global valuation update biz dev... · global valuation update 30 april 2007 chart: global media...

ab

Global Valuation Update 30 April 2007

This report has been prepared by UBS Securities LLC

UBS 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. Customers of UBS in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at www.ubs.com/independentresearch or may call +1 877-208-5700 to request a copy of this research

Prices and data as at Close on Friday, April 27, 2007

ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 54 www.ubs.com/investmentresearch

UBS Investment Research

UBS Global MediaWatchTop Performers 1 Week % Bottom Performers 1 Week %

Baidu 25.1 Yell -20.7

Yahoo Japan 15.5 McClatchy Company -7.0

MCOT 13.1 Grupo Prisa -6.0

i-CABLE 12.4 ORBCOMM Inc. -5.3

Nexstar Broadcasting 9.8 Charter Comm. -5.0

Indexes 1 Week % Indexes YTD %

MSCI World 0.3 MSCI World 6.8

Global Media -0.6 Global Media 3.3

Global Agencies & Mkt Re -1.0 Global Agencies & Mkt Re 4.8

Global Broadcasting -0.2 Global Broadcasting 1.9

Global Entertainment -1.4 Global Entertainment 1.0

Global Pay-TV -0.6 Global Pay-TV 4.1

Global Publishing -0.2 Global Publishing 2.8

Global Internet 2.2 Global Internet 3.4

Global Gaming 1.2 Global Gaming 14.1

Top Performers YTD % Bottom Performers YTD %

Nexstar Broadcasting 156.8 McClatchy Company -32.4

Knology Inc 72.2 XM Satellite Radio -17.1

ORBCOMM Inc. 45.1 Yell -14.7

West Aust Newspapers 43.4 Playboy -14.4

Lodgenet 38.9 RBC -14.3

Note: Not Including Dividend. Source: UBS

UBS Global Media Performance Summary2007 Operating DataGlobal Operating Comparables

UBS Media TeamGlobal Media / Strategy Matthieu Coppet Analyst +1-212-713 4299US Publishing & Advertising Brian Shipman Analyst +1-203-719-4045US Internet Ben Schachter Analyst +1-212-713 9310US Sat Radio & Small Cap Lucas Binder Analyst +1-212-713 4966Head of European Media Research Polo Tang Analyst +44-20-756-81286Head of Australian Media Research Nola Hodgson Analyst +61-2-9324 2833Japanese Media Atsuko Kaneko Analyst +81-3-5208 7301

Valuation Update


Contents Page Page

— .......................................................................................... 1

Global Themes in Media: Our Framework .................................... 6

2007E Aggregated Media Operating Metrics ................................ 8

UBS Global Media Performance Summary................................. 13

UBS Global Media – Sector Valuation ........................................ 16

Global Broadcasting Valuation................................................... 16

Global Broadcasting Valuation.................................................... 17

Global Publishing Valuation ........................................................ 18

Global Pay-TV Valuation ............................................................. 19

Global Gaming Valuation ............................................................ 19

Global Entertainment Valuation................................................... 20

Global Internet Valuation............................................................. 20

Global Market Research and Agencies Valuation....................... 21

Global Communications Valuation .............................................. 22

Stock Performance at Close on Friday; April 27, 2007 ............... 23

Performance................................................................................ 24

Operations ................................................................................... 30

Momentum................................................................................... 36

Profitability ................................................................................... 42

FCF Analysis ............................................................................... 48

2 UBS


=

Source: UBS 2004 2005 2006E 2007E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2004 2005 2006E 2007E

Global Media & Communications -9.2 15.0 31.8 20.5 24.6 24.8 24.4 19.8 16.6 40.4 26.3 24.6 23.0 14.7 14.1 13.1 11.0Global Media & Internet -12.8 14.8 33.2 21.2 25.2 25.5 25.0 20.0 16.7 42.1 26.5 24.8 23.3 14.9 13.8 13.1 10.9Global Media (Ex. Internet) 26.9 39.2 28.0 18.3 23.8 20.4 24.3 18.1 15.4 22.6 20.9 22.4 21.2 11.6 11.1 11.7 9.9Global Broadcasting 21.8 61.8 30.7 24.7 17.7 19.0 23.1 21.2 17.6 20.2 19.6 22.0 18.9 12.8 11.4 12.6 10.6 Television Broadcasting 19.4 41.9 30.1 27.2 20.5 21.5 25.9 25.1 18.6 25.1 23.1 25.9 22.3 14.1 12.4 14.6 12.1 Radio Broadcasting 24.1 81.8 31.4 22.2 15.0 16.5 20.4 17.4 16.6 15.2 16.1 18.0 15.4 11.4 10.5 10.6 9.2Mediaset 23.0 24.2 31.9 19.3 19.6 19.3 20.4 17.3 16.3 17.4 13.7 16.7 14.2 9.4 7.5 8.4 6.7Global Publishing 20.0 10.4 23.7 22.2 111.0 121.1 98.7 50.8 122.2 122.2 112.1 136.0 107.9 75.0 61.1 65.8 56.2 Newspapers 25.5 23.0 20.1 21.6 20.1 23.9 19.3 18.0 21.4 21.4 21.5 27.1 20.9 15.8 11.5 12.7 10.7 Consumer Magazines 22.1 18.0 17.0 17.3 13.5 15.6 14.3 12.4 17.6 17.6 14.5 15.6 18.7 8.6 8.1 8.6 9.8 Yellow Pages & Directories 39.1 45.8 27.9 39.7 17.2 16.9 15.0 13.2 22.8 22.8 22.2 19.5 17.4 8.2 14.8 13.1 11.9 Professional Publishing 20.4 15.7 24.4 27.5 19.9 21.4 18.4 15.9 24.6 24.6 24.4 21.6 19.0 14.9 14.9 13.2 11.3Gannett Co. 10.1 10.7 11.2 12.1 17.3 14.8 11.8 12.1 na 12.1 13.1 13.6 14.1 7.2 7.7 8.0 8.2McGraw-Hill Co. 33.9 28.3 26.2 24.9 20.6 20.5 22.7 21.4 18.9 22.8 28.3 26.8 22.2 13.0 13.8 13.1 11.1Pearson nm nm nm nm 28.1 22.3 18.9 16.7 17.4 38.9 19.6 20.1 16.4 23.2 11.6 11.7 9.8Reed Elsevier 47.0 39.5 34.4 34.2 18.2 16.7 20.4 18.0 16.0 23.4 21.2 19.9 17.4 15.8 14.3 13.3 naGlobal Entertainment 16.4 35.3 21.6 8.9 24.4 31.2 21.4 15.9 21.3 21.3 22.1 30.0 22.1 11.2 10.4 11.3 9.7 General Entertainment 15.0 19.4 15.5 12.8 25.2 30.3 20.5 15.7 21.8 21.8 22.9 30.2 22.0 11.1 10.4 10.6 9.2 Music & Rights 28.2 178.8 75.9 -26.1 16.4 39.3 29.2 17.0 16.8 16.8 14.9 27.9 23.6 12.1 10.4 17.1 14.3News Corp nm nm nm nm 28.1 23.3 19.9 22.2 18.5 31.4 22.2 32.7 28.0 17.7 11.2 14.4 13.0Vivendi 22.1 31.3 17.3 12.3 18.9 13.1 7.8 10.3 8.3 20.1 13.4 11.0 14.0 11.6 9.4 8.9 7.9Global Pay-TV 20.4 15.7 24.4 27.5 32.3 27.0 13.2 17.5 40.6 40.6 30.7 29.4 55.7 13.6 9.9 9.4 8.2BSkyB 35.3 71.5 34.2 81.6 34.2 26.6 21.8 19.9 16.1 29.3 24.9 21.0 22.8 17.9 13.3 12.5 12.7Cablevision Systems 33.7 21.9 13.5 11.9 nm nm nm nm nm nm 29.7 31.2 na 9.8 6.5 7.8 7.8Comcast Corp. 43.1 44.9 27.9 20.1 66.6 38.7 45.1 39.4 na 65.1 20.5 30.0 24.7 12.2 10.2 8.6 8.0DirecTV Group nm 48.4 80.5 56.8 nm 68.3 16.1 18.8 16.3 nm nm nm nm nm nm nm nmEchostar nm 74.5 26.0 30.1 74.7 14.3 23.3 24.9 na 35.2 10.8 31.8 23.0 16.2 8.6 10.9 8.4Telecommunications 40.4 17.7 11.7 11.2 15.2 15.0 15.6 17.1 15.7 16.3 24.4 21.3 18.5 10.7 18.3 13.8 11.8BCE Group nm nm nm nm 16.6 14.4 14.4 19.0 19.1 15.4 17.5 13.2 16.1 11.5 12.7 11.8 12.2Singapore Telecom nm nm nm nm 14.6 13.0 15.7 13.8 12.2 48.4 14.0 22.4 22.4 7.9 5.0 7.2 6.7Verizon 18.3 22.1 22.4 17.4 15.4 13.3 13.0 16.3 14.3 19.3 17.3 15.9 15.1 13.6 12.6 11.8 10.9Global Agencies and Services 55.7 20.3 35.6 26.1 20.4 25.7 21.6 15.5 22.2 22.2 17.7 20.7 19.2 12.7 12.7 14.7 11.4 Advertising 63.4 13.7 34.2 21.7 21.6 27.6 24.0 16.2 22.8 22.8 15.1 19.9 19.3 13.1 13.2 16.0 11.9 Market Research & Services 44.2 30.3 37.6 32.8 18.6 22.8 18.0 14.9 21.3 21.3 21.5 22.0 19.0 12.1 11.9 12.7 10.7 Outdoor Advertising 38.2 38.2 31.1 27.3 23.7 25.6 22.6 21.0 23.1 23.1 23.0 25.2 22.0 12.7 10.2 11.6 10.1Omnicom 23.9 22.1 19.6 17.8 20.0 19.1 18.0 18.1 na 21.1 19.5 21.3 19.3 12.3 11.4 12.5 11.4WPP 72.5 29.8 42.7 31.8 20.7 16.1 19.4 16.7 14.3 20.9 16.5 19.1 16.5 13.3 9.9 11.8 10.2Global Internet -528.4 -301.8 101.0 57.8 44.2 91.5 33.6 47.2 34.5 295.8 104.3 59.2 51.7 62.4 51.7 32.5 24.9Global Gaming nm nm nm nm 29.8 18.6 19.8 22.8 26.0 nm 24.6 33.3 23.7 8.3 11.9 15.9 11.6

PE EV/NOPAT EV/EBITDAP/FCF

ia 2006 EV/EBITDA Valuation

Source: UBS/ April 27th

3 UBS


Chart: Global Media 2007 EV/EBITDA Valuation

2007E - EV / EBITDA24.9

14.312.1 11.9 11.9 11.8 11.6 11.3 11.0 10.7 10.7 9.9 9.8 9.2 9.2 8.2

0 x

5 x

10 x

15 x

20 x

25 x

30 x

Inter

net

Music

& R

ights

Telev

ision

Broa

dcas

ting

Adve

rtising

Agen

cies

Yello

w Pa

ges &

Dire

ctorie

s

Fixed

Line

Comm

unica

tions

Gami

ng

Profe

ssion

alPu

blish

ing

Glob

al Me

dia &

Comm

unica

tions

News

pape

rs

Marke

t Res

earch

& Se

rvice

s

Glob

al Me

dia(E

x. Int

erne

t)

Cons

umer

Maga

zines

Gene

ral

Enter

tainm

ent

Radio

Broa

dcas

ting

Pay T

V


Chart: Global Media 2007 P/E Valuation

2007E - Price / Earnings (P/E)

29.225.1 24.0 22.8 20.5 19.8 19.3 18.1 18.0 17.4 17.1 15.9 15.0 14.3 13.2

47.2

0 x5 x

10 x15 x20 x25 x30 x35 x40 x45 x50 x

Inter

net

Music

& R

ights

Telev

ision

Broa

dcas

ting

Adve

rtising

Agen

cies

Gami

ng

Gene

ral

Enter

tainm

ent

Glob

al Me

dia &

Comm

unica

tions

News

pape

rs

Glob

al Me

dia(E

x. Int

erne

t)

Marke

t Res

earch

& Se

rvice

s

Radio

Broa

dcas

ting

Fixed

Line

Comm

unica

tions

Profe

ssion

alPu

blish

ing

Yello

w Pa

ges &

Dire

ctorie

s

Cons

umer

Maga

zines

Pay T

V


4 UBS


Chart: Global Media 2007 P/FCF Valuation

2007E - Price / Free Cash Flows (P/FCF)57.8

39.732.8

27.5 27.222.2 22.2 21.7 21.6 20.5 18.3 17.3

12.8 11.2

-26.1-40 x

-30 x

-20 x

-10 x

0 x

10 x

20 x

30 x

40 x

50 x

60 x

70 x

Inter

net

Profe

ssion

alPu

blish

ing

Marke

t Res

earch

& Se

rvice

s

Pay T

V

Telev

ision

Broa

dcas

ting

News

pape

rs

Radio

Broa

dcas

ting

Adve

rtising

Agen

cies

Cons

umer

Maga

zines

Glob

al Me

dia &

Comm

unica

tions

Glob

al Me

dia (E

x.Int

erne

t)

Yello

w Pa

ges &

Dire

ctorie

s

Gene

ral

Enter

tainm

ent

Fixed

Line

Comm

unica

tions

Music

& R

ights


5 UBS


Global Themes in Media: Our Framework Every week we identify media trends within four core themes that we think are key to markets over the current term. We articulate these themes in a convention recognizable to regular readers. Our goal is to offer investors differentiated media insight that factors in those perspectives at a global level. Company specific news flow is in a different section. The core themes are as follows:

1) Style Investing, Valuation and Media – Within the media sector, convergence of both subsectors and regional multiples (P/FCF, PE, EV/EBITDA), despite diverging fundamental prospects, creates opportunities. Within this section, we will also look at how media stocks react to (potential) changes in their macroeconomic environment (inflation and sovereign yields, exchange rates, equity risk premium, fiscal policies, productivity trends). We factor in both debt and equity fundamental analysis (projected ROCE, cash conversion trend, implied subsectors’ sustainable growth rates) and quantitative research.

2) Advertising Intensity and Cycle – Where do we stand in the global adspend cycle? Our focus is not on the absolute advertising

growth figure, which mostly echoes global economic expansion and recession phases. Our interest is at the derivative level. Will advertising exceed or miss global or regional nominal GDP numbers over the next several years? Our U.S. measured media index shows cycles as long as 19 years. We will also explore changes in the mix among sub-sectors (television, radio, outdoor, print and the internet) as well as the role of non-measured media distribution. Corporate spending capacity, supply and demand of advertising (volumes, CPMs) are key.

Thesis 1: We believe entertainment and agencies are currently the most attractive subsectors within the media space. In Pay-TV and broadcasting we are selective and highlight varying strategies given competition. Newspapers are fully priced, in our view.

Thesis 2: We believe measured media advertising intensity should recover globally over the mid-term. However, core changes are needed to approach previous benchmarks. Those changes range from deregulation (E.U. market opening/entrance, privatization, increased competition, fragmentation) to new platforms (Internet, pay-TV) and market education (local spending, change in retail distribution).

6 UBS


3) Technology and Media –Technology choices have always been core for media companies. In the past, options led to diverging

strategies: television vs. radio presence, FM vs. AM radio band, VHF vs. UHF presence. Technology cycles lead to upgrade cycles and ROIC management. Tech today plays an increasingly critical role in the content distribution process (upgrading to 750 or 860 MHz for cable plants, digital multicasting or not for European TV and radio broadcasters, expending switched telephony or waiting for voice-over-IP for U.S. cable, MPEG 4/ WMP9 or Ka-band for satellite operators), and enabling new services (high-definition, digital video recorders (DVRs/PVRs), music download service, video-on-demand). Issues of digital rights management (DRM) would affect top-lines in the longer term (multi-copy, wireless network distribution, multi-device portability, international and us laws). Could the replacement of the DVD platform by HD generate the same upside as the shift from VHS? What would be the advertisers’ response to technology (virtual ads, product placements)? And regulators (TWF directive in Europe)? The deployment of digital terrestrial transmission (DTT television, DAB-FM radio, DRM-AM radio) in Europe and Asia could accelerate a convergence between content provider and platform operators as well as hasten global DVR penetration.

Thesis 3: From being central at the hardware and distribution platform level, technology is now taking a growing role in content within the media value chain, affecting advertising and production costs. We also believe growing efficiencies are effectively lowering barriers of entry (ADSL2, Ka-Band), potentially eroding long-term distribution margin across the industry. Deployment timing is key.

4) Structural Changes and Media – We are convinced that structural changes (e.g., increasing competitive environment,

regulatory softening, content/distribution integration, sociodemographics) matter more than conjunctural factors (quadrennial years, short-term economic cycles). One of the most overlooked trends is the ageing of population, in our view. Advertisers will have to allocate their budget after taking into account the looming age shift (moving budgets from radio into TV, newspapers to magazines, and consumer spending from pay-music to pay-TV). Structural changes cover viewing and media consumption habits (including audience fragmentation).

Thesis 4: We believe the media market will become even more competitive over the years to come. Formats that allow extreme customization and niche targeting such as magazines or pay-TV could displace newspapers and national networks. Structural changes favor market leaders and consolidation should continue.

7 UBS


2007E Aggregated Media Operating Metrics Chart: Media Metrics Vs World (Earnings and Sales Growth, Earnings over Sales, 2003-2007E)

2004 2005 2006E 2007E 2003 2004 2005 2006E 2007E 2003 2004 2005 2006E 2007EEarnings

GrowthEarnings

GrowthEarnings

GrowthEarnings

Growth Sales Growth Sales Growth Sales Growth Sales Growth Sales GrowthEarnings over

SalesEarnings over

SalesEarnings over

SalesEarnings over

SalesEarnings over

Sales

World 26.2% 20.8% 12.8% 11.0% 5.1% 9.9% 9.3% 9.4% 5.3% 6.6% 7.6% 8.7% 9.0% 9.5%Global Consumer Discretionary 21.3% 7.1% 5.2% 14.2% 3.1% 6.7% 7.7% 5.7% 4.1% 4.2% 4.5% 4.7% 4.7% 5.2%Global Media & Internet 64.1% 50.1% 22.1% 8.8% 9.9% 19.2% 14.2% 8.7% 8.1% 4.6% 6.3% 8.3% 9.3% 9.4%Global Media (Ex. Internet) 59.6% 46.4% 20.1% 6.4% 9.5% 18.5% 13.3% 7.8% 7.3% 4.5% 6.1% 7.9% 8.8% 8.7%Global Broadcasting 29.6% 48.3% 6.5% -0.7% 8.5% 16.5% 37.5% 3.1% 1.5% 9.2% 10.2% 11.0% 11.4% 11.1% Television Broadcasting 41.5% 41.7% 12.2% -1.4% 9.1% 17.5% 40.9% 3.3% 1.6% 8.8% 10.6% 10.7% 11.6% 11.2% Radio Broadcasting -56.4% 203.8% -55.5% 16.8% 2.4% 5.9% -3.9% -0.5% 0.3% 13.5% 5.6% 17.6% 7.8% 9.1%Global Publishing 11.5% 14.2% 4.8% 6.2% 3.7% 3.4% 5.4% 8.6% 4.8% 10.3% 11.1% 12.0% 11.6% 11.8% Newspapers 19.9% 0.3% 3.3% -2.8% 16.9% 9.8% 4.4% 9.4% 5.8% 11.6% 12.7% 12.2% 11.5% 10.6% Consumer Magazines 17.2% 30.2% -29.0% 7.1% 1.3% -1.5% 4.2% 3.1% 4.0% 6.6% 7.8% 9.8% 6.7% 6.9% Directories 11.5% 28.7% 20.3% 13.8% 8.0% 12.0% 13.6% 21.7% 10.3% 16.3% 16.2% 18.3% 18.1% 18.7% Professional Publishing 2.7% 20.4% 12.4% 10.8% -4.0% -0.6% 5.4% 7.9% 3.3% 9.9% 10.3% 11.7% 12.2% 13.1%Global Entertainment 201.4% 30.3% 59.9% -13.1% 0.2% 46.9% 8.4% 6.2% 6.3% 3.2% 6.5% 7.9% 11.8% 9.7% General Entertainment 201.4% 27.9% 60.6% -12.3% 0.4% 49.4% 8.7% 6.2% 6.9% 3.3% 6.7% 7.9% 12.0% 9.8% Music & Rights nm nm 19.6% -72.4% -4.8% -4.8% -4.3% 7.1% -13.7% nm nm 5.5% 6.1% 2.0%Global Pay-TV nm nm -70.7% 497.9% 53.3% 15.2% 27.3% 12.3% 14.1% -6.6% -4.7% 2.4% 0.6% 3.3%Global Agencies and Services 23.2% 35.4% 27.3% 15.8% 6.3% 6.5% 8.0% 6.4% 5.1% 3.1% 3.6% 4.5% 5.4% 5.9% Advertising 21.6% 39.8% 30.5% 17.0% 6.1% 6.2% 8.0% 6.1% 5.2% 2.8% 3.2% 4.2% 5.1% 5.7% Market Research & Services 16.6% 13.5% -1.9% 11.5% 21.0% 13.8% 9.7% 6.7% 3.6% 5.3% 5.4% 5.6% 5.2% 5.6%Global Internet 273.8% 124.0% 48.5% 34.7% 85.0% 96.0% 70.9% 49.8% 32.5% 11.0% 21.0% 27.5% 27.3% 27.7%Global Gaming 40.9% -30.6% 29.2% 63.4% 8.9% 8.2% -1.0% 18.4% 27.5% 9.2% 12.0% 8.4% 9.2% 11.8%Fixed Line Communications 13.3% 16.5% 9.5% -1.0% 2.2% 6.4% 9.9% 7.7% 3.2% 8.6% 9.2% 9.7% 9.9% 9.5%

Source: IBES, UBS


Chart: Media and Global Aggregated Metrics – Sales (Million Dollars)

Sales 2001 2002 2003 2004E 2005E 2006E 2007E2004E

growth2005E

growth2006E

growth2007E

growth

Global Media & Communications 709,519 778,848 822,041 921,479 1,031,350 1,115,761 1,177,791 12.1% 11.9% 8.2% 5.6%Global Media & Internet 278,708 334,226 367,434 437,867 499,842 543,485 587,334 19.2% 14.2% 8.7% 8.1%Global Media (Ex. Internet) 277,847 332,483 364,212 431,552 489,052 527,322 565,920 18.5% 13.3% 7.8% 7.3%Global Broadcasting 35,436 36,190 39,277 45,760 62,912 64,871 65,863 16.5% 37.5% 3.1% 1.5% Television Broadcasting 32,495 32,994 36,006 42,296 59,584 61,559 62,542 17.5% 40.9% 3.3% 1.6% Radio Broadcasting 2,941 3,196 3,271 3,464 3,328 3,312 3,321 5.9% -3.9% -0.5% 0.3%Global Publishing 89,747 102,031 105,785 109,399 115,294 125,263 131,313 3.4% 5.4% 8.6% 4.8% Newspapers 29,167 29,820 34,863 38,271 39,966 43,741 46,297 9.8% 4.4% 9.4% 5.8% Consumer Magazines 13,553 17,297 17,525 17,265 17,992 18,544 19,289 -1.5% 4.2% 3.1% 4.0% Yellow Pages & Directories 1,538 5,746 6,207 6,954 7,903 9,616 10,604 12.0% 13.6% 21.7% 10.3% Professional Publishing 45,489 49,168 47,191 46,909 49,434 53,362 55,123 -0.6% 5.4% 7.9% 3.3%Global Entertainment 70,339 93,039 93,190 136,907 148,348 157,544 167,537 46.9% 8.4% 6.2% 6.3% General Entertainment 65,346 88,564 88,932 132,855 144,472 153,395 163,957 49.4% 8.7% 6.2% 6.9% Music & Rights 4,993 4,475 4,258 4,052 3,876 4,150 3,580 -4.8% -4.3% 7.1% -13.7%Global Pay-TV 20,722 38,447 58,925 67,882 86,405 97,042 110,699 15.2% 27.3% 12.3% 14.1% Cable/ DSL-TV 13,923 25,474 32,922 36,995 50,537 56,354 65,145 12.4% 36.6% 11.5% 15.6% Satellite/Terrestrial 6,799 12,972 26,003 30,887 35,868 40,688 45,554 18.8% 16.1% 13.4% 12.0%Global Agencies and Services 51,270 50,909 54,115 57,631 62,267 66,235 69,634 6.5% 8.0% 6.4% 5.1% Advertising 47,348 46,789 49,627 52,702 56,915 60,409 63,527 6.2% 8.0% 6.1% 5.2% Market Research & Services 1,817 1,969 2,383 2,710 2,972 3,172 3,286 13.8% 9.7% 6.7% 3.6% Outdoor Advertising 2,104 2,151 2,105 2,219 2,380 2,654 2,822 5.4% 7.2% 11.5% 6.3%Internet 861 1,742 3,222 6,314 10,790 16,162 21,414 96.0% 70.9% 49.8% 32.5%Gaming 10,333 11,868 12,920 13,973 13,826 16,366 20,872 8.2% -1.0% 18.4% 27.5%Fixed Line Communications 430,812 444,622 454,607 483,612 531,508 572,277 590,458 6.4% 9.9% 7.7% 3.2%Global Media Ex-Pay-TV 257,125 294,037 305,287 363,670 402,648 430,280 455,220 19.1% 10.7% 6.9% 5.8%

Sales

Note: Global Pay-TV includes satellite radio, which is not included in sub-categories. Source: UBS


Chart: Media and Global Aggregated Metrics – Earnings (Million Dollars)

Earnings 2002 2003 2004 2005 2006E 2007E 2004 growth 2005E growth 2006E growth 2007E growth

Global Media & Communications 155,577 55,962 71,947 93,103 107,150 111,074 28.6% 29.4% 15.1% 3.7%Global Media & Internet 110,490 16,844 27,641 41,496 50,663 55,145 64.1% 50.1% 22.1% 8.8%Global Media (Ex. Internet) 110,212 16,489 26,315 38,526 46,252 49,204 59.6% 46.4% 20.1% 6.4%Global Broadcasting 2,750 3,611 4,678 6,939 7,390 7,336 29.6% 48.3% 6.5% -0.7% Television Broadcasting 2,808 3,170 4,486 6,354 7,130 7,032 41.5% 41.7% 12.2% -1.4% Radio Broadcasting (58) 441 192 584 260 304 -56.4% 203.8% -55.5% 16.8%Global Publishing 9,286 10,904 12,154 13,879 14,546 15,441 11.5% 14.2% 4.8% 6.2% Newspapers 3,670 4,054 4,862 4,874 5,035 4,895 19.9% 0.3% 3.3% -2.8% Consumer Magazines 763 1,152 1,350 1,757 1,247 1,336 17.2% 30.2% -29.0% 7.1% Yellow Pages & Directories 812 1,009 1,125 1,447 1,741 1,982 11.5% 28.7% 20.3% 13.8% Professional Publishing 4,041 4,690 4,817 5,801 6,522 7,229 2.7% 20.4% 12.4% 10.8%Global Entertainment 100,136 2,970 8,951 11,662 18,645 16,200 201.4% 30.3% 59.9% -13.1% General Entertainment 100,136 2,970 8,951 11,450 18,391 16,130 201.4% 27.9% 60.6% -12.3% Music & Rights 0 0 nm 212 254 70 nm nm 19.6% -72.4%Global Pay-TV (5,070) (3,860) (3,206) 2,090 611 3,655 nm nm -70.7% 497.9% Cable/ DSL-TV (3,757) (2,888) (847) 1,590 (325) 1,465 nm nm -120.5% -550.5% Satellite/Terrestrial (1,313) (972) (2,359) 500 937 2,190 nm nm 87.4% 133.8%Global Agencies and Services 2,113 1,676 2,064 2,794 3,558 4,119 23.2% 35.4% 27.3% 15.8% Advertising 1,890 1,395 1,696 2,372 3,096 3,621 21.6% 39.8% 30.5% 17.0% Market Research & Services 97 126 147 167 164 183 16.6% 13.5% -1.9% 11.5% Outdoor Advertising 126 154 220 254 298 315 43.0% 15.4% 17.2% 5.7%Internet 278 355 1,326 2,970 4,411 5,941 273.8% 124.0% 48.5% 34.7%Gaming 998 1,188 1,675 1,162 1,501 2,453 40.9% -30.6% 29.2% 63.4%Fixed Line Communications 45,087 39,118 44,306 51,608 56,487 55,929 13.3% 16.5% 9.5% -1.0%Global Media Ex-Pay-TV 115,282 20,349 29,521 36,436 45,640 45,549 45.1% 23.4% 25.3% -0.2%

Earnings



Chart: Media and Global Aggregated Metrics – EBITDA (Million Dollars)

EBITDA

EBITDA 2001 2002 2003 2004 2005 2006E 2007E2004

growth2005E

growth2006E

growth2007E

growth

Global Media & Communications 220,589 220,226 246,055 273,956 301,848 328,999 353,406 11.3% 10.2% 9.0% 7.4%Global Media & Internet 44,820 53,482 72,142 92,140 110,112 125,435 144,257 27.7% 19.5% 13.9% 15.0%Global Media (Ex. Internet) 44,788 52,817 70,635 89,027 104,751 117,434 133,408 26.0% 17.7% 12.1% 13.6%Global Broadcasting 8,057 7,713 8,779 11,396 15,589 15,288 16,051 29.8% 36.8% -1.9% 5.0% Television Broadcasting 7,057 6,545 7,597 10,147 14,444 14,553 15,092 33.6% 42.3% 0.8% 3.7% Radio Broadcasting 1,001 1,168 1,182 1,249 1,145 735 959 5.6% -8.3% -35.8% 30.5%Global Publishing 18,095 21,582 23,363 24,907 26,489 28,725 31,254 6.6% 6.4% 8.4% 8.8% Newspapers 6,772 7,892 8,872 9,958 9,813 10,351 10,947 12.2% -1.5% 5.5% 5.8% Consumer Magazines 1,411 1,994 2,204 2,335 2,551 2,374 2,543 5.9% 9.3% -6.9% 7.1% Yellow Pages & Directories 368 1,822 2,127 2,552 2,995 3,692 4,165 20.0% 17.4% 23.3% 12.8% Professional Publishing 9,545 9,873 10,160 10,063 11,130 12,308 13,600 -1.0% 10.6% 10.6% 10.5%Global Entertainment 6,630 6,395 17,033 29,448 28,986 36,585 41,348 72.9% -1.6% 26.2% 13.0% General Entertainment 6,073 5,829 16,459 28,932 28,473 35,937 41,001 75.8% -1.6% 26.2% 14.1% Music & Rights 556 566 574 516 512 648 347 -10.1% -0.7% 26.4% -46.4%Global Pay-TV 4,229 9,156 12,512 13,981 24,997 26,882 32,371 11.7% 78.8% 7.5% 20.4% Cable/ DSL-TV 3,731 7,843 9,823 12,891 19,998 19,557 22,836 31.2% 55.1% -2.2% 16.8% Satellite/Terrestrial 498 1,313 2,689 1,089 4,999 7,325 9,536 -59.5% 359.0% 46.5% 30.2%Global Agencies and Services 5,894 5,773 6,201 6,363 6,648 7,462 8,381 2.6% 4.5% 12.2% 12.3% Advertising 5,166 4,983 5,341 5,447 5,679 6,402 7,261 2.0% 4.3% 12.7% 13.4% Market Research & Services 214 238 291 333 367 373 409 14.5% 10.1% 1.8% 9.6% Outdoor Advertising 515 553 569 582 602 687 712 2.4% 3.4% 14.0% 3.6%Internet 32 664 1,507 3,113 5,361 8,001 10,849 106.6% 72.2% 49.3% 35.6%Gaming 1,882 2,199 2,747 2,932 2,042 2,492 4,003 6.8% -30.4% 22.0% 60.6%Fixed Line Communications 175,768 166,744 173,913 181,816 191,737 203,564 209,149 4.5% 5.5% 6.2% 2.7%Global Media Ex-Pay-TV 40,559 43,661 58,123 75,046 79,753 90,552 101,037 29.1% 6.3% 13.5% 11.6%

EBITDA



Chart: Media and Global Aggregated Metrics – EBITDA Margins

EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA2001 2002 2003 2004 2005 2006E 2007E 2001-07 Avg

Global Media & Communications 31.1% 28.3% 29.9% 29.7% 29.3% 29.5% 30.0% 29.7%Global Media & Internet 16.1% 16.0% 19.6% 21.0% 22.0% 23.1% 24.6% 20.3%Global Media (Ex. Internet) 16.1% 15.9% 19.4% 20.6% 21.4% 22.3% 23.6% 19.9%Global Broadcasting 22.7% 21.3% 22.4% 24.9% 24.8% 23.6% 24.4% 23.4% Television Broadcasting 21.7% 19.8% 21.1% 24.0% 24.2% 23.6% 24.1% 22.7% Radio Broadcasting 34.0% 36.5% 36.2% 36.1% 34.4% 22.2% 28.9% 32.6%Global Publishing 20.2% 21.2% 22.1% 22.8% 23.0% 22.9% 23.8% 22.3% Newspapers 23.2% 26.5% 25.4% 26.0% 24.6% 23.7% 23.6% 24.7% Consumer Magazines 10.4% 11.5% 12.6% 13.5% 14.2% 12.8% 13.2% 12.6% Directories 23.9% 31.7% 34.3% 36.7% 37.9% 38.4% 39.3% 34.6% Professional Publishing 21.0% 20.1% 21.5% 21.5% 22.5% 23.1% 24.7% 22.0%Global Entertainment 9.4% 6.9% 18.3% 21.5% 19.5% 23.2% 24.7% 17.6% General Entertainment 9.3% 6.6% 18.5% 21.8% 19.7% 23.4% 25.0% 17.8% Music & Rights 11.1% 12.7% 13.5% 12.7% 13.2% 15.6% 9.7% 12.6%Global Pay-TV 20.4% 23.8% 21.2% 20.6% 28.9% 27.7% 29.2% 24.6% Cable/ DSL-TV 26.8% 30.8% 29.8% 34.8% 39.6% 34.7% 35.1% 33.1% Satellite/Terrestrial 7.3% 10.1% 10.3% 3.5% 13.9% 18.0% 20.9% 12.0%Global Agencies and Services 11.5% 11.3% 11.5% 11.0% 10.7% 11.3% 12.0% 11.3% Advertising 10.9% 10.6% 10.8% 10.3% 10.0% 10.6% 11.4% 10.7% Market Research & Services 11.8% 12.1% 12.2% 12.3% 12.3% 11.8% 12.4% 12.1%Global Internet 3.7% 38.1% 46.8% 49.3% 49.7% 49.5% 50.7% 41.1%Global Gaming 18.2% 18.5% 21.3% 21.0% 14.8% 15.2% 19.2% 18.3%Fixed Line Communications 40.8% 37.5% 38.3% 37.6% 36.1% 35.6% 35.4% 37.3%Global Media Ex-Pay-TV 15.8% 14.8% 19.0% 20.6% 19.8% 21.0% 22.2% 19.0%



UBS Global Media Performance Summary

UBS Global Media Performance by Sub-sectors

Global Performance

Sector and Sub-sectors Number of Market 23-Apr-07 30-Mar-07 30-Jan-07 30-Apr-06 31-Dec-06Market Cap Weighted Stocks Cap 1 W 1 M 3 M 12 M YTD

Performance (US$mn) % % % % %Global Media & Communications 186 2,595,047 -0.3% 2.3% 0.9% 18.4% 3.9%Global Media & Internet 152 1,408,198 -0.1% 2.5% -0.1% 14.0% 3.3%Global Media 144 1,186,806 -0.6% 2.7% 0.6% 17.2% 3.3%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%Global Agencies & Mkt Research 14 82,171 -1.0% 0.4% 1.3% 7.6% 4.8%Global Broadcasting 44 181,484 -0.2% 2.2% 0.5% 10.8% 1.9%Global Entertainment 8 301,100 -1.4% 1.5% -2.4% 19.4% 1.0%Global Pay-TV 25 247,077 -0.6% 4.9% 1.2% 29.0% 4.1%Global Publishing 44 296,046 -0.2% 1.9% 1.1% 6.9% 2.8%Global Internet 8 221,392 2.2% 1.6% -3.4% -0.6% 3.4%Global Gaming 9 78,927 1.2% 7.5% 8.2% 52.5% 14.1%Global Fixed Line Communications 34 1,186,849 -0.4% 2.1% 2.0% 24.0% 4.7%US Media & Communications 1,221,297 -0.7% 1.3% -0.3% 21.0% 2.8%US Media & Internet 814,601 -0.4% 2.5% -1.6% 16.7% 1.3%US Media 626,877 -0.7% 2.9% -1.4% 19.7% 0.1%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%US Agencies & Mkt Research 2 24,516 -0.5% 3.3% 0.2% 20.3% 1.7%US Broadcasting 11 47,841 0.1% 3.5% 1.5% 21.9% 2.2%US Entertainment 5 259,243 -1.2% 1.6% -2.0% 22.2% 0.8%US Internet 3 187,725 0.4% 1.5% -2.0% 7.6% 5.7%US Gaming 7 29,675 -0.7% 4.2% 9.4% 5.8% 7.0%US Pay-TV/ Pay-Radio 12 167,823 -0.7% 4.3% -2.7% 27.4% -0.7%US Publishing 11 97,778 0.4% 2.9% -2.5% 6.1% -3.7%US Fixed Line Communications 10 406,695 -1.3% -1.0% 2.5% 30.7% 5.8%European Media & Communications 837,171 -0.1% 3.2% 0.7% 12.4% 3.2%European Media 321,811 -1.2% 0.5% 1.6% 3.7% 4.9%Dow Jones STOXX 50 Europe $ -0.2% 6.4% 7.4% 17.9% 7.9%Euro. Agencies & Mkt Research 7 45,437 -1.4% -1.8% 2.7% 5.0% 7.6%European Broadcasting 12 66,350 -1.3% 11.7% -4.8% -27.1% -3.5%European Entertainment 2 39,353 -3.0% 0.3% -5.6% 2.6% 1.2%European Pay-TV 4 33,922 -0.4% 1.9% 8.4% 10.7% 13.1%European Publishing 22 136,749 -1.3% 0.1% 2.5% 4.8% 5.9%European Fixed Line Communications 16 515,360 0.6% 5.0% 0.2% 18.6% 2.2%Source: UBS and Bloomberg

Source: UBS

Our global media universe is down -0.6 % for the week, behind the MSCI World index (+0.3%).

84 media (including Internet) stocks out of 152 stayed in the black.


Global Broadcasting, Publishing and Agencies PerformanceSector and Sub-sectors Number of Market 23-Apr-07 30-Mar-07 30-Jan-07 30-Apr-06 31-Dec-06Market Cap Weighted Stocks Cap 1 W 1 M 3 M 12 M YTD

Performance (US$mn) % % % % %Global Broadcasting 44 181,484 -0.2% 2.2% 0.5% 10.8% 1.9%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Broadcasting 11 47,841 0.1% 3.5% 1.5% 21.9% 2.2%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%Europe TV Broadcasting 11 64,794 -0.3% 2.4% 0.4% -1.2% -0.1%US TV Broadcasting 4 25,957 0.6% 4.1% 3.7% 25.2% 3.6%Mexican TV Broadcasting 1 16,513 -3.5% -4.7% -2.5% 33.4% 7.3%Australia & Asia TV Broadcasting 13 41,995 0.8% 3.1% 1.9% 11.4% 2.9%Global TV Broadcasting 33 155,684 -0.2% 2.1% 0.8% 10.0% 2.3%Europe Radio Broadcasting 1 1,557 -1.0% 9.3% -5.2% -25.9% -3.4%Americas Radio Broadcasting 8 20,815 -0.4% 2.8% -1.1% 18.9% 0.4%Australia & Asia Radio Broadcasting 3 2,359 -1.3% -0.1% -1.4% 42.7% -2.7%Global Radio broadcasting 12 25,800 -0.6% 2.8% -1.3% 15.9% -0.1%


Performance (US$mn) % % % % %Global Publishing 44 296,046 -0.2% 1.9% 1.1% 6.9% 2.8%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Publishing 11 97,778 0.4% 2.9% -2.5% 6.1% -3.7%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%Global Newspapers 20 91,206 -0.8% 0.8% 0.7% 6.7% 1.7%Global Consumer Magazines 4 20,826 -0.5% 2.0% -2.8% -6.1% -2.2%Global Yellow Pages & Directories 7 31,970 -5.3% -2.8% -2.7% -7.5% 1.5%Global Professional Publishing 13 152,044 1.3% 3.6% 2.8% 12.9% 4.5%


Performance (US$mn) % % % % %Global Agencies & MR 14 82,171 -1.0% 0.4% 1.3% 7.6% 4.8%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Agencies & MR 2 24,516 -0.5% 3.3% 0.2% 20.3% 1.7%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%Europe Agencies & MR 7 45,437 -1.4% -1.8% 2.7% 5.0% 7.6%Global Advertising 11 71,960 -1.1% 0.0% 0.8% 9.6% 4.4%Global Market Research 2 3,312 0.3% 2.1% 8.4% -6.0% 12.8%Global Music & Rights 1 3,577 -2.6% 1.9% -5.7% -17.8% -12.5%Global Outdoor Advertising 1 6,899 -0.8% 3.7% 3.2% -3.3% 5.7%

Source: UBS


Global Pay-TV, Entertainment, Internet, Gaming, Telecom PerformanceSector and Sub-sectors Number of Market 23-Apr-07 30-Mar-07 30-Jan-07 30-Apr-06 31-Dec-06Market Cap Weighted Stocks Cap 1 W 1 M 3 M 12 M YTD

Performance (US$mn) % % % % %Global Pay TV 25 247,077 -0.6% 4.9% 1.2% 29.0% 4.1%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Pay TV / Radio 12 167,823 -0.7% 4.3% -2.7% 27.4% -0.7%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%Europe Pay TV 4 33,922 -0.4% 1.9% 8.4% 10.7% 13.1%Global Satellite 17 112,861 0.1% 3.2% 3.5% 16.8% 5.2%Global Cable 8 134,216 -1.1% 6.3% -0.8% 41.4% 3.2%


Performance (US$mn) % % % % %Global Entertainment 8 301,100 -1.4% 1.5% -2.4% 19.4% 1.0%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Entertainment 5 259,243 -1.2% 1.6% -2.0% 22.2% 0.8%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%European Entertainment 2 39,353 -3.0% 0.3% -5.6% 2.6% 1.2%


Performance (US$mn) % % % % %Global Internet 8 221,392 2.2% 1.6% -3.4% -0.6% 3.4%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Internet 3 187,725 0.4% 1.5% -2.0% 7.6% 5.7%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%


Performance (US$mn) % % % % %Global Gaming 9 78,927 1.2% 7.5% 8.2% 52.5% 14.1%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Gaming 7 29,675 -0.7% 4.2% 9.4% 5.8% 7.0%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%


Performance (US$mn) % % % % %Fixed Line Communications 34 1,186,849 -0.4% 2.1% 2.0% 24.0% 4.7%MSCI World 0.3% 4.6% 5.8% 15.3% 6.8%US Fixed Line Communications 10 406,695 -1.3% -1.0% 2.5% 30.7% 5.8%S&P 500 0.9% 5.2% 4.6% 14.0% 5.3%European Communications 16 515,360 0.6% 5.0% 0.2% 18.6% 2.2%

Source: UBS


UBS Global Media – Sector Valuation

2004 2005 2006E 2007E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2004 2005 2006E 2007E

Global Media & Communications -9.2 15.0 31.8 20.5 24.6 24.8 24.4 19.8 16.6 40.4 26.3 24.6 23.0 14.7 14.1 13.1 11.0Global Media & Internet -12.8 14.8 33.2 21.2 25.2 25.5 25.0 20.0 16.7 42.1 26.5 24.8 23.3 14.9 13.8 13.1 10.9Global Media (Ex. Internet) 26.9 39.2 28.0 18.3 23.8 20.4 24.3 18.1 15.4 22.6 20.9 22.4 21.2 11.6 11.1 11.7 9.9Global Broadcasting 21.8 61.8 30.7 24.7 17.7 19.0 23.1 21.2 17.6 20.2 19.6 22.0 18.9 12.8 11.4 12.6 10.6 Television Broadcasting 19.4 41.9 30.1 27.2 20.5 21.5 25.9 25.1 18.6 25.1 23.1 25.9 22.3 14.1 12.4 14.6 12.1 Radio Broadcasting 24.1 81.8 31.4 22.2 15.0 16.5 20.4 17.4 16.6 15.2 16.1 18.0 15.4 11.4 10.5 10.6 9.2Global Publishing 26.7 24.3 22.2 25.2 128.2 111.0 121.1 98.7 50.8 122.2 112.1 136.0 107.9 75.0 61.1 65.8 56.2 Newspapers 20.0 10.4 23.7 22.2 21.5 20.1 23.9 19.3 18.0 21.4 21.5 27.1 20.9 15.8 11.5 12.7 10.7 Consumer Magazines 25.5 23.0 20.1 21.6 15.0 13.5 15.6 14.3 12.4 17.6 14.5 15.6 18.7 8.6 8.1 8.6 9.8 Yellow Pages & Directories 22.1 18.0 17.0 17.3 17.2 17.2 16.9 15.0 13.2 22.8 22.2 19.5 17.4 8.2 14.8 13.1 11.9 Professional Publishing 39.1 45.8 27.9 39.7 21.6 19.9 21.4 18.4 15.9 24.6 24.4 21.6 19.0 14.9 14.9 13.2 11.3Global Entertainment 16.4 35.3 21.6 8.9 21.5 24.4 31.2 21.4 15.9 21.3 22.1 30.0 22.1 11.2 10.4 11.3 9.7 General Entertainment 15.0 19.4 15.5 12.8 22.1 25.2 30.3 20.5 15.7 21.8 22.9 30.2 22.0 11.1 10.4 10.6 9.2 Music & Rights 28.2 178.8 75.9 -26.1 16.1 16.4 39.3 29.2 17.0 16.8 14.9 27.9 23.6 12.1 10.4 17.1 14.3Global Pay-TV 20.4 15.7 24.4 27.5 64.3 32.3 27.0 13.2 17.5 40.6 30.7 29.4 55.7 13.6 9.9 9.4 8.2Global Agencies and Services 55.7 20.3 35.6 26.1 21.5 20.4 25.7 21.6 15.5 22.2 17.7 20.7 19.2 12.7 12.7 14.7 11.4 Advertising 63.4 13.7 34.2 21.7 23.6 21.6 27.6 24.0 16.2 22.8 15.1 19.9 19.3 13.1 13.2 16.0 11.9 Market Research & Services 44.2 30.3 37.6 32.8 18.3 18.6 22.8 18.0 14.9 21.3 21.5 22.0 19.0 12.1 11.9 12.7 10.7 Outdoor Advertising 38.2 38.2 31.1 27.3 24.4 23.7 25.6 22.6 21.0 23.1 23.0 25.2 22.0 12.7 10.2 11.6 10.1Internet -528.4 -301.8 101.0 57.8 44.2 91.5 33.6 47.2 34.5 295.8 104.3 59.2 51.7 62.4 51.7 32.5 24.9Gaming nm nm nm nm 29.8 18.6 19.8 22.8 26.0 nm 24.6 33.3 23.7 8.3 11.9 15.9 11.6Global Communications 40.4 17.7 11.7 11.2 15.2 15.0 15.6 17.1 15.7 16.3 24.4 21.3 18.5 10.7 18.3 13.8 11.8

P/FCF PE EV/NOPAT EV/EBITDA

Source: UBS

Valuations are compelling in entertainment and agencies, in our view.


Global Broadcasting Valuation Table 1: UBS Radio and Television Universe

Price RecentRIC code Rating Target Price Market Cap EV

Local Local US$ US$ 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2004 2005 2006E 2007E

m m x x x x x x x x x x x x xAntena3 A3TV.MC Neutral 2 € 17.50 € 15.99 4,826 4,860 21.3 16.3 16.3 14.8 13.9 15.5 11.7 11.1 10.7 24.8 18.2 17.3 16.0CTC Media CTCM.OQ Neutral 1 (CBE) $ 23.50 $ 26.95 4,064 4,012 na na 30.6 29.2 20.8 57.6 40.1 23.1 17.2 93.1 63.4 37.7 27.8GCap Media GCAP.L Reduce 2 170.00 p 222.00 p 725 828 18.8 nm nm nm nm 12.7 13.5 nm nm 19.3 26.0 nm nmITV ITV.L Reduce 2 100.00 p 119.50 p 9,640 11,251 18.8 15.0 20.2 25.6 27.3 14.3 10.0 14.7 16.5 21.0 15.0 23.4 27.9Mediaset MS.MI Neutral 2 € 8.60 € 8.35 13,429 14,040 19.6 19.3 20.4 17.3 16.3 9.4 7.5 8.4 6.7 17.4 13.7 16.7 14.2M6 MMTP.PA Neutral 2 € 28.90 € 26.47 4,758 4,046 23.1 19.1 11.7 18.1 15.6 16.5 11.6 13.6 11.0 28.0 19.0 21.9 17.7ProSiebenSat1 PSMG_p.DE Buy 2 € 31.00 € 26.82 7,996 8,386 22.6 14.2 26.4 20.2 16.4 12.8 9.3 13.8 11.4 25.0 16.5 23.7 19.6RBC RBCI.RTS Buy 2 (CBE) $ 12.30 $ 9.54 1,137 1,093 23.1 24.8 41.3 61.4 25.4 15.0 24.5 21.0 21.4 neg 37.4 37.3 51.7Telecinco TL5.MC Neutral 2 € 21.40 € 22.49 7,540 7,044 16.2 15.6 19.1 16.8 15.8 8.4 8.2 9.2 8.1 18.3 16.6 18.3 16.0TF1 TFFP.PA Neutral 2 € 27.50 € 25.30 7,397 7,887 24.1 22.1 21.5 18.7 15.8 14.5 13.8 16.3 12.1 25.2 23.6 32.0 22.6TVN TVNN.WA Reduce 1 PLN 24.00 PLN 26.66 3,279 3,475 27.2 21.1 49.0 35.6 26.3 16.1 18.1 28.7 20.5 27.8 28.1 42.0 30.7Europe TV Broadcasting 64,794 66,923 21.5 18.6 25.7 25.8 19.4 17.5 15.3 16.0 13.6 30.0 25.2 27.0 24.4Alliance Atlantis AACb.TO Neutral 2 (CBE) C $ 53.00 C $ 51.13 1,847 1,625 15.8 14.8 21.4 16.5 14.2 12.9 5.1 6.6 6.1 neg 15.4 12.4 11.6 Astral Media ACMa.TO Neutral 2 C $ 47.00 C $ 43.24 1,931 1,883 14.2 12.7 19.1 17.4 15.4 41.8 8.2 9.8 9.0 neg 21.6 17.8 16.7 CBS Corp. CBS.N Buy 2 $ 38.00 $ 32.04 22,995 2,026 nm 18.8 14.3 17.6 15.1 nm 0.4 0.7 0.5 nm 0.6 1.1 1.0CanWest Global Comms CGS.TO Buy 2 C $ 14.50 C $ 10.68 948 3,215 10.8 17.9 25.0 19.4 15.2 7.7 5.9 6.4 6.0 11.7 12.2 9.7 12.1 Corus CJRb.TO Buy 2 C $ 56.00 C $ 47.19 1,699 2,185 18.5 16.8 20.7 16.8 13.9 neg 8.6 11.0 9.9 neg 27.4 13.2 16.6 Grupo Televisa TV.MX Buy 2 (CBE) $ 34.00 $ 28.63 16,513 17,606 18.1 15.3 21.2 23.1 19.8 11.6 10.4 11.7 11.7 16.0 14.5 17.4 18.2Americas TV Broadcasting 45,934 28,540 15.5 16.0 20.3 18.5 15.6 18.5 6.5 7.7 7.2 13.8 15.3 11.9 12.7BEC BEC.BK Buy 1 Bt 25.00 Bt 23.50 1,426 1,358 22.6 32.3 19.4 22.0 16.8 12.7 16.7 21.4 14.5 19.5 28.6 32.6 22.0Fuji Television 4676.T Buy 2 ¥ 310,000.00 ¥ 281,000.00 5,554 4,334 18.1 24.3 25.4 26.8 na 7.7 7.0 7.8 8.3 15.6 13.3 18.0 22.4MCOT MCOT.BK Buy 1 Bt 38.00 Bt 27.25 568 495 13.1 15.0 15.7 11.0 10.3 10.1 9.4 8.0 5.9 37.6 16.2 13.2 9.4NTV 9404.T Buy 2 ¥ 24,000.00 ¥ 19,760.00 4,190 2,895 21.3 24.9 26.9 27.3 na 6.7 6.1 7.4 7.4 14.8 15.5 18.4 18.9Prime Television PRT.AX Neutral 2 A$ 4.05 A$ 3.93 404 499 17.8 17.3 19.2 15.4 14.1 12.4 10.3 11.4 9.0 19.1 19.1 19.9 15.5Publish & B'casting PBL.AX Neutral 1 A$ 22.60 A$ 20.50 11,487 7,757 16.0 19.1 18.4 23.9 20.0 14.1 8.0 11.7 9.5 21.7 12.4 18.2 15.3Seven Network SEV.AX Buy 2 A$ 13.00 A$ 11.34 2,080 1,842 23.6 27.7 21.9 17.9 19.4 9.8 9.6 9.0 5.1 neg 19.9 16.8 8.6Southern Cross SBC.AX Neutral 2 A$ 16.20 A$ 16.63 982 1,211 14.0 15.4 22.7 20.3 18.7 12.6 9.3 14.5 12.8 neg 15.5 24.9 21.5TBS 9401.T Reduce 2 ¥ 2,700.00 ¥ 4,060.00 6,459 4,849 27.2 46.1 62.0 52.8 na 5.3 11.3 16.2 15.9 10.0 59.5 53.8 42.1Ten Network TEN.AX Reduce 2 A$ 2.95 A$ 3.05 1,007 2,913 16.1 20.2 27.0 20.4 17.6 13.2 11.3 15.4 14.3 37.5 21.1 29.4 26.3TV Asahi 9409.T Neutral 2 ¥ 251,000.00 ¥ 277,000.00 2,330 1,327 31.0 28.0 26.9 39.2 na 9.4 7.1 6.7 7.4 29.7 18.7 14.9 20.2TVB 0511.HK Buy 2 HK$ 61.00 HK$ 51.85 2,904 2,742 21.3 17.2 16.4 15.9 14.5 11.6 10.2 11.8 10.9 16.7 14.3 16.2 14.9Zee Entertainment ZEE.BO Buy 2 Rs 340.00 Rs 293.30 3,086 3,214 18.7 26.7 41.9 32.6 24.8 18.0 20.8 41.0 23.9 24.0 31.3 62.9 37.8Australia & Asia 42,477 35,436 20.0 24.2 26.4 25.0 17.4 11.1 10.6 14.0 11.2 22.4 22.0 26.1 21.1NRJ SONO.PA Neutral 2 € 13.20 € 13.15 1,557 1,378 16.8 16.8 23.1 22.9 23.3 12.2 11.9 10.4 10.5 15.2 17.6 22.0 20.8Europe Radio Broadcasting 1,557 1,378 16.8 16.8 23.1 22.9 23.3 12.2 11.9 10.4 10.5 15.2 17.6 22.0 20.8Austereo Group AEO.AX Neutral 2 A$ 2.30 A$ 2.10 659 756 14.5 16.2 20.6 17.1 15.5 10.7 9.1 12.7 10.9 neg 14.6 20.2 17.5Australia & Asia Radio Broadcasting 1,380 1,300 14.5 16.2 19.0 14.6 13.2 10.7 9.1 10.7 8.5 neg 14.6 16.1 12.8

Global Broadcasting 156,142 133,577 17.7 19.0 23.1 21.2 17.6 12.8 11.4 12.6 10.6 20.2 19.6 22.0 18.9 Television Broadcasting 153,205 130,898 20.5 21.5 25.9 25.1 18.6 14.1 12.4 14.6 12.1 25.1 23.1 25.9 22.3 Radio Broadcasting 2,937 2,678 15.0 16.5 20.4 17.4 16.6 11.4 10.5 10.6 9.2 15.2 16.1 18.0 15.4

PE EV/Ebitda EV/NOPAT

Price as of April 27, 2007. Annualized valuation re-based to Dec in US GAAP when possible. NOPAT is EBIT, plus goodwill amortization less unlevered taxes. Source: UBS Estimates


Global Publishing Valuation

Table 2: UBS Publishing Universe Price Recent

RIC code Rating Target Price Market Cap EVLocal Local US$ US$ 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2004 2005 2006E 2007E

m m x x x x x x x x x x x x xAgora AGOD.WA Reduce 1 PLN 43.00 PLN 44.40 901 847 42.9 29.3 111.2 36.5 29.3 18.5 11.4 24.1 14.3 neg 22.8 115.8 34.4EMAP EMA.L Buy 2 915.00 p 812.00 p 4,128 4,941 14.2 14.1 14.4 13.8 12.7 10.8 10.4 11.5 11.1 15.7 14.6 16.3 16.2Eniro ENRO.ST Neutral 1 Skr 85.00 Skr 89.25 2,406 3,760 14.6 14.7 11.9 11.8 11.1 16.0 22.0 12.1 10.8 25.2 30.6 20.4 18.2Euromoney ERM.L Neutral 2 650.00p 587.50p 702 825 13.6 12.9 21.5 16.7 15.2 13.1 18.2 15.7 na 16.3 20.5 18.5 18.6Grupo Prisa PRS.MC Neutral 1 € 18.50 € 16.49 4,916 12,609 22.2 20.7 13.0 21.7 17.8 18.0 15.8 18.9 13.0 28.5 23.3 32.2 28.9Informa INF.L Neutral 1 650.00 p 596.00 p 4,980 6,468 13.3 17.2 20.7 16.8 15.0 13.0 20.9 15.1 12.9 16.9 30.3 22.1 18.6Johnston Press JPR.L Reduce 1 325.00 p 464.25 p 2,625 3,959 14.0 13.6 13.0 13.7 12.9 9.1 9.7 10.2 10.2 14.4 13.9 16.0 16.7L'Espresso ESPI.MI Neutral 2 €4.30 €3.85 2,598 2,757 18.7 17.1 17.2 20.5 18.1 9.6 9.0 9.7 8.9 19.2 15.0 17.3 20.1Lagardere LAGA.PA Buy 1 € 65.00 € 57.69 10,889 8,438 14.1 11.0 21.4 15.9 11.9 9.9 7.7 9.0 18.6 27.3 16.6 18.0 37.8Mondadori MNDI.MI Neutral 1 € 7.80 € 8.11 2,853 2,852 20.4 18.5 22.4 18.1 15.4 8.5 9.2 10.8 9.8 19.1 17.8 21.9 18.8PagesJaunes PAJ.PA Buy 1 € 18.00 € 16.96 6,396 8,902 21.4 21.2 17.2 20.6 17.6 13.6 11.2 15.3 14.0 24.0 18.0 24.3 21.8RCS MediaGroup SpA RCSM.MI Buy 1 € 4.90 € 3.96 4,109 3,959 28.1 22.3 18.9 16.7 17.4 23.2 11.6 11.7 9.8 38.9 19.6 20.1 16.4Pearson PSON.L Neutral 1 840.00 p 866.00 p 13,765 15,761 23.0 18.9 18.6 19.7 17.9 18.3 14.5 12.4 11.0 26.2 24.9 21.1 18.2Reed Elsevier plc REL.L Buy 1 740.00p 633.50p 28,573 33,439 18.2 16.7 20.4 18.0 16.0 15.8 14.3 13.3 na 23.4 21.2 19.9 17.4Reuters RTR.L Neutral 1 475.00 p 477.25 p 13,429 13,507 29.2 29.2 30.5 22.9 15.6 19.7 22.1 17.8 15.0 40.9 35.3 31.2 25.6Seat Pagine Gialle PG.MI Buy 2 € 0.53 € 0.48 5,381 9,848 12.9 12.7 22.2 17.1 15.1 -17.9 12.4 12.8 10.6 neg 16.3 18.9 15.6Trinity Mirror TNI.L Reduce 2 350.00 p 539.50 p 3,087 4,011 12.8 12.0 13.1 13.2 12.6 7.6 7.4 8.7 8.2 13.4 12.5 15.5 14.8UBM UBM.L Buy 2 1000.00 p 816.00 p 2,525 2,155 16.3 15.7 13.2 10.3 9.5 11.8 8.6 7.4 6.9 7.5 10.9 9.4 8.9Vocento VOC.MC Neutral 2 € 14.90 € 16.32 2,774 2,063 nm nm 20.1 21.6 19.7 nm 18.5 15.4 13.2 nm 38.2 29.5 28.3Wolters-Kluwer WLSNc.AS Buy 1 € 26.00 € 21.70 8,587 11,021 13.9 14.2 18.8 15.3 12.8 15.0 13.6 12.4 10.6 23.7 21.8 19.4 15.4Yell YELL.L Reduce 1 510.00 p 486.50 p 6,779 13,086 13.9 14.6 16.1 12.8 10.9 11.3 11.6 11.4 9.4 14.2 17.2 15.6 13.5Europe 132,404 165,208 18.9 17.3 22.7 17.8 15.5 12.2 13.3 13.1 11.5 21.9 21.0 24.9 20.2Belo Corp. BLC.N Neutral 1 $ 19.00 $ 19.37 2,257 3,386 18.7 20.6 15.0 18.4 na 9.2 8.5 8.7 9.4 18.5 18.0 18.0 20.3Dow Jones & Co. DJ.N Neutral 2 $ 38.00 $ 36.25 2,987 3,436 37.2 37.7 32.7 24.0 na 13.3 13.6 14.0 10.4 34.0 39.6 28.0 25.9E.W. Scripps SSP.N Neutral 1 $ 47.00 $ 43.27 7,056 7,827 28.6 25.7 20.0 20.2 na 13.6 11.0 9.2 9.4 24.9 19.0 16.0 16.4Gannett GCI.N Neutral 1 $ 61.00 $ 56.75 13,438 18,254 17.3 14.8 11.8 12.1 na 7.2 7.7 8.0 8.2 12.1 13.1 13.6 14.1McClatchy Company MNI.N Neutral 2 $ 34.00 $ 29.29 2,392 5,119 20.9 19.5 16.4 13.9 na 10.5 7.7 11.5 6.4 21.5 15.7 22.9 13.0McGraw-Hill MHP.N Buy 1 $ 82.00 $ 66.25 25,447 24,847 20.6 20.5 22.7 21.4 18.9 13.0 13.8 13.1 11.1 22.8 28.3 26.8 22.2Meredith MDP.N Buy 1 $ 66.00 $ 58.08 2,956 3,333 22.3 20.1 17.9 17.6 16.1 12.8 12.1 10.7 10.0 24.4 22.7 20.3 19.0Moody's MCO.N Buy 2 $ 80.00 $ 67.11 19,824 20,124 24.8 25.8 27.8 25.4 22.3 16.0 18.9 17.7 15.3 30.0 32.7 30.6 26.7New York Times NYT.N Neutral 2 $ 25.00 $ 23.48 3,406 4,545 22.0 20.3 16.4 19.6 na 10.4 8.6 8.4 9.8 21.9 18.1 20.5 24.4Thomson Corporation TOC.N Buy 1 $ 52.00 $ 43.90 28,143 32,048 46.0 32.9 29.2 29.2 24.6 15.7 17.6 16.5 14.8 39.3 38.4 30.2 27.4Torstar Corporation TSb.TO Neutral 2 C$ 20.00 C$ 20.74 1,459 1,597 17.0 16.9 18.1 16.7 14.3 8.4 8.5 9.0 9.2 16.7 18.2 18.3 19.5Tribune Co. TRB.N Neutral 2 $ 34.00 $ 32.80 10,871 13,934 20.1 17.6 16.0 17.7 na 9.7 9.0 10.7 12.5 17.6 23.5 22.1 25.1Washington Post WPO.N Neutral 2 $ 790.00 $ 744.19 7,143 7,181 26.1 26.5 20.9 20.7 na 13.3 10.1 9.8 9.3 28.5 21.4 22.3 21.5Yellow Pages I.F. YLO_u.TO Buy 1 (CBE) C$ 15.50 C$ 14.10 6,706 8,881 38.7 24.3 17.6 12.5 10.3 14.6 18.6 13.5 11.8 34.4 32.0 19.1 14.8Americas 134,086 154,510 25.7 23.1 20.2 19.2 17.8 12.0 11.8 11.5 10.5 24.8 24.3 22.1 20.7Fairfax Media Ltd FXJ.AX Neutral 2 A$ 5.40 A$ 5.23 4,426 5,574 15.9 17.0 24.6 20.4 16.3 12.6 13.5 13.7 9.9 22.3 22.7 23.1 16.2Singapore Press SPRM.SI Neutral 1 S$ 4.70 S$ 4.36 4,491 4,491 19.3 19.3 18.9 16.0 na 20.2 19.3 17.0 14.7 26.1 24.5 25.0 21.0West Aust Newspapers WAN.AX Reduce 1 A$ 11.90 A$ 16.75 2,901 3,054 17.6 17.3 32.9 26.6 23.6 16.0 10.8 22.3 17.9 26.3 18.1 36.9 29.4Yellow Pages YELP.SI Neutral 2 S$ 1.35 S$ 1.31 136 194 1.5 15.4 16.5 15.0 14.0 11.4 13.0 13.4 14.4 15.9 19.0 18.6 20.5Australia & Asia 11,955 13,313 13.6 17.2 23.2 19.5 18.0 15.0 14.2 16.6 14.2 22.7 21.1 25.9 21.8JohnCom JCMJ.J Buy 2 10,600.00 RCnt 9,985.00 RCnt 1,455 1,140 8.6 9.3 14.8 14.0 14.1 7.6 13.8 10.2 9.0 10.6 26.7 17.1 14.7Naspers NPNJn.J Buy 1 23,500.00 RCnt 17,901.00 RCnt 7,177 5,096 nm nm 19.5 17.1 15.5 71.6 10.2 7.5 6.5 nm 16.2 13.1 11.3Middle East 8,632 6,235 61.7 40.8 17.1 15.5 14.8 39.6 12.0 8.8 7.7 56.9 21.4 15.1 13.0

Global Publishing 284,223 336,414 128.2 111.0 121.1 98.7 50.8 75.0 61.1 65.8 56.2 122.2 112.1 136.0 107.9 Newspapers 84,303 106,523 21.5 20.1 23.9 19.3 18.0 15.8 11.5 12.7 10.7 21.4 21.5 27.1 20.9 Consumer Magazines 20,571 19,470 15.0 13.5 15.6 14.3 12.4 8.6 8.1 8.6 9.8 17.6 14.5 15.6 18.7 Yellow Pages & Directories 27,804 44,670 17.2 17.2 16.9 15.0 13.2 8.2 14.8 13.1 11.9 22.8 22.2 19.5 17.4 Professional Publishing 151,545 165,751 21.6 19.9 21.4 18.4 15.9 14.9 14.9 13.2 11.3 24.6 24.4 21.6 19.0

PE EV/NOPATEV/Ebitda



Global Pay-TV Valuation Table 3: UBS Pay-TV Universe



m m x x x x x x x x x x x x xAstro All Asia AAAN.KL Buy 2 RM 5.90 RM 5.05 2,677 2,528 69.0 47.5 56.7 31.6 18.7 45.3 26.1 28.8 17.9 nm 47.4 43.2 30.9Austar United Comm. AUN.AX Reduce 2 A$ 1.35 A$ 1.68 1,750 2,103 82.4 31.0 31.0 34.3 25.4 15.2 13.1 20.1 16.5 31.4 31.4 41.5 30.9BSkyB BSY.L Buy 2 725.00 p 572.00 p 21,364 22,700 34.2 26.6 21.8 19.9 16.1 17.9 13.3 12.5 12.7 29.3 24.9 21.0 22.8Cablevision Systems CVC.N Neutral 2 $ 34.00 $ 32.65 7,507 10,654 nm nm nm nm nm 9.8 6.5 7.8 7.8 nm 29.7 31.2 naCharter Comm. CHTR.O Buy 2 (CBE) $ 4.50 $ 3.20 683 18,996 nm nm nm nm nm 10.0 10.6 11.3 10.5 neg neg nm nmComcast Corporation CMCSK.O Buy 1 $ 34.00 $ 26.66 72,779 92,922 66.6 38.7 45.1 39.4 na 12.2 10.2 8.6 8.0 65.1 20.5 30.0 24.7DIRECTV Group DTV.N Neutral 2 $ 24.00 $ 23.89 33,090 31,761 nm 68.3 16.1 18.8 16.3 -24.9 11.9 9.4 7.9 nm 49.8 21.8 20.3EchoStar Comm. DISH.O Reduce 2 $ 36.00 $ 46.29 15,215 18,719 74.7 14.3 23.3 24.9 na 16.2 8.6 10.9 8.4 35.2 10.8 31.8 23.0Knology Inc KNOL.O Buy 2 (CBE) $ 22.00 $ 18.32 640 885 nm nm nm nm nm neg neg neg 40.8 neg neg neg negLodgenet LNET.O Buy 2 $ 41.00 $ 34.77 662 988 nm nm nm -140.7 30.9 6.4 4.5 8.8 6.4 23.7 16.8 45.6 20.1Virgin Media VMED.O Buy 2 $ 33.00 $ 25.70 8,353 18,849 nm 4.8 nm nm 29.8 nm nm 8.5 5.8 nm nm nm 393.9ORBCOMM Inc. ORBC.O Buy 2 $ 17.00 $ 12.80 465 511 nm nm -4.3 -35.8 -42.7 nm nm nm nmm nm nm nm nmPremiere AG PREGn.DE Buy 2 € 24.00 € 15.53 2,081 2,298 nm 23.6 -8.5 19.1 10.6 nm 9.9 38.1 13.3 nm 12.2 -17.6 20.2RCN Inc. RCNI.O Neutral 2 $ 31.00 $ 27.00 992 1,254 nm nm nm nm nm nm neg neg neg nm neg neg negRogers Comms Inc. RCIb.TO Buy 2 C$ 45.00 C$ 42.51 7,144 12,587 nm nm 26.3 34.7 24.5 9.4 11.0 12.6 10.6 35.9 56.7 35.3 30.1Shaw Communications SJRb.TO Neutral 2 C$ 45.00 C$ 43.76 8,495 12,464 58.7 35.9 24.8 29.7 23.6 17.1 10.2 11.9 10.3 63.8 37.9 22.4 26.1Sogecable SGC.MC Reduce 2 € 28.00 € 30.20 5,565 7,272 nm nm nm 63.9 37.2 20.6 15.9 24.5 16.6 nm nm nm 52.2Pay TV 190,383 258,508 64.3 32.3 27.0 13.2 17.5 13.6 9.9 9.4 8.2 40.6 30.7 29.4 55.7North America Pay-TV 152,129 206,431 66.7 39.3 33.4 5.5 23.1 6.9 8.7 9.5 11.0 40.8 30.0 29.2 21.5Europe Pay-TV 37,363 51,118 34.2 18.3 6.6 34.3 23.4 13.7 11.6 12.1 12.6 29.3 18.6 1.7 122.3Australia & Asia Pay-TV 2,677 2,528 69.0 47.5 56.7 31.6 18.7 # 45.3 26.1 28.8 17.9 nm 47.4 43.2 30.9Sirius Satellite SIRI.O Buy 2 (CBE) $ 3.70 $ 3.04 8,467 9,118 nm nm nm -6.6 -8.4 nm nm nm nm nm nm nm nmWorldspace, Inc. WRSP.O Neutral 2 (CBE) $ 4.25 $ 3.50 134 287 nm nm nm nm nm 5.6 4.9 -2.5 -1.7 21.0 18.2 -2.4 -1.8XM Satellite Radio XMSR.O Buy 2 (CBE) $ 15.00 $ 11.98 5,597 5,787 nm nm nm -6.2 -6.7 nm nm nm nm nm nm nm nmPay Radio 14,198 15,192 nm nm nm -6.4 -7.5 5.6 4.9 -2.5 -1.7 21.0 18.2 -2.4 -1.8

EV/EbitdaPE EV/NOPAT


Global Gaming Valuation Table 4: UBS Gaming Universe



m m x x x x x x x x x x x x xKonami 9766.T Neutral 2 ¥ 3,400.00 ¥ 3,170.00 3,804 3,292 16.1 17.8 na 25.6 23.3 6.2 12.9 10.0 7.9 nm 20.3 23.6 20.1Nintendo 7974.T Buy 2 ¥ 40,000.00 ¥ 37,800.00 45,447 37,065 43.4 19.5 19.8 20.1 28.7 10.5 10.9 21.8 15.3 nm 28.9 42.9 27.4Global Gaming 49,252 40,357 29.8 18.6 19.8 22.8 26.0 8.3 11.9 15.9 11.6 nm 24.6 33.3 23.7




Global Entertainment Valuation Table 5: UBS Entertainment Universe



m m x x x x x x x x x x x x xNews Corporation NWSa.N Buy 1 $ 27.00 $ 22.84 77,689 73,720 28.1 23.3 19.9 22.2 18.5 17.7 11.2 14.4 13.0 31.4 22.2 32.7 28.0Playboy PLA.N Neutral 2 $ 11.50 $ 9.81 277 374 nm nm nm 35.6 17.3 5.8 6.3 7.1 5.7 20.5 19.0 80.6 34.0Quebecor Inc. QBRb.TO Buy 2 C$ 47.00 C$ 41.65 2,504 7,326 11.3 24.7 104.2 16.9 15.1 7.5 8.2 9.6 7.7 10.5 11.2 11.0 11.2Viacom VIAb.N Neutral 1 $ 43.00 $ 41.83 32,324 39,026 na na 18.4 18.3 16.2 na 13.8 12.4 11.7 na 26.2 21.9 22.5Vivendi VIV.PA Buy 1 € 40.00 € 30.44 37,318 66,899 18.9 13.1 7.8 10.3 8.3 11.6 9.4 8.9 7.9 20.1 13.4 11.0 14.0Time Warner Inc. TWX.N Buy 2 € 25.00 € 20.61 78,639 78,957 31.8 44.1 14.8 21.5 18.0 nm 12.9 nm nm nm 45.9 neg negWalt Disney Co. DIS.N Neutral 1 $ 37.00 $ 34.98 70,315 82,095 20.2 21.1 16.6 18.4 16.7 13.1 11.0 11.2 9.4 26.4 22.4 24.0 22.0General Entertainment 299,065 348,396 22.1 25.2 30.3 20.5 15.7 11.1 10.4 10.6 9.2 21.8 22.9 30.2 22.0EMI Group EMI.L Neutral 2 240.00 p 233.00 p 3,577 5,788 16.1 16.4 39.3 29.2 17.0 12.1 10.4 17.1 14.3 16.8 14.9 27.9 23.6Music & Rights 3,577 5,788 16.1 16.4 39.3 29.2 17.0 12.1 10.4 17.1 14.3 16.8 14.9 27.9 23.6

EV/EbitdaPE EV/NOPAT


Global Internet Valuation Table 6: UBS Internet Universe



m m x x x x x x x x x x x x xaQuantive, Inc. AQNT.O Buy 2 (CBE) $ 36.00 $ 32.47 2,520 2,837 30.0 34.5 45.3 49.0 na 16.7 25.7 9.6 4.6 neg 58.1 neg negGoogle Inc. GOOG.O Buy 2 (CBE) $ 580.00 $ 479.01 146,652 136,881 103.5 55.3 47.7 35.4 na 114.5 29.8 29.7 19.1 372.7 54.3 51.7 35.8Baidu BIDU.O Reduce 2 (UR) $ 99.00 $ 124.57 4,324 4,219 na 444.4 111.6 79.3 48.3 na 186.1 91.1 61.6 nm 325.7 108.9 76.8Rakuten 4755.Q Neutral 2 (CBE) ¥ 65,000.00 ¥ 48,500.00 5,296 8,255 na 52.4 -120.7 33.3 na 81.0 36.5 24.6 24.6 nm 63.4 38.9 49.6SINA SINA.O Neutral 2 $ 40.00 $ 34.56 2,018 2,012 25.5 34.2 50.6 41.8 31.5 19.0 20.2 35.0 28.9 nm 27.2 51.1 41.0Sohu SOHU.OQ Neutral 2 $ 28.00 $ 25.02 970 913 20.9 22.2 34.5 30.6 23.1 nm 17.5 26.9 22.9 nm 22.3 37.2 32.3Yahoo YHOO.O Buy 2 (CBE) $ 37.00 $ 28.34 38,553 42,522 83.3 62.1 58.1 56.4 na 53.2 38.3 22.3 19.7 218.9 175.3 88.0 95.0Yahoo Japan 4689.T Neutral 2 (CBE) ¥ 41,000.00 ¥ 41,650.00 21,058 19,595 2.1 26.8 42.0 52.0 35.0 90.2 59.8 20.8 17.4 nm 108.4 38.9 31.4Internet 221,392 217,235 44.2 91.5 33.6 47.2 34.5 62.4 51.7 32.5 24.9 295.8 104.3 59.2 51.7




Global Market Research and Agencies Valuation Table 7: UBS Market Research and Agencies



m m x x x x x x x x x x x x xAegis AGS.L Buy 2 165.00 p 140.75 p 3,114 3,563 17.4 18.1 21.5 18.5 16.4 10.9 9.7 12.6 10.5 19.1 17.5 20.3 17.4Asatsu-DK 9747.T Neutral 2 ¥ 3,650.00 ¥ 3,820.00 1,650 677 26.6 30.3 42.0 35.4 na 6.4 9.2 10.4 8.9 13.6 26.7 32.1 20.7Dentsu 4324.T Neutral 2 ¥ 340,000.00 ¥ 341,000.00 550 582 27.7 26.5 26.5 25.7 na 19.1 14.1 15.8 12.9 20.1 15.9 17.8 15.4Havas EURC.PA Neutral 2 € 4.20 € 4.10 2,156 2,837 33.1 26.3 30.0 19.9 15.6 17.7 11.2 12.6 9.7 20.8 19.3 23.4 17.7Interpublic Group IPG.N Neutral 2 $ 13.00 $ 12.77 4,954 5,271 neg neg neg 40.6 na 8.7 21.9 17.8 8.7 51.9 -26.1 -31.3 nmOmnicom Group OMC.N Neutral 1 $ 112.00 $ 105.63 19,563 20,980 20.0 19.1 18.0 18.1 na 12.3 11.4 12.5 11.4 21.1 19.5 21.3 19.3Photon Group Ltd PGA.AX Buy 2 A$ 7.05 A$ 5.86 357 426 na 14.7 23.3 17.1 13.7 na 11.5 15.6 10.7 nm 18.4 25.5 17.5Publicis PUBP.PA Buy 2 € 40.00 € 35.25 10,814 11,417 17.6 18.3 20.1 17.0 15.5 8.6 8.7 11.1 9.8 14.0 14.5 18.0 15.8Seek Ltd SEK.AX Neutral 2 A$ 7.90 A$ 7.39 1,733 1,703 na 27.9 53.9 33.9 24.7 na 20.0 36.1 23.4 nm 30.6 54.8 35.1STW Comm SGN.AX Neutral 2 A$ 3.55 A$ 3.18 550 582 19.6 15.2 15.6 15.1 13.4 19.1 14.1 15.8 12.9 20.1 15.9 17.8 15.4WPP WPP.L Buy 1 900.00 p 748.50 p 19,143 20,674 20.7 16.1 19.4 16.7 14.3 13.3 9.9 11.8 10.2 20.9 16.5 19.1 16.5Advertising Agencies 61,470 65,148 23.6 21.6 27.6 24.0 16.2 13.1 13.2 16.0 11.9 22.8 15.1 19.9 19.3Ipsos ISOS.PA Neutral 2 € 27.00 € 27.70 1,196 1,583 18.8 21.4 24.9 19.2 na 12.9 14.5 13.8 11.3 23.2 26.0 24.5 19.8Taylor Nelson TNN.L Buy 1 (CBE) 280.00 p 242.00 p 2,116 2,678 17.8 15.9 20.6 16.8 14.9 11.3 9.3 11.7 10.1 19.3 16.9 19.5 18.1Market Research & Services 3,311 4,261 18.3 18.6 22.8 18.0 14.9 12.1 11.9 12.7 10.7 21.3 21.5 22.0 19.0JCDecaux JCDX.PA Reduce 2 € 19.50 € 22.90 6,900 7,349 24.4 23.7 25.6 22.6 21.0 12.7 10.2 11.6 10.1 23.1 23.0 25.2 22.0Outdoor Advertising 6,900 7,349 24.4 23.7 25.6 22.6 21.0 12.7 10.2 11.6 10.1 23.1 23.0 25.2 22.0

Global Agencies and Services 71,681 76,759 21.5 20.4 25.7 21.6 15.5 12.7 12.7 14.7 11.4 22.2 17.7 20.7 19.2

PE EV/NOPATEV/Ebitda



Global Communications Valuation Table 8: UBS Communications Universe



m m x x x x x x x x x x x x xBezeq BEZQ.TA Neutral 1 (CBE) NIS 7.00 NIS 6.40 4,148 5,393 19.6 25.5 29.4 17.4 14.6 6.7 6.3 6.0 5.5 25.0 27.1 18.8 18.3BT Group BT.L Reduce 2 290.00 p 319.00 p 53,000 69,753 10.6 11.2 15.5 13.3 12.7 nm 4.7 6.7 6.4 nm 13.0 13.8 16.3Telefonica O2 CR SPTTsp.PR Neutral 1 Kc 540.00 Kc 618.00 9,626 9,879 19.0 41.5 29.7 na na 6.1 7.3 8.2 7.6 27.6 29.4 29.2 24.6Deutsche Telekom DTEGn.F Neutral 2 € 13.00 € 13.49 76,694 134,141 17.0 13.7 14.4 16.5 14.5 6.5 4.7 5.5 5.2 18.2 14.5 17.0 17.2France Telecom FTE.PA Buy 2 € 25.00 € 21.50 70,150 136,358 15.5 12.9 10.9 12.1 11.2 6.7 5.9 5.9 5.3 19.2 13.3 14.6 13.7Iliad ILD.PA Neutral 2 (CBE) € 85.00 € 75.05 5,548 5,622 27.4 27.3 29.3 26.0 21.4 56.6 18.8 13.6 9.7 47.6 38.5 37.6 25.6KPN KPN.AS Buy 2 € 15.00 € 12.62 32,988 45,983 8.9 11.2 12.8 15.9 14.1 5.7 5.6 7.6 6.9 12.7 14.5 19.1 18.6Magyar Telekom MTEL.BU Neutral 1 HUF 1050.00 HUF 1059.00 6,018 8,539 25.0 12.1 12.5 14.1 11.6 6.8 6.0 6.9 6.2 21.4 13.1 17.2 15.4OTE OTEr.AT Buy 2 € 24.50 € 21.78 14,691 22,410 41.1 20.9 16.1 19.3 14.6 7.9 6.7 8.0 6.8 31.6 14.4 25.7 16.6Rostelecom RTKM.RTS Reduce 2 (CBE) $ 1.90 $ 9.25 7,384 7,380 12.1 nm 56.0 60.6 nm 4.6 5.8 19.1 18.2 11.4 nm 71.7 73.9Swisscom SCMN.VX Buy 1 CHF 525.00 CHF 428.00 18,254 19,327 13.7 12.7 13.5 11.7 11.7 6.3 5.0 6.4 6.8 11.2 8.9 12.9 13.7Telecom Italia TLIT.MI Neutral 2 € 2.25 € 2.26 60,127 111,217 13.2 17.2 15.9 17.8 16.7 5.9 6.6 6.9 6.7 15.6 17.7 20.9 20.5Telefonica TEF.MC Reduce 1 € 15.70 € 16.73 111,908 185,878 20.4 15.2 13.9 13.6 13.0 8.7 6.2 7.5 6.7 23.7 15.7 18.3 16.5Telenor TEL.OL Neutral 2 NKr 125.00 NKr 112.25 33,790 40,923 13.7 13.0 17.5 14.6 13.1 6.3 6.1 7.9 6.5 16.1 16.4 17.6 17.3Tiscali TIS.MI Buy 2 € 3.05 € 2.74 1,580 2,046 nm nm nm nm nm nm nm 17.6 11.2 53.3 nm nm nmUnited Internet UTDI.DE Buy 2 (CBE) € 17.50 € 13.27 4,372 4,458 23.1 23.9 24.1 24.3 19.6 41.1 38.4 15.0 11.4 24.3 31.1 29.7 24.1Europe Communications 510,279 809,307 24.4 23.5 23.2 19.7 17.2 12.6 8.9 9.3 7.9 23.9 19.1 24.3 22.2 Alltel Corp. AT.N Neutral 1 $ 63.00 $ 61.75 21,613 23,412 na 32.2 27.3 21.7 20.1 nm 20.5 15.1 13.8 nm 32.2 25.5 23.0AT&T Inc. T.N Buy 1 $ 44.00 $ 38.64 236,284 270,222 16.2 12.8 12.8 14.1 12.2 15.1 38.0 26.3 14.5 23.3 52.2 50.3 31.1Atlantic Tele-Networ ATNI.O Neutral 2 $ 27.00 $ 25.47 390 436 12.6 12.0 12.4 14.9 13.2 5.1 11.4 8.3 7.4 12.2 26.6 16.4 14.3BCE BCE.TO Neutral 1 C$ 37.00 C$ 38.75 28,168 43,758 16.6 14.4 14.4 19.0 19.1 11.5 12.7 11.8 12.2 15.4 17.5 13.2 16.1CenturyTel CTL.N Reduce 1 $ 43.00 $ 46.28 5,230 7,759 12.8 12.7 17.7 16.1 17.4 10.4 10.6 11.5 11.3 16.7 17.2 18.8 18.1Citizens CZN.N Neutral 2 $ 15.00 $ 15.61 4,995 8,705 24.8 14.2 11.6 19.1 17.9 12.0 12.8 11.4 11.2 16.3 17.9 17.5 17.6Embarq Corp EQ.N Neutral 1 $ 59.00 $ 60.98 9,177 15,582 na na 11.5 13.0 13.3 nm nm 9.0 9.7 nm nm 14.3 15.6NTELOS Holdings NTLS.O Buy 2 $ 23.00 $ 20.26 854 1,504 na na nm 23.7 18.6 nm 19.5 17.2 13.4 nm 24.2 19.9 17.1Qwest Communications Q.N Buy 2 $ 11.00 $ 8.90 16,919 31,883 nm nm 26.2 15.6 15.0 nm 35.1 19.7 15.4 neg nm 26.3 19.1Telmex TELMEXL.MX Reduce 2 P 12.09 P 19.09 36,484 43,994 8.2 8.4 9.5 14.2 11.2 7.3 9.6 10.1 10.0 11.3 14.4 15.8 16.0Verizon VZ.N Neutral 1 $ 39.00 $ 37.89 110,752 180,459 15.4 13.3 13.0 16.3 14.3 13.6 12.6 11.8 10.9 19.3 17.3 15.9 15.1Vonage Holding VG.N Neutral 2 (CBE) $ 3.50 $ 3.11 481 567 na na nm nm nm nm neg neg neg nm neg neg negAmericas Communications 471,348 628,281 15.2 15.0 15.6 17.1 15.7 10.7 18.3 13.8 11.8 16.3 24.4 21.3 18.5KT 030200.KS Neutral 2 Won 43,300.00 Won 41,950.00 12,836 17,790 9.7 12.2 9.8 10.9 9.7 4.5 4.5 4.4 4.4 13.7 14.5 13.3 14.0Singapore Telecom STEL.SI Buy 1 S$ 3.90 S$ 3.32 34,762 19,456 14.6 13.0 15.7 13.8 12.2 7.9 5.0 7.2 6.7 48.4 14.0 22.4 22.4Telkom TLKM.JK Buy 2 Rp 11,000.00 Rp 10,500.00 23,308 25,130 10.3 11.8 19.1 15.3 12.9 5.2 5.4 6.8 5.6 10.8 11.3 14.6 11.8Telstra TLS.AX Neutral 2 A$ 4.30 A$ 4.67 50,943 61,798 14.1 15.8 20.6 17.6 15.6 7.7 5.9 8.4 7.6 16.3 13.5 21.1 18.4Asia & Australia (Ex. Japan) 121,849 124,174 12.2 13.2 16.3 14.4 12.6 6.3 5.2 6.7 6.1 22.3 13.3 17.8 16.6NTT 9432.T Reduce 1 ¥ 552,000.00 ¥ 596,000.00 78,485 138,605 11.2 12.5 15.7 16.5 16.3 4.3 4.4 4.9 4.9 17.5 24.8 23.9 24.4Japan Communications 78,485 138,605 11.2 12.5 15.7 16.5 16.3 4.3 4.4 4.9 4.9 17.5 24.8 23.9 24.4

Global Communications 1,181,960 1,700,367 15.7 16.0 17.7 16.9 15.4 8.5 9.2 8.7 7.7 20.0 20.4 21.8 20.4




Stock Performance at Close on Friday; April 27, 2007 Table 9: Week, Monthly , Quarterly , Annually and Year-to-date Stock Performance

1 W 1 M 1 Quarter 6 M 12 M YTD% % % % % %

Baidu 25.1 Baidu 28.8 Nexstar Broadcasting 96.4 Vocento na CTC Media na Nexstar Broadcasting 156.8

Yahoo Japan 15.5 Nexstar Broadcasting 24.2 Knology Inc 40.5 ORBCOMM Inc. na Vocento na Knology Inc 72.2MCOT 13.1 Emmis Communications 20.3 Austar United Comm. 34.9 Nexstar Broadcasting 219.3 ORBCOMM Inc. na ORBCOMM Inc. 45.1

i-CABLE 12.4 Zee Entertainment 17.0 ABS-CBN 28.7 Knology Inc 74.8 Charter Comm. 171.2 West Aust Newspapers 43.4Nexstar Broadcasting 9.8 TV Asahi 16.9 Lodgenet 27.7 Nintendo 60.0 Knology Inc 132.8 Lodgenet 38.9

Sirius Satellite 8.6 Midway Games 16.6 West Aust Newspapers 24.5 West Aust Newspapers 57.0 Nintendo 125.0 ABS-CBN 38.3

BEC 7.8 Sohu 16.4 Activision 21.8 Lodgenet 53.6 Baidu 114.9 aQuantive, Inc. 31.7XM Satellite Radio 7.6 aQuantive, Inc. 16.3 aQuantive, Inc. 21.7 Agora 50.4 Nexstar Broadcasting 107.7 Vivax 30.4

Zee Entertainment 7.5 Knology Inc 15.7 PT Multimedia 21.6 Macquarie Media 49.7 ABS-CBN 107.4 Austar United Comm. 27.3Knology Inc 7.1 Radio One 15.2 CTC Media 21.5 TBS 49.3 West Aust Newspapers 101.8 PT Multimedia 26.5

Astro All Asia 7.0 Charter Comm. 14.7 Johnston Press 21.2 Vivax 45.7 Seek Ltd 86.1 Seek Ltd 25.7Rakuten 6.6 Lodgenet 13.2 Vivax 19.9 JohnCom 44.7 Lodgenet 82.2 Grupo Prisa 25.0

GCap Media 6.5 i-CABLE 13.1 NET Servicos 18.7 NET Servicos 43.1 Rogers Comms Inc. 79.4 NET Servicos 24.6Lodgenet 6.5 Rogers Comms Inc. 12.5 EchoStar Comm. 18.4 Seek Ltd 42.4 BEC 65.5 Emmis Communications 23.2

Westwood One Inc. 5.3 ABS-CBN 12.0 JohnCom 17.5 Quebecor Inc. 39.8 Vivax 64.0 Rogers Comms Inc. 22.5

SINA 5.1 Sky Network T.V 11.8 Emmis Communications 17.1 Charter Comm. 39.1 Cablevision Systems 61.1 Nintendo 22.3Sohu 5.0 PT Multimedia 11.6 Rogers Comms Inc. 16.3 Austar United Comm. 38.8 Macquarie Media 60.7 Agora 21.9

Eniro 4.7 JohnCom 11.6 Seek Ltd 15.6 Naspers 37.2 NET Servicos 60.1 Premiere AG 21.9Macquarie Media 4.3 Nintendo 10.4 UBM 15.2 Take-Two 34.6 JohnCom 60.0 EchoStar Comm. 21.7

McGraw-Hill 4.3 ITV 9.6 BEC 14.6 Premiere AG 34.1 Marvel Entertainment 51.7 Taylor Nelson 20.5JohnCom 4.0 MCOT 9.4 Agora 14.5 SINA 34.0 Quebecor Inc. 51.5 SINA 20.4

ITV 3.8 Vivax 9.4 Take-Two 14.4 Baidu 33.2 EchoStar Comm. 49.8 Johnston Press 18.6Thomson Corporation 3.2 NRJ 8.7 THQ 13.8 Rogers Comms Inc. 32.5 Shaw Communications 45.4 Shaw Communications 18.6

Prime Television 3.1 NET Servicos 8.5 Trinity Mirror 13.5 ABS-CBN 31.8 Photon Group Ltd 45.0 Activision 18.2

PagesJaunes 2.9 Moody's 8.1 NTV 12.8 EchoStar Comm. 31.7 Activision 43.6 MCOT 18.0EMAP 2.9 BEC 7.8 Grupo Prisa 12.7 Activision 31.6 Alliance Atlantis 43.4 UBM 17.7

PT Multimedia 2.7 Quebecor Inc. 7.8 Sogecable 11.8 Alliance Atlantis 31.5 Southern Cross 41.5 JohnCom 17.1Nintendo 2.7 Austar United Comm. 7.7 Torstar Corporation 10.9 NTV 31.3 DIRECTV Group 39.9 TV Asahi 16.9

Vocento 2.6 Astral Media 7.6 i-CABLE 10.5 PT Multimedia 30.7 TVN 38.9 Quebecor Inc. 16.1West Aust Newspapers 2.4 Activision 7.6 ITV 10.4 BEC 29.8 Austar United Comm. 37.7 Trinity Mirror 15.0

Worldspace, Inc. 2.3 Astro All Asia 7.4 Taylor Nelson 10.1 Grupo Prisa 28.8 Naspers 35.6 Cablevision Systems 14.6Fairfax Media Ltd 2.1 Vocento 7.4 MCOT 9.0 Yellow Pages 28.4 THQ 34.6 Corus 13.7

aQuantive, Inc. 2.1 EMAP 7.3 Telecinco 9.0 Beasley Broadcast 27.0 Fairfax Media Ltd 34.1 Reed Elsevier plc 13.1

Photon Group Ltd 2.1 Cablevision Systems 7.3 Vocento 8.7 Euromoney 26.1 Grupo Televisa 33.4 CTC Media 12.2Trinity Mirror 2.1 West Aust Newspapers 7.2 Nintendo 8.5 TV Asahi 25.9 Interpublic Group 33.3 Yellow Pages 12.0

Radio One 1.9 Corus 7.1 Yellow Pages I.F. 8.5 Seven Network 23.9 News Corporation 33.1 NTV 11.9Asatsu-DK 1.9 Marvel Entertainment 6.7 Reuters 8.1 Shaw Communications 23.8 SINA 30.7 PagesJaunes 11.9

Publish & B'casting 1.7 EchoStar Comm. 6.6 Cablevision Systems 8.1 ProSiebenSat1 21.6 Comcast Corporation 29.7 Pearson 11.9Yahoo 1.7 Cox Radio 6.2 Reed Elsevier plc 7.8 Sogecable 20.3 aQuantive, Inc. 29.6 Sogecable 11.9

NET Servicos 1.4 Prime Television 6.2 Tribune Co. 7.7 TVN 19.6 Austereo Group 28.4 ITV 11.7Reed Elsevier plc 1.4 TVB 6.1 Publicis 7.6 aQuantive, Inc. 19.3 TBS 28.1 BEC 11.4

Astral Media 1.0 CTC Media 6.0 Midway Games 7.5 TVB 19.1 PT Multimedia 28.0 Yahoo 11.0

CBS Corp. 1.0 Cumulus Media 5.9 Quebecor Inc. 6.7 Grupo Televisa 18.8 Corus 27.1 Vocento 11.0Emmis Communications 1.0 RCN Inc. 5.7 TV Asahi 6.5 UBM 18.4 Seat Pagine Gialle 26.1 Baidu 10.5

Tribune Co. 1.0 Beasley Broadcast 5.7 WWE 6.5 Interpublic Group 18.2 CBS Corp. 25.8 Radio One 10.4ProSiebenSat1 0.9 Thomson Corporation 5.6 Fairfax Media Ltd 6.3 Cablevision Systems 17.8 Rural Press 25.5 Publicis 10.3

Taylor Nelson 0.9 McGraw-Hill 5.4 Pearson 6.1 Taylor Nelson 16.1 Clear Channel 25.1 Take-Two 10.1CanWest Global Comms 0.8 Torstar Corporation 5.2 Marvel Entertainment 5.8 Fuji Television 15.6 Walt Disney Co. 25.1 Marvel Entertainment 10.0

WWE 0.7 Dow Jones & Co. 5.2 Informa 5.5 Publicis 15.6 Reuters 22.7 BSkyB 9.9Pearson 0.6 WWE 5.0 Electronic Arts 5.4 THQ 15.0 ProSiebenSat1 22.1 Yellow Pages I.F. 9.6

Agora 0.6 Fairfax Media Ltd 5.0 Premiere AG 5.3 Marvel Entertainment 14.8 Informa 21.9 TVB 9.2

Midway Games 0.6 CBS Corp. 4.7 Ipsos 5.2 Corus 14.8 APN News & Media 21.4 WPP 8.4Cumulus Media 0.4 Comcast Corporation 4.7 BSkyB 5.0 Torstar Corporation 14.8 Euromoney 21.1 GCap Media 8.3

Mondadori 0.4 Google Inc. 4.6 PagesJaunes 4.9 Seat Pagine Gialle 13.8 Seven Network 20.1 Astral Media 8.3Belo Corp. 0.4 Time Warner Inc. 4.5 Yellow Pages 4.8 ITV 13.8 Premiere AG 19.5 Fairfax Media Ltd 8.3

Seven Network 0.4 Reed Elsevier plc 4.3 Thomson Corporation 4.8 JCDecaux 13.4 McGraw-Hill 19.0 ProSiebenSat1 8.1Vivax 0.3 Telecinco 4.0 Shaw Communications 4.7 Rural Press 13.2 Astral Media 18.8 Euromoney 7.5

Publicis 0.2 PagesJaunes 3.8 ProSiebenSat1 4.6 i-CABLE 13.1 Time Warner Inc. 18.4 Grupo Televisa 7.3Mediaset 0.1 Belo Corp. 3.7 Euromoney 4.5 Pearson 12.6 Omnicom Group 17.4 Naspers 7.2

Naspers 0.1 Interpublic Group 3.7 Publish & B'casting 4.1 WPP 11.4 Meredith 17.1 Reuters 7.0Moody's 0.0 Mondadori 3.7 Southern Cross 3.9 Asatsu-DK 11.0 Reed Elsevier plc 16.2 TVN 6.8

BSkyB 0.0 JCDecaux 3.7 Belo Corp. 3.6 Southern Cross 10.9 NTV 14.9 Tribune Co. 6.6

TPI 0.0 DIRECTV Group 3.6 Viacom 3.5 Prime Television 10.7 Take-Two 14.7 News Corporation 6.3UBM 0.0 Yellow Pages I.F. 3.5 CBS Corp. 3.3 CBS Corp. 10.5 Google Inc. 14.6 Prime Television 6.2

Yellow Pages 0.0 Seat Pagine Gialle 3.5 JCDecaux 3.1 Belo Corp. 10.4 Hearst-Argyle TV 14.5 THQ 6.1APN News & Media 0.0 GCap Media 3.4 Rural Press 2.8 Astral Media 10.3 UBM 14.0 Thomson Corporation 5.9

Google Inc. 0.0 Dentsu 3.3 Photon Group Ltd 2.8 Johnston Press 10.0 Pearson 13.9 Seat Pagine Gialle 5.9Alliance Atlantis 0.0 Publish & B'casting 3.3 ORBCOMM Inc. 2.6 Meredith 10.0 Tribune Co. 13.8 Torstar Corporation 5.8

Informa -0.1 Electronic Arts 3.2 Fuji Television 2.6 Walt Disney Co. 9.8 Prime Television 13.6 JCDecaux 5.7Electronic Arts -0.2 Omnicom Group 3.2 New York Times 2.5 Sohu 9.4 Grupo Prisa 13.6 Belo Corp. 5.4

TBS -0.2 Fuji Television 2.9 M6 1.8 Yahoo 9.2 CanWest Global Comms 12.4 WWE 5.0

Gannett -0.3 UBM 2.9 Radio One 1.6 M6 9.1 Cox Radio 12.3 Rural Press 4.6

Walt Disney Co. -0.3 Shaw Communications 2.8 Seat Pagine Gialle 1.5 Informa 9.1 Telecinco 11.1 Charter Comm. 4.6Sky Network T.V -0.3 Asatsu-DK 2.7 Westwood One Inc. 1.4 Trinity Mirror 9.1 Zee Entertainment 10.9 Midway Games 4.4

Fuji Television -0.4 Seek Ltd 2.6 WPP 1.4 Sky Network T.V 8.8 WPP 10.6 i-CABLE 4.4TV Asahi -0.4 Mediaset 2.5 Yahoo 1.1 Telecinco 8.6 Eniro 10.5 Interpublic Group 4.3

Omnicom Group -0.4 Yahoo Japan 2.5 Asatsu-DK 1.1 DIRECTV Group 8.6 Publish & B'casting 10.4 Sohu 4.3

Wolters-Kluwer -0.4 Austereo Group 2.4 Omnicom Group 1.0 News Corporation 8.6 Astro All Asia 10.3 RCS MediaGroup SpA 4.2Seek Ltd -0.4 EMI Group 2.4 Baidu 0.9 RCS MediaGroup SpA 8.0 Thomson Corporation 10.0 Telecinco 4.1

DIRECTV Group -0.5 Reuters 2.4 Entercom 0.9 Fairfax Media Ltd 7.8 BSkyB 8.8 Southern Cross 4.1EchoStar Comm. -0.6 Taylor Nelson 2.3 Hearst-Argyle TV 0.8 Radio One 7.8 Konami 8.7 Google Inc. 4.0

Washington Post -0.6 APN News & Media 2.2 TVN 0.6 STW Comm 7.8 Moody's 8.2 Hearst-Argyle TV 3.4Cablevision Systems -0.6 Tribune Co. 2.1 EMAP 0.5 Worldspace, Inc. 7.7 i-CABLE 8.0 Fuji Television 3.3

Clear Channel -0.6 Naspers 2.0 TPI 0.5 Thomson Corporation 6.9 Entercom 7.2 Electronic Arts 3.2Rogers Comms Inc. -0.7 Westwood One Inc. 1.9 McGraw-Hill 0.1 Havas 6.8 M6 7.1 Meredith 3.1

TF1 -0.7 Clear Channel 1.9 Walt Disney Co. -0.2 BSkyB 6.6 TVB 7.0 Vivendi 2.9JCDecaux -0.8 Virgin Media 1.8 Sky Network T.V -0.3 Reuters 6.5 Publicis 7.0 CBS Corp. 2.8

CTC Media -0.8 Viacom 1.8 Alliance Atlantis -0.8 Dentsu 6.2 Belo Corp. 5.7 Mondadori 2.4Ipsos -0.9 NTV 1.7 Meredith -0.8 Reed Elsevier plc 6.1 Vivendi 5.2 TBS 2.3

L'Espresso -0.9 STW Comm 1.6 News Corporation -1.0 Mondadori 6.1 Wolters-Kluwer 5.1 TPI 2.2Marvel Entertainment -0.9 Walt Disney Co. 1.6 Clear Channel -1.2 Viacom 5.9 Viacom 5.0 Walt Disney Co. 2.1

Dow Jones & Co. -0.9 SINA 1.6 Aegis -1.2 CTC Media 5.6 ITV 3.9 Viacom 1.9Corus -0.9 Yellow Pages 1.6 Prime Television -1.3 Aegis 5.4 Radio One 3.5 Singapore Press 1.9

TVN -0.9 Rural Press 1.5 APN News & Media -1.5 XM Satellite Radio 5.1 Gannett 3.2 Virgin Media 1.8

RCS MediaGroup SpA -0.9 Ipsos 1.5 Corus -1.6 Publish & B'casting 4.9 Aegis 3.1 Alliance Atlantis 1.3Interpublic Group -1.0 ProSiebenSat1 1.5 Gannett -1.7 McGraw-Hill 3.9 Singapore Press 1.9 Ipsos 1.3

NRJ -1.0 BSkyB 1.4 DIRECTV Group -1.8 EMAP 3.8 Mondadori 1.4 Asatsu-DK 1.1Viacom -1.1 Trinity Mirror 1.4 STW Comm -1.9 Omnicom Group 3.8 RCN Inc. 1.0 Omnicom Group 1.0

Shaw Communications -1.1 TVN 1.3 Konami -2.2 Singapore Press 3.8 RBC 0.9 Entercom 0.7Dentsu -1.2 Meredith 1.2 TVB -2.2 Hearst-Argyle TV 3.7 Sogecable 0.6 Aegis 0.5

Playboy -1.2 Eniro 1.1 Washington Post -2.4 Konami 3.6 Havas 0.0 Clear Channel 0.5Seat Pagine Gialle -1.3 Photon Group Ltd 1.0 Grupo Televisa -2.5 Clear Channel 3.6 Ten Network -0.7 EMAP 0.4

Time Warner Inc. -1.3 TF1 1.0 RCS MediaGroup SpA -2.9 Time Warner Inc. 3.4 Agora -0.7 Seven Network 0.1RBC -1.3 THQ 0.9 GCap Media -3.0 GCap Media 3.3 Fuji Television -0.7 Zee Entertainment 0.0

Singapore Press -1.4 Gannett 0.8 Naspers -3.0 Dow Jones & Co. 2.7 WWE -1.3 Worldspace, Inc. 0.0Lagardere -1.4 Entercom 0.7 Google Inc. -3.1 Eniro 2.6 Sky Network T.V -1.5 Washington Post -0.2

Austereo Group -1.4 Konami 0.6 Interpublic Group -3.2 Moody's 2.1 Trinity Mirror -1.7 Informa -0.4Activision -1.5 ORBCOMM Inc. 0.4 Austereo Group -3.2 TPI 1.9 Dow Jones & Co. -1.9 APN News & Media -0.7

Comcast Corporation -1.5 Alliance Atlantis 0.3 TBS -3.3 Vivendi 1.6 Washington Post -2.8 Wolters-Kluwer -0.8

Take-Two -1.5 Southern Cross 0.2 Beasley Broadcast -3.5 Lagardere 1.6 TPI -3.2 Westwood One Inc. -0.8Beasley Broadcast -1.5 Lagardere 0.1 TF1 -3.5 Astro All Asia 1.4 JCDecaux -3.4 Eniro -1.1

STW Comm -1.5 Vivendi 0.1 Eniro -3.5 Wolters-Kluwer 1.4 TF1 -3.8 Austereo Group -1.4Virgin Media -1.6 TPI 0.0 Seven Network -3.7 WWE 1.0 Asatsu-DK -4.5 M6 -2.0

Entercom -1.6 New York Times -0.1 Lagardere -3.8 Photon Group Ltd 0.9 Johnston Press -4.5 Dentsu -2.3Quebecor Inc. -1.7 Johnston Press -0.2 SINA -4.2 Google Inc. 0.5 Beasley Broadcast -4.9 Havas -2.4

RCN Inc. -1.7 Pearson -0.7 Cumulus Media -4.4 Entercom -0.1 Ipsos -5.1 McGraw-Hill -2.6ABS-CBN -1.8 Seven Network -0.7 Charter Comm. -4.8 Comcast Corporation -0.5 New York Times -5.3 STW Comm -2.8

TVB -1.8 RCS MediaGroup SpA -0.9 Dow Jones & Co. -4.9 Washington Post -0.9 Yell -5.4 Moody's -2.8Rural Press -1.9 Singapore Press -0.9 Moody's -4.9 Tribune Co. -1.9 STW Comm -5.4 CanWest Global Comms -3.3

News Corporation -1.9 News Corporation -1.2 L'Espresso -5.0 APN News & Media -2.3 Cumulus Media -6.0 NRJ -3.4New York Times -2.1 Grupo Prisa -1.3 Mondadori -5.1 New York Times -2.4 E.W. Scripps -6.1 Photon Group Ltd -3.5

Konami -2.2 Informa -2.0 CanWest Global Comms -5.2 Zee Entertainment -2.4 Virgin Media -6.5 New York Times -3.6Euromoney -2.2 Euromoney -2.1 EMI Group -5.2 CanWest Global Comms -2.5 Taylor Nelson -6.6 Publish & B'casting -4.0

Johnston Press -2.3 Worldspace, Inc. -2.2 Worldspace, Inc. -5.4 L'Espresso -3.0 TV Asahi -7.0 DIRECTV Group -4.2

Telecinco -2.3 RBC -2.5 Virgin Media -5.5 Electronic Arts -3.2 EMAP -7.6 Cumulus Media -4.4THQ -2.5 Publicis -2.5 Dentsu -5.5 TF1 -4.2 Electronic Arts -8.5 Comcast Corporation -4.5

WPP -2.5 Washington Post -2.5 Vivendi -5.6 Antena3 -4.6 Sohu -9.8 Dow Jones & Co. -4.6Cox Radio -2.5 Macquarie Media -2.7 NRJ -5.7 Mediaset -4.9 RCS MediaGroup SpA -9.9 Time Warner Inc. -5.4

Reuters -2.5 Sogecable -2.8 Macquarie Media -6.3 Virgin Media -5.1 Torstar Corporation -10.2 Lagardere -5.5Ten Network -2.6 WPP -2.8 Time Warner Inc. -6.5 Austereo Group -5.4 Lagardere -11.9 Gannett -6.1

Meredith -2.6 Take-Two -2.9 Wolters-Kluwer -6.5 Gannett -5.4 L'Espresso -11.9 Beasley Broadcast -6.5EMI Group -2.6 Hearst-Argyle TV -3.1 Zee Entertainment -6.9 NRJ -5.9 GCap Media -12.6 L'Espresso -6.6

NTV -2.7 E.W. Scripps -3.2 Comcast Corporation -6.9 Yellow Pages I.F. -6.0 Yahoo -13.5 Mediaset -7.1M6 -2.7 Wolters-Kluwer -3.4 Antena3 -7.0 RCN Inc. -7.1 Dentsu -13.9 Sky Network T.V -7.2

Havas -2.8 CanWest Global Comms -3.4 Cox Radio -7.2 Ipsos -7.8 Yellow Pages I.F. -14.3 Ten Network -7.3Aegis -2.9 M6 -3.5 Singapore Press -7.2 Rakuten -8.3 Mediaset -16.8 Astro All Asia -9.0

Vivendi -3.1 Ten Network -3.5 Astro All Asia -7.3 Cumulus Media -8.5 EMI Group -17.4 TF1 -9.9Yellow Pages I.F. -3.3 L'Espresso -4.1 Astral Media -7.6 Playboy -9.1 Emmis Communications -17.5 RCN Inc. -10.4

Grupo Televisa -3.5 Antena3 -4.5 Sohu -8.6 Yahoo Japan -9.3 Yellow Pages -17.6 Antena3 -10.5Torstar Corporation -3.5 Playboy -4.7 Yahoo Japan -9.4 MCOT -10.7 Antena3 -23.4 Cox Radio -11.0

Sogecable -3.6 Premiere AG -4.7 Havas -10.1 RBC -10.7 Playboy -25.6 Macquarie Media -11.6

Austar United Comm. -4.0 Grupo Televisa -4.7 Mediaset -10.5 Ten Network -11.6 PagesJaunes -26.0 Konami -11.9Hearst-Argyle TV -4.2 Havas -4.9 RCN Inc. -11.4 E.W. Scripps -12.0 NRJ -26.3 Yahoo Japan -12.1

E.W. Scripps -4.4 Sirius Satellite -5.0 E.W. Scripps -12.6 EMI Group -12.1 Midway Games -27.2 EMI Group -12.5Premiere AG -4.4 Agora -6.1 Playboy -13.5 Westwood One Inc. -12.6 Westwood One Inc. -27.5 Rakuten -12.6

Antena3 -4.6 Aegis -6.2 XM Satellite Radio -13.8 Cox Radio -14.5 MCOT -28.3 E.W. Scripps -13.4Southern Cross -5.0 TBS -6.9 Ten Network -15.5 Midway Games -14.8 Sirius Satellite -35.0 Sirius Satellite -14.1

Charter Comm. -5.0 XM Satellite Radio -7.3 RBC -16.4 Emmis Communications -19.4 McClatchy Company -35.2 RBC -14.3ORBCOMM Inc. -5.3 McClatchy Company -7.3 Sirius Satellite -18.1 Sirius Satellite -19.8 Yahoo Japan -37.3 Playboy -14.4

Grupo Prisa -6.0 Yahoo -9.4 Yell -20.0 Yell -21.6 Worldspace, Inc. -40.4 Yell -14.7McClatchy Company -7.0 Rakuten -13.5 Rakuten -23.7 PagesJaunes -27.9 XM Satellite Radio -40.9 XM Satellite Radio -17.1

Yell -20.7 Yell -18.6 McClatchy Company -25.1 McClatchy Company -33.2 Rakuten -47.3 McClatchy Company -32.4

Source: UBS Source: UBS


Performance Broadcasting & Radio

Price Data (US$)Last No of Market 23-Apr-07 30-Mar-07 30-Jan-07 30-Apr-06 31-Dec-06Close Target Upside shares Cap 1 W 1 M 3 M 12 M YTD

Company Name RIC code Analyst Rating Price Price % (mn) (US$mn) % % % % %

Antena3 A3TV.MC Daniel Kerven; Ignacio Carvajal Cebrian; Ian Whitt Neutral 2 € 15.68 € 17.50 12% 222 4,744 -6.3% -6.3% -8.8% -24.9% -12.1%CTC Media CTCM.OQ Elena Rogovina; Konstantin Pravednikov Neutral 1 (CBE) $ 26.95 $ 23.50 -13% 151 4,064 -0.8% 6.0% 21.5% nm 12.2%GCap Media GCAP.L Alastair Reid; Daniel Kerven Reduce 2 221.00 p 170.00 p -23% 164 725 nm nm nm nm nmITV ITV.L Daniel Kerven; Alastair Reid; Ian Whittaker Reduce 2 116.50 p 100.00 p -14% 4071 9,462 1.7% 6.9% 7.6% 1.3% 9.4%M6 MMTP.PA Daniel Kerven; Alastair Reid Neutral 2 € 25.80 € 28.90 12% 132 4,630 -5.4% -5.9% -0.7% 4.4% -4.7%Mediaset MS.MI Daniel Kerven; Ian Whittaker; Alastair Reid Neutral 2 € 8.33 € 8.60 3% 1181 13,396 -0.2% 2.4% -10.7% -16.9% -7.3%NRJ SONO.PA Araceli Strassburger; Alexandre Dergatcheff Neutral 2 € 13.10 € 13.20 1% 86 1,542 -2.0% 8.3% -6.1% -26.6% -4.4%ProSiebenSat1 PSMG_p.DE Daniel Kerven; Ian Whittaker; Alastair Reid Buy 2 € 26.59 € 31.00 17% 219 7,920 -0.1% 0.6% 3.7% 21.1% 7.0%RBC RBCI.RTS Elena Rogovina; Konstantin Pravednikov Buy 2 (CBE) $ 9.50 $ 12.30 29% 119 1,133 -1.7% -2.8% -16.7% 0.5% -14.6%TF1 TFFP.PA Daniel Kerven; Alastair Reid Neutral 2 € 25.00 €27.50 10% 215 7,308 -2.0% -0.2% -4.6% -4.9% -11.1%Telecinco TL5.MC Daniel Kerven; Ignacio Carvajal Cebrian; Ian Whitt Neutral 2 € 21.90 € 21.40 -2% 247 7,353 -4.8% 1.2% 6.1% 8.1% 1.5%TVN TVNN.WA Malgosia Suligowska; Gyorgy Olah Reduce 1 PLN 26.66 PLN 24.00 -10% 344 3,301 -0.7% 1.3% 0.6% 38.9% 7.1%EuropeAlliance Atlantis AACb.TO Eric Mencke, CA, CFA Neutral 2 (CBE) $51.13 $53.00 4% 40 1,847 0.0% 0.3% -0.8% 43.4% 1.3%Astral Media ACMa.TO Eric Mencke, CA, CFA Neutral 2 $43.24 $47.00 9% 50 1,931 1.0% 7.6% -7.6% 18.8% 8.3%CanWest Global Comms CGS.TO Eric Mencke, CA, CFA Buy 2 $10.68 $14.50 36% 99 948 0.8% -3.4% -5.2% 12.4% -3.3%Corus CJRb.TO Eric Mencke, CA, CFA Buy 2 $47.19 $56.00 19% 40 1,699 -0.9% 7.1% -1.6% 27.1% 13.7%CBS Corp. CBS.N Lucas Binder Buy 2 $32.04 $38.00 19% 718 22,995 1.0% 4.7% 3.3% 25.8% 2.8%Grupo Televisa TLVACPO.MX Gordon Lee; Matthieu Coppet Buy 2 (CBE) $62.77 $76.15 21% 2884 16,513 -3.5% -4.7% -2.5% 33.4% 7.3%AmericasAustereo Group AEO.AX Nola Hodgson Neutral 2 A$ 2.14 A$ 2.30 7% 379 671 0.5% 4.4% -1.4% 30.9% 0.5%BEC BEC.BK Athaporn Arayasantiparb Buy 1 Bt 23.40 Bt 25.00 7% 2000 1,347 7.3% 7.3% 14.1% 64.8% 10.9%MCOT MCOT.BK Athaporn Arayasantiparb Buy 1 Bt 27.00 Bt 38.00 41% 687 534 12.0% 8.4% 8.0% -28.9% 16.9%Prime Television PRT.AX Simon Smiles Neutral 2 A$ 3.93 A$ 4.05 3% 124 404 3.1% 6.2% -1.3% 13.6% 6.2%Publish & B'casting PBL.AX Nola Hodgson; Sam Theodore Neutral 1 A$ 20.53 A$ 22.60 10% 677 11,487 1.9% 3.4% 4.2% 10.6% -3.8%Seven Network SEV.AX Nola Hodgson Buy 2 A$ 11.33 A$ 13.00 15% 222 2,075 0.3% -0.8% -3.7% 20.0% 0.0%Southern Cross SBC.AX Simon Smiles Neutral 2 A$ 16.65 A$ 16.20 -3% 71 981 -4.9% 0.3% 4.1% 41.7% 4.2%Ten Network TEN.AX Nola Hodgson Reduce 2 A$ 3.05 A$ 2.95 -3% 399 1,005 -2.6% -3.5% -15.5% -0.7% -7.3%TVB 0511.HK Lyn Foo Buy 2 HK$ 52.05 HK$ 61.00 17% 438 2,915 -1.4% 6.6% -1.8% 7.4% 9.6%Zee Entertainment ZEE.BO Sandeep Bhatia Buy 2 Rs 279.60 Rs 340.00 22% 433 2,935 2.4% 11.5% -11.2% 5.7% -4.7%Asia Pacific Ex-JapanFuji Television 4676.T Atsuko Kaneko Buy 2 ¥ 281,000.00 ¥ 310,000.00 10% 2 5,559 -0.4% 2.9% 2.6% -0.7% 3.3%NTV 9404.T Atsuko Kaneko Buy 2 ¥ 19,760.00 ¥ 24,000.00 21% 25 4,194 -2.7% 1.7% 12.8% 14.9% 11.9%TBS 9401.T Atsuko Kaneko Reduce 2 ¥ 4,060.00 ¥ 2,700.00 -33% 190 6,466 -0.2% -6.9% -3.3% 28.1% 2.3%TV Asahi 9409.T Atsuko Kaneko Neutral 2 ¥ 277,000.00 ¥ 251,000.00 -9% 1 2,332 -0.4% 16.9% 6.5% -7.0% 16.9%Japan

Note: Price performance US dollar based. Pricing as at Close on Friday April 27, 2007. Source: UBS


PublishingPrice Data (US$)

Last No of Market 23-Apr-07 30-Mar-07 30-Jan-07 28-Apr-06 31-Dec-06Close Target Upside shares Cap 1 W 1 M 3 M 12 M YTD


Agora AGOD.WA Malgosia Suligowska; Gyorgy Olah Reduce 1 PLN 44.50 PLN 43.00 -3% 56 901 0.6% -5.9% 14.7% -0.4% 21.9%EMAP EMA.L Ian Whittaker; Polo Tang; Alastair Reid Buy 2 840.00 p 915.00 p 9% 256 4,289 6.6% 11.0% 4.0% -4.4% 4.0%Eniro ENRO.ST Albin Sandberg; Olof Cederholm Neutral 1 Skr 88.75 Skr 85.00 -4% 181 2,395 3.8% 0.6% -4.1% 9.9% -1.9%Euromoney ERM.L Thomas Kwan Neutral 2 581.00p 650.00p 12% 103 1,192 -3.3% -3.2% 3.4% 19.8% 6.3%Grupo Prisa PRS.MC Ignacio Carvajal Cebrian Neutral 1 € 16.55 € 18.50 12% 219 4,930 -5.8% -0.9% 13.1% 14.0% 25.3%Informa INF.L Polo Tang; Alastair Reid Neutral 1 592.00 p 650.00 p 10% 421 4,972 -0.5% -2.6% 4.8% 21.1% -0.8%Johnston Press JPR.L Alastair Reid; Ian Whittaker; Polo Tang Reduce 1 461.50 p 325.00 p -30% 283 2,609 -3.1% -0.8% 20.5% -5.1% 17.6%L'Espresso ESPI.MI Valentina Romitelli Neutral 2 € 3.86 € 4.30 12% 434 2,280 -0.9% -4.1% -4.9% -11.9% -6.7%Lagardere LAGA.PA Polo Tang; Alastair Reid Buy 1 € 57.10 € 65.00 14% 142 10,889 -2.3% -0.9% -4.8% -12.8% -6.4%Mondadori MNDI.MI Valentina Romitelli Neutral 1 € 8.10 € 7.80 -4% 259 2,851 0.2% 3.6% -5.3% 1.3% 2.3%PagesJaunes PAJ.PA Alexandre Dergatcheff; Araceli Strassburger Buy 1 € 16.79 € 18.00 7% 279 6,373 2.5% 2.8% 3.8% -26.7% 11.4%Pearson PSON.L Polo Tang; Alastair Reid Neutral 1 863.50 p 840.00 p -3% 802 13,765 0.6% -1.0% 5.8% 13.6% 11.9%RCS MediaGroup SpA RCSM.MI Valentina Romitelli Buy 1 € 3.95 € 4.90 24% 762 4,102 -1.3% -1.2% -3.2% -10.2% 3.9%Reed Elsevier plc REL.L Polo Tang; Alastair Reid Buy 1 550.50p 740.00p 34% 1613 28,573 -11.9% -9.4% -6.3% 1.0% -1.8%Reuters RTR.L Polo Tang; Alastair Reid Neutral 1 460.00 p 475.00 p 3% 1404 13,429 -5.9% -1.3% 4.2% 18.3% 3.3%Seat Pagine Gialle PG.MI Valentina Romitelli Buy 2 € 0.48 € 0.53 10% 8285 5,406 -0.9% 4.2% 2.3% 27.0% 6.3%Trinity Mirror TNI.L Alastair Reid; Ian Whittaker; Polo Tang Reduce 2 461.00 p 350.00 p -24% 292 3,087 -12.9% -13.3% -3.0% -16.0% -1.8%UBM UBM.L Polo Tang; Alastair Reid Buy 2 810.00 p 1000.00 p 23% 238 2,525 -0.7% 2.1% 14.3% 13.2% 16.9%Vocento VOC.MC Ignacio Carvajal Cebrian Neutral 2 € 16.19 € 14.90 -8% 125 2,757 1.8% 6.5% 7.9% nm 10.1%Wolters-Kluwer WLSNc.AS Polo Tang; Alastair Reid Buy 1 € 21.23 € 26.00 22% 296 8,587 -2.2% -5.5% -8.5% 2.8% -2.6%Yell YELL.L Ian Whittaker; Polo Tang; Alastair Reid Reduce 1 488.00 p 510.00 p 5% 701 6,825 -20.3% -18.4% -19.8% -5.1% -14.4%EuropeBelo Corp. BLC.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 1 $ 19.37 $ 19.00 -2% 117 2,257 0.4% 3.7% 3.6% 5.7% 5.4%Dow Jones & Co. DJ.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 36.25 $ 38.00 5% 82 2,987 -0.9% 5.2% -4.9% -1.9% -4.6%E.W. Scripps SSP.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 1 $ 43.27 $ 47.00 9% 163 7,056 -4.4% -3.2% -12.6% -6.1% -13.4%Gannett GCI.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 1 $ 56.75 $ 61.00 7% 237 13,438 -0.3% 0.8% -1.7% 3.2% -6.1%McClatchy Company MNI.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 29.29 $ 34.00 16% 82 2,392 -7.0% -7.3% -25.1% -35.2% -32.4%McGraw-Hill MHP.N Brian Shipman, CFA; Matthew Gourmand, CPA Buy 1 $ 66.25 $ 82.00 24% 384 25,447 4.3% 5.4% 0.1% 19.0% -2.6%Meredith MDP.N Brian Shipman, CFA; Matthew Gourmand, CPA Buy 1 $ 58.08 $ 66.00 14% 51 2,956 -2.6% 1.2% -0.8% 17.1% 3.1%Moody's MCO.N Brian Shipman, CFA; Matthew Gourmand, CPA Buy 2 $ 67.11 $ 80.00 19% 295 19,824 0.0% 8.1% -4.9% 8.2% -2.8%New York Times NYT.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 23.48 $ 25.00 6% 145 3,406 -2.1% -0.1% 2.5% -5.3% -3.6%Thomson Corporation TOC.N Jeffrey Fan, CFA; Brian Shipman, CFA; Phillip Huang, CBuy 1 $ 43.90 $ 52.00 18% 641 28,143 3.2% 5.6% 4.8% 10.0% 5.9%Torstar Corporation TSb.TO Eric Mencke, CA, CFA Neutral 2 C$ 20.74 C$ 20.00 -4% 79 1,459 -3.5% 5.2% 10.9% -10.2% 5.8%Tribune Co. TRB.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 32.80 $ 34.00 4% 331 10,871 1.0% 2.1% 7.7% 13.8% 6.6%Washington Post WPO.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 744.19 $ 790.00 6% 10 7,143 -0.6% -2.5% -2.4% -2.8% -0.2%Yellow Pages I.F. YLO_u.TO Eric Mencke, CA, CFA Buy 1 (CBE) C$ 14.10 C$ 15.50 10% 531 6,706 -3.3% 3.5% 8.5% -14.3% 9.6%AmericasFairfax Media Ltd FXJ.AX Nola Hodgson Neutral 2 A$ 5.22 A$ 5.40 3% 1023 4,411 2.0% 4.8% 6.1% 33.8% 8.1%Singapore Press SPRM.SI Jaj Singh Neutral 1 S$ 4.48 S$ 4.70 5% 1566 4,618 1.4% 1.8% -4.7% 4.7% 4.7%West Aust Newspapers WAN.AX Nola Hodgson Reduce 1 A$ 16.75 A$ 11.90 -29% 209 2,897 2.4% 7.2% 24.5% 101.8% 43.4%Yellow Pages YELP.SI Gaurang Bhatia Neutral 2 S$ 1.31 S$ 1.35 3% 158 136 0.0% 1.6% 4.8% -17.6% 12.0%Australia & AsiaJohnCom JCMJ.J John Slettevold, CFA Buy 2 10,000 RCnt 10,600 RCnt 6% 104 1,458 4.2% 11.7% 17.7% 60.3% 17.2%Naspers NPNJn.J John Slettevold, CFA Buy 1 17,866 RCnt 23,500 RCnt 32% 283 7,177 0.4% 1.8% -3.2% 35.3% 7.6%Middle East



Pay TVPrice Data (US$)



BSkyB BSY.L Daniel Kerven; Ian Whittaker; Alastair Reid Buy 2 547.00p 725.00p 33% 1868 21,476 -4.6% -3.0% 0.4% 4.1% 4.8%Virgin Media VMED.O Joseph Stein; Michael Morris, CFA Buy 2 $ 25.70 $ 33.00 28% 325 8,353 -1.6% 1.8% -5.5% -6.5% 1.8%Premiere AG PREGn.DE Daniel Kerven; Ian Whittaker; Alastair Reid Buy 2 € 15.65 € 24.00 53% 98 2,097 -3.4% -4.0% 6.1% 20.4% 23.2%Sogecable SGC.MC Ian Whittaker; Ignacio Carvajal Cebrian; Alastair Reid Reduce 2 € 30.20 € 28.00 -7% 126 5,181 -3.6% -2.8% 11.8% 0.6% 11.9%EuropeCablevision Systems CVC.N Joseph Stein; Michael Morris, CFA Neutral 2 $ 32.65 $ 34.00 4% 287 9,376 -0.6% 7.3% 8.1% 61.1% 14.6%Charter Comm. CHTR.O Joseph Stein; Michael Morris, CFA Buy 2 (CBE) $ 3.20 $ 4.50 41% 408 1,306 -5.0% 14.7% -4.8% 171.2% 4.6%Comcast Corporation CMCSK.O Joseph Stein; Michael Morris, CFA Buy 1 $ 26.66 $ 34.00 28% 3168 85,014 -1.5% 4.7% -6.9% 29.7% -4.5%DIRECTV Group DTV.N Michael Morris, CFA; Joseph Stein Neutral 2 $ 23.89 $ 24.00 0% 1385 33,090 -0.5% 3.6% -1.8% 39.9% -4.2%EchoStar Comm. DISH.O Michael Morris, CFA; Joseph Stein Reduce 2 $ 46.29 $ 36.00 -22% 458 21,182 -0.6% 6.6% 18.4% 49.8% 21.7%Knology Inc KNOL.O Lucas Binder; Joseph Stein Buy 2 (CBE) $ 18.32 $ 22.00 20% 35 640 7.1% 15.7% 40.5% 132.8% 72.2%Lodgenet LNET.O Lucas Binder Buy 2 $ 34.77 $ 41.00 18% 19 662 6.5% 13.2% 27.7% 82.2% 38.9%ORBCOMM Inc. ORBC.O Lucas Binder Buy 2 $ 12.80 $ 17.00 33% 36 465 -5.3% 0.4% 2.6% nm 45.1%RCN Inc. RCNI.O Lucas Binder Neutral 2 $ 27.00 $ 31.00 15% 37 992 -1.7% 5.7% -11.4% 1.0% -10.4%Rogers Comms Inc. RCIb.TO Jeffrey Fan, CFA; Joseph Stein; Phillip Huang, CA Buy 2 C$ 42.51 C$ 45.00 6% 636 24,598 -0.7% 12.5% 16.3% 79.4% 22.5%Shaw Communications SJRb.TO Jeffrey Fan, CFA; Joseph Stein; Phillip Huang, CA Neutral 2 C$ 43.76 C$ 45.00 3% 217 8,495 -1.1% 2.8% 4.7% 45.4% 18.6%Sirius Satellite SIRI.O Lucas Binder Buy 2 (CBE) $ 3.04 $ 3.70 22% 1460 4,438 8.6% -5.0% -18.1% -35.0% -14.1%Worldspace, Inc. WRSP.O Lucas Binder Neutral 2 (CBE) $ 3.50 $ 4.25 21% 38 134 2.3% -2.2% -5.4% -40.4% 0.0%XM Satellite Radio XMSR.O Lucas Binder Buy 2 (CBE) $ 11.98 $ 15.00 25% 220 2,637 7.6% -7.3% -13.8% -40.9% -17.1%AmericasAstro All Asia AAAN.KL Yoke Lan Jan Buy 2 RM 5.10 RM 5.90 16% 1930 2,876 8.1% 8.5% -6.4% 11.4% -8.1%Austar United Comm. AUN.AX Simon Smiles Reduce 2 A$ 1.69 A$ 1.35 -20% 1258 1,752 -3.7% 8.0% 35.3% 38.1% 27.7%Sky Network T.V SKT.NZ David Lane Neutral 2 NZ$ 6.08 NZ$ 6.50 7% 389 1,749 -0.3% 11.8% -0.3% -1.5% -7.2%Asia Pacific (ex-Japan)



GamingPrice Data (US$)



Konami 9766.T Atsuko Kaneko Neutral 2 ¥ 3,170.00 ¥ 3,400.00 7% 144 3,875 -2.2% 0.6% -2.2% 8.7% -11.9%Nintendo 7974.T Atsuko Kaneko Buy 2 ¥ 37,800.00 ¥ 40,000.00 6% 142 45,447 2.7% 10.4% 8.5% 125.0% 22.3%Global Gaming


EntertainmentPrice Data (US$)



Vivendi VIV.PA Ian Whittaker; Alastair Reid Buy 1 € 30.35 € 40.00 32% 1072 35,776 -3.4% -0.2% -5.9% 4.9% 2.5%EuropeNews Corporation NWSa.N Michael Morris, CFA Buy 1 $ 22.84 $ 27.00 18% 3332 77,689 -1.9% -1.2% -1.0% 33.1% 6.3%Playboy PLA.N Lucas Binder Neutral 2 $ 9.81 $ 11.50 17% 28 277 -1.2% -4.7% -13.5% -25.6% -14.4%Quebecor Inc. QBRb.TO Jeffrey Fan, CFA; Phillip Huang, CA Buy 2 C$ 41.65 C$ 47.00 13% 66 2,504 -1.7% 7.8% 6.7% 51.5% 16.1%Time Warner Inc. TWX.N Michael Morris, CFA Buy 2 $ 20.61 $ 25.00 21% 3816 78,639 -1.3% 4.5% -6.5% 18.4% -5.4%Viacom VIAb.N Michael Morris, CFA; Joseph Stein Neutral 1 $ 41.83 $ 43.00 3% 773 32,324 -1.1% 1.8% 3.5% 5.0% 1.9%Walt Disney Co. DIS.N Michael Morris, CFA; Joseph Stein Neutral 1 $ 34.98 $ 37.00 6% 2010 70,315 -0.3% 1.6% -0.2% 25.1% 2.1%Americas



Internet



aQuantive, Inc. AQNT.O Benjamin Schachter; Daniel Silver Buy 2 (CBE) $ 32.47 $ 36.00 11% 78 2,520 2.1% 16.3% 21.7% 29.6% 31.7%Baidu BIDU.O George Chu, CFA; Hui Dong Reduce 2 (UR) $ 124.57 $ 99.00 -21% 35 4,324 25.1% 28.8% 0.9% 114.9% 10.5%Google Inc. GOOG.O Benjamin Schachter; Daniel Silver Buy 2 (CBE) $ 479.01 $ 580.00 21% 306 146,652 0.0% 4.6% -3.1% 14.6% 4.0%Yahoo YHOO.O Benjamin Schachter; Daniel Silver Buy 2 (CBE) $ 28.34 $ 37.00 31% 1360 38,553 1.7% -9.4% 1.1% -13.5% 11.0%Rakuten 4755.Q Atsuko Kaneko Neutral 2 (CBE) ¥ 48,500.00 ¥ 65,000.00 34% 13 5,302 6.6% -13.5% -23.7% -47.3% -12.6%SINA SINA.O George Chu, CFA; Hui Dong Neutral 2 $ 34.56 $ 40.00 16% 58 2,018 5.1% 1.6% -4.2% 30.7% 20.4%Yahoo Japan 4689.T Atsuko Kaneko Neutral 2 (CBE) ¥ 41,650.00 ¥ 41,000.00 -2% 60 21,080 15.5% 2.5% -9.4% -37.3% -12.1%Global Internet

Note: Price performance US dollar based. Pricing as at Close Friday April 27, 2007. Source: UBS

Agencies and Market ResearchPrice Data (US$)



Aegis AGS.L Ian Whittaker; Alastair Reid Buy 2 140.50 p 165.00 p 17% 1111 3,114 -3.1% -6.3% -1.4% 2.9% 0.4%Asatsu-DK 9747.T Atsuko Kaneko Neutral 2 ¥ 3,820.00 ¥ 3,650.00 -4% 52 1,651 1.9% 2.7% 1.1% -4.5% 1.1%Dentsu 4324.T Atsuko Kaneko Neutral 2 ¥ 341,000.00 ¥ 340,000.00 0% 3 7,936 -1.2% 3.3% -5.5% -13.9% -2.3%Havas EURC.PA Ian Whittaker; Alastair Reid Neutral 2 € 4.10 € 4.20 2% 429 2,156 -2.8% -4.9% -10.1% 0.0% -2.4%Interpublic Group IPG.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 2 $ 12.77 $ 13.00 2% 388 4,954 -1.0% 3.7% -3.2% 33.3% 4.3%Omnicom Group OMC.N Brian Shipman, CFA; Matthew Gourmand, CPA Neutral 1 $ 105.63 $ 112.00 6% 185 19,563 -0.4% 3.2% 1.0% 17.4% 1.0%Photon Group Ltd PGA.AX Simon Smiles; Nola Hodgson Buy 2 A$ 5.89 A$ 7.05 20% 74 358 2.6% 1.6% 3.3% 45.8% -3.0%Publicis PUBP.PA Ian Whittaker; Alastair Reid Buy 2 € 34.60 € 40.00 16% 225 10,814 -1.6% -4.3% 5.6% 5.0% 8.3%Seek Ltd SEK.AX Simon Smiles Neutral 2 A$ 7.35 A$ 7.90 7% 283 1,721 -0.9% 2.1% 15.0% 85.1% 25.0%STW Comm SGN.AX Simon Smiles Neutral 2 A$ 3.18 A$ 3.55 12% 209 549 -1.5% 1.6% -1.9% -5.4% -2.8%WPP WPP.L Ian Whittaker; Alastair Reid Buy 1 767.00 p 900.00 p 17% 1281 19,143 -0.1% -0.4% 3.9% 13.3% 11.1%Advertising AgenciesIpsos ISOS.PA Alexandre Dergatcheff; Araceli Strassburger Neutral 2 € 27.49 € 27.00 -2% 32 1,187 -1.6% 0.7% 4.4% -5.8% 0.5%Taylor Nelson TNN.L Alastair Reid; Polo Tang Buy 1 (CBE) 265.00 p 280.00 p 6% 439 2,321 10.4% 12.1% 20.6% 2.3% 31.8%Market Research & ServicesJCDecaux JCDX.PA Ian Whittaker; Alastair Reid Reduce 2 € 22.65 € 19.50 -14% 221 6,825 -1.9% 2.5% 2.0% -4.4% 4.5%Outdoor Advertising



Fixed Line Communications



Bezeq BEZQ.TA Alex Wright; Darren Shaw Neutral 1 (CBE) NIS 6.41 NIS 7.00 9% 2605 4,144 -3.2% -0.2% -6.5% 12.4% -7.2%BT Group BT.L Nick Lyall; David Brundish Reduce 2 314.50 p 290.00 p -8% 8422 53,000 0.2% 3.5% 3.0% 43.4% 4.3%Telefonica O2 CR SPTTsp.PR Alex Wright; Gyorgy Olah Neutral 1 Kc 620.80 Kc 540.00 -13% 322 9,679 0.3% 13.6% 18.0% 25.4% 30.3%Deutsche Telekom DTEGn.F David Brundish; Charlotte Perfect Neutral 2 € 13.41 € 13.00 -3% 4198 76,694 1.6% 8.4% -1.2% -6.6% -3.5%France Telecom FTE.PA Nick Lyall; David Brundish; Charlotte Perfect Buy 2 € 21.43 € 25.00 17% 2395 70,150 2.0% 8.4% 0.7% 15.8% 2.3%Iliad ILD.PA Marcus Baeumer Neutral 2 € 74.50 € 85.00 14% 54 5,497 -1.7% -4.4% 0.7% -8.6% 13.2%KPN KPN.AS David Brundish; Charlotte Perfect Buy 2 € 12.46 € 15.00 20% 1928 32,988 1.8% 6.9% 11.3% 33.8% 15.7%Magyar Telekom MTEL.BU Alex Wright; Gyorgy Olah Neutral 1 HUF 1,059.00 HUF 1,050.00 -1% 1037 6,018 1.0% 13.0% 5.4% 10.9% 0.1%OTE OTEr.AT Bosco Ojeda Buy 2 € 21.78 € 24.50 12% 491 14,691 0.8% 6.3% -3.3% 22.8% -4.3%Rostelecom RTKM.RTS Konstantin Pravednikov Reduce 2 (CBE) $ 8.80 $ 1.90 -78% 972 7,379 -6.7% 1.9% 13.0% 148.9% 17.3%Swisscom SCMN.VX David Brundish; Yves Kissenpfennig, CFA; Charlotte Perfect Buy 1 CHF 424.75 CHF 525.00 24% 52 18,254 -4.9% -3.3% -9.1% 2.7% -7.9%Telecom Italia TLIT.MI Ottavio Adorisio Neutral 2 € 2.27 € 2.10 -7% 19396 60,127 1.4% 6.0% -0.7% 2.2% -1.0%Telefonica TEF.MC Bosco Ojeda Reduce 1 € 16.55 € 15.70 -5% 4955 111,908 -2.1% 0.3% -1.0% 30.3% 2.7%Telenor TEL.OL Nick Lyall Neutral 2 NKr 111.75 NKr 125.00 12% 1791 33,790 -0.2% 3.5% -12.9% 56.3% -4.7%Tiscali TIS.MI Marcus Baeumer Buy 2 € 2.73 € 3.05 12% 424 1,579 -3.0% -3.3% 3.7% -6.1% 8.0%United Internet UTDI.DE Marcus Baeumer Buy 2 (CBE) € 13.26 € 17.50 32% 242 4,373 -4.2% -8.9% -8.4% 2.0% 5.8%Europe CommunicationsAlltel Corp. AT.N John Hodulik, CFA; Batya Levi; Gaurav Jaitly, CFA Neutral 1 $ 61.75 $ 63.00 2% 350 21,613 1.1% -0.4% 1.0% -4.1% 2.1%AT&T Inc. T.N John Hodulik, CFA; Batya Levi Buy 1 $ 38.64 $ 44.00 14% 6115 236,284 -2.8% -2.0% 4.2% 47.4% 8.1%Atlantic Tele-Networ ATNI.O Gaurav Jaitly, CFA; John Hodulik, CFA Neutral 2 $ 25.47 $ 27.00 6% 15 390 0.6% -2.5% -17.8% 10.1% -13.1%BCE BCE.TO Jeffrey Fan, CFA; Phillip Huang, CA Neutral 1 C$ 38.75 C$ 37.00 -5% 812 28,168 -1.9% 18.7% 25.9% 40.7% 23.4%CenturyTel CTL.N John Hodulik, CFA; Batya Levi; Gaurav Jaitly, CFA Reduce 1 $ 46.28 $ 43.00 -7% 113 5,230 0.3% 2.4% 3.7% 22.8% 6.0%Citizens CZN.N John Hodulik, CFA; Batya Levi; Gaurav Jaitly, CFA Neutral 2 $ 15.61 $ 15.00 -4% 320 4,995 -1.1% 4.4% 6.8% 17.5% 8.6%Embarq Corp EQ.N John Hodulik, CFA; Gaurav Jaitly, CFA Neutral 1 $ 60.98 $ 59.00 -3% 151 9,177 5.6% 8.2% 9.6% nm 16.0%NTELOS Holdings NTLS.O John Hodulik, CFA; Gaurav Jaitly, CFA; Batya Levi Buy 2 $ 20.26 $ 23.00 14% 42 854 -1.7% 5.4% 10.5% 44.8% 13.3%Qwest Communications Q.N John Hodulik, CFA; Batya Levi; Gaurav Jaitly, CFA Buy 2 $ 8.90 $ 11.00 24% 1901 16,919 -0.4% -1.0% 8.4% 32.6% 6.3%Telmex TELMEXL.MX Carlos Sequeira, CFA; Jorge Gonzalez Reduce 2 P 19.09 P 12.09 -37% 20896 36,484 0.2% 3.5% 14.2% 56.3% 24.6%Verizon VZ.N John Hodulik, CFA; Batya Levi Neutral 1 $ 37.89 $ 39.00 3% 2923 110,752 0.9% -0.1% -1.8% 14.7% 1.7%Vonage Holding VG.N John Hodulik, CFA; Batya Levi; Gaurav Jaitly, CFA Neutral 2 (CBE) $ 3.11 $ 3.50 13% 155 481 7.2% -9.9% -47.0% nm -55.2%Americas CommunicationsKT 030200.KS Josh Bae Neutral 2 Won 42,100.00 Won 43,300.00 3% 285 12,795 2.6% -0.2% -4.9% -0.7% -9.5%Singapore Telecom STEL.SI Suresh Mahadevan, CFA; Richard Eary Buy 1 S$ 3.34 S$ 3.90 17% 15917 34,221 -2.3% 1.8% -3.5% 21.9% 1.8%Telkom TLKM.JK Suresh Mahadevan, CFA Buy 2 Rp 10,550.00 Rp 11,000.00 4% 20160 23,698 0.0% 7.1% 10.5% 39.7% 4.5%Telstra TLS.AX Richard Eary; Ken Tham Neutral 2 A$ 4.67 A$ 4.30 -8% 12628 50,943 -1.1% 0.2% 8.9% 18.5% 12.8%Asia & Australia (Ex. Japan)NTT 9432.T Makio Inui; Kei Takahashi Reduce 1 ¥ 596,000.00 ¥ 552,000.00 -7% 16 78,485 -1.0% -4.3% -2.3% 16.9% 1.7%Japan Communications



Operations Broadcasting & Radio

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Antena3 1,116 1,370 1,366 1,433 1,506 271 474 475 481 514 236 444 447 453 482 156 298 306 312 330CTC Media 156 237 371 484 646 71 104 174 226 302 63 90 154 201 280 47 57 106 140 197GCap Media 298 429 398 397 418 65 74 53 50 62 58 59 37 35 46 41 33 18 20 28ITV 4156 4381 4351 4287 4411 714 982 830 700 661 646 918 748 601 559 498 630 510 361 337M6 1,633 1,738 1,750 1,889 2,019 317 337 323 369 411 287 313 299 344 386 178 202 381 260 288Mediaset 4,683 5,017 5,110 5,505 5,804 1,862 1,974 1,824 2,127 2,322 1,487 1,638 1,412 1,557 1,630 749 824 689 756 795NRJ 454 486 543 509 556 174 185 144 126 121 157 163 111 97 93 120 127 73 69 67ProSiebenSat1 2,502 2,713 2,870 2,994 3,097 399 551 660 728 776 351 504 606 678 725 182 301 328 400 488RBC 77 111 204 205 285 19 31 52 51 89 10 19 37 28 65 10 21 27 18 45TF1 3,886 3,421 3,619 3,862 4,105 632 572 527 672 776 522 462 410 552 651 306 303 351 398 465Telecinco 1,082 1,270 1,360 1,437 1,512 624 784 834 878 926 402 564 599 631 668 292 396 429 452 478TVN 198 266 358 494 573 58 91 121 175 221 49 79 106 150 191 30 49 67 93 127Europe 20,239 21,441 22,302 23,496 24,932 5,205 6,159 6,016 6,583 7,182 4,269 5,252 4,967 5,327 5,775 2,609 3,241 3,283 3,280 3,645Alliance Atlantis 782 862 1,036 1,097 1,165 151 191 247 268 292 106 144 200 226 252 54 77 88 115 133Astral Media 407 467 535 571 613 136 163 192 208 225 124 149 177 193 209 86 116 108 114 124Beasley Broadcast 122 124 125 134 136 33 31 29 31 32 30 28 26 nm nm 12 11 10 8 9CanWest Global Comms 2,273 2,465 2,592 2,717 2,849 577 566 500 548 623 462 435 366 418 486 146 109 68 87 112CBS Corp. nm 14,113 14,320 14,324 14,706 nm 3,055 3,111 3,120 3,410 nm 2,615 2,672 2,683 2,937 nm 1,124 1,448 1,299 1,454Clear Channel 9,418 6,610 7,067 7,338 7,628 2,427 2,182 2,308 2,348 2,453 1,727 1,549 1,674 1,092 nm -4,038 936 689 705 777Corus 518 577 655 703 759 98 167 198 225 252 74 144 177 204 231 46 64 87 105 124Cox Radio 438 438 440 449 458 158 162 162 157 158 146 151 151 135 129 68 61 84 71 74Cumulus Media 320 328 334 335 343 100 83 17 97 100 78 61 nm nm nm 30 -213 -45 8 11Emmis Communications 618 387 366 368 369 215 98 72 81 84 139 78 nm nm nm -304 358 -4 10 13Entercom 423 433 440 473 486 163 177 143 173 179 146 159 128 152 164 76 78 49 53 58Grupo Televisa 2,629 3,054 3,479 3,807 4,233 954 1,243 1,508 1,583 1,792 767 1,016 1,265 1,333 1,521 387 624 790 714 832Hearst-Argyle TV 780 707 785 768 852 405 331 288 254 317 289 216 229 175 252 124 100 99 69 114Nexstar Broadcasting 246 226 265 265 302 102 74 89 81 105 41 20 nm nm nm -21 -49 -9 -17 9Radio One 320 371 367 369 379 158 168 nm 136 139 139 148 nm nm nm 62 51 24 26 29Westwood One Inc. 562.2 557.8 494.0 469.7 478.3 184.9 176.8 101.4 85.0 82.9 165.7 155.7 nm 78.3 nm 95.5 77.9 33.7 21.7 22.3Americas 19,858 31,719 33,303 34,190 35,756 # 5,861 8,869 8,965 9,393 10,243 4,435 7,070 7,064 6,689 6,181 -3,176 3,525 3,519 3,389 3,897BEC 157 157 179 234 271 58 36 63 92 120 55 31 58 87 115 39 22 44 65 85Fuji Television 3,945 4,721 4,867 4,879 4,893 469 550 538 561 572 366 409 387 375 376 215 199 213 207 203Austereo Group 205 203 202 213 225 63 62 65 72 77 56 56 60 66 70 34 34 35 38 41MCOT 69 85 110 141 150 35 46 62 81 87 27 36 51 68 72 26 27 40 51 55NTV 2,931 2,923 2,880 2,941 2,963 449 405 379 379 379 291 251 250 257 258 163 140 152 153 152Prime Television 143 154 162 167 175 39 43 48 54 56 31 34 39 46 47 15 19 23 27 29Publish & B'casting 2,555 2,845 2,644 1,991 1,687 730 782 731 559 477 610 650 604 446 371 415 471 497 531 621Seven Network 958 1,017 995 464 0 172 196 223 108 -7 128 149 183 90 -7 43 50 104 119 108Southern Cross 388 446 453 465 482 86 90 92 94 98 72 76 77 80 84 43 46 46 50 53TBS 2,510 2,551 2,657 2,772 2,799 299 262 291 312 314 194 150 186 217 222 99 74 101 122 125Ten Network 724 773 760 821 866 248 255 208 216 234 231 237 189 196 214 66 60 41 50 57TV Asahi 1,975 2,071 2,084 2,098 2,104 168 207 193 170 164 99 136 121 98 93 54 76 84 59 51TVB 490 537 541 565 592 172 219 232 247 262 137 185 198 212 226 93 133 153 183 200Zee Entertainment 291 320 370 419 514 99 75 78 135 178 92 66 71 127 169 70 55 57 95 124Australia & Asia 17,583 19,076 19,204 18,510 18,072 3,157 3,293 3,275 3,150 3,072 2,417 2,487 2,506 2,404 2,336 1,390 1,410 1,604 1,772 1,918World 57,680 72,235 74,808 76,196 78,759 14,222 18,321 18,256 19,127 20,498 11,122 14,809 14,537 14,420 14,292 822 8,176 8,407 8,441 9,460

Revenues (US$mn) EBITDA (US$mn) EBIT (US$mn) Earnings (US$mn)

Source: UBS estimates except data in italics which comes from I.B.E.S.


PublishingOperation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Agora 276 372 372 409 436 56 76 35 57 63 23 47 9 29 35 18 38 8 25 31EMAP 2,121 2,258 2,062 1,831 1,814 459 497 465 439 451 438 476 443 414 424 294 324 294 260 275Eniro 671 648 910 1,006 1,051 177 172 311 341 357 164 150 254 279 289 103 119 179 205 217Euromoney 359 401 490 649 686 69 81 100 146 154 65 76 93 138 147 50 58 55 73 80Grupo Prisa 1,944 2,022 3,834 4,886 5,150 374 429 725 984 1,094 259 298 390 626 720 194 222 313 229 276Informa 1,007 1,455 2,073 2,123 2,288 231 310 463 497 538 214 294 437 470 511 145 172 262 299 334Johnston Press 1,035 1,038 1,201 1,213 1,235 394 390 421 401 416 356 350 373 351 362 216 213 221 195 207L'Espresso 1,472 1,473 1,506 1,490 1,530 314 301 283 285 311 261 240 220 223 247 146 159 143 112 126Lagardere 10,230 10,780 10,996 11,602 11,696 989 1,174 1,014 1,135 1,298 733 776 813 904 1,001 655 982 518 635 839Mondadori 2,250 2,260 2,382 2,721 2,721 321 292 286 335 375 236 242 235 282 319 135 156 139 160 186PagesJaunes 1,319 1,446 1,533 1,582 1,675 480 558 631 655 732 467 545 614 638 715 279 358 405 315 364Pearson 7,374 8,173 8,824 8,514 8,864 1,057 1,205 1,381 1,409 1,506 850 1,010 1,181 1,203 1,292 438 553 641 697 764RCS MediaGroup SpA 2,933 2,988 3,257 3,409 3,489 196 359 368 410 464 142 296 294 335 389 119 221 226 238 236Reed Elsevier plc 9,600 10,307 10,770 10,874 11,489 2,336 2,566 2,737 2,876 3,107 2,085 2,279 2,414 2,506 2,713 1,329 1,504 1,588 1,659 1,834Reuters 5,756 4,806 5,119 5,279 5,685 790 664 823 974 1,239 505 441 589 741 997 343 373 441 509 713Seat Pagine Gialle 1,917 1,943 2,001 2,075 2,170 795 854 834 910 949 nm 810 787 860 896 292 313 263 319 357Trinity Mirror 2,248 2,227 2,101 2,049 2,066 578 580 499 488 484 489 489 412 398 392 284 307 255 233 245UBM 1,673 1,502 1,514 1,581 1,649 291 301 316 344 370 265 283 299 326 350 231 253 253 265 279Vocento 1433.3 1585.0 1740.7 1848.6 1914.0 217.0 217.8 212.6 244.9 269.2 157.9 161.7 129.6 153.5 171.6 86.9 159.1 192.1 190.1 205.5Wolters-Kluwer 4,447 4,602 5,036 4,783 4,995 784 843 961 1,053 1,144 644 719 843 930 1,017 432 459 537 581 666Yell 2,518 3,067 3,914 4,441 4,705 768 949 1,241 1,463 1,622 714 854 1,165 1,393 1,548 356 442 498 598 707Europe 62,583 65,353 71,638 74,367 77,309 11,678 12,818 14,107 15,447 16,942 9,066 10,837 11,994 13,200 14,536 6,146 7,384 7,431 7,798 8,941Belo Corp. 1,510 1,521 1,588 1,555 1,616 449 392 390 362 398 351 296 294 267 300 159 128 126 108 123Dow Jones & Co. 1,671 1,770 1,784 2,105 2,158 271 241 245 326 350 166 133 148 223 246 100 81 93 126 144E.W. Scripps 2,168 2,514 2,498 2,598 2,826 615 702 852 816 912 543 611 737 692 788 287 314 386 354 396Gannett 7,381 7,599 8,033 7,939 8,129 2,392 2,322 2,275 2,193 2,211 2,148 2,048 1,998 1,913 1,935 1,317 1,211 1,161 1,082 1,112McClatchy Company 1,163 1,186 1,675 2,408 2,398 336 336 446 657 641 269 270 347 504 486 158 161 180 173 180McGraw-Hill 5,251 6,004 6,255 6,877 7,322 1,567 1,796 1,902 2,231 2,419 1,175 1,387 1,474 1,781 1,946 736 869 917 1,106 1,231Meredith 1,191 1,221 1,598 1,644 1,683 251 288 326 349 368 216 247 280 303 320 119 136 153 169 184Moody's 1,441 1,732 2,037 2,408 2,687 823 975 1,138 1,316 1,467 789 940 1,099 1,273 1,421 428 561 658 752 843New York Times 3,304 3,373 3,362 3,222 3,364 657 529 542 477 473 510 416 372 323 306 293 232 216 173 165Thomson Corporation 5,883 6,172 6,638 7,240 7,695 1,714 1,822 1,940 2,152 2,442 1,031 1,172 1,258 1,422 1,680 473 686 864 963 1,143Torstar Corporation 1,187 1,292 1,347 1,384 1,425 205 209 178 190 206 161 163 128 140 154 93 91 80 87 102Tribune Co. 5,726 5,596 5,518 5,269 5,288 1,584 1,424 1,303 1,181 1,128 1,351 1,196 1,075 953 896 735 652 531 446 418Washington Post 3,300 3,560 3,905 4,100 4,315 738 724 736 766 833 563 533 530 551 607 332 303 347 343 375Yellow Pages I.F. 490 762 1,221 1,459 1,574 312 447 660 781 845 118 258 507 669 779 82 207 388 536 640Americas 41,667 44,302 47,459 50,208 52,479 11,914 12,205 12,934 13,798 14,693 9,391 9,669 10,248 11,013 11,864 5,313 5,632 6,100 6,418 7,058Fairfax Media Ltd 1,507 1,562 1,669 2,048 2,407 397 419 445 608 785 328 352 377 531 699 176 192 194 280 391Singapore Press 583 614 665 739 767 231 243 287 343 368 201 213 256 310 335 204 219 240 283 299West Aust Newspapers 300 317 348 382 407 120 133 150 176 199 105 118 134 158 181 71 82 97 110 123Yellow Pages 39 36 38 42 44 19 16 14 16 17 18 15 13 14 15 12 10 8 9 10Australia & Asia 2,429 2,529 2,720 3,212 3,624 767 811 895 1,143 1,368 652 698 779 1,014 1,231 463 503 539 682 822JohnCom 588 710 776 785 798 66 85 112 123 126 51 69 95 106 108 48 74 98 104 103Naspers 2,132 2,401 2,671 2,741 2,795 481 570 677 744 785 391 481 583 649 690 185 287 378 440 492Middle East 2,721 3,111 3,447 3,526 3,593 548 655 790 866 911 442 550 678 755 798 233 360 477 544 596Universe 109,399 115,294 125,263 131,313 137,005 24,907 26,489 28,725 31,254 33,915 19,551 21,754 23,699 25,982 28,428 12,154 13,879 14,546 15,441 17,416




Pay TV

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

BSkyB 7,480 7,971 8,690 9,437 10,217 1,383 1,694 1,994 2,089 2,467 1190 1466 1673 1673 1983 694 889 1032 1028 1260Virgin Media 0 6,355 7,150 8,390 8,700 0 4,292 2,089 2,438 2,974 0 2217 9 319 1038 0 1382 -930 -494 280Premiere AG 1,343 1,465 1,439 1,513 1,657 113 188 65 179 276 67 142 10 123 217 -93 123 -154 108 197Sogecable 2,014 2,071 2,263 2,383 2,536 387 442 285 392 257 -4 124 10 187 257 -145 8 -51 89 151Europe 10,837 17,862 19,541 21,723 23,110 1,884 6,616 4,434 5,098 5,974 1253 3950 1702 2302 3495 456 2402 -104 731 1889Cablevision Systems 4,933 5,176 5,927 6,402 6,809 1,282 1,587 1,747 1,979 2,117 -59 502 613 845 1022 -667 -121 -134 -6 104Charter Comm. 4,977 5,254 5,504 6,017 6,565 1,903 1,927 1,914 2,113 2,309 408 428 560 665 695 -4337 -1563 -1684 -1335 -1243Comcast Corporation 20,307 24,642 26,240 30,975 34,513 7,407 9,254 9,868 11,617 13,146 2909 4451 4925 5857 7333 971 1689 1538 2065 3172DIRECTV Group 11,360 13,164 14,756 16,552 17,963 -1,273 1,486 3,391 4,058 4,675 -2112 632 2357 2527 2591 -1052 304 1420 1437 1267EchoStar Comm. 7,138 8,425 9,818 10,874 11,683 1,157 1,964 2,332 2,904 3,266 691 1167 1217 1625 1979 203 921 608 827 1058Knology Inc 211 231 259 338 367 28 45 65 108 132 -46 -30 -5 25 37 -76 -63 -40 -13 -2Lodgenet 266 276 288 491 566 90 92 94 155 180 13 22 27 66 78 -21 -7 2 -5 25ORBCOMM Inc. nm 16 24 39 60 nm -6 -13 -10 -3 nm -8 -15 -15 -12 nm -14 -20 -13 -11RCN Inc. nm 561 611 663 700 nm 74 107 137 161 nm -116 -89 -53 -16 nm -150 -11 -63 -25Rogers Comms Inc. 4,268 6,055 7,794 8,804 9,734 1,335 1,772 2,549 2,973 3,453 494 551 1153 1461 1897 -51 -36 563 710 1006Shaw Communications 1,635 1,896 2,258 2,544 2,869 728 838 994 1,130 1,301 309 403 560 701 851 65 150 241 310 396Sirius Satellite 67 242 637 957 1,252 -583 -731 -962 -485 -331 -678 -829 -1068 -597 -458 -712 -863 -1105 -648 -513Worldspace, Inc. 9 12 15 27 53 -129 -101 -114 -125 -119 -190 -163 -173 -188 -182 -577 -94 -123 -122 -118XM Satellite Radio 244 558 933 1,124 1,342 -314 -410 -234 -257 -167 -461 -556 -403 -462 -406 -651 -675 -732 -595 -548Americas 55,969 67,275 76,107 87,318 96,213 11,785 18,020 22,032 26,764 30,698 1322 6568 9830 12730 15769 -6940 -454 583 2721 4817Astro All Asia 445 525 602 734 858 94 92 137 188 250 73 73 112 168 230 35 59 45 86 145Austar United Comm. 321 375 416 463 518 83 105 115 129 159 29 52 65 80 96 10 36 42 56 74Sky Network T.V 310 367 377 462 505 135 165 164 192 210 56 88 100 127 144 37 47 44 62 74Asia Pacific (ex-Japan) 1,076 1,267 1,395 1,659 1,881 312 361 417 510 619 158 213 277 374 470 82 142 132 203 294World 67,882 86,405 97,042 110,699 121,205 13,981 24,997 26,882 32,371 37,291 2733 10730 11809 15406 19734 -6401 2090 611 3655 6999




Gaming

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Activision 1,406 1,468 1,419 1,616 1,935 209 63 71 178 271 198 49 59 171 nm 138 42 67 135 209Electronic Arts 3,129 2,951 3,041 3,496 4,245 815 518 332 560 964 740 423 277 467 795 504 236 249 377 585Konami 2,206 2,188 2,242 2,383 2,608 338 189 321 401 460 261 74 193 274 332 147 nm nm 159 193Marvel Entertainment 513 391 352 431 497 239 204 127 246 222 232 198 nm nm nm 125 103 59 123 117Midway Games 162 150 166 221 269 -17 -90 nm -30 -3 -22 -97 nm nm nm -20 -112 -78 -44 -17Nintendo 4,306 4,269 7,124 9,913 10,461 950 828 1,651 2,394 2,922 924 799 1,606 2,359 2,892 613 778 1,288 1,549 1,799Take-Two 1,128 1,203 1,070 1,265 1,505 119 76 -129 39 nm 102 44 -156 nm nm 65 35 -154 7 nmTHQ 757 807 954 1,109 1,261 211 167 119 129 nm 78 40 82 119 155 63 33 71 94 117WWE 366 400 nm 438 454 69 87 nm 85 97 57 76 nm nm nm 39 47 nm 53 60Global Gaming 13,973 13,826 16,366 20,872 23,235 2,932 2,042 2,492 4,003 4,932 2,571 1,606 2,061 3,390 4,174 1,675 1,162 1,501 2,453 3,063


Source: UBS estimates except data in italics which comes from I.B.E.S

Entertainment

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Vivendi 25,817 26,569 27,283 29,508 30,738 6,821 7,589 8,157 8,518 9,800 4,308 5,434 5,958 6,250 7,462 1,785 3,024 5,442 3,798 4,669Europe Entertainment 25,817 26,569 27,283 29,508 30,738 6,821 7,589 8,157 8,518 9,800 4,308 5,434 5,958 6,250 7,462 1,785 3,024 5,442 3,798 4,669Walt Disney Co. 31,050 32,529 34,743 36,574 37,944 5,305 5,818 7,328 8,708 9,282 4,063 4,454 5,879 7,190 7,671 2,451 2,764 3,455 3,913 4,163News Corporation 22,331 24,593 26,645 28,826 30,435 3,981 4,537 5,129 5,768 6,395 3,248 3,716 4,232 4,839 5,446 1,831 2,388 2,944 3,186 3,133Playboy 327 337 331 341 355 79 74 53 67 75 31 31 9 19 29 9 -1 2 9 19Quebecor Inc. 8,451 8,432 8,702 9,016 9,446 1,353 1,274 1,296 1,500 1,658 869 777 764 920 1,044 114 63 23 142 160Time Warner Inc. 40,993 42,401 44,224 47,143 49,786 9,281 6,425 10,837 13,018 14,233 5,129 3,297 7,271 8,443 9,417 2,467 1,861 5,042 3,524 4,110Viacom 8,132 9,610 11,467 12,549 12,953 2,534 2,756 3,137 3,423 3,757 2,283 2,497 2,772 2,998 3,311 294 1,350 1,483 1,558 1,714Americas Entertainment 111,284 117,902 126,112 134,449 140,919 22,533 20,884 27,780 32,484 35,400 15,622 14,773 20,928 24,410 26,919 7,166 8,425 12,949 12,332 13,299

Global Entertainment 137,101 144,472 153,395 163,957 171,657 29,354 28,473 35,937 41,001 45,200 19,930 20,207 26,886 30,660 34,382 8,951 11,450 18,391 16,130 17,968




Internet

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

aQuantive, Inc. 158 308 442 570 714 36 81 109 129 186 27 61 61 71 116 22 37 47 61 99Baidu 15 40 108 187 308 3 10 46 68 108 2 6 40 60 98 2 6 39 55 89Google Inc. 1,961 4,024 7,311 11,232 14,608 1,269 2,602 4,610 6,991 8,965 641 2,107 3,580 5,227 7,009 400 1,465 3,108 4,297 5,765Yahoo 2,600 3,696 4,560 5,209 6,165 1,032 1,557 1,903 2,122 2,565 689 1,108 941 919 1,100 520 848 752 718 881Rakuten 381 1,085 1,699 1,846 2,158 146 312 327 319 495 126 292 244 273 450 nm 170 -66 158 261SINA 200 194 213 240 299 84 61 57 69 88 74 48 43 54 72 66 43 40 48 64Yahoo Japan 897 1,335 1,696 1,981 2,050 501 700 914 1,113 1,161 463 641 838 1,033 1,081 280 371 465 573 601Global Internet 6,314 10,790 16,162 21,414 26,483 3,113 5,361 8,001 10,849 13,620 2,057 4,290 5,773 7,665 9,965 1,326 2,970 4,411 5,941 7,799



Agencies and Market Research

Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008EAegis 1,490 1,737 1,989 2,137 2,281 239 292 305 341 371 195 229 267 292 319 124 136 160 172 194Asatsu-DK 3,463 3,553 3,514 3,593 3,675 80 73 64 72 72 69 63 53 62 62 47 47 39 47 46Dentsu 15,646 16,315 17,224 17,351 17,304 588 620 645 659 662 459 489 514 528 531 238 256 291 308 311Havas 2,037 1,992 2,007 2,079 2,162 293 232 245 292 333 234 175 189 232 270 60 95 77 108 137Interpublic Group 6,387 6,274 6,191 6,375 6,623 589 156 341 596 806 404 -13 168 436 646 -565 -298 -1 145 293Omnicom Group 9,747 10,481 11,377 12,413 13,288 1,388 1,515 1,673 1,836 2,007 1,215 1,340 1,483 1,642 1,810 723 791 864 964 1,081Photon Group Ltd 47 85 140 197 231 10 19 30 42 51 9 17 27 39 47 5 10 15 21 26Publicis 5,226 5,628 5,981 6,644 7,011 953 1,043 1,118 1,246 1,356 791 885 972 1,087 1,195 371 399 544 596 650Seek Ltd 45 73 107 147 184 18 32 52 74 96 17 30 49 70 93 14 23 36 53 72STW Comm 36 57 93 100 107 26 36 40 45 50 26 35 39 43 48 23 29 33 36 41WPP 8,578 10,721 11,787 12,491 13,276 1,264 1,661 1,889 2,057 2,236 1,057 1,438 1,632 1,781 1,954 655 886 1,038 1,170 1,313Agencies 52,702 56,915 60,409 63,527 66,141 5,447 5,679 6,402 7,261 8,040 4,477 4,688 5,393 6,212 6,975 1,696 2,372 3,096 3,621 4,164Ipsos 824 979 1,168 1,244 1,339 86 103 125 140 157 69 87 105 119 134 40 45 52 63 74Taylor Nelson 1,886 1,993 2,003 2,042 2,127 247 264 248 269 285 200 216 199 217 232 107 123 112 120 137Market Research and Services 2,710 2,972 3,172 3,286 3,465 333 367 373 409 442 269 303 304 336 366 147 167 164 183 211JCDecaux 2,219 2,380 2,654 2,822 2,993 582 602 687 712 750 395 396 468 480 502 220 254 298 315 335Outdoor Advertising 2,219 2,380 2,654 2,822 2,993 582 602 687 712 750 395 396 468 480 502 220 254 298 315 335

Earnings (US$mn)Revenues (US$mn) EBITDA (US$mn) EBIT (US$mn)




Operation (US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Bezeq 2,069 2,475 2,551 2,806 2,841 778 814 901 997 1,020 311 294 391 430 489 139 128 141 238 283BT Group 36,868 38,448 40,102 40,583 40,531 # 11,201 11,033 11,202 11,418 11,649 5,479 5,291 5,389 5,444 5,654 3,030 3,233 3,652 3,670 3,681Telefonica O2 CR 2,425 2,521 2,632 2,804 nm 1,134 1,121 1,198 1,247 nm 325 345 449 507 nm 217 232 324 na naDeutsche Telekom 78,311 81,374 83,754 84,967 85,873 # 26,786 28,300 26,532 26,055 26,396 13,913 13,882 11,527 11,122 11,641 5,023 6,376 5,256 4,826 5,424France Telecom 63,017 65,644 70,585 71,509 71,783 # 24,469 23,212 25,312 25,299 25,375 13,561 13,622 14,630 14,687 15,056 4,625 6,172 6,048 6,393 6,823Iliad 671 989 1,297 1,624 1,863 # 150 306 449 600 703 74 147 249 353 420 53 94 159 215 259KPN 16,136 16,296 16,461 17,004 17,012 # 6,602 6,449 6,602 6,723 6,809 3,612 3,205 3,035 3,435 3,540 2,331 1,961 2,029 2,074 2,145Magyar Telekom 2,976 3,088 3,195 3,709 3,778 1,103 1,288 1,231 1,436 1,554 422 712 649 779 898 171 394 365 427 520OTE 7,074 7,475 8,043 8,460 8,631 # 2,255 2,827 3,026 3,286 3,440 886 1,316 1,486 1,798 1,990 186 503 784 768 1,005Rostelecom 1,296 1,447 2,152 2,208 1,903 442 442 385 407 383 181 14 132 130 116 130 3 118 109 95Swisscom 8,104 7,823 7,708 7,997 8,005 3,534 3,353 3,024 3,222 3,158 2,292 2,233 1,878 2,035 1,971 1,602 1,618 1,363 1,535 1,474Telecom Italia 42,446 40,847 42,698 43,378 43,787 # 20,370 17,567 17,544 17,016 17,049 12,315 10,716 10,153 9,268 9,530 4,341 4,118 4,105 3,424 3,599Telefonica 41,341 51,243 71,194 75,234 76,157 # 16,686 20,556 26,833 27,418 27,495 8,951 11,417 15,104 15,441 15,614 4,155 5,974 8,475 8,267 8,156Telenor 9,020 10,334 14,219 16,970 18,068 3,175 3,653 5,151 6,207 6,473 1,594 1,902 2,852 3,523 3,739 940 1,198 1,834 2,179 2,429Tiscali 1,400 996 1,055 1,144 1,322 # 114 96 126 172 247 -90 -89 -71 -40 29 -41 -106 -101 -43 10United Internet 696 1,094 1,731 1,999 2,313 # 151 176 323 384 446 117 139 248 296 356 65 80 155 182 223Europe Communications 313,850 332,094 369,375 382,397 383,866 # 118,950 121,193 129,840 131,886 132,196 63,942 65,144 68,100 69,208 71,043 26,969 31,978 34,708 34,263 36,126Alltel Corp. nm 6,573 7,884 8,795 9,214 0 2,299 2,613 2,954 3,124 0 1,301 1,549 1,734 1,936 0 628 842 990 1,086AT&T Inc. 41,161 44,281 63,055 118,835 122,348 13,869 14,328 20,195 41,753 48,576 6,305 6,685 10,288 19,708 28,056 5,186 6,311 8,946 16,931 19,403Atlantic Tele-Networ 89 102 155 178 199 49 54 77 83 92 34 37 52 55 60 12 14 23 26 30BCE 13,042 14,542 15,618 15,878 16,174 5,479 5,973 6,463 6,526 6,515 3,127 3,444 3,704 3,648 3,570 1,202 1,562 1,479 1,446 1,396CenturyTel 2,411 2,479 2,447 2,450 2,372 1,258 1,274 1,196 1,197 1,139 744 742 674 682 616 333 346 308 312 282Citizens 2,507 2,494 2,356 2,366 2,368 1,328 1,305 1,282 1,297 1,319 685 705 762 794 831 214 298 370 269 285Embarq Corp nm 6,701 6,519 6,336 6,295 nm 2,911 2,799 2,633 2,571 nm 1,841 1,734 1,576 1,534 nm 823 798 702 689NTELOS Holdings 342 392 440 485 518 121 149 173 192 209 56 66 88 105 119 38 3 -37 36 45Qwest Communications 13,809 13,903 13,923 13,992 14,153 3,552 4,035 4,390 4,756 4,897 428 970 1,620 2,024 2,247 -1,027 -507 566 951 988Telmex 27,428 34,680 15,924 15,600 15,627 5,952 6,911 6,619 6,644 6,449 3,902 4,537 4,352 4,455 4,308 2,459 2,625 2,592 2,313 2,623Verizon 70,688 74,910 91,631 92,711 96,084 27,620 28,517 29,887 31,361 33,252 13,739 14,470 15,233 16,419 18,179 6,981 7,151 7,696 6,718 7,570Vonage Holding 80 269 604 852 1,010 -67 -251 -266 -107 4 -71 -262 -289 -135 -25 -70 -266 -273 -154 -45Americas Communications 130,394 157,046 157,501 159,641 164,013 # 45,293 53,177 55,231 57,536 59,570 22,645 27,852 29,477 31,356 33,374 10,142 12,675 14,364 13,609 14,949KT 10,358 11,599 12,334 12,811 13,113 3,851 3,742 4,040 3,968 4,111 1,859 1,621 1,820 1,661 1,788 1,097 998 1,292 1,156 1,300Singapore Telecom 7,375 7,814 8,322 9,106 9,374 2,704 2,714 2,708 2,875 2,979 1,453 1,526 1,513 1,596 1,701 1,647 1,969 2,197 2,461 2,800Telkom 3,804 4,311 5,595 6,890 8,226 2,356 2,552 3,669 4,443 5,200 1,635 1,771 2,517 3,042 3,521 878 878 1,243 1,546 1,841Telstra 17,831 18,644 19,148 19,613 19,884 # 8,662 8,359 8,076 8,441 8,812 5,747 5,198 4,683 5,072 5,538 3,572 3,109 2,682 2,894 3,222Asia & Australia (Ex. Japan) 39,368 42,368 45,400 48,419 50,598 # 17,573 17,366 18,493 19,727 21,101 10,695 10,116 10,533 11,371 12,548 7,195 6,954 7,415 8,057 9,163

NTT 91 90 90 89 87 # 29 28 28 27 27 11 10 10 9 9 6 5 4 4 4Japan Communications 91 90 90 89 87 # 29 28 28 27 27 11 10 10 9 9 6 5 4 4 4Global Communications 483,612 531,508 572,277 590,458 598,477 # 181,816 191,737 203,564 209,149 212,868 97,281 103,112 108,111 111,935 116,965 44,306 51,608 56,487 55,929 60,242

Earnings (US$mn)EBIT (US$mn)EBITDA (US$mn)Revenues (US$mn)

Source: UBS estimates except data in italics which comes from I.B.E.S


Momentum Broadcasting & Radio

Momentum (Based on US$)

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Antena3 22.4% 22.8% -0.3% 4.9% 5.1% 62.6% 74.9% 0.2% 1.3% 6.9% 114.9% 87.7% 0.8% 1.4% 6.2% 109.5% 91.4% 2.6% 2.2% 5.6%CTC Media 62.8% 52.7% 56.2% 30.5% 33.4% 78.6% 47.6% 67.1% 30.0% 33.6% 72.1% 44.2% 71.1% 30.4% 39.1% 97.5% 20.8% 85.6% 31.5% 40.7%GCap Media 28.4% 44.0% -7.2% -0.4% 5.4% 27.8% 14.5% -28.9% -4.7% 23.4% 29.0% 1.8% -36.6% -5.4% 31.8% 26.0% -18.5% -46.6% 11.2% 45.0%ITV 2.6% 5.4% nm nm nm 30.3% 37.5% nm nm nm 45.9% 42.0% -18.5% -19.6% -7.1% 51.0% 26.5% nm nm nmM6 -2.3% 6.4% 0.7% 8.0% 6.8% -2.2% 6.4% -3.9% 13.9% 11.6% -1.3% 9.2% -4.5% 14.8% 12.2% -6.6% 13.6% 88.4% -31.7% 10.9%Mediaset 11.8% 7.1% 1.9% 7.7% 5.4% 46.4% 6.0% -7.6% 16.6% 9.2% 67.7% 10.1% -13.8% 10.3% 4.7% 80.0% 9.9% -16.4% 9.7% 5.2%NRJ 9.1% 7.0% 11.7% -6.3% 9.2% 9.0% 6.4% -22.2% -12.4% -4.4% 9.0% 3.9% -31.7% -13.3% -3.9% 28.1% 6.4% -42.5% -6.0% -2.8%ProSiebenSat1 1.5% 8.4% 5.8% 4.3% 3.4% 152.9% 38.0% 19.8% 10.3% 6.6% 199.0% 43.3% 20.3% 11.9% 7.0% nm 65.4% 8.9% 22.0% 22.0%RBC 64.7% 44.8% 83.5% 0.2% 39.4% 151.7% 60.7% 70.1% -1.9% 74.7% nm 85.8% 96.6% -22.9% 129.7% 182.4% 110.9% 27.7% -31.6% 141.3%TF1 2.9% -12.0% 5.8% 6.7% 6.3% 5.5% -9.5% -7.9% 27.6% 15.4% 14.7% -11.5% -11.3% 34.5% 18.0% 6.2% -1.2% 15.8% 13.7% 16.8%Telecinco 23.3% 17.4% 7.1% 5.7% 5.2% 25.0% 25.7% 6.3% 5.3% 5.5% 68.8% 40.1% 6.4% 5.3% 5.9% 71.0% 35.5% 8.2% 5.5% 5.7%TVN 30.8% 34.7% 34.5% 38.0% 16.0% 32.9% 57.5% 32.9% 44.7% 26.5% 26.0% 61.0% 33.5% 41.9% 27.4% 21.6% 65.2% 36.2% 39.1% 36.4%Europe 7.2% 5.9% 4.0% 5.4% 6.1% 34.6% 18.3% -2.3% 9.4% 9.1% 52.0% 23.0% -5.4% 7.2% 8.4% 53.3% 24.2% 1.3% -0.1% 11.1%Alliance Atlantis nm 10.1% 20.3% 5.9% 6.1% nm 26.1% 29.7% 8.3% 9.1% nm 35.8% 38.7% 12.8% 11.4% nm 43.7% 14.3% 30.1% 15.6%Astral Media 26.5% 14.5% 14.7% 6.6% 7.4% 40.6% 20.0% 17.7% 8.2% 8.4% 27.1% 20.4% 18.1% 9.2% 8.4% 54.1% 34.3% -7.2% 6.1% 8.6%Beasley Broadcast 6.7% 1.7% 0.7% 7.2% 1.2% -8.4% -5.7% -8.1% 8.6% 1.9% -8.4% -6.6% -7.0% nm nm -5.8% -11.0% -5.3% -20.1% 15.4%CanWest Global Comms nm 8.4% 5.2% 4.8% 4.9% nm -1.8% -11.8% 9.6% 13.7% nm -5.9% -15.8% 14.1% 16.3% nm -25.1% -37.8% 28.4% 28.2%CBS Corp. na na 1.5% 0.0% 2.7% na na 1.8% 0.3% 9.3% na na 2.2% 0.4% 9.5% na na 28.9% -10.3% 11.9%Clear Channel 5.5% -29.8% 6.9% 3.8% 3.9% 5.9% -10.1% 5.8% 1.7% 4.5% 7.0% -10.3% 8.1% -34.8% nm nm nm -26.4% 2.3% 10.3%Corus 18.7% 11.4% 13.6% 7.3% 8.0% -12.6% 70.4% 18.7% 13.6% 12.2% -2.6% 95.9% 22.7% 15.5% 13.2% 30.4% 39.0% 34.5% 21.6% 18.1%Cox Radio 2.9% -0.1% 0.6% 2.0% 1.9% 6.2% 2.5% -0.2% -3.3% 1.1% 6.7% 3.2% -0.1% -10.2% -4.9% 2.0% -9.8% 37.9% -16.3% 4.5%Cumulus Media 13.5% 2.4% 2.0% 0.3% 2.1% 14.4% -16.8% -79.0% nm 2.3% 16.4% -21.7% nm nm nm nm nm nm -117.5% 44.8%Emmis Communications 4.5% -37.4% -5.5% 0.4% 0.5% 6.8% -54.3% -26.4% 12.7% 3.0% 9.9% -43.6% nm nm nm nm nm nm nm nmEntercom 5.6% 2.1% 1.8% 7.4% 2.7% 3.8% 8.4% -19.1% 20.4% 3.8% 3.4% 8.7% -19.9% 18.9% 8.3% 5.4% 3.6% -37.9% 9.7% 9.2%Grupo Televisa 25.3% 16.2% 13.9% 9.4% 11.2% 41.4% 30.4% 21.3% 5.0% 13.2% 42.6% 32.4% 24.5% 5.4% 14.1% 20.9% 61.1% 26.7% -9.6% 16.6%Hearst-Argyle TV 13.6% -9.4% 11.1% -2.2% 10.8% 18.4% -18.1% -13.1% -11.9% 24.8% 30.7% -25.0% 5.7% -23.7% 44.2% 31.5% -19.1% -1.5% -29.9% 64.1%Nexstar Broadcasting 14.7% -8.0% 17.3% -0.2% 14.2% 18.0% -27.6% 19.3% -8.9% 29.9% 153.8% -52.1% nm nm nm nm nm nm nm nmRadio One 5.5% 16.1% -1.1% 0.7% 2.7% 6.9% 6.9% nm nm 1.9% 8.8% 6.3% nm nm nm 14.5% -18.0% -53.1% 8.2% 13.4%Univision 36.3% 9.3% 11.0% 4.6% 8.2% 40.9% 11.1% 13.1% 16.2% 7.6% 47.1% 15.1% nm nm nm 64.6% -26.8% 86.6% 19.6% 14.9%Westwood One Inc. 4.3% -0.8% -11.4% -4.9% 1.8% 3.6% -4.3% -42.6% -16.2% -2.6% -0.7% -6.1% nm nm nm -4.5% -18.4% -56.7% -35.6% 2.6%Americas 29.4% 59.7% 5.0% 2.7% 4.6% 28.5% 51.3% 1.1% 4.8% 9.0% 31.9% 59.4% -0.1% -5.3% -7.6% nm nm -0.2% -3.7% 15.0%BEC 7.1% -0.2% 14.1% 30.9% 15.7% -11.4% -38.3% 78.1% 45.6% 30.2% -12.8% -43.8% 86.8% 51.2% 31.7% -17.1% -44.3% 100.2% 48.2% 31.1%Fuji Television 5.0% 19.7% 3.1% 0.2% 0.3% 4.9% 17.4% -2.2% 4.2% 2.1% 3.2% 12.0% -5.6% -2.9% 0.1% 4.8% -7.8% 7.2% -2.7% -2.0%Austereo Group 4.1% -1.0% -0.5% 5.8% 5.4% -4.7% -1.3% 4.8% 10.0% 7.1% -5.3% -0.3% 6.6% 9.9% 6.6% -3.9% -0.3% 3.3% 7.5% 7.2%MCOT 49.6% 23.9% 29.9% 27.6% 6.5% 41.2% 31.6% 34.2% 31.5% 6.6% 50.5% 36.1% 40.7% 32.1% 6.8% 42.1% 4.6% 44.8% 29.5% 7.0%NTV 6.0% -0.3% -1.5% 2.1% 0.8% 7.9% -9.8% -6.4% -0.1% 0.1% -10.5% -13.6% -0.2% 2.7% 0.4% -10.4% -14.4% 8.7% 1.2% -1.0%Prime Television 9.9% 7.7% 4.7% 3.2% 4.7% 22.3% 9.2% 13.1% 12.3% 3.8% 25.3% 8.7% 17.2% 15.7% 3.8% 44.6% 24.3% 22.6% 15.8% 8.1%Publish & B'casting 11.2% 11.3% -7.1% -24.7% -15.3% 14.5% 7.1% -6.5% -23.5% -14.8% 15.3% 6.6% -7.2% -26.2% -16.8% 19.7% 13.5% 5.6% 6.8% 16.8%Seven Network 0.4% 6.2% -2.2% -53.3% -100.0% 1.6% 13.5% 14.2% -51.6% -106.1% -0.2% 16.4% 22.9% -50.7% -107.8% -16.8% 16.9% 108.9% 14.4% -9.7%Southern Cross 25.3% 15.0% 1.7% 2.5% 3.6% 16.4% 4.8% 1.8% 2.9% 4.3% 17.4% 5.8% 1.6% 3.7% 5.1% 29.2% 5.0% -0.1% 9.0% 7.2%TBS 1.7% 1.6% 4.2% 4.3% 1.0% 0.2% -12.3% 11.0% 7.2% 0.8% -7.3% -22.7% 24.1% 16.8% 2.3% 23.1% -25.2% 37.1% 20.7% 2.3%Ten Network 14.2% 6.7% -1.6% 8.0% 5.4% 28.3% 3.0% -18.6% 4.1% 8.4% 30.3% 2.7% -20.3% 3.7% 9.2% 28.1% -9.6% -31.2% 22.1% 14.5%TV Asahi 9.4% 4.9% 0.6% 0.7% 0.2% 41.3% 23.1% -6.8% -12.0% -3.1% 75.4% 37.0% -10.6% -19.1% -5.4% 144.3% 40.0% 10.9% -29.5% -14.8%TVB 15.3% 9.6% 0.7% 4.5% 4.8% 74.4% 27.6% 5.8% 6.3% 6.2% 100.9% 34.9% 7.1% 6.8% 6.5% 77.2% 42.9% 14.7% 19.5% 9.3%Zee Entertainment 6.1% 10.1% 15.4% 13.4% 22.6% 7.2% -24.8% 4.9% 71.8% 32.4% 7.2% -28.2% 7.6% 77.7% 33.4% 15.5% -21.4% 4.0% 64.6% 31.6%Australia & Asia 6.9% 8.5% 0.7% -3.6% -2.4% 12.7% 4.3% -0.5% -3.8% -2.5% 9.7% 2.9% 0.8% -4.1% -2.8% 14.2% 1.4% 13.8% 10.4% 8.2%

Revenues Growth EBITDA Growth EBIT Growth Earnings Growth



Publishing


2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Agora 25.6% 34.8% 0.1% 9.7% 6.7% 57.7% 34.7% -53.9% 61.6% 11.3% nm 105.8% -81.1% nm 23.4% -174.3% 115.8% -78.6% nm 24.8%EMAP 3.8% 6.4% -8.7% -11.2% -0.9% 3.8% 8.2% -6.3% -5.7% 2.7% 6.2% 8.6% -6.9% -6.6% 2.6% 6.4% 10.1% -9.2% -11.5% 5.9%Eniro 12.4% -3.4% 40.4% 10.6% 4.5% 7.6% -2.8% 80.8% 9.5% 4.8% 6.6% -8.2% 68.9% 9.6% 3.5% -4.0% 14.8% 50.6% 14.5% 6.0%Euromoney 10.3% 12.0% 21.9% 32.5% 5.8% 24.2% 17.7% 23.5% 46.3% 5.9% 27.2% 18.1% 21.7% 48.8% 5.9% 30.5% 14.8% -5.4% 32.8% 9.2%Grupo Prisa 9.3% 4.0% 89.6% 27.4% 5.4% 23.6% 14.7% 69.0% 35.8% 11.2% 39.7% 15.0% 30.7% 60.6% 15.0% 63.0% 14.5% 41.1% -26.7% 20.3%Informa 14.2% 44.5% nm nm nm 31.9% 34.1% nm nm nm 35.2% 37.4% nm nm nm 39.4% 19.1% nm nm nmJohnston Press 5.4% 0.3% 15.8% 1.0% 1.8% 9.2% -1.1% 7.8% -4.8% 3.8% 9.3% -1.4% 6.4% -5.8% 2.9% 17.6% -1.2% 3.9% -11.8% 5.8%L'Espresso 2.7% 0.0% 2.3% -1.1% 2.7% -0.4% -4.2% -6.1% 0.7% 9.0% 9.3% -8.0% -8.2% 1.2% 10.8% 51.4% 8.6% -9.8% -21.7% 12.4%Lagardere -5.6% 5.4% 2.0% 5.5% 0.8% 6.0% 18.7% -13.7% 11.9% 14.4% 22.4% 5.9% 4.7% 11.3% 10.7% 15.4% 49.8% -47.2% 22.5% 32.2%Mondadori 7.4% 0.4% 5.4% 14.3% 0.0% 11.0% -9.2% -1.9% 17.2% 11.7% 14.9% 2.7% -3.0% 20.0% 13.1% 23.3% 15.9% -11.5% 15.2% 16.3%PagesJaunes 5.4% 9.7% 6.0% 3.1% 5.9% 14.6% 16.2% 13.1% 3.8% 11.7% 16.1% 16.8% 12.7% 3.9% 12.0% 6.7% 28.3% 13.2% -22.1% 15.5%Pearson -8.7% 10.8% 8.0% -3.5% 4.1% -11.8% 14.0% 14.5% 2.1% 6.9% -13.1% 18.8% 17.0% 1.8% 7.4% -13.6% 26.3% 15.8% 8.8% 9.6%RCS MediaGroup SpA -3.8% 1.9% 9.0% 4.7% 2.3% -4.1% 83.2% 2.7% 11.4% 13.1% 20.8% 108.8% -0.7% 14.1% 16.0% -11.7% 85.7% 2.2% 5.3% -1.0%Reed Elsevier plc -2.3% 7.4% 4.5% 1.0% 5.6% -10.7% 9.8% 6.7% 5.1% 8.0% -11.3% 9.3% 5.9% 3.8% 8.3% -10.5% 13.2% 5.6% 4.5% 10.6%Reuters -9.7% -16.5% 6.5% 3.1% 7.7% -12.6% -16.0% 23.9% 18.5% 27.1% 1.7% -12.6% 33.5% 25.7% 34.6% 0.3% 8.8% 18.1% 15.5% 40.1%Seat Pagine Gialle -3.1% 1.3% 3.0% 3.7% 4.6% nm nm -2.3% 9.1% 4.2% nm nm -2.9% 9.3% 4.2% -17.5% 6.9% -15.8% 21.2% 11.8%Trinity Mirror 2.9% -0.9% -5.7% -2.5% 0.8% 14.7% 0.3% -14.0% -2.2% -0.9% 15.4% -0.2% -15.7% -3.3% -1.7% 18.2% 8.1% -16.9% -8.4% 4.8%UBM 12.3% -10.2% 0.8% 4.5% 4.3% 16.8% 3.6% 4.9% 9.0% 7.5% 33.6% 6.7% 5.7% 9.1% 7.5% 35.9% 9.7% 0.1% 4.6% 5.4%Vocento 10.9% 10.6% 9.8% 6.2% 3.5% -4.8% 0.4% -2.4% 15.2% 9.9% -3.4% 2.4% -19.9% 18.5% 11.8% 19.7% 83.1% 20.7% -1.0% 8.1%Wolters-Kluwer -5.1% 3.5% 9.4% -5.0% 4.4% -20.4% 7.5% 14.1% 9.5% 8.7% -22.6% 11.6% 17.3% 10.4% 9.4% -12.3% 6.2% 17.1% 8.1% 14.6%Yell 7.6% 21.8% 27.6% 13.5% 6.0% 9.5% 23.5% 30.9% 17.8% 10.9% 8.8% 19.6% 36.4% 19.5% 11.2% 31.0% 24.1% 12.6% 20.1% 18.3%Europe -1.8% 4.4% 9.6% 3.8% 4.0% -1.9% 9.8% 10.1% 9.5% 9.7% -5.7% 19.5% 10.7% 10.0% 10.1% 4.0% 20.2% 0.6% 4.9% 14.7%Belo Corp. 5.2% 0.7% 4.4% -2.1% 3.9% 9.5% -12.8% -0.5% -7.2% 9.8% 13.2% -15.7% -0.6% -9.4% 12.5% 23.7% -19.7% -1.4% -14.4% 14.3%Dow Jones & Co. 7.9% 5.9% 0.8% 18.0% 2.5% 17.6% -11.1% 1.7% 33.2% 7.2% 33.4% -20.1% 11.3% 50.7% 10.5% 26.5% -18.2% 13.7% 36.4% 14.2%E.W. Scripps 15.6% 16.0% -0.6% 4.0% 8.8% 17.6% 14.1% 21.5% -4.2% 11.7% 19.4% 12.3% 20.8% -6.1% 13.9% 15.5% 9.1% 23.0% -8.2% 11.8%Gannett 10.0% 2.9% 5.7% -1.2% 2.4% 8.1% -2.9% -2.0% -3.6% 0.8% 8.4% -4.6% -2.4% -4.2% 1.1% 8.7% -8.0% -4.2% -6.8% 2.8%McClatchy Company 5.8% 2.0% 41.2% 43.8% -0.4% 5.3% 0.0% 32.8% 47.4% -2.5% 8.2% 0.3% 28.5% 45.2% -3.6% 9.7% 1.9% 11.6% -4.1% 4.5%McGraw-Hill 8.8% 14.3% 4.2% 9.9% 6.5% 14.6% 14.6% 6.0% 17.3% 8.4% 21.6% 18.1% 6.2% 20.8% 9.3% 16.9% 18.0% 5.5% 20.6% 11.3%Meredith 6.3% 2.5% 30.8% 2.9% 2.4% 12.2% 14.7% 13.2% 7.2% 5.4% 13.3% 14.7% 13.2% 8.1% 5.8% 17.9% 14.3% 12.2% 10.5% 8.7%Moody's 15.6% 20.2% 17.6% 18.2% 11.6% 18.3% 18.5% 16.8% 15.6% 11.4% 19.0% 19.1% 17.0% 15.9% 11.6% 17.5% 31.3% 17.3% 14.2% 12.2%New York Times 2.4% 2.1% -0.3% -4.2% 4.4% -4.4% -19.4% 2.4% -11.9% -0.9% -5.5% -18.4% -10.5% -13.3% -5.2% -3.3% -20.6% -6.9% -20.2% -4.3%Thomson Corporation 10.2% 4.9% 7.6% 9.1% 6.3% 13.4% 6.3% 6.5% 10.9% 13.5% 24.2% 13.7% 7.3% 13.1% 18.1% 41.2% 45.0% 25.9% 11.5% 18.7%Torstar Corporation 11.3% 8.9% 4.3% 2.7% 3.0% 3.7% 2.0% -14.7% 6.9% 8.2% 2.2% 0.9% -21.0% 9.0% 10.2% 5.0% -2.5% -11.6% 8.5% 16.4%Tribune Co. 2.3% -2.3% -1.4% -4.5% 0.4% -0.3% -10.1% -8.5% -9.4% -4.5% -0.7% -11.5% -10.1% -11.3% -6.0% 4.4% -11.3% -18.6% -15.9% -6.2%Washington Post 16.2% 7.9% 9.7% 5.0% 5.2% 35.5% -1.9% 1.6% 4.1% 8.8% 51.7% -5.3% -0.6% 3.9% 10.1% 55.4% -8.7% 14.6% -1.0% 9.2%Yellow Pages I.F. nm 55.4% 60.2% 19.5% 7.8% nm 43.1% 47.7% 18.3% 8.3% nm 118.9% 96.4% 32.0% 16.5% nm 151.0% 87.9% 38.0% 19.5%Americas 9.8% 6.3% 7.1% 5.8% 4.5% 13.3% 2.4% 6.0% 6.7% 6.5% 14.6% 3.0% 6.0% 7.5% 7.7% 16.7% 6.0% 8.3% 5.2% 10.0%Fairfax Media Ltd 22.3% 3.7% 6.8% 22.7% 17.5% 32.8% 5.3% 6.2% 36.9% 29.0% 39.4% 7.2% 7.0% 40.9% 31.7% 42.3% 9.2% 1.3% 44.0% 39.8%Singapore Press 10.2% 5.2% 8.4% 11.2% 3.7% 12.0% 5.3% 17.8% 19.8% 7.2% 14.2% 6.2% 19.8% 21.5% 7.9% 26.9% 7.2% 9.4% 18.1% 5.5%West Aust Newspapers 8.3% 5.9% 9.6% 9.9% 6.4% 15.4% 11.1% 12.8% 17.3% 12.9% 17.6% 12.1% 13.5% 18.1% 14.6% 17.6% 15.3% 17.6% 13.9% 11.5%Yellow Pages -7.6% -6.3% 4.4% 9.5% 4.7% -7.4% -17.6% -9.0% 9.8% 6.9% -4.9% -18.3% -10.4% 8.9% 5.4% -11.2% -19.1% -14.5% 10.4% 6.6%Australia & Asia 16.7% 4.1% 7.5% 18.1% 12.8% 21.8% 5.7% 10.5% 27.7% 19.7% 25.5% 7.0% 11.7% 30.1% 21.4% 29.2% 8.6% 7.2% 26.6% 20.5%JohnCom 56.0% 20.7% 9.3% 1.1% 1.7% 146.1% 28.5% 31.5% 9.3% 2.9% nm 35.7% 37.5% 11.7% 2.0% 127.8% 54.2% 33.3% 5.5% -0.5%Naspers 28.5% 12.6% 11.3% 2.6% 2.0% 67.2% 18.4% 18.8% 9.8% 5.6% 93.5% 22.9% 21.3% 11.3% 6.2% 184.8% 55.2% 32.1% 16.3% 11.8%Middle East 33.6% 14.3% 10.8% 2.3% 1.9% 74.0% 19.7% 20.5% 9.7% 5.2% 104.7% 24.4% 23.3% 11.4% 5.6% 170.9% 55.0% 32.3% 14.1% 9.5%




Pay TV


2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

BSkyB 9.6% 6.6% 9.0% 8.6% 8.3% 19.3% 22.5% 17.7% 4.8% 18.1% 24.0% 23.3% 14.1% 0.0% 18.5% 26.9% 28.1% 16.1% -0.4% 22.6%Virgin Media nm nm 12.5% 17.3% 3.7% nm nm -51.3% 16.7% 22.0% nm nm -99.6% nm nm nm nm -167.3% -46.9% -156.7%Premiere AG 7.2% 9.1% -1.8% 5.1% 9.5% nm 65.9% -65.1% 173.8% 54.0% -164.4% 111.8% -92.7% nm 76.1% nm nm nm -170.1% 82.0%Sogecable 25.8% 2.8% 9.2% 5.3% 6.4% 65.0% 14.0% -35.4% 37.2% -34.3% -96.6% nm -92.1% nm 38.0% nm nm nm nm nmEurope 12.0% 64.8% 9.4% 11.2% 6.4% 37.7% nm -33.0% 15.0% 17.2% 69.7% nm -56.9% 35.2% 51.8% 26.9% 28.1% -104.3% nm 158.3%Cablevision Systems 18.1% 4.9% 14.5% 8.0% 6.4% 5.5% 23.8% 10.1% 13.3% 7.0% nm nm 22.1% 37.8% 20.8% 135.7% -81.9% 10.9% -95.2% nmCharter Comm. 3.3% 5.6% 4.8% 9.3% 9.1% -1.5% 1.2% -0.7% 10.4% 9.3% -9.7% 4.8% 30.8% 18.8% 4.4% nm -64.0% 7.7% -20.7% -6.9%Comcast Corporation 10.7% 21.3% 6.5% 18.0% 11.4% 51.3% 24.9% 6.6% 17.7% 13.2% nm 53.0% 10.6% 18.9% 25.2% -142.6% 73.9% -9.0% 34.3% 53.6%DIRECTV Group 20.8% 15.9% 12.1% 12.2% 8.5% nm nm 128.3% 19.7% 15.2% nm -129.9% nm 7.2% 2.5% 187.5% -128.9% nm 1.2% -11.8%EchoStar Comm. 23.4% 18.0% 16.5% 10.7% 7.4% 9.5% 69.8% 18.7% 24.5% 12.5% -8.4% 68.8% 4.4% 33.5% 21.8% -25.3% nm -34.0% 36.0% 27.9%Knology Inc 22.3% 9.2% 12.2% 30.4% 8.6% -6.6% 58.4% 45.5% 66.9% 22.3% -3.4% -35.1% -84.8% nm 48.0% -13.8% -16.5% -37.5% -68.3% -82.2%Lodgenet 6.5% 3.5% 4.5% 70.3% 15.3% 6.0% 2.6% 1.5% 65.7% 15.8% 99.5% 73.3% 21.9% 139.4% 18.4% -40.7% -67.9% -127.6% nm nmORBCOMM Inc. nm nm 53.5% 63.3% 54.1% nm nm 117.4% -22.0% -70.4% nm nm 97.3% -0.8% -20.0% nm nm 43.3% -35.4% -16.1%RCN Inc. nm nm 8.9% 8.6% 5.5% nm nm 44.1% 28.1% 17.6% nm nm -23.8% -40.6% -69.2% nm nm -93.0% nm -61.3%Rogers Comms Inc. 24.4% 41.9% 28.7% 12.9% 10.6% 31.0% 32.8% 43.9% 16.6% 16.1% 79.4% 11.6% 109.2% 26.8% 29.8% nm -30.7% nm 26.0% 41.7%Shaw Communications 12.7% 15.9% 19.1% 12.7% 12.8% 18.8% 15.1% 18.5% 13.7% 15.2% 50.6% 30.6% 38.9% 25.2% 21.3% nm 130.9% 60.8% 28.6% 28.0%Sirius Satellite nm nm 163.1% 50.1% 30.8% 70.4% 25.3% 31.7% -49.6% -31.7% 55.0% 22.2% 28.8% -44.1% -23.3% 126.5% 21.2% 28.0% -41.4% -20.8%Worldspace, Inc. nm 35.9% 31.0% 77.5% 94.9% nm nm -21.8% 12.6% 10.2% nm nm nm -14.6% 6.4% nm nm nm nm nmXM Satellite Radio 166.3% 128.4% 67.2% 20.4% 19.4% 6.0% 30.5% -42.8% 9.5% -35.0% 1.4% 20.5% -27.4% 14.6% -12.2% 7.7% 3.7% 8.3% -18.6% -7.9%Americas 15.7% 20.2% 13.1% 14.7% 10.2% 7.7% 52.9% 22.3% 21.5% 14.7% 57.4% nm 49.7% 29.5% 23.9% 72.7% -93.5% nm nm 77.0%Astro All Asia 21.2% 17.9% 14.7% 21.9% 16.9% 62.8% -2.9% 50.0% 37.0% 33.1% 125.7% -0.4% 54.0% 49.8% 37.2% nm 65.7% -22.7% 89.4% 69.1%Austar United Comm. 19.9% 16.9% 10.7% 11.4% 11.9% 77.5% 27.5% 9.1% 12.6% 22.7% 62.1% 79.0% 24.2% 22.4% 20.7% nm nm 18.7% 31.0% 33.6%Sky Network T.V 27.7% 18.2% 2.9% 22.5% 9.4% 61.4% 35.7% 21.6% -0.1% 16.9% nm nm 113.1% 57.1% 13.2% nm nm nm nm nmAsia Pacific (ex-Japan) 22.6% 17.7% 10.1% 18.9% 13.4% 52.9% 15.7% 15.2% 22.3% 21.5% 106.4% 34.6% 29.8% 35.2% 25.6% nm 72.0% -6.9% 53.7% 44.7%



Gaming


2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Activision 48% 4% -3% 14% 20% 65% -70% 13% 150% 52% 70% -75% 21% 190% nm 78% -70% 59% 103% 54%Electronic Arts 6% -6% 3% 15% 21% -8% -36% -36% 69% 72% -8% -43% -35% 69% 70% -13% -53% 5% 52% 55%Konami -2% -1% 2% 6% 9% 17% -44% 69% 25% 15% 25% -72% 160% 42% 21% nm nm nm nm nmMarvel Entertainment 48% -24% -10% 22% 15% 38% -15% -38% 94% -10% 37% -15% nm nm nm -18% -18% -43% 110% -5%Midway Games 75% -7% 10% 33% 22% nm nm nm nm nm nm nm nm nm nm nm nm nm nm nmNintendo 1% -1% 67% 39% 6% 4% -13% 99% 45% 22% 5% -13% 101% 47% 23% 95% 27% 66% 20% 16%Take-Two 9% 7% -11% na na -38% -36% nm nm nm -43% -57% nm nm nm -33% -46% nm nm nmTHQ 18% 7% 18% 16% 14% 14% -21% -28% 8% nm 53% -49% 106% 45% 30% 75% -48% 115% 34% 24%WWE -2% 9% nm nm 4% -13% 26% nm nm nm -15% 34% nm nm nm -19% 20% nm nm 13%Global Gaming 8.2% -1.0% 18.4% 27.5% 11.3% 6.8% -30.4% 22.0% 60.6% 23.2% 8.1% -37.5% 28.3% 64.5% 23.1% 40.9% -30.6% 29.2% 63.4% 24.9%




Entertainment


2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Vivendi -25.7% 2.9% 2.7% 8.2% 4.2% -5.7% 11.3% 7.5% 4.4% 15.1% -5.1% 26.1% 9.6% 4.9% 19.4% nm 69.4% 79.9% -30.2% 22.9%Europe -25.7% 2.9% 2.7% 8.2% 4.2% -5.7% 11.3% 7.5% 4.4% 15.1% # -5.1% 26.1% 9.6% 4.9% 19.4% nm 69.4% 79.9% -30.2% 22.9%Walt Disney Co. 14.7% 4.8% 6.8% 5.3% 3.7% 44.3% 9.7% 26.0% 18.8% 6.6% nm 9.6% 32.0% 22.3% 6.7% 93.4% 12.8% 25.0% 13.3% 6.4%News Corporation 28.5% 10.1% 8.3% 8.2% 5.6% 39.7% 14.0% 13.0% 12.5% 10.9% nm 14.4% 13.9% 14.3% 12.6% 122.7% 30.5% 23.3% 8.2% -1.7%Playboy 4.1% 3.0% -1.8% 2.9% 4.3% -0.6% -5.9% -29.0% 27.2% 12.9% 4.4% 0.3% -70.5% 110.6% 51.6% nm nm nm nm 106.3%Quebecor Inc. 5.2% -0.2% 3.2% 3.6% 4.8% 19.4% -5.9% 1.7% 15.7% 10.6% 42.7% -10.6% -1.7% 20.4% 13.5% 139.8% -44.8% -63.4% nm 12.3%Time Warner nm 3.4% 4.3% 6.6% 5.6% nm -30.8% 68.7% 20.1% 9.3% nm -35.7% 120.5% 16.1% 11.5% nm -24.6% 170.9% -30.1% 16.6%Viacom 11.3% 18.2% 19.3% 9.4% 3.2% 15.2% 8.8% 13.8% 9.1% 9.8% nm nm 11.0% 8.2% 10.4% nm nm 9.9% 5.0% 10.0%Americas 85.2% 5.9% 7.0% 6.6% 4.8% 126.7% -7.3% 33.0% 16.9% 9.0% 88.6% -5.4% 41.7% 16.6% 10.3% 190.5% 17.6% 53.7% -4.8% 7.8%



Internet


2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

aQuantive, Inc. 146.4% 95.3% 43.4% 29.0% 25.3% 147.2% 128.6% 34.6% 17.7% 44.7% 179.6% 129.7% 0.7% 14.9% 64.7% 89.0% 64.4% 27.8% 29.9% 62.8%Baidu nm 171.8% 169.5% 74.3% 64.2% nm nm nm 46.7% 59.4% nm nm nm 48.7% 64.0% nm nm nm 40.8% 64.0%Google Inc. 103.9% 105.1% 81.7% 53.6% 30.1% 101.3% 105.0% 77.2% 51.6% 28.2% 85.3% nm 69.9% 46.0% 34.1% nm nm 112.1% 38.3% 34.1%Yahoo 76.5% 42.2% 23.4% 14.2% 18.3% 116.2% 50.9% 22.2% 11.5% 20.9% 132.9% 60.9% -15.0% -2.3% 19.7% 118.4% 63.3% -11.4% -4.4% 22.6%Rakuten 152.0% 184.8% 56.6% 8.7% 16.9% 179.7% 113.1% 4.7% -2.5% 55.5% nm 131.6% -16.4% 12.0% 64.8% nm nm -138.5% nm 64.8%SINA nm -3.2% 10.0% 12.8% 24.7% nm -27.2% -6.6% 20.8% 26.5% nm -35.5% -9.6% 25.2% 32.0% nm -34.7% -7.4% 21.1% 32.4%Yahoo Japan 56.6% 48.9% 27.0% 16.9% 3.4% 50.7% 39.9% 30.5% 21.7% 4.3% 50.1% 38.2% 30.7% 23.3% 4.7% nm 32.6% 25.6% 23.2% 4.9%Global Internet 96.0% 70.9% 49.8% 32.5% 23.7% 106.6% 72.2% 49.3% 35.6% 25.5% 105.7% 108.6% 34.6% 32.8% 30.0% nm 124.0% 48.5% 34.7% 31.3%






2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Aegis 15.1% 16.5% 14.5% 7.4% 6.8% 12.2% 22.4% 4.4% 11.9% 8.6% 14.6% 17.5% 16.3% 9.3% 9.4% 12.9% 9.6% 18.1% 7.6% 12.5%Asatsu-DK 4.7% 2.6% -1.1% 2.3% 2.3% 22.6% -9.0% -13.0% 13.6% 0.0% 28.7% -9.3% -14.6% 16.2% 0.0% 43.6% 0.3% -17.4% 19.2% 0.0%Dentsu 7.8% 4.3% 5.6% 0.7% -0.3% 15.0% 5.3% 4.0% 2.2% 0.4% 17.3% 6.6% 5.0% 2.8% 0.4% 20.6% 7.6% 13.8% 5.9% 0.7%Havas -9.1% -2.2% 0.7% 3.6% 4.0% -47.4% -20.8% 5.6% 19.0% 13.9% 27.7% -25.5% 8.4% 22.5% 16.5% -4.2% 58.3% -18.6% 40.1% 26.3%Interpublic Group 3.7% -1.8% -1.3% 3.0% 3.9% -9.7% -73.5% 118.9% 74.5% 35.4% -7.3% -103.2% nm 159.7% 48.4% -11.8% -47.2% -99.6% nm 102.1%Omnicom Group 13.1% 7.5% 8.5% 9.1% 7.1% 10.7% 9.2% 10.5% 9.7% 9.3% 11.3% 10.2% 10.7% 10.7% 10.2% 14.6% 9.3% 9.3% 11.6% 12.2%Photon Group Ltd nm 79.2% 64.9% 40.5% 17.1% nm 96.4% 57.1% 41.1% 20.7% nm 94.6% 58.2% 43.7% 22.2% nm 92.9% 46.7% 40.7% 26.8%Publicis -0.8% 7.7% 6.3% 11.1% 5.5% 15.0% 9.4% 7.1% 11.5% 8.8% 19.8% 11.9% 9.9% 11.8% 10.0% 17.3% 7.3% 36.4% 9.6% 9.0%Seek Ltd nm 60.8% 47.8% 36.6% 25.2% nm 80.9% 58.8% 43.2% 30.6% nm 78.9% 60.4% 44.8% 31.7% nm 59.3% 60.2% 46.8% 35.8%STW Comm 34.9% 60.1% 62.9% 7.7% 7.5% 18.3% 38.5% 13.0% 11.1% 10.5% 18.3% 35.1% 12.2% 11.0% 10.8% 5.7% 27.2% 11.8% 11.3% 11.5%WPP 4.7% 25.0% 9.9% 6.0% 6.3% 2.1% 31.4% 13.8% 8.9% 8.7% 7.5% 36.0% 13.5% 9.2% 9.7% -1.2% 35.2% 17.2% 12.8% 12.2%Agencies 6.2% 8.0% 6.1% 5.2% 4.1% 2.0% 4.3% 12.7% 13.4% 10.7% 12.2% 4.7% 15.0% 15.2% 12.3% 21.6% 39.8% 30.5% 17.0% 15.0%Ipsos 6.1% 18.8% 19.3% 6.4% 7.6% -1.1% 19.0% 21.6% 12.4% 11.9% 0.5% 25.5% 20.4% 13.5% 12.7% -3.8% 10.8% 16.8% 20.5% 18.0%Taylor Nelson 17.4% 5.7% 0.5% 1.9% 4.2% 21.1% 7.0% -5.9% 8.1% 5.9% 25.7% 7.9% -8.0% 9.4% 6.6% 26.7% 14.5% -8.7% 7.4% 14.0%Market Research and others 13.8% 9.7% 6.7% 3.6% 5.5% 14.5% 10.1% 1.8% 9.6% 8.0% 18.1% 12.4% 0.2% 10.9% 8.8% 16.6% 13.5% -1.9% 11.5% 15.4%JCDecaux 5.4% 7.2% 11.5% 6.3% 6.1% 2.4% 3.4% 14.0% 3.6% 5.4% 25.8% 0.2% 18.2% 2.6% 4.7% 43.0% 15.4% 17.2% 5.7% 6.3%Outdoor Advertising 5.4% 7.2% 11.5% 6.3% 6.1% 2.4% 3.4% 14.0% 3.6% 5.4% 25.8% 0.2% 18.2% 2.6% 4.7% 43.0% 15.4% 17.2% 5.7% 6.3%






2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E

Bezeq 17.7% 19.6% 3.0% 10.0% 1.3% 8.6% 4.6% 10.8% 10.6% 2.3% 29.0% -5.4% 33.2% 10.0% 13.7% nm -7.3% 9.6% 69.1% 18.8%BT Group -0.6% 4.3% 4.3% 1.2% -0.1% -3.5% -1.5% 1.5% 1.9% 2.0% -4.3% -3.4% 1.8% 1.0% 3.9% 8.5% 6.7% 13.0% 0.5% 0.3%Telefonica O2 CR 32.5% 3.9% 4.4% 6.6% nm 129.5% -1.2% 6.8% 4.1% nm nm 6.2% 30.2% 12.9% nm nm 6.8% 39.4% nm nmDeutsche Telekom 3.3% 3.9% 2.9% 1.4% 1.1% 5.6% 5.7% -6.2% -1.8% 1.3% 10.3% -0.2% -17.0% -3.5% 4.7% 61.9% 26.9% -17.6% -8.2% 12.4%France Telecom 0.1% 4.2% 7.5% 1.3% 0.4% 4.9% -5.1% 9.0% 0.0% 0.3% 4.0% 0.5% 7.4% 0.4% 2.5% -0.8% 33.4% -2.0% 5.7% 6.7%Iliad 67.7% 47.4% 31.2% 25.2% 14.7% 115.1% 104.2% 46.5% 33.7% 17.1% 68.0% 97.9% 69.2% 41.9% 19.1% 20.7% 78.0% 70.1% 35.2% 20.3%KPN -8.4% 1.0% 1.0% 3.3% 0.0% -2.5% -2.3% 2.4% 1.8% 1.3% -3.2% -11.3% -5.3% 13.2% 3.1% 84.0% -15.9% 3.4% 2.2% 3.4%Magyar Telekom 9.8% 3.8% 3.5% 16.1% 1.8% -1.3% 16.7% -4.4% 16.6% 8.2% -22.6% 68.7% -8.8% 20.0% 15.2% -33.2% 129.7% -7.3% 17.0% 21.7%OTE 4.9% 5.7% 7.6% 5.2% 2.0% -13.1% 25.4% 7.0% 8.6% 4.7% -32.2% 48.6% 12.9% 21.0% 10.6% -65.9% 170.0% 56.0% -2.1% 30.8%Rostelecom 24.4% 11.7% 48.7% 2.6% -13.8% 27.4% 0.1% -12.8% 5.5% -5.9% 135.3% -92.2% nm -1.6% -10.3% 39.4% -98.0% nm -7.6% -12.5%Swisscom -25.3% -3.5% -1.5% 3.8% 0.1% 5.4% -5.1% -9.8% 6.5% -2.0% 7.4% -2.6% -15.9% 8.3% -3.1% 6.2% 1.0% -15.8% 12.6% -4.0%Telecom Italia 0.8% -3.8% 4.5% 1.6% 0.9% 8.8% -13.8% -0.1% -3.0% 0.2% 32.9% -13.0% -5.2% -8.7% 2.8% 39.8% -5.2% -0.3% -16.6% 5.1%Telefonica 6.6% 24.0% 38.9% 5.7% 1.2% -8.0% 23.2% 30.5% 2.2% 0.3% -6.4% 27.6% 32.3% 2.2% 1.1% -33.5% 43.8% 41.9% -2.5% -1.3%Telenor 20.6% 14.6% 37.6% 19.3% 6.5% 9.2% 15.0% 41.0% 20.5% 4.3% 29.2% 19.3% 50.0% 23.5% 6.1% 39.9% 27.5% 53.1% 18.8% 11.5%Tiscali 14.6% -28.9% 6.0% 8.4% 15.6% 72.6% -15.7% 31.7% 36.5% 43.4% -38.2% -0.5% -20.3% -44.4% -172.8% -66.3% 157.1% -4.5% -57.1% -123.6%United Internet 22.8% 57.3% 58.1% 15.5% 15.7% 30.6% 16.8% 83.7% 18.8% 16.0% 36.9% 18.8% 78.7% 19.4% 20.2% 23.0% 22.9% 92.8% 17.7% 22.7%Europe Communications 1.6% 5.8% 11.2% 3.5% 0.4% 2.8% 1.9% 7.1% 1.6% 0.2% 7.9% 1.9% 4.5% 1.6% 2.7% 12.1% 18.6% 8.5% -1.3% 5.4%Alltel Corp. nm nm 20.0% 11.6% 4.8% nm nm 13.6% 13.1% 5.8% nm nm 19.1% 12.0% 11.7% nm nm 34.1% 17.5% 9.7%AT&T Inc. 1.6% 7.6% 42.4% 88.5% 3.0% -2.0% 3.3% 40.9% 106.7% 16.3% 0.3% 6.0% 53.9% 91.6% 42.4% 1.2% 21.7% 41.8% 89.3% 14.6%Atlantic Tele-Networ 6.7% 15.2% 51.8% 14.7% 11.9% 17.9% 10.9% 41.7% 8.3% 11.0% 17.9% 8.7% 40.9% 5.7% 8.8% -1.0% 13.6% 69.1% 12.3% 12.9%BCE -2.8% 11.5% 7.4% 1.7% 1.9% 3.2% 9.0% 8.2% 1.0% -0.2% 1.3% 10.1% 7.5% -1.5% -2.1% -6.8% 29.9% -5.3% -2.2% -3.5%CenturyTel 1.9% 2.8% -1.3% 0.1% -3.2% 0.3% 1.3% -6.1% 0.1% -4.9% -0.9% -0.3% -9.2% 1.2% -9.7% -3.6% 4.0% -11.0% 1.2% -9.7%Citizens 62.1% -0.5% -5.5% 0.4% 0.1% nm -1.7% -1.8% 1.2% 1.7% nm 3.0% 8.0% 4.2% 4.6% -129.5% 39.0% 24.4% -27.5% 6.0%Embarq Corp nm nm -2.7% -2.8% -0.6% nm nm -3.8% -5.9% -2.4% nm nm -5.8% -9.1% -2.7% nm nm -3.0% -12.0% -2.0%NTELOS Holdings nm 14.8% 12.2% 10.2% 6.7% nm 22.8% 15.9% 11.1% 9.2% nm 17.7% 32.8% 19.5% 13.3% nm -93.1% nm -196.1% 27.3%Qwest Communications -3.4% 0.7% 0.1% 0.5% 1.2% 17.9% 13.6% 8.8% 8.3% 3.0% nm 126.6% 67.0% 24.9% 11.1% -15.3% -50.6% nm 68.0% 3.9%Telmex 163.6% 26.4% -54.1% -2.0% 0.2% 11.0% 16.1% -4.2% 0.4% -2.9% 10.8% 16.3% -4.1% 2.4% -3.3% 23.0% 6.7% -1.3% -10.8% 13.4%Verizon 5.7% 6.0% 22.3% 1.2% 3.6% 2.5% 3.2% 4.8% 4.9% 6.0% 2.2% 5.3% 5.3% 7.8% 10.7% -3.5% 2.4% 7.6% -12.7% 12.7%Vonage Holding nm nm 124.5% 40.9% 18.5% 159.5% nm 6.0% -59.8% -103.4% 151.5% nm 10.6% -53.4% -81.1% 134.9% nm 2.5% -43.6% -70.8%Americas Communications 19.7% 20.4% 0.3% 1.4% 2.7% 7.0% 17.4% 3.9% 4.2% 3.5% 11.0% 23.0% 5.8% 6.4% 6.4% 13.8% 25.0% 13.3% -5.3% 9.8%KT 6.6% 12.0% 6.3% 3.9% 2.4% 24.3% -2.8% 8.0% -1.8% 3.6% 78.2% -12.8% 12.3% -8.7% 7.7% 57.1% -9.1% 29.5% -10.6% 12.5%Singapore Telecom 11.1% 6.0% 6.5% 9.4% 2.9% 13.8% 0.4% -0.2% 6.2% 3.6% 40.4% 5.0% -0.9% 5.5% 6.6% 54.3% 19.5% 11.6% 12.0% 13.8%Telkom 20.2% 13.3% 29.8% 23.1% 19.4% 20.5% 8.3% 43.8% 21.1% 17.0% 16.9% 8.3% 42.2% 20.8% 15.7% 26.2% 0.0% 41.7% 24.4% 19.0%Telstra 4.0% 4.6% 2.7% 2.4% 1.4% 2.3% -3.5% -3.4% 4.5% 4.4% 2.0% -9.6% -9.9% 8.3% 9.2% -2.9% -13.0% -13.7% 7.9% 11.3%Asia & Australia (Ex. Japan) 7.4% 7.6% 7.2% 6.6% 4.5% 10.5% -1.2% 6.5% 6.7% 7.0% 17.4% -5.4% 4.1% 7.9% 10.4% 17.1% -3.4% 6.6% 8.7% 13.7%

NTT -1.6% -1.1% 0.0% -0.8% -1.9% -8.2% -4.0% -0.3% -2.4% -1.3% -14.1% -7.9% 0.1% -5.1% -0.9% 9.4% -19.5% -9.2% -3.2% 1.3%Japan Communications -1.6% -1.1% 0.0% -0.8% -1.9% -8.2% -4.0% -0.3% -2.4% -1.3% -14.1% -7.9% 0.1% -5.1% -0.9% 9.4% -19.5% -9.2% -3.2% 1.3%Global Communications 6.4% 9.9% 7.7% 3.2% 1.4% 4.5% 5.5% 6.2% 2.7% 1.8% 9.6% 6.0% 4.8% 3.5% 4.5% 13.3% 16.5% 9.5% -1.0% 7.7%

Revenues Growth Earnings Growth EBIT Growth EBITDA Growth



Profitability Broadcasting & Radio

Profitability

2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E% % % % % % % % % % x x x x x % % % % %

Antena3 24.3 34.6 34.8 33.6 34.1 21.2 32.4 32.7 31.6 32.0 1.3 1.2 1.0 1.1 1.1 nm nm nm nm nmCTC Media 45.3 43.8 46.9 46.7 46.8 40.2 38.0 41.6 41.6 43.4 nm nm nm nm nm nm nm nm nm nmGCap Media 21.1 21.1 15.8 12.3 12.8 18.7 18.7 11.7 8.5 9.0 1.0 1.0 0.8 1.0 1.1 27.6 21.8 4.9 4.3 5.9ITV 17.2 22.4 nm nm nm 15.6 20.9 17.2 14.0 12.7 2.7 2.5 2.0 2.0 1.8 18.3 26.8 21.8 17.4 16.1M6 19.4 19.4 18.5 19.5 20.4 17.6 18.0 17.1 18.2 19.1 1.2 1.2 2.2 1.2 1.3 nm nm nm nm nmMediaset 39.8 39.4 35.7 38.6 40.0 31.8 32.6 27.6 28.3 28.1 1.2 1.2 1.0 1.1 1.1 42.0 39.9 31.6 33.9 34.8NRJ 38.4 38.1 26.5 24.8 21.7 35.0 33.6 20.5 19.0 16.7 3.4 3.6 2.3 2.8 2.8 36.1 30.3 25.3 22.7 21.8ProSiebenSat1 16.0 20.3 23.0 24.3 25.1 14.0 18.6 21.1 22.6 23.4 2.2 1.2 1.2 1.2 1.2 nm nm nm nm nmRBC 24.8 27.5 25.5 25.0 31.3 13.1 16.8 18.0 13.8 22.8 nm nm nm nm nm 24.6 36.5 nm 37.9 nmTF1 16.3 16.7 14.6 17.4 18.9 13.4 13.5 11.3 14.3 15.9 1.6 1.6 1.4 1.7 1.7 30.3 23.0 23.4 36.6 37.8Telecinco 57.6 61.8 61.3 61.1 61.2 37.2 44.4 44.1 43.9 44.2 1.3 1.0 1.0 1.0 1.0 nm nm nm nm nmTVN 29.2 34.2 33.8 35.4 38.6 24.8 29.7 29.5 30.3 33.3 nm nm 2.2 2.0 2.0 37.8 45.5 25.2 20.5 24.6Europe 25.7 28.7 27.0 28.0 28.8 14.0 14.9 21.1 24.5 22.3 1.8 1.6 1.5 1.5 1.5 30.9 32.0 22.0 24.8 23.5Alliance Atlantis 19.3 22.1 23.9 24.4 25.1 13.6 16.8 19.3 20.6 21.6 na na na na na 15.6 19.5 27.3 31.4 30.8Astral Media 32.7 34.6 35.7 36.3 36.6 29.8 31.7 32.6 33.7 34.0 na 13.3 7.4 6.0 5.4 13.4 14.2 15.5 16.7 17.5Beasley Broadcast 27.1 25.1 22.9 23.2 23.4 27.5 28.4 24.4 22.4 20.7 na na na na na na na na na naCanWest Global Comms 25.6 24.9 19.2 19.5 21.4 20.8 19.6 13.8 14.7 16.6 na na na na na 14.2 12.5 9.8 11.0 12.7CBS Corp. nm 21.6 21.7 21.8 23.2 nm 18.5 18.7 18.7 20.0 na 2.5 2.6 2.0 2.3 na 8.2 8.3 8.3 9.2Clear Channel 25.8 33.0 32.7 32.0 32.2 19.4 18.1 18.3 23.4 23.7 na na na na na na na na na naCorus 13.6 28.6 29.5 31.5 32.7 8.6 24.4 26.2 28.6 30.0 na 22.2 4.6 2.9 3.2 7.9 14.4 15.1 15.9 17.4Cox Radio 36.1 37.1 36.8 34.9 34.6 32.8 32.2 33.4 34.5 34.2 na na na na na na na na na naClear Channel 31.1 25.3 5.2 29.1 29.1 24.6 23.8 24.4 18.7 nm na na na na na na na na na naCorus 34.7 25.3 19.7 22.1 22.7 23.3 21.3 22.4 20.2 nm na na na na na na na na na naEntercom 38.6 41.0 32.6 36.5 36.9 32.3 35.3 34.6 36.8 29.0 na na na na na na na na na naHearst-Argyle TV 51.9 46.9 36.7 33.0 37.2 36.5 32.1 37.0 30.6 29.1 na na na na na na na na na naGrupo Televisa 36.3 40.7 43.3 41.6 42.3 29.2 33.3 36.4 35.0 35.9 na 1.5 7.7 1.5 1.5 26.4 31.2 37.9 39.0 43.4Nexstar Broadcasting 41.7 32.8 33.4 30.5 34.7 14.4 7.6 16.8 8.8 nm na na na na na na na na na naRadio One 49.3 45.4 nm 36.9 36.6 41.5 42.1 43.4 39.8 nm na na na na na na na na na naUnivision 33.7 34.3 34.9 38.8 38.6 21.7 25.8 27.9 29.3 nm na na na na na na na na na naWestwood One Inc. 32.9 31.7 20.5 18.1 17.3 32.5 30.9 29.5 27.9 nm na na na na na na na na na naAmericas 29.5 28.0 26.9 27.5 28.6 22.3 22.3 21.2 19.6 17.3 na 9.9 5.6 3.1 3.1 15.5 16.7 19.0 20.4 21.8BEC 36.7 22.7 35.5 39.4 44.4 35.0 19.7 32.2 37.2 42.4 1.3 0.7 1.3 1.3 1.4 nm 36.9 nm nm nmFuji Television 12.1 11.8 11.6 10.9 11.7 9.7 9.1 8.5 7.7 7.7 11.8 2.0 2.4 2.8 2.8 15.7 16.9 14.3 12.4 12.1Austereo Group 32.0 29.8 31.8 33.0 34.4 28.6 26.4 29.1 30.2 31.4 1.4 1.4 1.4 1.4 1.5 7.1 7.3 8.2 9.2 9.7MCOT 51.0 54.2 56.0 57.7 57.7 39.0 42.8 46.3 48.0 48.1 nm 1.2 1.6 1.5 1.5 42.2 42.2 50.0 nm nmNTV 14.8 15.5 13.3 13.1 12.8 10.9 9.6 8.2 8.9 8.7 6.8 4.6 3.8 4.5 4.3 13.6 12.0 12.1 12.4 12.5Prime Television 26.1 28.2 27.0 32.5 32.2 20.8 22.3 21.3 27.4 27.2 1.2 1.4 1.4 1.5 1.5 11.1 12.7 16.7 19.7 19.5Publish & B'casting 29.6 27.7 27.3 28.1 28.1 24.9 22.9 22.8 22.9 21.6 1.7 1.5 1.6 1.4 1.6 15.4 16.0 18.0 20.7 22.9Seven Network 18.5 17.5 20.8 24.3 nm 14.2 12.6 16.5 20.6 nm 1.1 0.8 1.3 2.5 1.5 9.6 12.1 30.0 26.2 4.8Southern Cross 24.8 20.2 20.2 20.2 20.4 20.4 17.1 16.9 17.1 17.3 1.3 1.4 1.2 1.1 1.1 10.7 11.2 11.6 12.2 12.9TBS 12.2 11.8 9.8 11.3 11.2 8.6 7.5 5.4 7.5 7.9 5.2 4.8 1.8 3.3 3.6 11.8 9.3 11.5 12.3 12.2Ten Network 33.6 35.3 28.1 25.9 27.1 31.2 33.0 25.6 23.4 24.7 0.8 1.0 0.6 1.0 1.0 28.2 28.5 21.8 21.7 23.1TV Asahi 6.6 9.1 10.3 8.9 7.8 3.0 5.6 6.8 5.5 4.4 2.4 5.9 6.8 7.3 4.3 8.5 12.1 11.3 9.5 9.0TVB 35.1 40.8 42.9 43.6 44.2 28.0 34.5 36.7 37.5 38.1 1.7 1.5 1.6 1.6 1.6 34.3 48.8 nm nm nmZee Entertainment 34.5 34.1 20.0 21.5 35.4 32.0 31.6 17.3 19.8 33.4 7.1 7.9 6.5 6.3 9.0 14.3 10.6 10.9 16.1 19.0Australia & Asia 18.0 17.3 17.1 17.0 17.0 13.2 13.4 13.7 13.0 13.1 3.2 2.6 2.4 2.7 2.6 16.5 18.8 17.3 15.3 13.7

EBITDA Margin EBIT Margin Dividend Cover RoIC (EBIT)



Publishing

Profitability


Agora 20.5 20.4 9.4 13.9 14.5 8.2 12.5 2.4 7.0 8.1 2.8 5.4 1.1 3.0 3.7 8.0 15.5 3.0 9.3 11.7EMAP 21.6 21.6 22.1 22.7 24.4 20.2 20.8 21.1 21.6 23.0 2.4 2.3 2.2 2.0 2.0 36.4 32.7 31.2 44.6 nmEniro 26.4 26.6 34.2 33.9 33.9 24.4 23.2 27.9 27.7 27.4 2.0 2.5 1.7 1.5 1.7 24.8 10.8 12.0 12.6 13.1Euromoney 18.6 20.4 19.3 22.5 22.3 17.5 19.5 17.9 21.4 21.2 1.8 2.1 1.6 1.9 1.9 nm nm nm 37.8 24.7Grupo Prisa 19.2 21.2 18.9 20.1 21.3 13.3 14.7 10.2 12.8 14.0 5.2 5.3 6.6 4.0 4.2 19.7 23.8 17.9 19.1 21.5Informa 23.0 21.3 na na na 21.2 20.2 21.1 22.1 22.3 3.4 2.5 2.5 2.8 3.0 25.8 11.7 10.5 11.2 12.0Johnston Press 38.1 37.6 35.0 33.0 33.7 34.3 33.8 31.0 29.0 29.3 5.2 4.5 4.1 3.9 3.9 16.8 13.6 11.5 10.1 10.4L'Espresso 21.3 20.4 18.8 19.1 20.3 17.7 16.3 14.6 15.0 16.2 1.9 1.9 1.6 1.2 1.3 40.9 27.9 20.5 20.7 23.2Lagardere 9.7 10.9 9.2 9.8 11.1 7.2 7.2 7.4 7.8 8.6 3.5 4.8 2.4 2.7 3.2 48.4 25.1 23.7 31.3 39.3Mondadori 14.3 12.9 12.0 12.3 13.8 10.5 10.7 9.9 10.4 11.7 1.1 0.7 1.1 1.2 1.2 40.8 35.5 19.9 17.9 20.2PagesJaunes 36.4 38.6 41.2 41.4 43.7 35.4 37.7 40.0 40.3 42.7 0.8 0.9 1.0 1.0 1.0 nm nm nm nm nmPearson 14.3 14.7 15.6 16.6 17.0 11.5 12.4 13.4 14.1 14.6 1.1 1.3 1.4 1.4 1.5 8.7 10.4 11.7 12.0 13.4RCS MediaGroup SpA 6.7 12.0 11.3 12.0 13.3 4.8 9.9 9.0 9.8 11.2 3.0 2.0 1.7 1.7 1.4 13.2 32.1 26.5 27.1 30.4Reed Elsevier plc 24.3 24.9 25.4 26.4 27.0 21.7 22.1 22.4 23.0 23.6 2.1 2.2 2.1 2.0 2.1 21.1 20.9 22.1 25.3 28.5Reuters 13.7 13.8 16.1 18.5 21.8 8.8 9.2 11.5 14.0 17.5 1.2 1.3 1.5 1.9 2.0 nm nm nm nm nmSeat Pagine Gialle nm 44.0 41.7 43.9 43.7 nm 41.7 39.3 41.4 41.3 nm 5.5 1.9 2.4 2.6 9.1 13.0 13.0 15.0 16.4Trinity Mirror 25.7 26.0 23.7 23.8 23.4 21.8 21.9 19.6 19.4 19.0 2.4 2.4 2.0 1.8 1.9 12.6 12.3 10.8 11.1 10.7UBM 17.4 20.0 20.9 21.8 22.4 15.8 18.8 19.7 20.6 21.2 2.5 2.4 2.4 2.6 2.6 nm nm 47.4 41.5 43.6Vocento 15.1 13.7 12.2 13.2 14.1 11.0 10.2 7.4 8.3 9.0 1.1 3.2 1.7 1.3 1.3 47.2 nm 27.2 23.5 25.9Wolters-Kluwer 17.6 18.3 19.1 22.0 22.9 14.5 15.6 16.7 19.4 20.4 1.9 1.9 2.1 2.3 2.6 17.2 20.6 20.6 23.4 30.1Yell 30.3 30.6 31.0 31.9 33.3 28.4 28.3 27.7 30.3 31.7 2.5 2.6 2.4 1.9 1.9 16.8 17.4 16.5 15.5 16.2Europe 20.7 22.4 21.9 22.9 23.9 17.4 19.4 18.6 19.8 20.7 2.4 2.8 2.1 2.1 2.2 24.0 20.2 19.2 21.5 21.7Belo Corp. 29.8 25.8 24.6 23.3 24.6 23.3 19.5 18.5 17.2 18.6 3.6 2.8 2.9 2.5 2.9 13.1 11.2 11.1 10.0 11.3Dow Jones & Co. 16.2 13.6 13.7 15.5 16.2 9.9 7.5 8.3 10.6 11.4 1.2 1.0 1.1 1.5 1.7 nm 36.5 20.3 25.3 28.6E.W. Scripps 28.4 27.9 34.1 31.4 32.3 25.1 24.3 29.5 26.6 27.9 4.6 4.7 4.9 4.0 4.3 30.8 27.4 28.0 24.2 25.9Gannett 32.4 30.6 28.3 27.6 27.2 29.1 27.0 24.9 24.1 23.8 4.9 4.6 4.5 4.3 4.2 19.3 18.4 17.6 16.5 16.6McClatchy Company 28.9 28.3 26.6 27.3 26.7 23.1 22.8 20.7 20.9 20.3 7.0 6.9 5.4 4.1 3.9 17.8 16.3 9.4 8.9 8.7McGraw-Hill 29.8 29.9 30.4 32.4 33.0 22.4 23.1 23.6 25.9 26.6 3.2 3.4 3.8 4.7 5.3 nm nm nm nm nmMeredith 20.5 21.6 19.5 20.7 21.3 17.5 18.7 16.7 17.9 18.5 5.6 5.2 5.7 6.6 7.2 25.5 26.1 24.5 24.4 26.0Moody's 57.1 56.3 55.9 54.7 54.6 54.8 54.3 53.9 52.9 52.9 9.4 8.4 10.2 12.0 12.4 nm nm nm nm nmNew York Times 19.9 15.7 16.1 14.8 14.1 15.4 12.3 11.1 10.0 9.1 3.2 2.6 2.3 1.4 1.2 27.2 18.9 18.4 19.0 17.5Thomson Corporation 29.1 29.5 29.2 29.7 31.7 17.5 19.0 19.0 19.6 21.8 1.0 1.3 1.5 1.5 1.8 7.7 8.5 8.9 9.8 11.6Torstar Corporation 17.3 16.2 13.2 13.8 14.5 13.6 12.6 9.5 10.1 10.8 2.2 1.9 1.6 1.7 2.0 19.8 18.2 13.0 13.9 15.2Tribune Co. 27.7 25.4 23.6 22.4 21.3 23.6 21.4 19.5 18.1 16.9 4.8 2.9 2.5 2.3 2.1 19.2 16.0 13.8 12.8 12.2Washington Post 22.4 20.3 18.8 18.7 19.3 17.1 15.0 13.6 13.4 14.1 5.0 4.3 4.7 4.5 4.8 30.3 27.7 27.8 22.1 18.9Yellow Pages I.F. 63.6 58.6 54.0 53.5 53.7 24.0 33.9 41.5 45.8 49.5 0.3 0.6 0.8 1.0 1.2 nm 5.4 7.5 8.9 10.1Americas 30.2 28.5 27.7 27.6 27.9 22.6 22.2 22.2 22.4 23.0 4.0 3.6 3.7 3.7 3.9 21.1 19.2 16.7 16.3 16.9Fairfax Media Ltd 25.6 27.1 26.5 26.8 31.9 20.8 22.7 22.3 22.8 28.3 1.3 1.1 1.3 1.1 1.2 12.8 13.1 11.1 10.6 12.6Singapore Press 40.1 38.6 41.7 45.6 48.0 34.8 33.7 37.0 41.1 43.7 1.1 1.3 1.2 1.4 1.4 41.0 39.8 42.5 nm nmWest Aust Newspapers 38.6 41.2 42.5 43.6 48.3 33.7 36.5 37.9 39.1 43.6 1.0 1.0 1.0 1.0 1.0 41.7 45.8 46.2 47.8 nmYellow Pages 46.6 49.2 40.3 36.2 37.6 43.9 47.1 37.9 33.6 34.7 nm 1.0 1.1 1.1 1.1 16.6 11.8 10.1 10.4 10.9Australia & Asia 37.7 39.0 37.8 38.1 41.5 33.3 35.0 33.8 34.1 37.5 1.1 1.1 1.1 1.1 1.2 28.0 27.6 27.5 22.9 11.7JohnCom 7.5 12.0 12.0 15.2 15.7 4.0 9.6 9.7 13.0 13.6 4.2 4.5 4.9 5.7 5.5 38.3 41.7 nm nm nmNaspers 19.0 23.6 23.8 25.9 27.5 14.1 19.6 20.2 22.4 24.1 5.4 7.0 5.8 6.1 5.9 nm nm nm nm nmMiddle East



43 UBS


Pay TV

Profitability


BSkyB 19.2 17.8 24.4 21.6 22.7 16.4 15.4 21.2 17.5 17.9 3.0 2.0 2.5 1.9 1.8 39.2 45.3 43.9 38.0 42.1Virgin Media nm 67.5 29.2 29.1 34.2 nm 34.9 0.1 3.8 11.9 nm nm nm nm nm nm nm 0.1 1.9 6.3Premiere AG 8.4 12.8 4.5 11.8 16.6 5.0 9.7 0.7 8.1 13.1 nm nm nm nm nm 6.4 14.0 1.0 13.0 24.3Sogecable 19.2 21.3 12.6 16.4 10.2 -0.2 6.0 0.4 7.8 10.2 nm nm nm nm nm nm nm 18.0 nm nmEurope 15.6 29.9 17.7 19.7 20.9 7.1 16.5 5.6 9.3 13.3 3.0 2.0 2.5 1.9 1.8 22.8 29.7 15.7 17.6 24.3Cablevision Systems 26.0 30.7 29.5 30.9 31.1 -1.2 9.7 10.3 13.2 15.0 nm nm nm nm nm nm 8.9 11.9 17.4 22.2Charter Comm. 38.2 36.7 34.8 35.1 35.2 8.2 8.1 10.2 11.1 10.6 nm nm nm nm nm 1.6 2.2 3.9 4.9 5.2Comcast Corporation 36.5 37.6 37.6 37.5 38.1 14.3 18.1 18.8 18.9 21.2 nm nm nm nm nm 6.2 7.9 8.5 11.2 13.6DIRECTV Group -11.2 11.3 23.0 24.5 26.0 na 4.8 16.0 15.3 14.4 nm nm nm nm nm nm 10.8 35.7 33.8 33.0EchoStar Comm. 16.2 23.3 23.7 26.7 28.0 9.7 13.8 12.4 14.9 16.9 nm nm nm nm nm 34.1 38.2 32.4 44.6 nmKnology Inc 13.3 19.3 25.1 32.1 36.1 -21.8 -12.9 -1.8 7.3 nm na nm nm nm nm nm nm nm nm nmLodgenet 33.8 33.5 32.5 31.6 31.8 4.9 8.1 9.5 13.4 nm na nm nm nm nm nm nm nm nm nmORBCOMM Inc. nm -37.7 -53.4 -25.5 -4.9 nm -50.5 -64.9 -39.4 nm na nm nm nm nm nm nm nm nm nmRCN Inc. nm 13.2 17.5 20.6 23.0 nm -20.7 -14.5 -7.9 nm na nm nm nm nm na na nm nm nmRogers Comms Inc. 31.3 29.3 32.7 33.8 35.5 11.6 9.1 14.8 16.6 19.5 nm nm 13.0 7.8 10.8 7.0 5.8 11.0 14.1 18.5Shaw Communications 44.6 44.4 43.8 44.3 44.6 18.3 19.9 23.6 27.0 28.5 1.1 1.9 2.3 1.4 1.7 7.8 10.0 13.2 16.2 19.5Sirius Satellite nm nm -151.0 -50.7 -26.4 nm nm -167.6 -62.4 -36.6 nm nm nm nm nm nm nm nm nm nmWorldspace, Inc. nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm 12.4 11.3 12.4 12.9 12.0XM Satellite Radio -128.4 -73.4 -25.1 -22.8 -12.4 -188.6 -99.5 -43.2 -41.1 -30.2 nm nm nm nm nm nm nm nm nm nmAmericas 13.3 16.8 9.2 19.3 24.1 -12.4 -4.7 -9.5 1.8 8.7 1.1 1.9 7.7 4.6 6.2 12.1 13.4 18.4 22.5 19.9Astro All Asia 17.2 21.5 17.1 23.3 25.8 10.5 16.9 13.6 19.0 23.2 nm 3.0 2.4 1.2 2.0 nm nm nm nm nmAustar United Comm. 25.7 28.1 27.7 27.9 30.6 9.1 14.0 15.7 17.2 18.6 nm nm nm nm nm 19.5 32.5 28.0 24.6 27.4Sky Network T.V 42.5 44.7 45.1 42.2 41.0 13.4 22.1 25.8 27.0 27.9 nm 1.5 1.7 1.7 1.7 17.5 13.9 10.2 10.2 11.5Asia Pacific (ex-Japan) 28.5 31.4 30.0 31.1 32.5 11.0 17.6 18.4 21.1 23.2 nm 2.3 2.0 1.4 1.8 18.5 23.2 19.1 17.4 19.5



Gaming

Profitability


Activision 14.8 4.3 5.0 11.0 14.0 14.1 3.3 4.2 10.6 nm na na na na na na na na na naElectronic Arts 26.0 17.6 10.9 16.0 22.7 23.6 14.3 9.1 13.4 18.7 na na na na na na na na na naKonami 18.0 14.4 6.8 16.7 16.9 14.9 10.8 0.9 11.1 11.6 3.1 2.6 nm 2.2 2.5 44.4 11.9 21.9 30.4 36.0Marvel Entertainment 46.6 52.2 36.1 57.1 44.7 45.2 50.6 nm nm nm na na na na na na na na na naMidway Games nm nm nm nm nm -13.9 -64.8 nm nm nm na na na na na na na na na naNintendo 21.6 22.2 18.4 24.0 24.2 20.9 21.6 17.7 23.4 23.9 1.6 2.3 1.7 1.8 2.0 nm nm nm nm nmTake-Two 10.6 6.3 nm 3.1 nm 9.1 3.6 -14.6 nm nm na na na na na na na na na naTHQ 27.8 20.7 12.5 11.6 nm 10.3 4.9 8.6 10.7 12.3 na na na na na na na na na naWWE 18.8 21.7 nm nm nm 15.6 19.1 nm nm nm na na na na na na na na na naGlobal Gaming 21.0 14.8 15.2 19.2 21.2 18.4 11.6 12.6 16.2 18.0 2.3 2.4 1.7 2.1 2.1 44.4 11.9 21.8 25.8 25.8




Entertainment

Profitability


Vivendi 26.4 28.6 29.9 28.9 31.9 16.7 20.5 21.8 21.2 24.3 1.9 2.0 2.9 1.9 1.9 13.1 20.8 21.8 23.2 28.0Europe 26.4 28.6 29.9 28.9 31.9 16.7 20.5 21.8 21.2 24.3 1.9 2.0 2.9 1.9 1.9 13.1 20.8 21.8 23.2 28.0Walt Disney Co. 17.1 17.0 20.2 23.6 24.5 13.2 12.9 16.0 19.5 20.2 5.6 5.3 6.4 6.7 6.6 10.4 11.2 13.4 14.6 nmNews Corporation 17.5 18.1 18.7 19.7 20.3 14.1 14.9 15.3 16.4 17.1 5.4 7.1 8.2 10.3 12.3 19.8 19.6 20.1 22.1 24.1Playboy 24.0 21.9 15.9 19.6 21.2 9.4 9.2 2.7 5.6 8.2 nm nm nm nm nm 13.4 13.0 3.5 6.9 9.9Quebecor Inc. 16.0 15.1 14.9 16.6 17.6 10.3 9.2 8.8 10.2 11.1 28.8 5.9 2.0 12.5 13.8 10.5 9.5 9.4 11.7 13.3Time Warner Inc. 22.6 15.2 24.5 27.6 28.6 12.5 7.8 16.4 17.9 18.9 nm 4.0 5.7 4.1 4.4 nm 3.8 7.9 8.9 nmViacom nm 28.7 27.4 27.3 29.0 nm 26.0 24.2 23.9 25.6 nm nm nm nm nm nm 18.4 19.5 19.9 20.6Americas 20.2 17.7 22.0 24.2 25.1 1.2 13.8 14.0 12.5 16.6 nm nm 5.6 8.4 9.3 13.5 12.6 12.3 14.0 17.0



Internet

Profitability


aQuantive, Inc. 22.5 26.4 24.8 22.6 26.1 16.8 19.8 13.9 12.4 16.3 nm nm nm nm nm 13.4 20.2 14.2 12.7 18.1Baidu 18.9 26.1 43.1 36.3 35.2 10.6 15.5 37.5 32.0 31.9 nm nm nm nm nm nm 33.8 nm nm nmGoogle Inc. 64.7 64.7 63.1 62.2 61.4 32.7 52.4 49.0 46.5 48.0 nm nm nm nm nm nm nm nm nm nmYahoo 39.7 42.1 41.7 40.7 41.6 26.5 30.0 20.6 17.6 17.8 nm nm nm nm nm 23.3 25.2 19.2 21.5 26.9Rakuten 38.5 28.8 19.2 17.3 23.0 33.1 26.9 14.3 14.8 20.8 nm 34.4 nm 29.1 48.0 nm 13.3 6.2 7.3 12.3SINA 42.2 31.8 27.0 28.9 29.3 37.2 24.8 20.4 22.7 24.0 nm nm nm nm nm nm nm 36.5 43.4 nmSohu 40.2 33.1 25.3 26.5 28.0 33.7 25.2 18.6 19.3 21.4 nm nm nm nm nm nm 38.9 29.4 31.3 39.8Yahoo Japan 58.6 55.2 51.8 54.5 56.6 54.4 51.1 47.3 50.0 52.7 nm 5.0 10.0 10.1 10.1 nm nm nm nm nmGlobal Internet 49.3 49.7 49.5 50.7 51.4 27.2 31.0 32.6 39.8 35.7 nm 19.7 10.0 19.6 29.0 18.3 26.3 21.1 23.3 24.3

RoIC (EBIT) Dividend Cover EBIT Margin EBITDA Margin




Profitability


Aegis 16.0 16.8 15.3 16.0 16.2 13.1 13.2 13.4 13.7 14.0 3.8 3.7 3.7 3.5 3.5 35.8 25.8 22.4 23.2 24.4Asatsu-DK 2.3 2.1 1.8 2.0 2.0 2.0 1.8 1.5 1.7 1.7 5.5 3.0 3.3 2.3 2.3 25.7 24.7 24.4 33.4 33.6Dentsu 3.6 3.8 3.8 3.7 3.8 2.7 3.0 3.0 3.0 3.1 8.8 7.1 4.4 4.3 4.4 9.3 10.2 11.4 12.1 nmHavas 14.4 11.7 12.2 14.1 15.4 11.5 8.8 9.4 11.2 12.5 1.3 5.5 2.2 2.1 2.6 12.8 9.7 9.3 12.6 14.7Interpublic Group 9.2 2.5 5.5 9.3 12.2 6.3 -0.2 2.7 6.8 9.8 nm nm nm nm nm 22.0 nm 12.0 27.6 35.8Omnicom Group 14.2 14.5 14.7 14.8 15.1 12.5 12.8 13.0 13.2 13.6 nm nm 5.6 6.5 6.6 26.0 27.1 31.4 36.4 40.1Photon Group Ltd 15.5 22.5 22.3 20.7 21.9 13.9 20.3 19.8 18.8 20.2 nm 2.5 1.2 1.2 1.2 nm 17.1 16.4 16.5 17.4Publicis 18.2 18.5 18.7 18.8 19.3 15.1 15.7 16.3 16.4 17.0 4.6 3.9 3.8 3.5 3.3 18.9 23.2 23.1 25.4 28.6Seek Ltd 35.0 42.4 46.2 49.2 51.1 33.8 39.6 43.1 46.7 48.9 nm 7.6 1.4 1.4 1.4 nm nm nm nm nmSTW Comm 72.5 62.8 43.5 44.9 46.2 72.5 61.2 42.2 43.5 44.9 1.2 1.3 1.3 1.8 2.0 nm nm nm 41.6 43.2WPP 14.7 15.5 16.0 16.5 16.8 12.3 13.4 13.8 14.3 14.7 3.5 3.9 3.7 3.4 3.4 14.2 17.5 17.1 20.5 24.8Agencies 19.6 19.4 18.2 19.1 20.0 17.8 17.2 16.2 17.2 18.2 4.1 4.3 3.1 3.0 3.1 20.6 19.4 18.6 24.9 29.2Ipsos 10.5 10.5 10.7 11.3 11.7 8.4 8.9 9.0 9.6 10.0 4.7 4.6 4.4 4.8 5.3 12.2 11.0 10.9 12.2 13.7Taylor Nelson 13.1 13.3 12.4 13.2 13.4 10.6 10.8 9.9 10.6 10.9 3.4 3.5 2.8 2.5 2.5 22.3 24.8 24.0 29.2 32.1Market Research and others 11.8 11.9 11.5 12.2 12.6 9.5 9.9 9.4 10.1 10.5 4.1 4.1 3.6 3.7 3.9 17.3 17.9 17.4 20.7 22.9JCDecaux 26.2 25.3 25.9 25.2 25.1 17.8 16.6 17.6 17.0 16.8 nm 2.2 2.2 2.2 2.2 14.8 13.5 15.5 16.4 17.2Outdoor Advertising 26.2 25.3 25.9 25.2 25.1 17.8 16.6 17.6 17.0 16.8 nm 2.2 2.2 2.2 2.2 14.8 13.5 15.5 16.4 17.2





Profitability

2004 2005 2006E 2007E 2004 2005 2006E 2007E 2004 2005 2006E 2007E 2004 2005 2006E 2007E% % % % % % % % x x x x % % % %

Bezeq 37.6 32.9 35.3 35.5 15.0 11.9 15.3 15.3 nm nm 0.4 0.5 14.5 11.4 14.5 16.0BT Group 31.4 30.0 28.3 27.8 15.6 14.6 13.5 13.4 2.0 1.7 1.6 1.5 21.7 22.3 22.4 22.4Telefonica O2 CR 46.8 44.5 45.5 44.5 13.4 13.7 17.1 18.1 1.0 nm 1.0 nm 6.3 6.9 9.2 10.5Deutsche Telekom 34.2 34.8 31.7 30.7 17.8 17.1 13.8 13.1 1.4 1.5 1.3 1.1 12.0 10.7 8.6 8.3France Telecom 38.8 35.4 35.9 35.4 21.5 20.8 20.7 20.5 2.9 1.8 1.4 1.5 18.0 16.1 16.1 16.6Iliad 22.4 31.0 34.6 36.9 11.1 14.9 19.2 21.7 6.4 6.3 8.0 6.2 46.4 47.4 nm 49.1KPN 40.9 39.6 40.1 39.5 22.4 19.7 18.4 20.2 2.0 1.4 1.5 1.5 15.0 14.5 14.5 17.3Magyar Telekom 37.1 41.7 38.5 38.7 14.2 23.0 20.3 21.0 0.5 1.1 1.0 1.1 9.7 16.1 15.5 16.8OTE 31.9 37.8 37.6 38.8 12.5 17.6 18.5 21.3 na 2.7 2.1 1.9 8.6 0.3 15.6 15.2Rostelecom 34.1 30.5 17.9 18.4 14.0 1.0 6.1 5.9 3.5 0.1 0.8 0.8 11.8 0.8 6.9 6.2Swisscom 43.6 42.9 39.2 40.3 28.3 28.5 24.4 25.4 2.2 2.1 1.8 2.0 40.6 45.7 29.7 24.7Telecom Italia 48.0 43.0 41.1 39.2 29.0 26.2 23.8 21.4 1.8 1.1 1.1 1.6 17.9 13.7 11.4 10.4Telefonica 40.4 40.1 37.7 36.4 21.7 22.3 21.2 20.5 1.2 1.8 2.0 1.8 28.1 20.1 20.2 18.2Telenor 35.2 35.3 36.2 36.6 17.7 18.4 20.1 20.8 2.4 2.2 2.8 2.3 21.6 18.6 20.4 20.0Tiscali 8.1 9.6 12.0 15.1 -6.4 -9.0 -6.7 -3.5 nm nm nm nm nm nm nm nmUnited Internet 21.7 16.1 18.7 19.2 16.8 12.7 14.3 14.8 4.2 4.1 2.6 2.5 nm nm 49.1 nmEurope Communications 37.9 36.5 35.2 34.5 15.9 19.2 20.4 19.6 2.4 2.2 2.0 1.9 19.4 17.5 18.2 18.0Alltel Corp. nm 35.0 33.1 33.6 nm 19.8 19.6 19.7 nm 1.2 2.2 5.4 nm 14.7 9.8 12.4AT&T Inc. 33.7 32.4 32.0 35.1 15.3 15.1 16.3 16.6 nm nm nm nm 34.1 30.5 11.7 13.3Atlantic Tele-Networ 55.0 53.0 49.5 46.7 38.5 36.3 33.7 31.1 2.3 2.4 3.2 3.0 37.7 30.6 31.3 29.6BCE 42.0 41.1 41.4 41.1 24.0 23.7 23.7 23.0 1.4 1.6 1.5 1.4 13.6 13.9 14.3 14.7CenturyTel 52.2 51.4 48.9 48.9 30.9 29.9 27.5 27.8 10.5 11.0 9.9 9.9 31.7 34.6 35.6 41.7Citizens 53.0 52.3 54.4 54.8 27.3 28.3 32.3 33.6 0.2 0.9 1.1 0.8 13.5 13.8 16.3 16.1Embarq Corp nm 43.4 42.9 41.6 nm 27.5 26.6 24.9 nm nm nm nm nm nm 29.2 27.2NTELOS Holdings 35.5 37.9 39.2 39.5 16.4 16.8 19.9 21.6 nm nm nm nm nm 8.7 11.5 14.0Qwest Communications 25.7 29.0 31.5 34.0 3.1 7.0 11.6 14.5 nm nm nm nm 2.7 6.9 12.6 16.4Telmex 48.0 44.6 41.6 42.6 31.4 29.3 27.3 28.6 3.4 3.3 3.1 3.2 28.3 27.2 25.7 26.8Verizon 39.1 38.1 32.6 33.8 19.4 19.3 16.6 17.7 nm nm 1.6 1.4 14.4 14.9 14.9 15.5Vonage Holding -83.7 -93.1 -44.0 -12.6 -88.6 -97.3 -47.9 -15.8 nm nm nm nm nm nm nm nmAmericas Communications 34.7 33.9 35.1 36.0 20.9 18.7 17.4 17.7 3.6 3.4 3.2 3.6 22.0 19.6 19.3 20.7KT 37.2 32.3 32.8 31.0 17.9 14.0 14.8 13.0 1.5 1.2 2.2 1.3 21.7 17.7 19.0 17.1Singapore Telecom 35.8 37.0 34.0 32.1 14.7 21.3 19.0 17.9 2.0 2.8 1.5 1.8 11.9 12.8 12.7 13.2Telkom 61.9 59.2 65.6 64.5 43.0 41.1 45.0 44.2 2.5 1.9 1.6 1.5 44.3 47.3 nm nmTelstra 49.6 47.6 42.1 42.2 32.8 31.7 24.1 24.8 1.3 0.9 0.8 0.9 26.3 24.1 21.3 22.2Asia & Australia (Ex. Japan) 44.6 41.0 40.7 40.7 27.0 24.9 27.2 23.9 1.8 1.7 1.5 1.4 26.0 25.5 17.7 17.5

NTT 33.9 31.0 30.7 30.7 14.1 11.2 11.1 11.1 8.4 7.8 6.0 6.2 9.0 8.3 8.5 8.2Japan Communications 31.8 30.8 30.7 30.3 11.3 13.7 11.9 11.1 8.4 7.8 6.0 6.2 9.0 8.3 8.5 8.2Global Communications 37.6 36.1 35.6 35.4 17.9 19.5 20.1 19.4 4.0 3.8 3.2 3.3 19.1 17.7 15.9 16.1




FCF Analysis

Broadcasting & RadioPrice Recent

RIC code Rating Target PriceLocal Local 2004 2005 2006E 2007E 2004 2005 2006E 2007E

x x x x x x x xAntena3 A3TV.MC Neutral 2 € 17.50 € 15.99 20.1 22.4 -21.8 24.7 27.2 22.6 -21.8 24.5CTC Media CTCM.OQ Neutral 1 (CBE) $ 23.50 $ 26.95 -156.8 186.5 -18.0 18.8 -144.6 174.3 126.0 82.8GCap Media GCAP.L Reduce 2 170.00 p 222.00 p 28.9 34.9 nm nm nm nm nm nmITV ITV.L Reduce 2 100.00 p 119.50 p nm nm nm nm 33.8 32.3 46.1 61.5Mediaset MS.MI Neutral 2 € 8.60 € 8.35 25.3 23.0 32.0 19.5 23.0 24.2 31.9 19.3M6 MMTP.PA Neutral 2 € 28.90 € 26.47 43.4 27.9 40.2 25.8 45.7 38.8 44.1 29.6ProSiebenSat1 PSMG_p.DE Buy 2 € 31.00 € 26.82 32.1 17.5 25.0 25.0 93.7 33.6 28.0 25.9RBC RBCI.RTS Buy 2 (CBE) $ 12.30 $ 9.54 -13.9 30.9 14.5 7.3 -58.8 44.6 15.1 7.7Telecinco TL5.MC Neutral 2 € 21.40 € 22.49 20.3 21.5 22.5 23.7 31.7 27.1 23.5 24.7TF1 TFFP.PA Neutral 2 € 27.50 € 25.30 28.1 44.3 30.7 27.1 29.8 54.8 30.6 26.7TVN TVNN.WA Reduce 1 PLN 24.00 PLN 26.66 26.5 27.2 37.1 28.0 116.0 61.2 41.2 30.9Europe TV Broadcasting 5.4 43.6 18.0 22.2 19.7 51.4 36.5 33.4Alliance Atlantis AACb.TO Neutral 2 (CBE) C $ 53.00 C $ 51.13 nm nm nm nm nm nm nm nmAstral Media ACMa.TO Neutral 2 C $ 47.00 C $ 43.24 nm nm nm nm nm nm nm nmCBS Corp. CBS.N Buy 2 $ 38.00 $ 32.04 nm nm nm nm nm nm nm nmCanWest Global Comms CGS.TO Buy 2 C $ 14.50 C $ 10.68 nm nm nm nm nm nm nm nmCorus CJRb.TO Buy 2 C $ 56.00 C $ 47.19 nm nm nm nm nm nm nm nmGrupo Televisa TV.MX Buy 2 (CBE) $ 34.00 $ 28.63 nm nm nm nm 30.5 18.4 16.2 18.1Americas TV Broadcasting nm nm nm nm 30.5 18.4 16.2 18.1BEC BEC.BK Buy 1 Bt 25.00 Bt 23.50 13.2 52.9 36.6 24.8 25.2 112.9 35.6 24.7Fuji Television 4676.T Buy 2 ¥ 310,000.00 ¥ 281,000.00 nm nm nm nm nm nm nm nmMCOT MCOT.BK Buy 1 Bt 38.00 Bt 27.25 -62.3 24.7 11.7 12.5 -106.9 31.1 12.7 14.5NTV 9404.T Buy 2 ¥ 24,000.00 ¥ 19,760.00 nm nm nm nm nm nm nm nmPrime Television PRT.AX Neutral 2 A$ 4.05 A$ 3.93 20.8 20.8 nm 13.9 28.6 27.3 nm 13.7Publish & B'casting PBL.AX Neutral 1 A$ 22.60 A$ 20.50 14.1 7.9 11.7 7.0 20.7 17.4 19.0 15.8Seven Network SEV.AX Buy 2 A$ 13.00 A$ 11.34 37.9 13.0 10.5 3.9 117.7 19.6 13.4 12.2Southern Cross SBC.AX Neutral 2 A$ 16.20 A$ 16.63 21.2 17.9 21.3 18.8 29.0 27.3 20.4 17.3TBS 9401.T Reduce 2 ¥ 2,700.00 ¥ 4,060.00 nm nm nm nm nm nm nm nmTen Network TEN.AX Reduce 2 A$ 2.95 A$ 3.05 10.2 8.4 23.1 16.9 5.1 4.1 15.4 8.3TV Asahi 9409.T Neutral 2 ¥ 251,000.00 ¥ 277,000.00 nm nm nm nm nm nm nm nmTVB 0511.HK Buy 2 HK$ 61.00 HK$ 51.85 14.2 19.3 20.1 19.3 20.5 24.6 20.5 19.5Zee Entertainment ZEE.BO Buy 2 Rs 340.00 Rs 293.30 21.5 19.5 58.0 nm 42.6 40.3 59.9 71.3Australia & Asia 10.1 20.5 24.1 14.6 19.1 32.3 23.6 21.0NRJ SONO.PA Neutral 2 € 13.20 € 13.15 26.0 26.5 21.7 15.2 22.0 19.7 23.2 17.2Europe Radio Broadcasting 26.0 26.5 21.7 15.2 22.0 19.7 23.2 17.2Austereo Group AEO.AX Neutral 2 A$ 2.30 A$ 2.10 92.7 84.2 nm nm 25.2 112.9 35.6 24.7Australia & Asia Radio Broadcasting 92.7 84.2 nm nm 25.2 112.9 35.6 24.7

Global Broadcasting 39.1 48.5 21.4 16.8 21.8 61.8 30.7 24.7 Television Broadcasting 7.8 32.1 21.1 18.4 19.4 41.9 30.1 27.2 Radio Broadcasting 70.5 65.0 21.7 15.2 24.1 81.8 31.4 22.2

P/FCF to EquityEV/FCF to Firm



Publishing

Price RecentRIC code Rating Target Price

Local Local 2004 2005 2006E 2007E 2004 2005 2006E 2007E

x x x x x x x xAgora AGOD.WA Reduce 1 PLN 43.00 PLN 44.40 17.9 14.6 20.6 22.4 15.5 14.9 21.4 23.8EMAP EMA.L Buy 2 915.00 p 812.00 p 28.3 27.3 25.0 28.8 29.7 29.1 24.3 29.9Eniro ENRO.ST Neutral 1 Skr 85.00 Skr 89.25 294.2 718.9 73.8 78.9 nm nm nm nmEuromoney ERM.L Neutral 2 650.00p 587.50p 27.3 42.5 28.2 49.8 45.4 45.4 26.2 92.8Grupo Prisa PRS.MC Neutral 1 € 18.50 € 16.49 nm 35.1 48.1 39.4 nm 31.4 29.8 29.8Informa INF.L Neutral 1 650.00 p 596.00 p 34.9 40.5 36.3 32.3 86.9 47.3 39.8 33.6Johnston Press JPR.L Reduce 1 325.00 p 464.25 p 22.5 37.9 34.3 29.7 23.2 44.3 41.2 32.4L'Espresso ESPI.MI Neutral 2 €4.30 €3.85 nm 23.3 21.5 23.5 38.9 23.4 20.6 26.1Lagardere LAGA.PA Buy 1 € 65.00 € 57.69 24.8 25.1 17.5 38.9 39.3 41.2 37.1 35.0Mondadori MNDI.MI Neutral 1 € 7.80 € 8.11 nm nm nm nm nm nm nm nmPagesJaunes PAJ.PA Buy 1 € 18.00 € 16.96 nm nm nm nm nm nm nm nmRCS MediaGroup SpA RCSM.MI Buy 1 € 4.90 € 3.96 nm nm nm nm nm nm nm nmPearson PSON.L Neutral 1 840.00 p 866.00 p 20.5 17.5 15.0 0.0 47.0 39.5 34.4 34.2Reed Elsevier plc REL.L Buy 1 740.00p 633.50p 43.0 37.1 32.6 31.3 47.0 39.5 34.4 34.2Reuters RTR.L Neutral 1 475.00 p 477.25 p 63.9 139.6 45.7 75.8 62.1 167.1 48.6 96.4Seat Pagine Gialle PG.MI Buy 2 € 0.53 € 0.48 12.0 20.3 21.5 17.4 10.3 21.4 22.0 16.1Trinity Mirror TNI.L Reduce 2 350.00 p 539.50 p 19.9 19.8 35.5 28.5 19.9 19.3 36.3 31.5UBM UBM.L Buy 2 1000.00 p 816.00 p 33.2 20.8 16.0 18.0 23.7 19.9 17.0 18.1Vocento VOC.MC Neutral 2 € 14.90 € 16.32 nm nm nm nm nm nm nm nmWolters-Kluwer WLSNc.AS Buy 1 € 26.00 € 21.70 19.8 23.7 20.6 20.9 18.8 24.5 19.4 20.0Yell YELL.L Reduce 1 510.00 p 486.50 p 26.8 26.8 24.5 23.4 49.3 26.7 26.8 25.5Europe 45.9 74.8 30.4 32.9 37.1 39.7 30.0 36.2Belo Corp. BLC.N Neutral 1 $ 19.00 $ 19.37 15.5 17.1 18.6 21.5 11.1 17.4 19.6 24.4Dow Jones & Co. DJ.N Neutral 2 $ 38.00 $ 36.25 27.2 26.6 25.6 20.4 22.9 27.2 26.5 20.0E.W. Scripps SSP.N Neutral 1 $ 47.00 $ 43.27 25.8 21.3 16.3 14.4 23.1 20.9 16.0 14.0Gannett GCI.N Neutral 1 $ 61.00 $ 56.75 12.0 12.8 13.0 13.7 10.1 10.7 11.2 12.1McClatchy Company MNI.N Neutral 2 $ 34.00 $ 29.29 17.7 14.4 12.9 9.8 12.4 13.7 7.2 8.2McGraw-Hill MHP.N Buy 1 $ 82.00 $ 66.25 22.3 27.4 25.4 24.0 33.9 28.3 26.2 24.9Meredith MDP.N Buy 1 $ 66.00 $ 58.08 18.4 21.0 18.5 17.7 19.7 21.3 18.5 17.0Moody's MCO.N Buy 2 $ 80.00 $ 67.11 nm nm nm nmm nm nm nm nmNew York Times NYT.N Neutral 2 $ 25.00 $ 23.48 21.7 14.6 24.1 17.8 11.9 12.3 22.2 14.7Thomson Corporation TOC.N Buy 1 $ 52.00 $ 43.90 20.9 25.0 24.6 19.3 25.1 25.0 24.5 18.8Torstar Corporation TSb.TO Neutral 2 C$ 20.00 C$ 20.74 10.3 16.9 14.5 17.0 9.2 14.8 15.0 18.1Tribune Co. TRB.N Neutral 2 $ 34.00 $ 32.80 22.2 20.2 26.2 27.1 18.4 20.6 31.1 34.0Washington Post WPO.N Neutral 2 $ 790.00 $ 744.19 27.8 24.2 22.8 21.3 21.4 25.0 23.5 22.2Yellow Pages I.F. YLO_u.TO Buy 1 (CBE) C$ 15.50 C$ 14.10 13.2 16.0 13.9 11.9 20.9 14.5 12.0 9.7Americas 19.6 19.8 19.7 18.1 18.5 19.4 19.5 18.3Fairfax Media Ltd FXJ.AX Neutral 2 A$ 5.40 A$ 5.23 17.9 15.0 18.0 18.8 23.1 14.4 17.3 19.3Singapore Press SPRM.SI Neutral 1 S$ 4.70 S$ 4.36 20.2 nm 60.7 56.7 47.5 -126.7 28.1 24.6West Aust Newspapers WAN.AX Reduce 1 A$ 11.90 A$ 16.75 18.3 12.6 nm 76.7 35.7 29.3 nm 97.6Yellow Pages YELP.SI Neutral 2 S$ 1.35 S$ 1.31 11.8 12.1 8.9 19.9 7.8 9.4 7.0 17.9Australia & Asia 17.0 13.2 29.2 43.1 28.5 -18.4 17.5 39.8JohnCom JCMJ.J Buy 2 10,600.00 RCnt 9,985.00 RCnt nm nm nm nm nm nm nm nmNaspers NPNJn.J Buy 1 23,500.00 RCnt 17,901.00 RCnt nm nm nm nm nm nm nm nmAustralia & Asia nm nm nm nm nm nm nm nm

Global Publishing 35.2 60.2 24.8 27.1 26.7 24.3 22.2 25.2 Newspapers 20.6 21.0 26.9 24.4 20.0 10.4 23.7 22.2 Consumer Magazines 17.9 19.3 16.5 21.7 25.5 23.0 20.1 21.6 Yellow Pages & Directories 71.6 158.8 28.5 30.3 22.1 18.0 17.0 17.3 Professional Publishing 30.6 41.5 27.1 32.1 39.1 45.8 27.9 39.7

EV/FCF to Firm P/FCF to Equity



Pay TVPrice Recent


x x x x x x x xAstro All Asia AAAN.KL Buy 2 RM 5.90 RM 5.05 -29.4 21.6 13.2 8.7 -23.3 28.0 14.5 9.7Austar United Comm. AUN.AX Reduce 2 A$ 1.35 A$ 1.68 -37.2 -177.8 48.7 51.1 -39.2 -77.6 67.8 84.4BSkyB BSY.L Buy 2 725.00 p 572.00 p 32.1 45.1 30.4 58.1 35.3 71.5 34.2 81.6Cablevision Systems CVC.N Neutral 2 $ 34.00 $ 32.65 13.7 10.0 10.3 11.3 33.7 21.9 13.5 11.9Charter Comm. CHTR.O Buy 2 (CBE) $ 4.50 $ 3.20 9.0 10.3 9.8 9.1 1.4 1.8 1.5 1.3Comcast Corporation CMCSK.O Buy 1 $ 34.00 $ 26.66 28.3 18.8 19.0 14.3 43.1 44.9 27.9 20.1DIRECTV Group DTV.N Neutral 2 $ 24.00 $ 23.89 nm 23.7 66.0 22.9 nm 48.4 80.5 56.8EchoStar Comm. DISH.O Reduce 2 $ 36.00 $ 46.29 nm 32.9 17.9 18.0 nm 74.5 26.0 30.1Knology Inc KNOL.O Buy 2 (CBE) $ 22.00 $ 18.32 0.0 -0.1 0.1 0.0 0.0 0.0 0.1 0.0Lodgenet LNET.O Buy 2 $ 41.00 $ 34.77 nm nm nm nm nm nm nm nmVirgin Media VMED.O Buy 2 $ 33.00 $ 25.70 nm nm nm nm nm 6.2 7.6 5.2ORBCOMM Inc. ORBC.O Buy 2 $ 17.00 $ 12.80 nm nm nm nm nm nm nm nmPremiere AG PREGn.DE Buy 2 € 24.00 € 15.53 40.6 -55.7 -18.8 31.3 nm -41.9 -15.5 32.0RCN Inc. RCNI.O Neutral 2 $ 31.00 $ 27.00 nm -3.3 -0.2 0.0 nm -2.5 -0.1 0.0Rogers Comms Inc. RCIb.TO Buy 2 C$ 45.00 C$ 42.51 25.2 49.2 38.2 19.5 112.2 nm 53.5 19.7Shaw Communications SJRb.TO Neutral 2 C$ 45.00 C$ 43.76 nm 18.0 23.8 23.5 nm 27.6 27.0 26.6Sogecable SGC.MC Reduce 2 € 28.00 € 30.20 51.4 17.9 26.6 31.4 nm 17.9 27.7 32.5Pay TV 13.4 0.7 20.4 21.4 20.4 15.7 24.4 27.5North America Pay-TV 20.9 13.0 18.2 11.7 38.1 23.9 22.8 16.5Europe Pay-TV 41.4 2.4 12.7 40.3 35.3 13.4 13.5 37.8Australia & Asia Pay-TV -29.4 21.6 13.2 8.7 -23.3 28.0 14.5 9.7Sirius Satellite SIRI.O Buy 2 (CBE) $ 3.70 $ 3.04 -29.1 -32.2 -11.9 137.9 -12.3 -15.0 -9.5 nmWorldspace, Inc. WRSP.O Neutral 2 (CBE) $ 4.25 $ 3.50 49.3 -29.3 -2.8 -1.8 nm -1.0 -1.3 -1.1XM Satellite Radio XMSR.O Buy 2 (CBE) $ 15.00 $ 11.98 -26.4 -17.7 -5.2 -34.1 -7.5 -6.8 -3.8 -13.9Pay Radio -2.1 -26.4 -6.6 34.0 -9.9 -7.6 -4.9 -7.5




GamingPrice Recent


x x x x x x x xKonami 9766.T Neutral 2 ¥ 3,400.00 ¥ 3,140.00 nm nm nm nm nm nm nm nmNintendo 7974.T Buy 2 ¥ 40,000.00 ¥ 34,350.00 nm nm nm nm nm nm nm nmGlobal Gaming nm nm nm nm nm nm nm nm



EntertainmentPrice Recent


x x x x x x x xNews Corporation NWSa.N Buy 1 $ 27.00 $ 22.84 nm nm nm nm nm nm nm nmPlayboy PLA.N Neutral 2 $ 11.50 $ 9.81 14.4 13.3 27.1 14.7 12.6 9.2 27.9 12.5Quebecor Inc. QBRb.TO Buy 2 C$ 47.00 C$ 41.65 6.8 14.9 -352.0 11.0 3.6 15.8 -9.2 6.2Viacom VIAb.N Neutral 1 $ 43.00 $ 41.83 nm 13.8 24.4 16.7 21.9 12.4 25.1 15.8Vivendi VIV.PA Buy 1 € 40.00 € 30.44 34.2 46.5 29.9 21.6 22.1 31.3 17.3 12.3Time Warner Inc. TWX.N $25.00 $20.61 na na na na na na na naWalt Disney Co. DIS.N Neutral 1 $ 37.00 $ 34.98 nm 20.6 17.5 17.8 nm 28.2 16.5 16.9General Entertainment 18.5 21.8 -50.6 16.4 15.0 19.4 15.5 12.8EMI Group EMI.L Neutral 2 240.00 p 233.00 p 25.6 39.4 35.7 -1,237.4 28.2 178.8 75.9 -26.1Music & Rights 25.6 39.4 35.7 -1,237.4 28.2 178.8 75.9 -26.1




InternetPrice Recent


x x x x x x x xaQuantive, Inc. AQNT.O Buy 2 (CBE) $ 36.00 $ 32.47 15.0 59.3 41.0 28.8 63.6 71.6 36.5 26.7Google Inc. GOOG.O Buy 2 (CBE) $ 580.00 $ 479.01 303.7 73.9 81.3 51.1 306.4 139.6 87.2 56.1Baidu BIDU.O Reduce 2 (UR) $ 99.00 $ 124.57 nm -807.5 255.7 99.3 -3,088.5 -1,801.6 262.1 102.5Rakuten 4755.Q Neutral 2 (CBE) ¥ 65,000.00 ¥ 48,500.00 nm nm nm nm nm nm nm nmSINA SINA.O Neutral 2 $ 40.00 $ 34.56 24.8 31.8 76.8 58.1 31.1 51.8 77.0 58.3Sohu SOHU.OQ Neutral 2 $ 28.00 $ 25.02 nm 30.2 49.0 31.3 28.0 43.1 46.4 31.3Yahoo YHOO.O Buy 2 (CBE) $ 37.00 $ 28.34 65.0 45.8 46.5 49.4 45.7 29.6 42.1 45.5Yahoo Japan 4689.T Neutral 2 (CBE) ¥ 41,000.00 ¥ 41,650.00 nm nm nm nm nm nm nm nmInternet 102.1 -119.3 100.3 57.3 -528.4 -301.8 101.0 57.8



Advertising Agencies & Market ResearchPrice Recent


x x x x x x x xAegis AGS.L Buy 2 165.00 p 140.75 p 33.0 80.9 49.2 33.9 48.0 239.5 62.7 40.7Asatsu-DK 9747.T Neutral 2 ¥ 3,650.00 ¥ 3,820.00 nm nm nm nm nm nm nm nmDentsu 4324.T Neutral 2 ¥ 340,000.00 ¥ 341,000.00 nm nm nm nm nm nm nm nmHavas EURC.PA Neutral 2 € 4.20 € 4.10 15.8 nm 27.5 17.5 18.3 -27.5 32.7 17.6Interpublic Group IPG.N Neutral 2 $ 13.00 $ 12.77 40.5 nm 33.1 17.8 117.5 -70.6 57.8 23.0Omnicom Group OMC.N Neutral 1 $ 112.00 $ 105.63 20.2 18.6 19.7 18.1 23.9 22.1 19.6 17.8Photon Group Ltd PGA.AX Buy 2 A$ 7.05 A$ 5.86 nm 15.9 39.5 16.8 112.4 32.3 42.1 16.3Publicis PUBP.PA Buy 2 € 40.00 € 35.25 9.7 15.5 20.3 18.9 16.1 23.7 20.9 18.8Seek Ltd SEK.AX Neutral 2 A$ 7.90 A$ 7.39 nm 27.7 47.5 36.7 116.8 77.0 46.3 36.5STW Comm SGN.AX Neutral 2 A$ 3.55 A$ 3.18 22.5 18.1 11.7 12.2 30.1 22.6 11.3 11.8WPP WPP.L Buy 1 900.00 p 748.50 p 39.8 20.0 36.4 28.8 72.5 29.8 42.7 31.8Advertising Agencies 24.7 19.3 29.5 20.9 63.4 13.7 34.2 21.7Ipsos ISOS.PA Neutral 2 € 27.00 € 27.70 nm nm nm nm nm nm nm nmTaylor Nelson TNN.L Buy 1 (CBE) 280.00 p 242.00 p 35.7 25.1 35.2 30.0 44.2 30.3 37.6 32.8Market Research & Services 35.7 25.1 35.2 30.0 44.2 30.3 37.6 32.8JCDecaux JCDX.PA Reduce 2 € 19.50 € 22.90 32.5 27.9 28.9 25.4 38.2 38.2 31.1 27.3Outdoor Advertising 32.5 27.9 28.9 25.4 38.2 38.2 31.1 27.3

Global Agencies and Services 29.1 21.6 31.8 24.5 55.7 20.3 35.6 26.1



52 UBS


CommunicationsPrice Recent


x x x x x x x xBezeq BEZQ.TA Neutral 1 (CBE) NIS 7.00 NIS 6.40 14.0 10.4 8.7 8.9 14.2 11.3 7.4 7.6BT Group BT.L Reduce 2 290.00 p 319.00 p nm nm nm nm nm nm nm nmTelefonica O2 CR SPTTsp.PR Neutral 1 Kc 540.00 Kc 618.00 9.9 11.6 11.7 12.5 9.7 11.6 11.6 12.3Deutsche Telekom DTEGn.F Neutral 2 € 13.00 € 13.49 10.2 8.5 11.6 11.0 6.1 6.3 8.2 7.6France Telecom FTE.PA Buy 2 € 25.00 € 21.50 9.6 9.3 10.3 10.7 5.7 6.6 6.7 6.9Iliad ILD.PA Neutral 2 (CBE) € 85.00 € 75.05 nm nm nm nm nm nm nm nmKPN KPN.AS Buy 2 € 15.00 € 12.62 11.4 15.8 24.7 28.7 13.4 20.9 23.5 28.6Magyar Telekom MTEL.BU Neutral 1 HUF 1050.00 HUF 1059.00 9.2 9.1 12.7 10.7 9.8 9.0 10.2 8.0OTE OTEr.AT Buy 2 € 24.50 € 21.78 22.0 29.5 15.0 14.0 24.5 29.7 10.6 10.1Rostelecom RTKM.RTS Reduce 2 (CBE) $ 1.90 $ 9.25 nm nm nm nm nm nm nm nmSwisscom SCMN.VX Buy 1 CHF 525.00 CHF 428.00 10.1 9.1 13.8 14.3 8.9 10.0 13.3 12.5Telecom Italia TLIT.MI Neutral 2 € 2.25 € 2.26 nm nm nm nm nm nm nm nmTelefonica TEF.MC Reduce 1 € 15.70 € 16.73 nm 112.9 -34.6 2.7 nm -280.5 -14.9 1.7Telenor TEL.OL Neutral 2 NKr 125.00 NKr 112.25 nm nm nm nm nm nm nm nmTiscali TIS.MI Buy 2 € 3.05 € 2.74 nm nm nm nm nm nm nm nmUnited Internet UTDI.DE Buy 2 (CBE) € 17.50 € 13.27 nm nm nm nm nm nm nm nmEurope Communications 12.1 24.0 8.2 12.6 11.5 -19.5 8.5 10.6Alltel Corp. AT.N Neutral 1 $ 63.00 $ 61.75 nm 17.9 17.5 22.4 nm 17.1 18.9 23.1AT&T Inc. T.N Buy 1 $ 44.00 $ 38.64 38.4 29.1 27.0 22.2 112.0 29.7 26.6 22.5Atlantic Tele-Networ ATNI.O Neutral 2 $ 27.00 $ 25.47 nm 60.0 18.6 13.3 nm 63.5 17.4 12.4BCE BCE.TO Neutral 1 C$ 37.00 C$ 38.75 nm nm nm nm nm nm nm nmCenturyTel CTL.N Reduce 1 $ 43.00 $ 46.28 10.8 11.8 10.9 13.5 9.2 9.8 9.1 11.8Citizens CZN.N Neutral 2 $ 15.00 $ 15.61 11.8 11.1 11.9 12.9 11.5 8.7 10.1 11.4Embarq Corp EQ.N Neutral 1 $ 59.00 $ 60.98 nm nm 10.5 13.6 nm 8.8 7.9 11.1NTELOS Holdings NTLS.O Buy 2 $ 23.00 $ 20.26 nm 0.0 0.0 0.0 0.0 0.0 0.0 0.0Qwest Communications Q.N Buy 2 $ 11.00 $ 8.90 21.6 19.6 13.5 11.5 144.6 24.2 10.9 8.8Telmex TELMEXL.MX Reduce 2 P 12.09 P 19.09 nm nm nm nm nm nm nm nmVerizon VZ.N Neutral 1 $ 39.00 $ 37.89 18.3 22.1 22.4 17.4 12.9 16.6 17.4 12.4Vonage Holding VG.N Neutral 2 (CBE) $ 3.50 $ 3.11 nm -2.6 -2.0 -1.5 -7.7 -1.8 -1.6 -1.8Americas Communications 20.2 18.8 13.0 12.5 40.4 17.7 11.7 11.2KT 030200.KS Neutral 2 Won 43,300.00 Won 41,950.00 nm nm nm nm nm nm nm nmSingapore Telecom STEL.SI Buy 1 S$ 3.90 S$ 3.32 nm nm nm nm nm nm nm nmTelkom TLKM.JK Buy 2 Rp 11,000.00 Rp 10,500.00 14.2 11.0 24.9 21.1 30.2 20.1 24.5 20.9Telstra TLS.AX Neutral 2 A$ 4.30 A$ 4.67 nm nm nm nm nm nm nm nmAsia & Australia (Ex. Japan) nm nm nm nm nm nm nm nmNTT 9432.T Reduce 1 ¥ 552,000.00 ¥ 596,000.00 6.0 6.6 7.3 6.9 3.4 4.0 4.2 4.1Japan Communications 6.0 6.6 7.3 6.9 3.4 4.0 4.2 4.1

Global Communications 12.8 16.5 9.5 10.7 18.4 0.7 8.1 8.6

P/FCF to EquityEV/FCF to Firm


53 UBS


Required Disclosures

This report has been prepared by UBS Securities LLC, an affiliate of UBS AG (UBS).

For information on the ways in which UBS manages conflicts and maintains independence of its research product; historical performance information; and certain additional disclosures concerning UBS research recommendations, please visit www.ubs.com/disclosures.

UBS Investment Research: Global Equity Ratings Definitions and Allocations

Definition UBS rating Definition Rating category Coverage1 IB services2UBS rating FSR is > 6% above the MRA, higher degree of predictability Buy 2 FSR is > 6% above the MRA, lower degree of

predictability Buy 47% 37% Buy 1

FSR is between -6% and 6% of the MRA, higher degree of predictability Neutral 2 FSR is between -6% and 6% of the MRA, lower

degree of predictability Hold/Neutral 42% 36% Neutral 1

FSR is > 6% below the MRA, higher degree of predictability

FSR is > 6% below the MRA, lower degree of predictability Reduce 1 Reduce 2 Sell 12% 28%

1: Percentage of companies under coverage globally within this rating category. 2: Percentage of companies within this rating category for which investment banking (IB) services were provided within the past 12 months.

Source: UBS. Ratings allocations are as of 31 March 2007.

KEY DEFINITIONS

Forecast Stock Return (FSR) is defined as expected percentage price appreciation plus gross dividend yield over the next 12 months. Market Return Assumption (MRA) is defined as the one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium). Predictability Level The predictability level indicates an analyst's conviction in the FSR. A predictability level of '1' means that the analyst's estimate of FSR is in the middle of a narrower, or smaller, range of possibilities. A predictability level of '2' means that the analyst's estimate of FSR is in the middle of a broader, or larger, range of possibilities. Under Review (UR) Stocks may be flagged as UR by the analyst, indicating that the stock's price target and/or rating are subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation.

EXCEPTIONS AND SPECIAL CASES

US Closed-End Fund ratings and definitions are: Buy: Higher stability of principal and higher stability of dividends; Neutral: Potential loss of principal, stability of dividend; Reduce: High potential for loss of principal and dividend risk. UK and European Investment Fund ratings and definitions are: Buy: Positive on factors such as structure, management, performance record, discount; Neutral: Neutral on factors such as structure, management, performance record, discount; Reduce: Negative on factors such as structure, management, performance record, discount. Core Banding Exceptions (CBE): Exceptions to the standard +/-6% bands may be granted by the Investment Review Committee (IRC). Factors considered by the IRC include the stock's

54 UBS


volatility and the credit spread of the respective company's debt. As a result, stocks deemed to be very high or low risk may be subject to higher or lower bands as they relate to the rating. When such exceptions apply, they will be identified in the Companies Mentioned or Company Disclosure table in the relevant research piece. Analyst Certification

Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.

Companies mentioned

Company Name Reuters Rating Price Price date/time ABS-CBN ABS.PS Suspended P28.00 27 Apr 2007 23:39 HKT Activision Inc.6b,18b ATVI.O Not Rated US$20.37 27 Apr 2007 19:36 EDT Aegis Group AGS.L Buy 2 141p 27 Apr 2007 21:37 BST Agora AGOD.WA Reduce 1 PLN44.50 27 Apr 2007 21:37 BST Alliance Atlantis13,19b AACb.TO Neutral 2 (CBE) C$51.13 27 Apr 2007 19:36 EDT Alltel Corp.18b AT.N Neutral 1 US$61.75 27 Apr 2007 19:36 EDT Antena3 A3TV.MC Neutral 2 €15.68 27 Apr 2007 21:37 BST APN News & Media13 APN.AX Neutral 2 A$6.01 27 Apr 2007 23:41 AEST aQuantive, Inc.2c,4b,6a,18b,20 AQNT.O Buy 2 (CBE) US$32.47 27 Apr 2007 19:36 EDT Mondadori MNDI.MI Neutral 1 €8.09 27 Apr 2007 21:37 BST Asatsu-DK 9747.T Neutral 2 ¥3,820 27 Apr 2007 23:46 JST Astral Media Inc. ACMa.TO Neutral 2 C$43.24 27 Apr 2007 19:36 EDT Astro All Asia2a,5a AAAN.KL Buy 2 RM4.80 27 Apr 2007 23:39 HKT AT&T Inc.2b,4b,5a,6a,6c,6b,7,18b T.N Buy 1 US$38.64 27 Apr 2007 19:36 EDT Atlantic Tele-Networ2b,4b,6a,18b ATNI.O Neutral 2 US$25.47 27 Apr 2007 19:36 EDT Austar United Comm.2c,4a,13 AUN.AX Reduce 2 A$1.73 27 Apr 2007 23:41 AEST Austereo Group AEO.AX Neutral 2 A$2.17 27 Apr 2007 23:41 AEST Baidu.com Inc4b,6a,18b BIDU.O Reduce 2 (UR) US$127.31 27 Apr 2007 23:39 HKT BCE Inc.3d,18b BCE.TO Neutral 1 C$38.75 27 Apr 2007 19:36 EDT Beasley Broadcast18b BBGI.O Not Rated US$8.95 27 Apr 2007 19:36 EDT BEC World BEC.BK Buy 1 Bt23.50 27 Apr 2007 23:39 HKT Belo Corp.18b BLC.N Neutral 1 US$19.37 27 Apr 2007 19:36 EDT Bezeq4b,20 BEZQ.TA Neutral 1 (CBE) NIS6.41 27 Apr 2007 21:37 BST BSkyB18b BSY.L Buy 2 569p 27 Apr 2007 21:37 BST BT Group4a,5a,18b BT.L Reduce 2 315p 27 Apr 2007 21:37 BST Cablevision Systems18b CVC.N Neutral 2 US$32.65 27 Apr 2007 19:36 EDT

55 UBS


Company Name Reuters Rating Price Price date/time CanWest Global Comms18b CGS.TO Buy 2 C$10.68 27 Apr 2007 19:36 EDT CBS Corp.2b,3j,4b,5a,6a,6c,6b,7,18b,23 CBS.N Buy 2 US$32.04 27 Apr 2007 19:36 EDT CenturyTel, Inc.18b CTL.N Reduce 1 US$46.28 27 Apr 2007 19:36 EDT Charter Comm.18b,20 CHTR.O Buy 2 (CBE) US$3.20 27 Apr 2007 19:36 EDT Citizens2b,4b,5a,6a,18b,23 CZN.N Neutral 2 US$15.61 27 Apr 2007 19:36 EDT Clear Channel Outdoo2b,4b,18b CCO.N Neutral 2 US$29.00 27 Apr 2007 19:36 EDT Comcast Corporation2b,3i,4b,6c,6b,7,8,18b,23 CMCSK.O Buy 1 US$26.66 27 Apr 2007 19:36 EDT Commonwealth4b - Not Rated US$42.56 16 Mar 2007 19:36 EDT Corus18b CJRb.TO Buy 2 C$47.19 27 Apr 2007 19:36 EDT Cox Radio18b,23 CXR.N Not Rated US$14.50 27 Apr 2007 19:36 EDT CTC Media18b,20 CTCM.OQ Neutral 1 (CBE) US$26.69 27 Apr 2007 21:37 BST Cumulus Media Inc.2c,4b,6a,18b CMLS.O Not Rated US$9.93 27 Apr 2007 19:36 EDT Dentsu2a 4324.T Neutral 2 ¥341,000 27 Apr 2007 23:46 JST Deutsche Telekom2c,4b,18b,23 DTEGn.F Neutral 2 €13.41 27 Apr 2007 21:37 BST DIRECTV Group Inc.2a,18b DTV.N Neutral 2 US$23.89 27 Apr 2007 19:36 EDT Dow Jones & Co.18b DJ.N Neutral 2 US$36.25 27 Apr 2007 19:36 EDT E.W. Scripps18b SSP.N Neutral 1 US$43.27 27 Apr 2007 19:36 EDT EchoStar Comm.18b DISH.O Reduce 2 US$46.29 27 Apr 2007 19:36 EDT Electronic Arts Inc.18b ERTS.O Not Rated US$51.99 27 Apr 2007 19:36 EDT EMAP EMA.L Buy 2 806p 27 Apr 2007 21:37 BST Embarq Corp18b EQ.N Neutral 1 US$60.98 27 Apr 2007 19:36 EDT EMI Group2a,4b,18b EMI.L Neutral 2 231p 27 Apr 2007 21:37 BST Emmis Communications13,18b EMMS.O Not Rated US$10.15 27 Apr 2007 19:36 EDT Eniro2c ENRO.ST Neutral 1 SKr88.75 27 Apr 2007 21:37 BST Entercom18b ETM.N Not Rated US$28.38 27 Apr 2007 19:36 EDT Euromoney4b,14 ERM.L Neutral 2 581p 27 Apr 2007 21:37 BST Fairfax Media Ltd2a,13,18a FXJ.AX Neutral 2 A$5.06 27 Apr 2007 23:41 AEST Fastweb3h FWB.MI Suspended €46.98 27 Apr 2007 21:37 BST France Telecom2a,4a,18b,23 FTE.PA Buy 2 €21.46 27 Apr 2007 21:37 BST freenet.de FRNG.DE Not Rated €24.27 27 Apr 2007 21:37 BST Fuji Television 4676.T Buy 2 ¥281,000 27 Apr 2007 23:46 JST Gannett Co.18b,23 GCI.N Neutral 1 US$56.75 27 Apr 2007 19:36 EDT GCap Media4a,13 GCAP.L Reduce 2 221p 27 Apr 2007 21:37 BST Google Inc.2c,4a,18b,20 GOOG.O Buy 2 (CBE) US$479.01 27 Apr 2007 19:36 EDT Grupo Prisa PRS.MC Neutral 1 €16.55 27 Apr 2007 21:37 BST Grupo Televisa2c,4b,6a,6b,18b,20 TLVACPO.MX Buy 2 (CBE) P62.77 27 Apr 2007 19:36 EDT L'Espresso ESPI.MI Neutral 2 €3.87 27 Apr 2007 21:37 BST Havas EURC.PA Neutral 2 €4.10 27 Apr 2007 21:37 BST

56 UBS


Company Name Reuters Rating Price Price date/time Hearst-Argyle TV18b HTV.N Not Rated US$26.36 27 Apr 2007 19:36 EDT i-CABLE18b 1097.HK Not Rated HK$1.90 27 Apr 2007 23:39 HKT Iliad13,20 ILD.PA Neutral 2 (CBE) €74.40 27 Apr 2007 21:37 BST Informa2a,4a INF.L Neutral 1 592p 27 Apr 2007 21:37 BST Interpublic Group2b,4b,6a,6c,6b,7,18b IPG.N Neutral 2 US$12.77 27 Apr 2007 19:36 EDT Ipsos2c,4b,5a ISOS.PA Neutral 2 €27.51 27 Apr 2007 21:37 BST ITV plc2c,4b,13,14 ITV.L Reduce 2 118p 27 Apr 2007 21:37 BST JCDecaux JCDX.PA Reduce 2 €22.86 27 Apr 2007 21:37 BST JohnCom JCMJ.J Buy 2 RCnt9,830 26 Apr 2007 21:37 BST Johnston Press JPR.L Reduce 1 462p 27 Apr 2007 21:37 BST Knology Inc2a,4b,6a,13,18b,20 KNOL.O Buy 2 (CBE) US$18.32 27 Apr 2007 19:36 EDT Konami18b 9766.T Neutral 2 ¥3,170 27 Apr 2007 23:46 JST KPN Telecom18b KPN.AS Buy 2 €12.48 27 Apr 2007 21:37 BST KT Corp.2c,4b,18b 030200.KS Neutral 2 Won41,250 27 Apr 2007 23:39 HKT Lagardere18b LAGA.PA Buy 1 €57.42 27 Apr 2007 21:37 BST Lodgenet2c,18b LNET.O Buy 2 US$34.77 27 Apr 2007 19:36 EDT Macquarie Media2b,4e,4a,13 MMG.AX Suspended A$4.35 27 Apr 2007 23:41 AEST Magyar Telekom8,18b MTEL.BU Neutral 1 HUF1,059.00 27 Apr 2007 21:37 BST Marvel Entertainment2c,4a,6c,7,18b MVL.N Not Rated US$29.60 27 Apr 2007 19:36 EDT McClatchy Company18b MNI.N Neutral 2 US$29.29 27 Apr 2007 19:36 EDT McGraw-Hill6c,6b,7,18b,18d MHP.N Buy 1 US$66.25 27 Apr 2007 19:36 EDT MCOT PCL MCOT.BK Buy 1 Bt27.50 27 Apr 2007 23:39 HKT Mediaset MS.MI Neutral 2 €8.33 27 Apr 2007 21:37 BST Meredith Corp.18b MDP.N Buy 1 US$58.08 27 Apr 2007 19:36 EDT Metropole TV MMTP.PA Neutral 2 €26.46 27 Apr 2007 21:37 BST Midway Games Inc.4a,18b,20 MWY.N Not Rated US$7.29 27 Apr 2007 19:36 EDT Moody's Corp.18b MCO.N Buy 2 US$67.11 27 Apr 2007 19:36 EDT Naspers18b NPNJn.J Buy 1 RCnt18,044 26 Apr 2007 21:37 BST NET Servicos2b,4b,5a,18b,20 NETC4.SA Suspended R$30.25 27 Apr 2007 19:36 EDT New York Times Co.3e,18b NYT.N Neutral 2 US$23.48 27 Apr 2007 19:36 EDT News Corporation4a,18b,23 NWSa.N Buy 1 US$22.84 27 Apr 2007 19:36 EDT Nexstar Broadcasting2c,4a,18b NXST.O Not Rated US$11.94 27 Apr 2007 19:36 EDT Nintendo18b 7974.T Buy 2 ¥37,800 27 Apr 2007 23:46 JST NTV 9404.T Buy 2 ¥19,760 27 Apr 2007 23:46 JST NRJ Group SONO.PA Neutral 2 €13.33 27 Apr 2007 21:37 BST NTELOS Holdings Corp2b,4b,5a,6a,18b NTLS.O Buy 2 US$20.26 27 Apr 2007 19:36 EDT NTT2b,4b,5a,13,14,18b 9432.T Reduce 1 ¥596,000 27 Apr 2007 23:46 JST Omnicom Group Inc.2c,4a,6c,6b,7,18b,18e,23 OMC.N Neutral 1 US$105.63 27 Apr 2007 19:36 EDT

57 UBS


Company Name Reuters Rating Price Price date/time ORBCOMM Inc.1,2b,4b,5a,6a,18b ORBC.O Buy 2 US$12.80 27 Apr 2007 19:36 EDT OTE2a,3c,4b,18b OTEr.AT Buy 2 €21.78 27 Apr 2007 21:37 BST PagesJaunes PAJ.PA Buy 1 €16.50 27 Apr 2007 21:37 BST Pearson18b PSON.L Neutral 1 860p 27 Apr 2007 21:37 BST Photon Group Limited PGA.AX Buy 2 A$5.85 27 Apr 2007 23:41 AEST Playboy Enterprises2c,4b,6a,18b PLA.N Neutral 2 US$9.81 27 Apr 2007 19:36 EDT Premiere AG2b PREGn.DE Buy 2 €15.65 27 Apr 2007 21:37 BST Prime Television PRT.AX Neutral 2 A$3.93 27 Apr 2007 23:41 AEST ProSiebenSat1 PSMG_p.DE Buy 2 €26.59 27 Apr 2007 21:37 BST PT Multimedia PTM.LS Suspended €12.10 27 Apr 2007 21:37 BST Publicis Groupe SA4b,18b PUBP.PA Buy 2 €35.18 27 Apr 2007 21:37 BST Publish & B'casting3a,4b,4e,5b,5a,8,13,18c PBL.AX Neutral 1 A$20.62 27 Apr 2007 23:41 AEST Quebecor Inc.4c QBRb.TO Buy 2 C$41.65 27 Apr 2007 19:36 EDT Qwest Communications2c,4a,6c,6b,7,18b Q.N Buy 2 US$8.90 27 Apr 2007 19:36 EDT Radio One Inc.18b ROIAK.O Not Rated US$7.44 27 Apr 2007 19:36 EDT Rakuten20 4755.Q Neutral 2 (CBE) ¥48,500 27 Apr 2007 23:46 JST RBC20 RBCI.RTS Buy 2 (CBE) US$9.53 27 Apr 2007 21:37 BST RCN Inc.2b,4b,18b RCNI.O Neutral 2 US$27.00 27 Apr 2007 19:36 EDT RCS MediaGroup SpA RCSM.MI Buy 1 €3.96 27 Apr 2007 21:37 BST Reed Elsevier plc3g,4b,14,18b REL.L Buy 1 630p 27 Apr 2007 21:37 BST Reuters Group Plc2b,4b,5a,18b,23 RTR.L Neutral 1 476p 27 Apr 2007 21:37 BST Rogers Comms Inc.18b RCIb.TO Buy 2 C$42.51 27 Apr 2007 19:36 EDT Rostelecom18b,20 RTKM.RTS Reduce 2 (CBE) US$9.38 27 Apr 2007 21:37 BST Rural Press Limited RUP.AX Not Rated A$14.38 27 Apr 2007 23:41 AEST Seat Pagine Gialle4a PG.MI Buy 2 €0.47 27 Apr 2007 21:37 BST Seek Limited13 SEK.AX Neutral 2 A$7.28 27 Apr 2007 23:41 AEST Seven Network2b,4b,8,13 SEV.AX Buy 2 A$11.31 27 Apr 2007 23:41 AEST Shaw Communications18b SJRb.TO Neutral 2 C$43.76 27 Apr 2007 19:36 EDT SINA Corporation18b SINA.O Neutral 2 US$34.87 27 Apr 2007 23:39 HKT Singapore Press4b,8 SPRM.SI Neutral 1 S$4.44 27 Apr 2007 23:39 HKT Singapore Telecom4b,8,18b STEL.SI Buy 1 S$3.40 27 Apr 2007 23:39 HKT Sirius Satellite2a,4a,18b,20 SIRI.O Buy 2 (CBE) US$3.04 27 Apr 2007 19:36 EDT Sky Network T.V4a SKT.NZ Neutral 2 NZ$6.10 27 Apr 2007 23:41 AEST Sogecable23 SGC.MC Reduce 2 €30.20 27 Apr 2007 21:37 BST Sohu.com Inc.18b SOHU.OQ Neutral 2 US$24.78 27 Apr 2007 23:39 HKT Southern Cross SBC.AX Neutral 2 A$17.08 27 Apr 2007 23:41 AEST STW Comm SGN.AX Neutral 2 A$3.28 27 Apr 2007 23:41 AEST Swisscom2a,3h,4b,5a,18b,23 SCMN.VX Buy 1 CHF424.75 27 Apr 2007 21:37 BST

58 UBS


Company Name Reuters Rating Price Price date/time Take-Two18b,20 TTWO.O Not Rated US$19.56 27 Apr 2007 19:36 EDT Taylor Nelson Sofres13,20 TNN.L Buy 1 (CBE) 241p 27 Apr 2007 21:37 BST TBS 9401.T Reduce 2 ¥4,060 27 Apr 2007 23:46 JST Telecinco TL5.MC Neutral 2 €21.90 27 Apr 2007 21:37 BST Telecom Italia18b,23 TLIT.MI Neutral 2 €2.28 27 Apr 2007 21:37 BST Telefonica2b,4b,18b,23 TEF.MC Reduce 1 €16.55 27 Apr 2007 21:37 BST Telefonica O2 CR4a SPTTsp.PR Neutral 1 Kc620.80 27 Apr 2007 21:37 BST Telefonos de Mexico18b,20 TELMEXL.MX Reduce 2 (CBE) P19.09 27 Apr 2007 19:36 EDT Telenor5a,18b,23 TEL.OL Neutral 2 NKr111.75 27 Apr 2007 21:37 BST Telkom Indonesia2a,8,14,18b TLKM.JK Buy 2 Rp10,750 27 Apr 2007 23:39 HKT Telstra2b,4b,13,23 TLS.AX Neutral 2 A$4.60 27 Apr 2007 23:41 AEST Ten Network Holdings13 TEN.AX Reduce 2 A$3.06 27 Apr 2007 23:41 AEST TF1 TFFP.PA Neutral 2 €25.15 27 Apr 2007 21:37 BST Thomson Corporation2c,4a,4d,18b TOC.N Buy 1 US$43.90 27 Apr 2007 19:36 EDT THQ Inc.2a,4b,6a,18b THQI.O Not Rated US$34.49 27 Apr 2007 19:36 EDT Time Warner Inc.2c,4a,8,13,18b,18f,23 TWX.N Buy 2 US$20.61 27 Apr 2007 19:36 EDT Tiscali4b TIS.MI Buy 2 €2.74 27 Apr 2007 21:37 BST Torstar Corporation TSb.TO Neutral 2 C$20.74 27 Apr 2007 19:36 EDT TPI TPI.MC Not Rated €8.48 27 Apr 2007 21:37 BST Tribune Co.5a,18b TRB.N Neutral 2 US$32.80 27 Apr 2007 19:36 EDT Trinity Mirror4b,18b TNI.L Reduce 2 527p 27 Apr 2007 21:37 BST TV Asahi 9409.T Neutral 2 ¥277,000 27 Apr 2007 23:46 JST TVB 0511.HK Buy 2 HK$52.15 27 Apr 2007 23:39 HKT TVN TVNN.WA Reduce 1 PLN26.66 27 Apr 2007 21:37 BST UBM UBM.L Buy 2 810p 27 Apr 2007 21:37 BST United Internet20 UTDI.DE Buy 2 (CBE) €13.26 27 Apr 2007 21:37 BST Univision2a,4b,6a,6c,7 - Not Rated US$36.23 29 Mar 2007 19:36 EDT Verizon2b,4b,5a,6a,6b,18b VZ.N Neutral 1 US$37.89 27 Apr 2007 19:36 EDT Viacom Inc.2b,3f,4b,5a,6a,6b,7,18b VIAb.N Neutral 1 US$41.83 27 Apr 2007 19:36 EDT Virgin Media Inc.2a,4a,18b VMED.O Buy 2 US$25.70 27 Apr 2007 19:36 EDT Vivax4b,6a,13,20 VVAX11.SA Suspended R$50.85 27 Apr 2007 19:36 EDT Vivendi4b,6a,13,23 VIV.PA Buy 1 €30.41 27 Apr 2007 21:37 BST Vocento VOC.MC Neutral 2 €16.19 27 Apr 2007 21:37 BST Vonage Holding Corp2b,4b,6a,13,18b,20 VG.N Neutral 2 (CBE) US$3.11 27 Apr 2007 19:36 EDT Walt Disney Co.2b,4b,5a,6b,8,18b,23 DIS.N Neutral 1 US$34.98 27 Apr 2007 19:36 EDT Washington Post18b WPO.N Neutral 2 US$744.19 27 Apr 2007 19:36 EDT West Aust Newspapers13 WAN.AX Reduce 1 A$16.14 27 Apr 2007 23:41 AEST Westwood One, Inc.3j,4b,6a,18b WON.N Not Rated US$7.00 27 Apr 2007 19:36 EDT

59 UBS


Company Name Reuters Rating Price Price date/time Wolters Kluwer18b,23 WLSNc.AS Buy 1 €21.24 27 Apr 2007 21:37 BST WWE2c,4a,18b WWE.N Not Rated US$17.12 27 Apr 2007 19:36 EDT Worldspace, Inc.2c,3k,3b,4b,5a,6a,18b,20 WRSP.O Neutral 2 (CBE) US$3.50 27 Apr 2007 19:36 EDT WPP18b WPP.L Buy 1 748p 27 Apr 2007 21:37 BST XM Satellite Radio2c,4b,5a,6a,13,18b,20 XMSR.O Buy 2 (CBE) US$11.98 27 Apr 2007 19:36 EDT Yahoo Inc.4b,6a,6c,7,18b,20 YHOO.O Buy 2 (CBE) US$28.34 27 Apr 2007 19:36 EDT Yahoo Japan13,20 4689.T Neutral 2 (CBE) ¥41,650 27 Apr 2007 23:46 JST Yell Group YELL.L Reduce 1 480p 27 Apr 2007 21:37 BST Yellow Pages2c,4a,12 YELP.SI Neutral 2 S$1.33 27 Apr 2007 23:39 HKT Yellow Pages I.F.2b,2d,4b,4c,19a YLO_u.TO Buy 1 (CBE) C$14.10 27 Apr 2007 19:36 EDT Zee Entertainment2a,4a ZEE.BO Buy 2 Rs287.25 27 Apr 2007 23:39 HKT

Source: UBS. AEST: Australian eastern standard time; BST: British summer time; EDT: Eastern daylight time; HKT: Hong Kong time; JST: Japanese standard time.

1. UBS Securities LLC is acting as manager/co-manager, underwriter or placement agent in regard to an offering of securities of this company/entity or one of its affiliates.

2a. UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past five years.

2b. UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.

2c. UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past three years.

2d. UBS Securities Canada Inc or an affiliate has acted as manager/co-manager, underwriter or placement agent in regard to an offering of securities for this company/entity or one of its affiliates within the past 12 months.

3a. UBS AG, Australia Branch is acting as financial adviser and underwriter in relation to Publishing and Broadcasting Limited`s proposed recapitalisation of some of its media assets and will receive a fee for acting in this capacity.

3b. UBS Securities LLC is acting as advisor to Worldspace Inc. on evaluating strategic partnership alternatives.

3c. UBS Limited is acting as adviser to the Greek Ministry of Economics and Finance in relation to the sale of part of its holding in OTE Telecom.

3d. UBS Securities LLC is acting as advisor to Loral Space & Communication on their acquisition of Telesat Canada from BCE.

3e. UBS Securities LLC is acting as advisor to Oak Hill Capital Partners on its announced agreement to acquire The New York Times Company`s Broadcast Media Group.

3f. UBS Securities LLC is acting as advisor to Viacom on exploring strategic alternatives for its Famous Player subsidiary.

3g. UBS Limited is acting as adviser to Reed Elsevier in respect of the disposal of its Harcourt Education business.

3h. UBS AG is acting as financial advisor to Swisscom in regard to its announced intention to acquire up to 100% of FastWeb via cash offer.

3i. UBS Securities LLC is acting as advisor to Patriot Media & Communication on the announced sale of the company to Comcast Corporation.

3j. UBS Securities LLC is acting as advisor to Westwood One on its announced letter of intent with CBS Radio to extend distribution and programming arrangements through 2017.

3k. UBS Securities LLC is acting as advisor to Worldspace Inc on the announced restructuring agreement with the holders of its $155m Senior Unsecured 0%Convertible Notes due

60 UBS


12/31/2014.

4a. Within the past three years, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.

4b. Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.

4c. Within the past 12 months, UBS Securities Canada Inc or an affiliate has received compensation for investment banking services from this company/entity.

4d. Within the past three years, UBS Securities Canada Inc or an affiliate has received compensation for investment banking services from this company/entity.

4e. Within the past 12 months, UBS AG, Australia Branch or an affiliate has received compensation for investment banking services from this company/entity.

5a. UBS AG, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.

5b. UBS AG, Australia Branch or an affiliate expect to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.

6a. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.

6b. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.

6c. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-investment banking securities-related services are being, or have been, provided.

7. Within the past 12 months, UBS Securities LLC has received compensation for products and services other than investment banking services from this company/entity.

8. The equity analyst covering this company, a member of his or her team, or one of their household members has a long common stock position in this company.

12. A director or an employee of UBS AG, its affiliates or subsidiaries is a director of this company.

13. UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of this company`s common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end).

14. UBS Limited acts as broker to this company.

18a. UBS Securities Australia Ltd and its related bodies corporate has a relevant interest in 5% or more of this companies issued shares.

18b. UBS Securities LLC makes a market in the securities and/or ADRs of this company.

18c. UBS AG, Australia Branch or an affiliate expect to receive or intend to seek compensation for investment banking services from this company/entity within the next twelve months.

18d. The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in McGraw-Hill Companies.

18e. The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in Omnicom Group Inc.

18f. The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in Time Warner Inc.

19a. Because UBS believes this security presents lower-than-normal risk, its rating is deemed Buy if the FSR exceeds the MRA by 5% and Reduce if the FSR is more than 5% below the MRA (compared with 6% and 6%, respectively, under the normal rating system).

19b. Because this company is an announced takeout candidate, UBS believes the security presents lower-than-normal risk. We have widened its rating band to +6%/-10% compared with +6%/-6%, respectively, under the normal rating system.

20. Because UBS believes this security presents significantly higher-than-normal risk, its rating is deemed Buy if the FSR exceeds the MRA by 10% (compared with 6% under the normal rating system).

23. UBS AG, its affiliates or subsidiaries held other significant financial interests in this company/entity as of last month`s end (or the prior month`s end if this report is dated less than 10 working days after the most recent month`s end).

61 UBS


Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report.

62 UBS


Global Disclaimer

This report has been prepared by UBS Securities LLC or an affiliate thereof (“UBS”). In certain countries UBS AG is referred to as UBS SA. This report is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute a representation that any investmentstrategy is suitable or appropriate to a recipient’s individual circumstances or otherwise constitute a personal recommendation. It is published solely for informational purposes, it does not constitute an advertisement and is not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments in any jurisdiction. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, itssubsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed inthis report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. Research will initiate, update and cease coverage solely at the discretion of UBSInvestment Bank Research Management. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, salespersonnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. UBS is under no obligation to update or keep current the information contained herein. UBS relies on information barriers to control the flow of information contained inone or more areas within UBS, into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is notbased on investment banking revenues, however, compensation may relate to the revenues of UBS Investment Bank as a whole, of which investment banking, sales and trading are a part. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities mayinvolve a high degree of risk and may be highly volatile in response to fluctuations in interest rates and other market conditions. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of anysecurity or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither UBS nor any of its affiliates, nor any of UBS' or any of its affiliates, directors, employees or agents acceptsany liability for any loss or damage arising out of the use of all or any part of this report. Additional information will be made available upon request. For financial instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries (excluding UBS Securities LLC and/or UBS Capital Markets LP) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) inthe financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this research report. United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to suchpersons. The information contained herein does not apply to, and should not be relied upon by, private customers. UBS Limited is authorised and regulated by the Financial Services Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS SecuritiesFrance SA. UBS Securities France S.A. is regulated by the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this report, the report is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared byUBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBSSecurities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Turkey: Prepared by UBS Menkul Degerler AS on behalf of and distributed by UBS Limited. Russia: Prepared and distributed by the Moscow Representative Office of UBS CyprusMoscow Limited. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A.. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionaleper le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this report, the report is also deemed to have been prepared by UBS Italia Sim S.p.A.. South Africa: UBS South Africa (Pty) Limited (Registration No. 1995/011140/07) is a member ofthe JSE Limited, the South African Futures Exchange and the Bond Exchange of South Africa. UBS South Africa (Pty) Limited is an authorised Financial Services Provider. Details of its postal and physical address and a list of its directors are available on request or may be accessedat http:www.ubs.co.za. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a “non-US affiliate”), to major USinstitutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US personin the securities mentioned in this report must be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stockexchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Pte. Ltd or UBS AG, Singapore Branch. Japan:Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS AG (Holder of Australian Financial Services Licence No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial Services Licence No. 231098) only to “Wholesale”clients as defined by s761G of the Corporations Act 2001. New Zealand: Distributed by UBS New Zealand Ltd. The disclosures contained in research reports produced by UBS Ltd shall be governed by and construed in accordance with English law. © 2007 UBS. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

63 UBS

global valuation update biz dev... · global valuation update 30 april 2007 chart: global media...

Documents