grey* [WPP] 249.8 235.7 6 395 369.3 7 645 605 6.619 22 Mediaedge.cia* [WPP] 242.9 196.7 23.5 398 342.2 16.4 641 539 1920 18 Campbell-Ewald* [Interpublic] 239.2 230 4 NA NA NA 239 230 421 23 Zenith Media USA* [Publicis] 215 188.5 14.1 NA NA NA 215 189 14.122 21 TBWA Worldwide* [Omnicom] 208.2 199 4.6 1084 936 15.8 1,292 1,135 13.823 27 MediaVest USA* [Publicis] 200 167.1 19.7 NA NA NA 200 167 19.724 26 Saatchi & Saatchi* [Publicis] 193.1 171.7 12.5 410 370 10.8 603 542 11.325 20 Leo Burnett Worldwide* [Publicis] 190.7 204.8 -6.9 526 546 -3.6 717 751 -4.5

*Revenue is Ad Age estimate Source: Advertising Age, May , 2008.

116




Table 130. Top 15 Consolidated Agency Networks, Ranked by 2007 Worldwide Network Revenue ($ in millions)

2007 2006 Network and Agencies 2007 2006 % Chg1 3 DDB Worldwide Communication Group[omnicom] $2,621.0 $2,280.0 15.0

DDB Worldwide 1,432.0 1,264.0 13.3Rapp Collins Worldwide 602.0 517.0 16.4Interbrand 240.0 222.0 8.0Tribal DDB 200.0 142.0 40.8TracyLocke Dallas 121.0 110.0 10.0

2 2 McCann Worldgroup [Interpublic] $2,533.0 $2,327.0 8.9McCann Erickson World Wide 1,619.0 1,479.0 9.5MRM Worldwide 261.0 244.0 7.0McCann Healthcare Worldwide 207.0 197.0 5.2Momentum Worldwide 175.0 159.0 10.1

3 1 Dentsu[Dentsu] $2,472.0 $2,487.0 -0.6Dentsu 2,171.0 2,185.0 -0.6

4 4 BBDO Worldwide[Omnicom] $2,389.0 $2,077.0 15.0BBDO Worldwide 1,899.0 1,680.0 13.0Proximity Worldwide 327.0 283.0 15.6Organic 125.0 86.0 45.0

5 5 Young & Rubicam Brands[WPP] $2,150.0 $1,910.0 12.4Y&R 907.0 820.0 10.6Wunderman 720.0 615.0 17.1Landor Associates 170.0 157.0Sudler & Hennessey 165.0 160.0 3.0

6 6 Ogilvy Group [WPP] $1,836.0 $1,648.0 11.4Ogilvy & Mather Worldwide 812.0 770.0 5.5OgilvyOne Worldwide 690.0 604.0 14.3OgilvyInteractive 345.0 295.0 17.0OgilvyAction 251.0 236.0 6.6Ogilvy Healthworld 160.0 139.0 15.1

7 7 TBWA Worldwide [Omnicom] $1,779.0 $1,587.0 12.1TBWA Worldwide 1,292.0 1,135.0 13.8Zimmerman Advertising 175.0 154.0 14.0Integer Group 132.0 132.0 0.0Agency.com 102.0 97.0 5.5TBWA/WorldHealth 101.0 90.0 12.0

8 8 JWT [WPP] $1,489.0 $1,385.0 7.5JWT 1,237.0 1,140.0 8.5RMG Connect 151.0 151.0 0.0

9 9 Euro RSCG Worldwide[Havas] $1,310.0 $1,183.0 10.8Euro RSCG Worldwide 748.0 646.0 15.8Euro RSCG 4D 383.0 386.0 -0.7Euro RSCG Life 160.0 137.0 17.0

10 11 DraftFCB [Interpublic] $1,241.0 $1,158.0 7.2DraftFCB 991.0 941.0 5.3R/GA 108.0 82.0 31.7DraftFCB Healthcare 105.0 99.0 5.7

11 10 Publicis Worldwide [Publicis] $1,200.0 $1,164.0 3.1Publicis (incl. Publicis 1,023.0 996.0 2.7Publicis Modem & Dialog 177.0 168.0 5.9

12 12 Grey Group [WPP] $1,177.0 $1,110.0 6.1Grey New York 645.0 605.0 6.6G2 New York 402.0 372.0 8.1GHG (Grey Healthcare 121.0 123.0 -2.2

13 13 Leo Burnett Worldwide[Publicis] $1,070.0 $1,062.0 0.8Leo Burnett Worldwide 717.0 751.0 -4.5Arc Worldwide Chicago 282.0 249.0 13.3

14 14 Hakuhodo [Hakuhodo] $943.0 $885.0 6.615 15 Saatchi & Saatchi[Publicis] $740.0 $660.0 12.1

Saatchi & Saatchi 603.0 542.0 11.3

Rank Worldwide Revenue

Source: Advertising Age.

117




Table 131. Top U.S. Marketing Services Agencies, 2006-2007 ($ in millions)

2007 2006 AGENCY 2007 2006 % CHG1 2 Epsilon/Purple@Epsilon* [Alliance Data Systems] $440.0 $300.0 46.7%2 1 Rapp Collins Worldwide* [Omnicom] 351.9 306.0 15.0%3 7 Digitas* [Publicis] 345.0 257.0 34.2%4 3 OgilvyOne Worldwide* [WPP] 338.5 297.8 13.7%5 8 Avenue A/Razorfish [Microsoft Corp.] 299.3 235.4 27.1%6 5 Carlson Marketing* 299.0 282.0 6.0%7 4 DraftFCB (MS only)* [Interpublic] 298.4 285.3 4.6%8 6 Wunderman* [WPP] 295.0 264.0 11.7%9 10 G2* [WPP] 189.2 175.1 8.1%

10 NA IBM Interactive* [IBM Corp.] 188.0 NA NA11 11 George P. Johnson Co. 185.3 159.2 16.4%12 9 Harte-Hanks Direct 181.9 180.8 0.6%13 12 Merkle 180.7 149.5 20.9%14 13 Sapient [Sapient Corp.] 164.0 148.0 10.8%15 14 BBDO Worldwide (MS only)* [Omnicom] 156.0 140.5 11.0%16 18 MRM Worldwide* [Interpublic] 140.0 120.0 16.7%17 15 Integer Group* [Omnicom] 131.6 131.6 0.0%18 19 Arc Worldwide* [Publicis] 129.7 117.3 10.6%19 17 Jack Morton Worldwide* [Interpublic] 128.5 124.8 3.0%20 26 AKQA 128.0 98.0 30.6%21 30 Organic* [Omnicom] 125.3 86.4 45.0%22 20 Mosaic Sales Solutions 121.3 115.9 4.6%23 21 TracyLocke* [Omnicom] 121.0 110.0 10.0%24 22 Alcone Marketing Group* [Omnicom] 116.4 107.5 8.3%25 24 Interbrand* [Omnicom] 115.0 106.5 8.0%25 23 Momentum Worldwide* [Interpublic] 115.0 107.0 7.5%27 28 Aspen Marketing Services* 111.8 94.6 18.3%28 16 Euro RSCG 4D* [Havas] 108.7 125.2 -13.2%29 27 Derse 106.2 95.3 11.5%30 35 Accent Marketing Services [MDC] 102.8 71.1 44.5%31 34 R/GA* [Interpublic] 102.2 76.6 33.4%32 25 GMR Marketing* [Omnicom] 100.0 103.0 -2.9%33 NA iCrossing 98.0 NA NA34 38 IMC2* 91.7 61.7 48.7%35 NA Isobar* [Aegis] 91.5 NA NA36 NA Futurebrand* [Interpublic] 90.0 NA NA37 31 Protocol Integrated Direct Marketing 89.0 81.0 9.9%38 40 Tribal DDB* [Omnicom] 88.0 60.0 46.7%39 32 Targetbase* [Omnicom] 86.6 80.0 8.3%40 29 SourceLink 86.2 88.7 -2.8%41 33 Landor Associates* [WPP] 85.0 78.7 8.0%42 49 Web.com (Submitawebsite, Leads.com) 83.0 52.0 59.6%43 46 VML* [WPP] 74.0 56.0 32.1%44 43 Critical Mass* [Omnicom] 73.5 58.0 26.7%45 44 Acxiom Digital [Acxiom Corp.] 70.0 57.0 22.8%46 39 WhittmanHart Interactive 69.0 60.7 13.8%47 42 Ryan Partnership [D. L. Ryan Cos.] 68.7 58.5 17.5%48 36 Agency.com* [Omnicom] 68.3 65.0 5.1%49 37 Marketing Arm* [Omnicom] 68.2 63.0 8.3%50 48 Haggin Marketing 66.0 53.0 24.5%

RANK U.S. REVENUE

Asterisk (*) indicates estimate Source: Advertising Age, May 2008.

118




Table 132. Top 50 Direct Marketing Agencies, 2006 ($ in millions)

2007 2006 AGENCY [PARENT] 2007 2006 % CHG1 4 Epsilon/Purple@Epsilon* [Alliance Data Systems] $360.0 $232.0 55.2%2 1 Rapp Collins Worldwide* [Omnicom] 351.9 306.0 15.0%3 2 DraftFCB* [Interpublic] 298.4 285.3 4.6%4 3 Wunderman* [WPP] 295.0 264.0 11.7%5 6 G2* [WPP] 189.2 175.1 8.1%6 5 Harte-Hanks Direct 181.9 180.8 0.6%7 7 Merkle 180.7 149.5 20.9%8 9 MRM Worldwide* [Interpublic] 140.0 120.0 16.7%9 8 OgilvyOne Worldwide* [WPP] 134.5 122.5 9.8%

10 10 Aspen Marketing Services* 111.8 94.6 18.3%11 15 Accent Marketing Services [MDC] 102.8 71.1 44.5%12 11 Carlson Marketing* 98.7 94.3 4.6%13 13 Protocol Integrated Direct Marketing 89.0 81.0 9.9%14 14 Targetbase* [Omnicom] 86.6 80.0 8.3%15 12 SourceLink 86.2 88.7 -2.8%16 17 Campbell-Ewald* [Interpublic] 67.0 64.4 4.0%17 20 Haggin Marketing 66.0 53.0 24.5%18 16 Euro RSCG 4D* [Havas] 57.6 66.4 -13.3%19 19 RMG Connect* [WPP] 56.4 56.4 0.0%20 NA Hill Holliday* [Interpublic] 53.9 NA NA21 22 Mullen* [Interpublic] 49.9 36.0 38.6%22 25 Javelin Direct* [Omnicom] 46.5 30.2 54.0%23 21 Grizzard Communications Group [Omnicom] 45.3 45.3 0.0%24 23 Hacker Group* [Interpublic] 37.4 35.3 5.9%25 24 GSP Marketing Services* 35.2 35.0 0.6%26 18 Digitas* [Publicis] 34.5 64.0 -46.1%27 29 Russ Reid Co.* [Omnicom] 32.3 28.1 14.9%28 26 Paradysz Matera 31.6 28.6 10.2%29 31 Hawkeye [Hawkeye Group] 30.2 26.5 13.8%30 30 Valassis 1 to 1 Solutions* 28.6 26.7 7.1%31 27 Ambrosi [Schawk (Ambrosi)] 27.0 28.2 -4.4%32 33 RTC Relationship Marketing* [WPP] 24.1 18.6 29.6%33 35 Tranzact* 23.8 15.4 54.3%34 28 Arc Worldwide* [Publicis] 20.5 28.2 -27.3%35 32 Unit 7* [Omnicom] 20.3 18.8 8.0%36 NA Arnold Worldwide (MS)* [Havas] 20.0 NA NA37 34 Tequila* [Omnicom] 19.8 18.0 10.1%38 38 Direct Partners* [Omnicom] 19.3 14.6 32.2%39 39 Goodby, Silverstein & Partners* [Omnicom] 16.8 14.1 19.5%40 37 SendTec 16.0 14.9 7.8%41 36 Creative Direct Marketing Group 16.0 15.0 6.7%42 NA Acxiom Corp (Acxiom Direct Marketing) [Acxiom Corp.] 14.6 NA NA43 40 DMW Worldwide 13.2 13.6 -2.8%44 68 Focus/FGW 11.0 4.0 175.0%45 44 Razor 10.2 10.3 -1.6%46 55 Quigley-Simpson* 9.9 6.8 44.4%47 52 Lockard & Wechsler 9.8 7.6 29.9%48 48 Creative Direct Response 9.7 8.6 12.6%49 43 TaCito Direct Marketing 9.4 10.6 -11.4%50 47 TPG Direct* [Omnicom] 9.2 8.7 5.7%

RANK U.S. REVENUE

Asterisk (*) indicates estimate. Source: Advertising Age, May 2008.

119




Table 133. Worldwide Media Specialists by Gross Billings, 2007 ($ in billions)

MarketRank Share Holding Company / Media Unit 2007 % Chg

1 15.9% WPP / GroupM $63.5 7.0%2 11.9% Publicis / VivaKi 47.7 7.2%3 8.2% Omnicom / OMG 32.8 7.4%4 5.8% Interpublic / Mediabrands 23.0 -5.2%5 5.6% Aegis / Aegis Media 22.4 8.4%6 3.1% Havas / Havas Media 12.3 14.5%

MarketRank Share Global Network (Parent) 2007 % Chg

1 6.6% OMD (Omnicom) $26.3 6.7%2 6.3% Starcom MediaVest SMG (Publicis) 25.4 6.4%3 5.7% MindShare (WPP) 22.8 0.8%4 5.6% ZenithOptimedia (Publicis) 22.3 8.0%5 4.9% MediaCom (WPP) 19.8 10.5%6 4.8% Mediaedge:cia (WPP) 19.1 10.6%7 4.7% Carat (Aegis) 18.6 5.8%8 3.0% Universal McCann (Interpublic) 11.9 -6.5%9 2.8% MPG (Havas) 11.2 15.5%

10 2.8% Initiative (Interpublic) 11.1 -3.7%11 1.6% PHD (Omnicom) 6.5 -3.7%12 0.9% Vizeum (Aegis) 3.8 -3.7%13 0.4% Maxus (WPP) 1.8 -3.7%14 0.3% Arena (Havas) 1.1 -3.7%

50.4% Total holding companies/networks 201.7 6.1%49.6% Independents / in-house / others 198.3 4.8%

100.0% Total worldwide buying market 400.0 5.6%

Worldwide Billings

Worldwide Billings

Note: Estimates reflect only traditional media spending in 55 countries. Source: RECMA.

120




Table 134. Worldwide Media Specialists by Revenue, 2007 ($ in millions)

2007 2006 Holding Company / Media Unit 2007 % Chg1 1 WPP / GroupM $2,070 14.0%2 2 Omnicom / OMG 1,759 12.0%3 3 Publicis / VivaKi 1,590 12.3%4 4 Aegis / Aegis Media 1,348 23.6%5 5 Interpublic / Mediabrands 780 10.6%6 6 Havas / Havas Media 518 29.3%

2007 2006 Global Network (Parent) 2007 % Chg1 1 OMD (Omnicom) $859 8.7%2 2 Starcom MediaVest SMG (Publicis) 814 15.1%3 3 MindShare (WPP) 734 6.8%4 4 ZenithOptimedia (Publicis) 681 10.9%5 5 Carat (Aegis) 674 NA6 6 Mediaedge:cia (WPP) 641 19.0%7 7 MediaCom (WPP) 592 10.7%8 8 Universal McCann (Interpublic) 410 15.5%9 9 MPG (Havas) 379 6.2%

10 10 Initiative (Interpublic) 276 8.2%

2007 2006 Global Network (Parent) 2007 % Chg1 2 MindShare (WPP) $302 8.9%2 1 OMD (Omnicom) 299 3.0%3 3 Starcom USA (Publicis) 259 13.6%4 4 Mediaedge:cia (WPP) 243 23.5%5 5 Zenith Media USA (Publicis) 215 14.1%6 6 Icon International (Omnicom) 200 NA7 6 MediaVest USA (Publicis) 200 19.7%8 8 MPG (Havas) 175 8.3%9 10 Novus Print Media Network (Omnicom) 150 NA

10 11 PHD (Omnicom) 141 25.0%

2007 2006 Global Network (Parent) 2007 % Chg1 1 OMD (Omnicom) $560 12.0%2 2 Carat (Aegis) 556 NA3 3 MindShare (WPP) 432 5.5%4 4 MediaCom (WPP) 417 11.7%5 6 Mediaedge:cia (WPP) 398 16.4%6 5 ZenithOptimedia (Publicis) 379 7.4%7 8 Starcom MediaVest SMG (Publicis) 308 12.2%8 7 MPG (Havas) 288 4.1%9 9 Universal McCann (Interpublic) 270 20.0%

10 11 Initiative (Interpublic) 196 5.9%

Rank Non-U.S. Revenue

U.S. Revenue

Rank

Rank

Worldwide Revenue

Worldwide Revenue

Rank

Note: Estimates reflect only traditional media spending in 55 countries. Source: Advertising Age.

121




Table 135. Top 50 Direct Marketing Agencies, 2007 ($ in millions)

Rank2007 2006 AGENCY[Parent] 2007 2006 % CHG

1 1 Digitas* [Publicis] $345.0 $257.0 34.22 2 Avenue A/Razorfish [Microsoft Corp.] 299.3 235.4 27.13 6 Rapp Collins Worldwide*[Omnicom] 204.0 107.1 90.54 3 OgilvyInteractive* [WPP] 203.9 175.3 16.35 NA IBM Interactive* [IBM Corp.] 188.0 NA NA6 4 Sapient [Sapient Corp.] 164.0 148.0 10.87 5 Wunderman* [WPP] 162.3 145.2 11.78 7 AKQA 128.0 98.0 30.69 9 Organic* [Omnicom] 125.3 86.4 45

10 12 R/GA* [Interpublic] 102.2 76.6 33.411 8 DraftFCB* [Interpublic] 100.0 94.1 6.312 NA iCrossing Scottsdale, Ariz. 98.0 NA NA13 15 IMC2* 91.7 61.7 48.714 NA Isobar* [Aegis Group] 91.5 NA NA15 11 G2* [WPP] 90.3 80.1 12.716 17 Tribal DDB* [Omnicom] 88.0 60.0 46.717 NA MRM Worldwide* [Interpublic] 84.0 NA NA18 21 Web.com (Submitawebsite, Leads.com) 83.0 52.0 59.619 13 Purple@Epsilon* [Alliance Data Systems] 80.0 68.0 17.620 20 VML* [WPP] 74.0 56.0 32.121 18 Critical Mass* [Omnicom] 73.5 58.0 26.722 19 Acxiom Digital [Acxiom Corp.] 70.0 57.0 22.823 16 WhittmanHart Interactive 69.0 60.7 13.824 14 Agency.com* [Omnicom] 68.3 65.0 5.125 24 Brulant 53.2 36.3 46.526 30 Digitas Health* [Publicis] 51.0 30.0 7027 23 Ascentium (1) 50.8 37.0 37.328 22 TMP Worldwide Advertising and comms. 48.4 40.2 20.529 28 DoubleClick Performics* [Google] 47.9 34.0 4130 36 Blast Radius* [WPP] 45.0 27.2 65.330 25 Fry 45.0 36.0 2532 NA Goodby, Silverstein & Parters*[Omnicom] 43.7 NA NA33 26 Arc Worldwide* [Publicis] 43.2 34.4 25.634 27 360i* 42.0 34.0 23.535 31 Schematic* [WPP] 40.2 29.6 35.836 35 Resource Interactive 38.5 27.3 4137 37 AtmosphereBBDO* [Omnicom] 37.8 27.0 4038 NA Publicis Modem & Dialog*[Publicis] 36.7 NA NA39 29 RMG Connect* [WPP] 33.8 33.8 040 59 Hawkeye [Hawkeye Group] 33.5 13.0 157.741 39 Bridge Worldwide* [WPP] 31.5 24.0 31.342 41 T3 30.8 21.1 46.143 42 Moxie Interactive* [Publicis] 30.1 19.7 52.844 32 Euro RSCG Worldwide*[Havas] 29.6 27.8 6.445 33 Campbell-Ewald* [Interpublic] 28.7 27.6 446 38 Idea Integration Interactive 28.5 24.0 18.847 NA Zeta Interactive 27.3 NA NA48 40 Wirestone 26.9 23.2 1649 60 Neo@Ogilvy* [WPP] 25.8 12.6 104.850 43 Efficient Frontier* 25.8 19.7 31.3

Note: Asterisk (*) indicates estimate. Source: Advertising Age.

122




Table 136. Top U.S. Sales Promotion Agencies by Integrated Agency, 2007 ($ in millions)

Rank U.S. Sales Promo Revenue2007 2006 Agency (Parent) 2007 2006 %CHG

1 1 Carlson Marketing* $194.4 $182.0 6.82 2 George P. Johnson Co. 185.3 159.2 16.43 3 BBDO Worldwide (MS)* [Omnicom] 156.0 140.5 114 4 Integer Group* [Omnicom] 131.6 131.6 05 5 Jack Morton Worldwide* [Interpublic] 128.5 124.8 36 6 Mosaic Sales Solutions 121.3 115.9 4.67 7 TracyLocke* [Omnicom] 121.0 110.0 108 8 Alcone Marketing Group* [Omnicom] 116.4 107.5 8.39 9 Momentum Worldwide* [Interpublic] 115.0 107.0 7.5

10 11 Derse 106.2 95.3 11.511 10 GMR Marketing* [Omnicom] 100.0 103.0 -2.912 12 Marketing Arm* [Omnicom] 68.2 63.0 8.313 14 Arc Worldwide* [Publicis] 66.0 54.7 20.714 16 OgilvyAction* [WPP] 49.4 47.0 5.115 18 ePrize 49.0 35.9 36.516 13 Alloy Media & Marketing* 48.7 55.0 -11.417 17 G2* [WPP] 47.6 39.9 19.418 15 Marketing Store 45.4 50.3 -9.819 27 Rivet* [Interpublic] 40.0 20.9 91.420 20 Ryan Partnership [D. L. Ryan Cos.] 38.6 33.0 17.121 22 Saatchi & Saatchi X* [Publicis] 38.0 29.3 29.722 19 Spar Group 29.4 34.1 -13.823 24 Marketing Drive* 29.1 28.0 424 21 Euro RSCG 4D* [Havas] 27.2 31.3 -13.125 30 BFG Communications 25.5 17.3 47.326 NA TBA Global* 25.2 NA NA27 32 Switch 25.0 16.0 56.328 25 Cramer 24.2 23.2 4.229 NA Brierley & Partners* 24.0 NA NA30 23 Equity Marketing & Logistics* [Emak Worldwide] 23.7 28.1 -15.531 31 Catapult Integrated Services [D. L. Ryan Cos.] 23.3 16.8 38.532 28 Velocity Sports & Entertainment [Aegis Group] 21.8 19.0 14.633 29 Hawkeye [Hawkeye Group] 19.8 17.5 13.134 33 EastWest Marketing Group* 19.0 16.0 18.835 NA Arnold Worldwide (MS)* [Havas] 15.0 NA NA36 35 Campbell-Ewald* [Interpublic] 14.4 13.8 437 26 Aspen Marketing Services* 14.2 22.1 -35.738 34 Vox Medica 11.9 14.2 -15.639 36 Malone Advertising* [WPP] 10.6 9.9 7.340 43 Upshot* [Emak Worldwide] 10.0 7.6 31.641 47 Cheil USA [Cheil Worldwide] 9.7 6.8 42.442 37 Flair Communications Agency* 9.2 9.2 043 38 Marden-Kane 8.9 8.8 1.244 40 Mastermind Marketing 8.4 8.8 -445 45 McClain Finlon Advertising 8.1 7.4 9.646 41 Eric Mower & Associates 8.1 8.5 -447 42 Dieste Harmel & Partners* [Omnicom] 8.1 7.7 4.948 44 Source Marketing* [MDC Partners] 7.9 7.5 5.949 46 Power Creative 7.3 6.9 650 39 Noble Communications 6.7 8.8 -23.950 39 Noble Communications 6.7 8.8 -23.9

Asterisk (*) indicates estimate Source: Advertising Age. May 2008.

123




Table 137. Top U.S. Hispanic Agencies ($ in millions)

RANK U.S. REVENUE 2007 AGENCY [PARENT] 2007 2006 % CHG

1 Dieste Harmel & Partners* [Omnicom] $40.4 $38.5 4.9% 2 Bravo Group* [WPP] 37.8 35.3 7.1 3 Vidal Partnership 31.0 26.0 19.2 4 Lopez Negrete Communications 23.8 21.2 12.2 5 Bromley Communications* [Publicis] 22.6 23.4 -3.3 6 Conill* [Publicis] 20.9 17.4 20.1 7 GlobalHue* [GlobalHue*](1) 20.5 16.6 23.7 8 Zubi Advertising Services 19.6 19.0 3.2 9 LatinWorks* [Omnicom] 17.3 15.8 9.3

10 Casanova Pendrill* [Interpublic] 15.0 13.5 11.1 11 Accentmarketing* [Interpublic] 14.3 18.0 -20.8 12 Hispanic Group Corp. 13.2 14.2 -7.3 13 Alma DDB* [Omnicom] 13.1 13.1 0 14 De la Cruz Group 13.0 12.6 3.5 15 La Agencia de Orci & Asociados 12.1 16.0 -24.7 16 Arvizu Advertising & Promotions 11.8 10.3 15.1 17 Winglatino* [WPP] 10.0 10.0 0 18 Grupo Gallegos 9.5 8.5 12 19 Euro RSCG Latino* [Havas] 9.5 4.7 102.1 20 Machado/Garcia-Serra 9.3 7.2 28.8 21 Vox Collective 9.0 6.5 37.4 22 Lopito Ileana & Howie 8.2 7.0 17.1 23 Moroch Partners(1) 7.9 7.5 5.1 24 Al Punto 7.8 6.9 13 25 Acento 7.5 6.5 15.5

1) Ad Age estimates total GlobalHue multicultural revenue at $42.8 million (Hispanic represents 48% of the total), up 23.7%. Hispanic activities represent 25% at Moroch Partners. Asterisk (*) indicates estimate. Source: Ad Age's 64th annual agency report, May , 2008.

Table 138. Top U.S. African-American ($ in millions)

RANK U.S. REVENUE 2007 2006 AGENCY [PARENT] 2007 2006 % CHG

1 1 Carol H. Williams Advertising* $25.4 $25.4 0% 2 2 Burrell Communications Group* [Publicis] 23.0 23.2 -0.9 3 3 GlobalHue* [GlobalHue*] 19.7 15.9 23.7 4 4 UniWorld Group* [WPP] 16.8 13.7 23.1 5 5 Matlock Advertising & Public Relations 8.3 9.9 -16.5 6 10 Sanders/Wingo 8.3 6.0 37.7 7 9 Footsteps* [Omnicom] 8.2 6.5 26.2 8 6 Fuse 8.2 8.7 -5.6 9 8 True Agency 7.2 6.9 4.3

10 11 Hawkeye [Hawkeye Group] 6.4 5.9 7.1 Source: Ad Age's 64th annual agency report, May , 2008. Asterisk (*) indicates estimate.

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Table 139. Top Asian-American Agencies ($ in millions), Asian-American

RANK U.S. REVENUE 2007 2006 AGENCY [PARENT] 2007 2006 % CHG

1 1 Kang & Lee* [WPP] $16.5 $13.0 26.9% 2 4 InterTrend Communications (1) 12.1 8.0 51.5 3 2 Admerasia (1) 10.5 9.8 7.7 4 5 IW Group* [Interpublic] 10.2 7.8 30 5 7 Time Advertising 7.1 6.9 3 6 3 APartnership 7.0 8.7 -19.4 7 6 PanCom International* 5.9 7.7 -22.9 8 8 AdAsia Communications 5.8 4.4 31.8 9 9 Ethnic Solutions 4.7 4.1 16.6

10 14 Global Advertising Strategies (1) 4.5 2.5 80 Notes: (1) declared revenue from advertising targeting the South Asian-American market. Agencies not ranked above but with more than 80% of revenue coming from marketing to South Asian-Americans include ASB Communications and Touchdown Media. Asterisk (*) indicates estimate. Source: Advertising Age, May 2008.

Table 140. Top 25 U.S. Healthcare Agencies ($ in millions)

US Revenue 2007 2006 Agency[Marketing Organization] 2007 2006 chg%

1 1 CommonHealth* [WPP] $145.0 $140.8 3.0% 2 5 Cline Davis & Mann* [Omnicom] 127.0 99.9 27.1 3 2 McCann Healthcare Worldwide* [Interpublic] 124.6 119.1 4.6 4 3 Sudler & Hennessey* [WPP] 115.0 111.7 3.0 5 4 Lowe Healthcare Worldwide* [Interpublic] 104.0 106.3 -2.2 6 7 Euro RSCG Life* [Havas] 102.0 90.0 13.3 7 6 TBWA/WorldHealth* [Omnicom] New York 101.0 90.2 12.0 8 8 GHG (Grey Healthcare Group)* [WPP] 87.5 86.0 1.7 9 9 GSW Worldwide* [inVentiv Health] 84.4 79.0 6.8

10 11 DraftFCB Healthcare* [Interpublic] 78.5 74.3 5.7 11 NA Publicis Selling Solutions Group* [Publicis] 78.0 NA NA 12 10 Saatchi & Saatchi Consumer Health & Wellness*[Publicis] 75.0 75.0 0.0 13 12 Ogilvy Healthworld* [WPP] 70.0 60.9 14.9 14 14 Abelson-Taylor* 64.7 57.5 12.6 15 13 Corbett Accel Healthcare Group* [Omnicom] 63.3 57.5 10.1 16 15 Harrison & Star* [Omnicom] 52.0 52.0 0.0 17 18 Digitas Health* [Publicis] 51.0 30.0 70.0 18 16 Medicus NY* [Publicis] 50.0 50.0 0.0 19 17 Dorland Global Corp.* 28.4 33.1 -14.3 20 19 Glow Worm* [Publicis] 25.0 25.0 0.0 21 22 Pacific Communications Costa 24.6 21.0 17.2 22 26 Cadient Group 23.6 17.7 33.3 23 25 Hill Holliday* [Interpublic] 23.1 18.0 28.3 24 20 Palio Communications* [inVentiv Health] 22.7 22.4 1.3 25 21 Kane & Finkel Healthcare Communications 22.0 21.0 4.8

Asterisk (*) indicates estimate. Source: Ad Age DataCenter.

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Figure 20. Ad Holding Companies — Share Prices Performance Since Sep 2000

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OMC WPP.L IPG PUBP.PAHAV.PA AGS.L SPX

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Note: Indexed to September 2000. Source: FactSet; J.P.Morgan.

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Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] The analyst or analyst’s team’s coverage universe is the sector and/or country shown on the cover of each publication. See below for the specific stocks in the certifying analyst(s) coverage universe.

Coverage Universe: Alexia S. Quadrani: Arbitron (ARB), Gannett Company (GCI), Harte-Hanks, Inc (HHS), Interpublic Group of Companies (IPG), New York Times Company (NYT), Omnicom Group (OMC), Scripps Networks Interactive (SNI), The E.W. Scripps Company (SSP), The McClatchy Company (MNI), Valassis Communications (VCI), WPP Group (WPP.L)

J.P. Morgan Equity Research Ratings Distribution, as of September 30, 2008

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JPM Global Equity Research Coverage 42% 44% 15% IB clients* 53% 51% 43% JPMSI Equity Research Coverage 40% 48% 12% IB clients* 76% 70% 59%

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