Advertising Expenditure Forecasts December 2011

ADVERTISING EXPENDITURE FORECASTS DECEMBER 2011

Written by: Jonathan Barnard, Eleonora Galli, Nicola Hutcheon

Produced by: David Parry

ISSN 0968-2163

These forecasts and this compilation are the copyright of ZenithOptimedia. We have produced this paper to give our views on topical matters. It does not purport to give any specific advice, and should not be taken or relied upon as so doing.

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All our publications are available online at www.zenithoptimedia.com CONTENTS

Introduction 1 Peru 128 Methodology 3 Philippines 130 WORLDWIDE SUMMARY 5 Poland 132 REGIONAL SUMMARIES 11 Portugal 137 North America 12 Puerto Rico 139 Western Europe 13 Qatar 141 Central & Eastern Europe 15 Romania 143 Asia Pacific 17 Russia 146 Latin America 19 Saudi Arabia 148 Middle East and North Africa 21 Serbia 150 Rest of the world 22 Singapore 152 COUNTRY ENTRIES Slovakia 154 Argentina 24 Slovenia 156 Armenia 26 South Africa 158 Australia 28 South Korea 160 Austria 30 Spain 162 Azerbaijan 32 Sweden 164 Bahrain 34 Switzerland 166 Belarus 36 Taiwan 168 Belgium 38 Thailand 170 Bosnia & Herzegovina 41 Turkey 172 Brazil 43 Ukraine 174 Bulgaria 45 United Arab Emirates 176 Canada 48 United Kingdom 178 Chile 52 United States of America 182 China 54 Uruguay 195 Colombia 56 Uzbekistan 197 Costa Rica 58 Venezuela 199 Croatia 60 Vietnam 201 Czech Republic 62 Denmark 65 APPENDICES Ecuador 67 Economy and population Egypt 69 Exchange rates 205 Estonia 71 Consumer price indices 206 Finland 73 Consumer price inflation 208 France 75 Gross domestic product 210 Georgia 78 Population 212 Germany 80 Advertising expenditure trends Greece 82 Advertising expenditure 214 Hong Kong 84 Advertising expenditure as a % of GDP 216 Hungary 86 Advertising expenditure per capita 218 India 88 Advertising growth rates 220 Indonesia 90 Advertising expenditure (constant prices) 222 Ireland 92 Advertising growth (constant prices) 224 Israel 94 Advertising expenditure by medium Italy 96 Print 226 Japan 98 Newspapers 228 Kazakhstan 100 Magazines 230 Kuwait 101 Television 232 Latvia 103 Radio 234 Lebanon 105 Cinema 236 Lithuania 107 Outdoor 238 Malaysia 109 Internet 240 Mexico 111 Share of advertising expenditure Moldova 113 Print 242 Netherlands 115 Newspapers 244 New Zealand 117 Magazines 246 Norway 119 Television 248 Oman 121 Radio 250 Pakistan 122 Cinema 252 Pan Arab 124 Outdoor 254 Panama 126 Internet 256

ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INTRODUCTION

ZenithOptimedia predicts global ad expenditure Most of the growth in global ad expenditure is will end this year at US$464 billion, 3.5% higher now coming from developing markets, which than in 2010, then accelerate to US$486 billion – a we forecast to contribute 58% of new ad dollars 4.7% growth – despite the continuing slowdown in between 2011 and 2014. Asia Pacific, Central Europe and fears that its debt crisis will get much & Eastern Europe and Latin America are all worse. We then expect ad expenditure to grow expanding much faster than the developed world, 5.2% in 2013 and 5.8% in 2014. This acceleration in driven by both their current economic performance global expenditure is the result of the ‘quadrennial’ and their future potential. Over the next three years effect and Japan’s recovery from the effects of we expect Asia Pacific (excluding Japan) to grow the earthquake in March. Every four years the by an average of 10.4% a year, Central & Eastern quadrennial events – the summer Olympics, the Europe to grow 9.6% a year and Latin America to European Football Championship and the US grow by 7.3% a year. The exception is the Middle Presidential and other elections – provide a reliable East & North Africa, where political turmoil has boost to the global ad market. This time we expect disrupted media production and distribution, the combination of the quadrennial effect and and made advertisers wary of attracting negative the Japanese recovery to add US$7 billion to ad attention. We forecast the Middle East & North expenditure in 2012. Without this extra stimulus, Africa to grow at an average of 1.3% between 2011 ad expenditure would grow 3.1% next year, slightly and 2014. Overall we expect developing markets – less than this year. which we here define as everywhere outside North America, Western Europe and Japan – to increase Western Europe is at the centre of the current their share of the global ad market from 32.3% in economic turmoil, and we forecast it to grow 2011 to 35.9% in 2014. by just 2.0% in 2012, even though the Olympics are being held in the UK (which means that the Over the next three years nearly half (48%) of all coverage will be broadcast at ideal times for the world’s growth in ad expenditure will come Western European audiences) and most of the from just ten developing markets. The four BRIC big markets will be participating in the European markets alone (Brazil, Russia, India and China) Football Championship. Assuming the economy are forecast to account for 33% of global growth. improves by the end of next year, we forecast 2.8% Beyond the BRICs, there are six fast-growing growth in 2013 and 3.3% in 2014. markets we forecast to add between US$1 billion and US$4 billion each to the global ad market, and North America now looks decidedly healthier than deliver another 15% of global growth: Indonesia, Western Europe. In the US, industrial production South Africa, Argentina, Turkey, Mexico and and employment growth are on the rise, and South Korea. In these ten markets ad expenditure foreclosures are down. Retail sales rose 7% in occupies 0.32% of GDP, less than half of the October, and sales on ‘Black Friday’ were up 6.6% world average of 0.70%, demonstrating their huge to a record US$11.4 billion. Canada has performed potential for further catch-up growth. strongly throughout the downturn. We forecast 3.6% growth in North American ad expenditure There are now two ‘developing’ markets in the in 2012, strengthening to 3.7% in 2013 and 4.4% in world’s top ten ad markets, and there will be three 2014. in 2014. China is now the third-largest ad market in the world, and is catching up quickly with second- We predict ad expenditure to grow 3.1% in Japan placed Japan. In 2005 China’s ad market was 23% next year, as it recovers from the damage caused of the size of Japan’s, in 2011 it is 66% and by 2014 by the earthquake and tsunami in March, which we predict it to be 95%. Brazil, in sixth place, is 84% severely disrupted media and advertising for of the size of the UK in 2011 and will be 91% in several weeks this year. After this one-off stimulus 2014. Russia, which was in eleventh place in 2011, we expect Japanese growth to fall back to 1.9% in will be tenth in 2013 and ninth in 2014. 2013 and 2.5% in 2014.

1 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INTRODUCTION

Global advertising expenditure by medium Norway, Sweden and the UK), and by 2014 we expect it to account for more than 30% in four The internet continues to grow much faster than markets (Canada, Norway, Sweden and the UK), any other medium, at an average of 15.9% a year so there is plenty of potential for further growth in between 2011 and 2014. Display is the fastest- internet advertising’s market share. growing segment, growing by 18.9% a year, driven mainly by online video and social media. Streaming After the internet, the main contributor to global ad video ads are burgeoning extremely quickly, growth is television, which we forecast to supply thanks to the emergence of do-it-yourself tools that 41.1% of new ad dollars between 2011 and 2014. have allowed local advertisers to enter the market. Television’s share of the global ad market has risen In most developed markets, social media sites are steadily over the last few years: we expect it to end near the top of the list of most-popular websites, this year with 40.2% of all ad expenditure, up from and they are often way ahead of their rivals in 37.0% in 2005. The amount of time viewers spend time spent by users. Other display publishers are watching television has increased, and even though developing new tools and formats to compete with viewers are presented with a wider choice of social media sites. Paid search is growing by 15.7% channels than ever, the biggest television events are a year, but its growth is being slightly restrained attracting record audiences. We expect the popular by the shift in search behaviour from desktop to televised quadrennial events to lift television’s mobile devices, where costs are currently lower. share to 40.4% in 2012, but beyond that we forecast Online classified is growing relatively slowly, a very slight decline to 40.3% in 2013 and 2014, as by 9.2% a year, while employment and property often happens after a quadrennial year. markets remain weak in the biggest countries. Newspapers and magazines have been declining The internet is also the biggest contributor of new since 2007, with a brief pause for magazines in ad dollars to the global market. Between 2011 and 2010. We expect this decline to continue throughout 2014 we expect internet advertising to account for our forecast period. Magazines are suffering 52.9% of the growth in total expenditure. As the less than newspapers, because the experience of largest segment, paid search will contribute 25.6%, reading a magazine is less easy to replicate online, followed by display at 22.6%, with classified at and because they do not rely so much on the a much lower 4.7%. Overall, we predict internet timely delivery of information, where the internet advertising will increase its share of the ad market has a big advantage over newspapers. We predict from 15.9% in 2011 to 21.2% in 2014. Internet magazine ad expenditure will shrink by 0.7% a advertising already accounts for more than 25% year over our forecast period, while newspaper ad of total ad expenditure in four markets (Denmark, expenditure shrinks by 1.1%.

For further information, please contact:

Jonathan Barnard Nicola Hutcheon Head of Forecasting Senior Publications Executive Tel: +44 20 7961 1192 Tel: +44 20 7961 1195 Fax: +44 20 7291 1199 Fax: +44 20 7291 1199 E-mail: [email protected] E-mail: [email protected]

2 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 METHODOLOGY

ZenithOptimedia is principally a media agency; we top-down, modelled forecasts; instead, experts have offices that plan and buy media campaigns in in each medium provide forecasts based on their every country we forecast. They provide us with knowledge of local market conditions, the spending historical ad expenditure figures from the source or plans of their clients, and the campaigns run by sources in their country they judge to be the most their competitors. reliable. We encourage them to supply us with figures that are as net as possible – that is, they Note that when we provide figures for top take the discounts negotiated between agency and advertisers or categories in a market, these figures media owner into account, and exclude agency will always be gross. If discounts are high, then the commission and production costs – but sometimes gross expenditure from the top ten categories – and we have to use gross figures, which do not take sometimes even top ten advertisers – can exceed discounts into account. total net ad expenditure in that market.

The net figures are generally compiled by an Figures that we quote in current prices are independent body that conducts a survey of unadjusted, nominal figures. Figures that are in advertisers, advertising agencies or media owners. constant prices are adjusted for consumer price This body will almost certainly respect the inflation; this allows us to compare growth rates in confidentiality of each respondent and only publish countries with different rates of inflation. And for aggregate figures for each medium. Net figures those markets where expenditure is measured and are not available in some markets, generally the supplied in US dollars rather than in local currency, small ones. Gross figures are generally estimated we have applied the US inflation index to calculate by agencies that monitor the volume of advertising the relevant constant price data. in sample members of each medium, and match each ad with the public ‘ratecard’ price of the space We convert local-currency figures into US dollars or time it occupies. These figures are less accurate at the average exchange rate for 2010. For our than the net figures, but are useful because they can forecasts, we assume that currencies depreciate be broken down by advertiser, category and media against the dollar at the rate of inflation. We do not owner. normally apply different exchange rates to different years since currency fluctuations can obscure the Our offices then provide us with their forecasts underlying trends in ad expenditure. for the next three years of growth. These are not

WORLDWIDE SUMMARY ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WORLDWIDE SUMMARY

World advertising expenditure summary (US$ million at current prices)

Major Media1 2008 2009 2010 2011 2012 2013 2014

North America 180,131 157,475 161,707 165,464 171,455 177,742 185,623

Western Europe2 109,079 97,125 101,993 103,744 105,858 108,993 112,730

Asia/Pacific 110,741 104,724 114,832 121,058 129,769 139,302 150,791

Central & Eastern Europe 26,584 21,800 23,373 25,355 27,387 30,147 33,340

Latin America3 26,521 27,063 31,248 33,110 35,089 37,802 40,960

Middle East & North Africa 5,700 4,589 4,945 4,177 4,242 4,344 4,344

Rest of world4 8,873 9,375 10,731 11,419 12,197 13,263 13,710

World 467,627 422,150 448,828 464,327 485,997 511,593 541,498

Year-on-year growth (%) (at current prices)

Major Media 08v07 09v08 10v09 11v10 12v11 13v12 14v13

North America -3.7 -12.6 2.7 2.3 3.6 3.7 4.4

Western Europe -1.3 -11.0 5.0 1.7 2.0 3.0 3.4

Asia/Pacific 0.8 -5.4 9.7 5.4 7.2 7.3 8.2

Central & Eastern Europe 9.5 -18.0 7.2 8.5 8.0 10.1 10.6

Latin America 11.8 2.0 15.5 6.0 6.0 7.7 8.4

Middle East & North Africa 29.1 -19.5 7.7 -15.5 1.5 2.4 0.0

Rest of world 11.8 5.7 14.5 6.4 6.8 8.7 3.4

World 0.0 -9.7 6.3 3.5 4.7 5.3 5.8

Year-on-year growth (%) (at constant prices)

Major Media 08v07 09v08 10v09 11v10 12v11 13v12 14v13

North America -7.2 -12.3 1.0 -0.7 2.3 2.7 3.2

Western Europe -4.5 -10.9 3.0 -1.0 0.3 1.2 1.6

Asia/Pacific -2.5 -5.5 7.6 2.3 4.7 4.8 5.6

Central & Eastern Europe 0.5 -21.9 2.8 3.0 3.4 5.6 6.1

Latin America 3.2 -2.7 9.1 -0.9 0.4 2.3 3.0

Middle East & North Africa 24.4 -19.2 6.0 -18.0 0.3 1.5 -1.1

ROW4 7.7 6.0 12.6 3.3 5.5 7.8 3.4

World -3.9 -10.2 4.0 0.1 2.5 3.2 3.6

1TV, Print, Radio, Cinema, Outdoor, Internet. 2These totals exclude the 'other' category in Denmark. 3Latin America includes the 12 countries detailed separately in this report, plus nine smaller countries which are listed in the Rest of the World summary. 4ROW includes two countries detailed separately in this report plus 22 smaller countries. All 24 are listed in the Rest of the World summary.

6 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WORLDWIDE SUMMARY

Top twenty countries by advertisers' major media expenditure (US$ million at current prices)

2000 2010 2014

1 USA 156,667 USA 151,665 USA 173,165

2 Japan 52,241 Japan 46,153 Japan 48,825

3 Germany 26,478 China 26,122 China 46,381

4 UK 16,311 Germany 23,789 Germany 26,309

5 France 12,437 UK 18,086 UK 20,345

6 Italy 10,642 Brazil 14,716 Brazil 18,442

7 Spain 7,492 France 12,564 France 13,827

8 Australia 7,387 Australia 11,246 Australia 13,035

9 Canada 6,716 Italy 10,296 Russia 12,592

10 South Korea 5,890 Canada 10,041 Canada 12,458

11 China 5,865 Spain 7,748 Italy 10,718

12 Brazil 5,601 South Korea 7,362 South Korea 9,171

13 Netherlands 5,134 Russia 6,688 Indonesia 8,879

14 Switzerland 4,175 South Africa 5,956 South Africa 8,483

15 Mexico 2,581 Mexico 5,578 Spain 8,021

16 Sweden 2,576 India 5,351 India 7,447

17 Poland 2,576 Netherlands 5,043 Mexico 6,987

18 Austria 2,509 Belgium 4,592 Netherlands 5,238

19 Belgium 2,412 Switzerland 4,440 Switzerland 5,193

20 Norway 2,138 Indonesia 4,298 Belgium 5,119

7 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WORLDWIDE SUMMARY

Advertisers' total major media expenditure current-price growth rates

Ten highest-growth countries (%)

2010 v 2000 2010 v 2009 2014 v 2010

Georgia 1,033.0 Hong Kong 42.2 Indonesia 106.6

Russia 774.1 Ukraine 33.2 Argentina 91.7

Indonesia 726.0 Croatia 30.8 Russia 88.3

Croatia 669.5 Turkey 30.5 Turkey 79.7

Bosnia & Herzegovina 573.0 Georgia 29.5 Azerbaijan 78.2

Pakistan 476.2 Colombia 27.6 China 77.6

Bulgaria 457.0 China 25.3 Venezuela 66.1

Turkey 440.0 Armenia 24.6 Croatia 55.3

Venezuela 427.5 Peru 23.6 Ukraine 50.3

South Africa 391.2 Indonesia 21.6 Ecuador 42.5

Ten lowest-growth countries (%)

2010 v 2000 2010 v 2009 2014 v 2010

Hungary -24.0 Ireland -60.0 Bahrain -38.9

Ireland -17.2 Kazakhstan -30.7 Qatar -32.0

Israel -16.4 Panama -15.3 Egypt -30.7

Portugal -16.3 Greece -15.2 Greece -29.0

Lithuania -15.8 Romania -14.9 UAE -26.8

Japan -11.7 Latvia -13.2 Lebanon -25.3

Puerto Rico -11.2 Estonia -5.8 Belarus -15.5

Germany -10.2 Slovakia -3.8 Kuwait -14.8

Poland -9.9 Bulgaria -2.9 Oman -13.1

Czech Republic -7.6 Saudi Arabia -1.6 Saudi Arabia -10.5

8 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WORLDWIDE SUMMARY

Advertising expenditure as a % of GDP Advertising expenditure per capita Top ten countries Top ten countries

2000 % 2000 US$

Puerto Rico 2.65 Switzerland 575.1 Philippines 1.83 USA 550.0 Hungary 1.66 Norway 476.1 USA 1.60 Puerto Rico 429.8 Panama 1.49 Japan 411.2 Brazil 1.47 Australia 385.9 Czech Republic 1.29 Denmark 382.2 New Zealand 1.28 Netherlands 322.5 Greece 1.25 Germany 321.7 Australia 1.20 Austria 309.4

2010 % 2010 US$

Croatia 2.92 Switzerland 582.9 Bosnia & Herzegovina 2.38 Australia 521.7 Slovenia 1.72 Norway 493.8 South Africa 1.70 Austria 488.5 Panama 1.68 USA 477.9 Puerto Rico 1.64 Belgium 428.1 Bulgaria 1.42 Slovenia 406.6 Costa Rica 1.32 Croatia 402.7 Brazil 1.24 Denmark 391.2 Georgia 1.22 Puerto Rico 364.1

2014 % 2014 US$

Croatia 3.79 Switzerland 665.7 Bosnia & Herzegovina 2.60 Croatia 625.5 Slovenia 1.88 Austria 592.0 South Africa 1.71 Australia 575.4 Puerto Rico 1.33 Norway 552.3 Panama 1.29 USA 525.4 Bulgaria 1.25 Slovenia 524.7 Costa Rica 1.12 Belgium 463.7 Austria 1.12 Denmark 406.6 Brazil 1.09 Sweden 405.4

Contribution to total major-media ad expenditure by Contribution to total major-media ad expenditure by region (2010) region (2014)

MENA ROW MENA 2.5% 1.1% ROW 0.8% 2.2% Latin America Latin America 7.6% 6.4% C & E Europe C & E Europe 5.2% 6.2% North America 34.3%

North America Asia Pacific 37.3% Asia Pacific 24.8% 27.8%

Western Western Europe Europe 20.8% 23.0%

REGIONAL SUMMARIES ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NORTH AMERICA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 163,383 51,205 24,477 54,636 21,791 - 5,167 6,107 2001 154,061 48,206 22,065 52,192 19,817 - 5,087 6,694 2002 156,735 47,757 21,445 54,157 20,471 275 5,210 7,421 2003 159,716 48,681 22,304 54,354 20,718 303 5,369 7,988 2004 169,347 51,072 23,385 58,381 21,538 339 5,591 9,042 2005 174,556 52,818 24,559 58,315 21,866 400 6,060 10,537 2006 182,396 54,050 25,479 61,501 22,243 460 6,703 11,960 2007 187,101 52,445 26,399 61,925 22,636 529 7,450 15,718 2008 180,131 46,370 24,320 61,143 20,731 608 7,581 19,378 2009 157,475 34,936 19,156 55,641 17,897 638 7,102 22,104 2010 161,707 31,710 19,373 59,817 17,520 670 7,370 25,247 2011 165,464 29,076 19,208 62,244 17,940 690 7,745 28,560 2012 171,455 26,852 18,814 65,390 18,329 725 8,067 33,279 2013 177,742 24,799 18,435 67,384 18,907 761 8,473 38,983 2014 185,623 22,908 17,915 70,168 19,337 799 8,901 45,595 Year-on-year % change at current prices 01 v 00 -5.7 -5.9 -9.9 -4.5 -9.1 - -1.6 9.6 02 v 01 1.7 -0.9 -2.8 3.8 3.3 - 2.4 10.9 03 v 02 1.9 1.9 4.0 0.4 1.2 10.0 3.0 7.6 04 v 03 6.0 4.9 4.8 7.4 4.0 12.0 4.1 13.2 05 v 04 3.1 3.4 5.0 -0.1 1.5 18.0 8.4 16.5 06 v 05 4.5 2.3 3.7 5.5 1.7 15.0 10.6 13.5 07 v 06 2.6 -3.0 3.6 0.7 1.8 15.0 11.1 31.4 08 v 07 -3.7 -11.6 -7.9 -1.3 -8.4 15.0 1.8 23.3 09 v 08 -12.6 -24.7 -21.2 -9.0 -13.7 5.0 -6.3 14.1 10 v 09 2.7 -9.2 1.1 7.5 -2.1 5.0 3.8 14.2 11 v 10 2.3 -8.3 -0.9 4.1 2.4 3.0 5.1 13.1 12 v 11 3.6 -7.6 -2.0 5.1 2.2 5.0 4.1 16.5 13 v 12 3.7 -7.6 -2.0 3.0 3.2 5.0 5.0 17.1 14 v 13 4.4 -7.6 -2.8 4.1 2.3 5.0 5.0 17.0 Year-on-year % change at constant prices 01 v 00 -8.3 -8.4 -12.3 -7.1 -11.6 - -4.3 6.6 02 v 01 0.1 -2.5 -4.4 2.1 1.6 - 0.8 9.0 03 v 02 -0.3 -0.3 1.7 -1.9 -1.0 7.6 0.8 5.3 04 v 03 3.3 2.2 2.1 4.6 1.3 9.1 1.4 10.2 05 v 04 -0.2 0.1 1.6 -3.3 -1.7 14.1 4.9 12.7 06 v 05 1.3 -0.8 0.6 2.3 -1.3 11.5 7.3 10.0 07 v 06 -0.3 -5.7 0.7 -2.1 -1.1 11.8 8.0 27.8 08 v 07 -7.2 -14.8 -11.2 -4.8 -11.7 10.8 -1.9 18.9 09 v 08 -12.3 -24.5 -21.0 -8.8 -13.4 5.3 -6.1 14.4 10 v 09 1.0 -10.7 -0.5 5.8 -3.7 3.3 2.1 12.4 11 v 10 -0.7 -11.0 -3.7 1.0 -0.6 0.0 2.0 9.8 12 v 11 2.3 -8.8 -3.2 3.8 0.9 3.8 2.9 15.0 13 v 12 2.7 -8.5 -2.9 2.1 2.1 4.1 4.0 16.0 14 v 13 3.2 -8.7 -3.9 2.9 1.1 3.8 3.8 15.6

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 200,000 Internet Newspapers 15.6% 19.6% 180,000 160,000 Outdoor 187,101 4.6% 140,000 185,623 182,396 180,131 177,742 174,556 171,455 Cinema 169,347 165,464

120,000 163,383 161,707 159,716 157,475 156,735

0.4% 154,061 Magazines 100,000 Radio 12.0% 80,000 10.8% 60,000 40,000 20,000 TV 0 37.0%

12 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WESTERN EUROPE

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 97,717 36,043 18,714 29,954 5,150 765 5,891 1,201 2001 92,777 33,600 18,061 28,313 4,866 802 6,018 1,115 2002 88,840 31,198 16,769 28,057 4,807 810 5,924 1,275 2003 89,561 30,652 16,298 28,521 5,064 811 6,069 2,145 2004 94,487 31,461 16,521 31,044 5,461 818 6,198 2,984 2005 99,482 31,917 16,744 32,116 5,883 818 6,649 5,355 2006 105,878 33,121 17,050 33,047 6,048 793 6,892 8,927 2007 110,522 33,337 16,932 33,955 6,224 784 7,127 12,163 2008 109,079 31,416 16,183 32,916 6,126 694 7,100 14,643 2009 97,125 26,668 13,023 29,396 5,585 661 6,210 15,581 2010 101,993 26,058 13,083 31,975 5,797 722 6,438 17,921 2011 103,744 25,431 12,915 32,254 5,917 744 6,538 19,944 2012 105,858 25,153 12,720 32,628 5,932 764 6,652 22,008 2013 108,993 25,082 12,676 33,470 6,031 803 6,750 24,181 2014 112,730 25,081 12,633 34,577 6,182 844 6,926 26,488 Year-on-year % change at current prices 01 v 00 -5.1 -6.8 -3.5 -5.5 -5.5 4.8 2.2 -7.1 02 v 01 -4.2 -7.1 -7.2 -0.9 -1.2 0.9 -1.6 14.3 03 v 02 0.8 -1.7 -2.8 1.7 5.4 0.2 2.4 68.2 04 v 03 5.5 2.6 1.4 8.8 7.8 0.8 2.1 39.1 05 v 04 5.3 1.4 1.4 3.5 7.7 0.0 7.3 79.4 06 v 05 6.4 3.8 1.8 2.9 2.8 -3.0 3.6 66.7 07 v 06 4.4 0.7 -0.7 2.7 2.9 -1.2 3.4 36.2 08 v 07 -1.3 -5.8 -4.4 -3.1 -1.6 -11.5 -0.4 20.4 09 v 08 -11.0 -15.1 -19.5 -10.7 -8.8 -4.7 -12.5 6.4 10 v 09 5.0 -2.3 0.5 8.8 3.8 9.2 3.7 15.0 11 v 10 1.7 -2.4 -1.3 0.9 2.1 3.1 1.6 11.3 12 v 11 2.0 -1.1 -1.5 1.2 0.3 2.7 1.7 10.3 13 v 12 3.0 -0.3 -0.4 2.6 1.7 5.0 1.5 9.9 14 v 13 3.4 0.0 -0.3 3.3 2.5 5.2 2.6 9.5 Year-on-year % change at constant prices 01 v 00 -7.2 -8.8 -5.5 -7.8 -7.8 3.2 0.1 -9.1 02 v 01 -5.9 -8.7 -8.8 -2.7 -3.2 -0.6 -3.3 12.2 03 v 02 -1.1 -3.5 -4.6 -0.5 3.2 -1.9 0.5 65.2 04 v 03 3.5 0.8 -0.5 6.5 5.6 -1.3 0.3 38.1 05 v 04 3.1 -0.6 -0.6 1.2 5.5 -2.1 5.0 75.4 06 v 05 4.1 1.4 -0.2 0.5 0.5 -5.2 1.4 62.6 07 v 06 1.8 -2.0 -3.1 0.3 0.5 -3.7 0.8 32.7 08 v 07 -4.5 -8.9 -7.4 -6.2 -4.8 -14.3 -3.6 16.5 09 v 08 -10.9 -15.0 -19.6 -10.7 -8.8 -4.3 -12.3 6.4 10 v 09 3.0 -4.0 -1.2 6.7 1.9 6.5 1.7 12.4 11 v 10 -1.0 -5.0 -3.7 -1.8 -0.6 0.1 -1.1 8.1 12 v 11 0.3 -2.8 -3.1 -0.5 -1.4 0.8 0.0 8.4 13 v 12 1.2 -2.0 -2.0 0.8 -0.1 3.2 -0.2 7.9 14 v 13 1.6 -1.8 -2.1 1.5 0.7 3.2 0.8 7.5

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million million at current prices 120,000 Internet 17.6% Newspapers 100,000 25.5%

Outdoor 112,730

80,000 110,522 109,079 108,993 105,878 105,858 99,482 103,744

6.3% 97,717 101,993 97,125 94,487 92,777 89,561 Cinema 60,000 88,840 0.7% 40,000 Radio 5.7% Magazines 12.8% 20,000

0 TV 31.4%

13 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 WESTERN EUROPE

Western European advertising expenditure fell shares will remain steady, with TV’s share expected by 11.0% in 2009 as economic turmoil ruled the to stay at around 30.9% and radio’s at about 5.6% day. Our figures indicate a return to growth of between 2010 and 2014. 5.0% across Western Europe as a whole in 2010. We are expecting growth to remain stable in the Internet advertising, meanwhile, which continues coming years, but we have downgraded our to devour market share previously taken by press previous forecasts as a result of current economic and the broadcast media, will account for around uncertainties. We are now estimating 1.7% growth 23.5% of total advertising expenditure in Western in 2011 (as opposed to +2.3% in our previous Europe by 2014, up from 17.6% in 2010. Nearly report). 2012, 2013 and 2014 are forecast to be up US$18 billion was spent on online advertising 2.0%, 3.0% and 3.4% respectively. in 2010, and we forecast this will increase to over US$26 billion by 2014. By the end of 2010, Overall, 2010 was very positive across all media, internet spend accounted for more than 17% of with the exception of print. Press owners in the ad market in Denmark, France, Germany, Europe have been struggling with a number of Netherlands, Norway, Sweden and the UK. Finland issues, including competition for ad investment and Spain’s names will be added to this 17%-plus posed by new media, and the fact that they mostly list by the end of 2012. By the end of 2014, over 30% operate in mature markets. We expect the share of of advertising investment is forecast to go to online expenditure going to press to decline from 38.4% in Sweden, Norway and the UK. in 2010 to 33.5% in 2014. The broadcast media’s

14 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CENTRAL & EASTERN EUROPE

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 9,830 1,722 1,674 4,979 473 40 926 15 2001 11,896 1,834 1,919 6,384 545 53 1,134 27 2002 13,997 1,904 2,207 7,632 729 59 1,426 40 2003 16,426 2,305 2,550 8,967 876 90 1,578 61 2004 19,638 2,836 3,057 10,566 1,147 112 1,791 130 2005 16,523 2,469 2,726 8,116 937 114 1,944 216 2006 19,906 2,786 3,111 9,859 1,161 149 2,465 375 2007 24,285 3,093 3,532 12,205 1,345 177 2,963 969 2008 26,584 3,160 3,981 13,513 1,450 198 3,023 1,258 2009 21,800 2,463 2,878 11,694 1,144 171 2,081 1,369 2010 23,373 2,580 2,676 12,693 1,161 210 2,267 1,786 2011 25,355 2,552 2,488 14,190 1,158 234 2,391 2,343 2012 27,387 2,566 2,490 15,323 1,187 256 2,642 2,923 2013 30,147 2,647 2,588 16,841 1,258 290 2,864 3,660 2014 33,340 2,741 2,672 18,640 1,331 329 3,085 4,541 Year-on-year % change at current prices 01 v 00 21.0 6.5 14.6 28.2 15.3 30.8 22.4 78.0 02 v 01 17.7 3.8 15.1 19.6 33.6 10.8 25.7 47.1 03 v 02 17.4 21.1 15.5 17.5 20.2 53.2 10.7 52.5 04 v 03 19.6 23.0 19.9 17.8 31.0 24.5 13.5 112.9 05 v 04 -15.9 -12.9 -10.8 -23.2 -18.3 2.5 8.6 66.8 06 v 05 20.5 12.8 14.1 21.5 23.8 29.9 26.8 73.4 07 v 06 22.0 11.0 13.5 23.8 15.9 19.2 20.2 158.4 08 v 07 9.5 2.2 12.7 10.7 7.8 11.9 2.0 29.8 09 v 08 -18.0 -22.1 -27.7 -13.5 -21.1 -13.9 -31.2 8.8 10 v 09 7.2 4.8 -7.0 8.5 1.6 23.1 9.0 30.4 11 v 10 8.5 -1.1 -7.0 11.8 -0.3 11.4 5.5 31.2 12 v 11 8.0 0.6 0.1 8.0 2.5 9.3 10.5 24.8 13 v 12 10.1 3.1 3.9 9.9 6.0 13.2 8.4 25.2 14 v 13 10.6 3.6 3.3 10.7 5.8 13.6 7.7 24.1 Year-on-year % change at constant prices 01 v 00 9.3 -6.3 7.0 16.4 1.7 2.1 12.7 72.6 02 v 01 12.9 -9.5 12.7 17.9 24.9 7.4 19.5 43.4 03 v 02 12.6 12.1 11.3 14.1 13.4 41.1 4.7 44.0 04 v 03 14.0 17.3 14.5 12.4 25.4 16.5 8.0 97.3 05 v 04 -18.3 -14.9 -13.7 -25.3 -20.3 4.8 2.7 59.2 06 v 05 14.4 6.7 9.3 15.2 18.8 24.0 19.1 63.9 07 v 06 15.9 5.4 8.6 17.5 9.6 12.6 13.3 152.5 08 v 07 0.5 -5.5 5.4 1.4 -2.0 1.8 -6.9 17.8 09 v 08 -21.9 -24.9 -30.7 -17.5 -25.0 -19.5 -35.5 2.6 10 v 09 2.8 0.3 -10.8 4.3 -2.5 16.6 3.9 24.5 11 v 10 3.0 -5.4 -11.2 6.2 -5.4 4.5 -0.8 23.5 12 v 11 3.4 -3.2 -3.2 3.5 -1.6 3.4 5.0 18.3 13 v 12 5.6 -0.3 0.5 5.6 2.0 7.3 3.3 18.8 14 v 13 6.1 0.1 -0.1 6.3 1.9 7.7 2.8 17.9

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million million at current prices 40,000

Internet Newspapers 35,000 11.0% Outdoor 7.6% 9.7% 30,000

Cinema Magazines 25,000 33,340 11.4%

0.9% 30,147 20,000 27,387

Radio 26,584 25,355

5.0% 24,285 15,000 23,373 21,800 19,906 10,000 19,638 16,523 16,426 13,997 5,000 11,896 7,033

TV 0 54.3%

15 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CENTRAL & EASTERN EUROPE

Regular readers should note that since the April faster, with a return to positive growth of 7.2% 2011 edition this section has included data for in 2010 and 8.5% increase expected in 2011, with Armenia, Azerbaijan, Kazakhstan and Uzbekistan, further substantial growth forecast for 2012, 2013 all of which previously appeared in the ‘Rest and 2014. of World’ summary. In addition, we are now providing estimated net expenditures for more Magazines was the only medium to see a decline countries, which will account for the discrepancy in investment last year, contracting by 7.0%. The with previous figures. remaining media put in a solid performance, with internet and cinema ad expenditure increasing Following several years of substantial growth, 30.4% and 23.1% respectively. With the exception advertising expenditure across Central and Eastern of print and radio, we expect further growth in Europe declined by 18.0% in 2009 as the global all media this year. Although the internet is still recession kicked in. a minor advertising medium – accounting for just 7.6% of total expenditure in 2010 – we expect Many countries in the region approached the IMF it to gain ground quickly at the expense of the for financial assistance as they struggled to cope struggling traditional media. In 2012 alone, we are with the effects of the downturn, and the scale of expecting internet spend to surpass that of outdoor, these economic crises go some way to explaining magazines and newspapers, and more than double why the CEE ad market saw greater budget cuts that of radio – becoming the second-largest medium than the Western European ad market in 2009. in terms of expenditure. We predict that its share of However, we estimate that CEE has recovered the ad market will increase to 13.6% by 2014.

16 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ASIA PACIFIC

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 82,877 26,628 6,889 35,670 4,237 135 8,387 930 2001 83,043 26,334 6,883 35,850 4,308 136 8,425 1,108 2002 83,128 25,605 6,888 36,568 4,316 143 8,165 1,443 2003 87,556 26,895 7,117 38,386 4,491 167 8,380 2,119 2004 93,806 27,743 7,137 41,296 4,793 215 9,342 3,279 2005 98,506 27,420 8,355 40,882 4,532 237 10,867 6,212 2006 103,877 28,097 8,383 42,246 4,854 281 11,553 8,463 2007 109,809 28,931 8,347 43,173 5,004 390 12,604 11,360 2008 110,741 28,039 7,825 43,788 5,081 405 11,920 13,682 2009 104,724 25,706 6,156 42,126 4,829 409 10,877 14,621 2010 114,832 26,700 6,036 46,796 5,014 460 12,076 17,750 2011 121,058 26,903 5,845 49,282 5,164 501 12,845 20,517 2012 129,769 27,481 5,899 52,495 5,337 534 13,703 24,319 2013 139,302 28,003 5,909 55,841 5,576 569 14,471 28,934 2014 150,791 28,822 5,954 59,940 5,813 605 15,261 34,394 Year-on-year % change at current prices 01 v 00 0.2 -1.1 -0.1 0.5 1.7 0.5 0.5 19.2 02 v 01 0.1 -2.8 0.1 2.0 0.2 5.6 -3.1 30.2 03 v 02 5.3 5.0 3.3 5.0 4.0 16.5 2.6 46.9 04 v 03 7.1 3.2 0.3 7.6 6.7 28.7 11.5 54.7 05 v 04 5.0 -1.2 17.1 -1.0 -5.5 10.4 16.3 89.4 06 v 05 5.5 2.5 0.3 3.3 7.1 18.5 6.3 36.2 07 v 06 5.7 3.0 -0.4 2.2 3.1 38.7 9.1 34.2 08 v 07 0.8 -3.1 -6.2 1.4 1.5 3.9 -5.4 20.4 09 v 08 -5.4 -8.3 -21.3 -3.8 -5.0 0.8 -8.7 6.9 10 v 09 9.7 3.9 -2.0 11.1 3.8 12.5 11.0 21.4 11 v 10 5.4 0.8 -3.2 5.3 3.0 8.9 6.4 15.6 12 v 11 7.2 2.1 0.9 6.5 3.4 6.6 6.7 18.5 13 v 12 7.3 1.9 0.2 6.4 4.5 6.6 5.6 19.0 14 v 13 8.2 2.9 0.8 7.3 4.3 6.4 5.5 18.9 Year-on-year % change at constant prices 01 v 00 0.9 -1.2 2.9 1.3 2.2 -3.2 2.0 19.0 02 v 01 -0.1 -2.8 -0.9 2.1 -0.3 4.6 -4.0 31.2 03 v 02 5.4 5.0 3.3 5.0 3.7 14.0 3.5 46.6 04 v 03 5.9 1.5 -0.7 6.7 5.3 27.6 11.1 52.8 05 v 04 3.2 -2.4 15.4 -2.7 -8.2 6.8 14.8 86.2 06 v 05 4.2 1.0 -0.7 2.1 5.6 15.0 5.4 35.8 07 v 06 4.1 1.2 -1.3 0.6 1.6 36.0 7.8 33.1 08 v 07 -2.5 -6.5 -8.5 -1.9 -2.1 -1.6 -8.4 17.1 09 v 08 -5.5 -9.0 -21.3 -3.8 -5.2 -1.2 -8.3 7.4 10 v 09 7.6 1.0 -3.0 9.0 1.7 7.9 9.5 20.2 11 v 10 2.3 -3.0 -5.2 2.3 -0.3 3.8 3.6 12.9 12 v 11 4.7 -1.0 -0.8 4.1 0.7 2.1 4.9 16.3 13 v 12 4.8 -1.1 -1.8 3.8 1.7 2.4 3.6 16.3 14 v 13 5.6 -0.1 -1.2 4.7 1.6 2.8 3.3 15.9

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million million at current prices Internet 160,000 15.5% Newspapers 140,000 23.3% 140,000

Outdoor 120,000 150,791 10.5% 150,791 139,302 100,000 139,302 129,769 Cinema Magazines 129,769 121,058 0.4% 5.3% 80,000 121,058

80,000 110,741 114,832 109,809 110,741 114,832 109,809 103,877 104,724 103,877 98,506 Radio 104,724 98,506

60,000 93,806 4.4% 60,000 93,806 87,556 87,556 83,128 83,043 83,128 83,043 82,877 82,877 40,000

TV 20,000 40.8% 0

17 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ASIA PACIFIC

Ad expenditure grew by as much as 9.7% in 2010. Traditional media owners in the Asia Pacific region, Only magazines saw a decline in spend last year, as elsewhere, are having to fight hard to stem the by about 2.0%, while all other media registered loss of revenue to the strengthening army of new growth. The best performing media in 2010 were media providers. In 2000, newspapers attracted online and cinema, with increases of 21.4% and 32.1% of total advertising expenditure; this figure 12.5% respectively. Back in 2008, internet overtook was down to 23.3% in 2010, and by 2014 we expect outdoor to become the third-largest ad medium in it will fall to just 19.1%. Magazines’ share fell from the region and we expect it to overtake newspapers 8.3% to 5.3% over the same period, and is expected by the end of 2013. By 2014, we think internet will to fall to 3.9% by the end of our forecast period. TV account for 22.8% of all advertising expenditure. and radio have not been as badly affected, and we expect them to do better; by 2014, they should still have around 43.6% of the market overall.

18 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LATIN AMERICA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 12,779 2,901 1,088 7,117 1,101 31 539 3 2001 12,674 2,760 1,048 7,275 1,045 37 507 2 2002 12,862 2,737 930 7,600 1,034 35 521 5 2003 14,115 2,848 1,057 8,522 942 33 605 108 2004 16,316 3,184 1,162 9,989 1,094 71 672 144 2005 18,085 3,506 1,356 11,003 1,212 92 741 175 2006 20,020 3,806 1,497 12,278 1,295 106 784 254 2007 22,326 4,293 1,676 13,626 1,420 117 819 376 2008 25,049 4,716 1,873 15,252 1,551 148 961 548 2009 25,518 4,440 1,733 15,835 1,586 155 1,056 713 2010 29,610 4,752 1,946 18,807 1,795 172 1,208 930 2011 31,390 5,004 2,039 19,925 1,835 183 1,310 1,095 2012 33,318 5,271 2,126 21,151 1,923 191 1,399 1,256 2013 35,943 5,661 2,209 22,869 2,015 210 1,518 1,461 2014 38,989 6,218 2,333 24,740 2,124 232 1,673 1,670 Year-on-year % change at current prices 01 v 00 -0.8 -4.9 -3.7 2.2 -5.2 20.3 -5.8 -30.0 02 v 01 1.5 -0.8 -11.3 4.5 -1.0 -5.0 2.7 154.1 03 v 02 9.7 4.0 13.7 12.1 -8.9 -5.9 16.1 1,916.9 04 v 03 15.6 11.8 10.0 17.2 16.1 116.4 11.0 33.4 05 v 04 10.8 10.1 16.8 10.1 10.8 29.1 10.3 21.6 06 v 05 10.7 8.6 10.3 11.6 6.9 15.6 5.8 45.5 07 v 06 11.5 12.8 12.0 11.0 9.6 9.9 4.5 48.1 08 v 07 12.2 9.9 11.8 11.9 9.3 26.6 17.3 45.8 09 v 08 1.9 -5.9 -7.5 3.8 2.2 5.3 9.9 30.0 10 v 09 16.0 7.0 12.3 18.8 13.2 10.5 14.4 30.5 11 v 10 6.0 5.3 4.8 5.9 2.2 6.5 8.4 17.7 12 v 11 6.1 5.3 4.2 6.2 4.8 4.6 6.9 14.7 13 v 12 7.9 7.4 3.9 8.1 4.8 9.8 8.5 16.3 14 v 13 8.5 9.8 5.6 8.2 5.4 10.4 10.2 14.3 Year-on-year % change at constant prices 01 v 00 -6.8 -9.5 -9.5 -5.1 -8.6 9.8 -9.6 15.4 02 v 01 -5.6 -9.0 -18.8 -2.1 -9.9 -12.6 -5.1 433.3 03 v 02 -1.7 -6.0 2.1 1.0 -16.0 -28.7 2.7 105.4 04 v 03 8.2 6.9 4.2 8.4 12.4 75.3 6.9 25.3 05 v 04 0.4 -2.4 7.7 -0.1 2.5 13.1 2.9 28.9 06 v 05 6.5 4.8 5.9 7.9 1.7 7.1 0.6 95.2 07 v 06 6.9 9.8 8.6 6.4 6.2 -0.3 -0.2 38.7 08 v 07 3.2 1.3 5.5 2.8 4.8 11.9 8.4 43.6 09 v 08 -2.7 -10.6 -11.7 0.3 -3.2 -9.2 3.2 38.4 10 v 09 9.1 0.8 6.6 12.0 7.8 -2.9 5.7 30.0 11 v 10 -0.9 -2.0 -1.1 -0.5 -3.1 -6.2 -0.2 13.0 12 v 11 0.4 -1.0 -0.7 0.7 0.4 -7.3 -0.1 17.8 13 v 12 2.3 1.3 -0.7 2.9 -0.5 -2.9 2.3 24.3 14 v 13 3.0 3.3 0.9 3.0 1.2 -1.0 3.8 14.0

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million million at current prices Outdoor 4.1% Internet 45,000 3.1% Cinema Newspapers 40,000 0.6% 16.0% Radio 35,000 6.1% Magazines 30,000 38,989 6.6% 25,000 35,943 33,318 31,390

20,000 29,610 25,518 15,000 25,049 22,326

10,000 20,020 18,085 16,316 7,033 5,000 14,115 12,862 TV 12,674 63.5% 0

19 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LATIN AMERICA

Advertising expenditure in the Latin American TV remains strong in Latin America, accounting region grew 15.5% in 2010, to around US$31.2 for around 63.5% of total adspend in 2010. The billion. We have detailed advertising expenditure internet is growing in importance, but it has a long figures for Argentina, Brazil, Chile, Colombia, way to catch up. In 2014, internet’s market share is Costa Rica, Ecuador, Mexico, Panama, Peru, Puerto forecast to be just 4.3%, whilst TV and newspapers Rico, Uruguay and Venezuela, so our breakdown will account for 63.5% and 15.9% respectively. The of Latin American adspend by medium takes only small proportion of Latin American advertising these major markets into account. These major expenditure channelled into online ads can be Latin markets grew by a little more – 16.0% – to largely attributed to the relatively low level of just under US$30 billion in 2010. Brazil and Mexico regional internet penetration. The medium reaches are the largest Latin markets by some distance, around 40.7% of South Americans and 27.4% of respectively accounting for 49.7% and 18.8% of Central Americans, compared with 78.3% of North adspend in the region last year. Americans and 67.3% of the European Union’s population.

20 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MIDDLE EAST & NORTH AFRICA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,715 717 198 742 3 0 55 0 2001 2,221 861 283 997 2 0 77 0 2002 2,679 1,137 206 1,214 3 0 119 0 2003 3,328 1,362 254 1,551 3 9 150 0 2004 4,266 1,753 303 2,034 6 9 161 0 2005 2,703 1,211 222 1,075 13 13 169 0 2006 3,431 1,432 253 1,378 81 16 270 0 2007 4,415 1,752 325 1,901 81 15 332 8 2008 5,700 2,322 382 2,436 122 24 400 14 2009 4,589 1,699 243 2,189 182 25 229 23 2010 4,945 1,759 218 2,422 213 22 238 72 2011 4,177 1,412 168 2,076 182 24 210 105 2012 4,242 1,381 153 2,157 186 23 198 143 2013 4,344 1,376 149 2,235 191 23 198 172 2014 4,344 1,376 149 2,235 191 23 198 172 Year-on-year % change at current prices 01 v 00 29.4 20.2 42.6 34.3 - - 40.6 - 02 v 01 20.6 32.0 -27.3 21.8 - - 53.3 - 03 v 02 24.2 19.8 23.4 27.7 - - 26.8 - 04 v 03 28.2 28.8 19.6 31.1 107.7 -3.3 7.0 - 05 v 04 -36.6 -30.9 -26.9 -47.2 129.3 46.7 5.1 - 06 v 05 26.9 18.2 14.2 28.2 521.6 29.8 59.4 - 07 v 06 28.7 22.3 28.4 37.9 0.1 -7.7 23.3 - 08 v 07 29.1 32.5 17.4 28.2 50.3 55.6 20.5 70.7 09 v 08 -19.5 -26.8 -36.4 -10.1 48.5 3.5 -42.8 65.0 10 v 09 7.7 3.5 -10.1 10.6 17.4 -8.4 3.8 220.1 11 v 10 -15.5 -19.7 -23.1 -14.3 -14.8 8.8 -11.9 45.7 12 v 11 1.5 -2.2 -9.2 3.9 2.7 -5.1 -5.6 35.8 13 v 12 2.4 -0.4 -2.1 3.6 2.7 -2.4 -0.2 20.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 25.9 16.9 38.7 30.6 -24.4 - 36.7 - 02 v 01 18.7 29.9 -28.4 19.9 40.9 - 50.9 - 03 v 02 21.6 17.2 20.7 25.0 -23.2 - 24.0 - 04 v 03 24.8 25.4 16.5 27.7 102.3 -5.8 4.2 - 05 v 04 -38.7 -33.2 -29.3 -48.9 121.8 41.9 1.6 - 06 v 05 23.0 14.6 10.7 24.3 502.5 25.8 54.5 - 07 v 06 25.0 18.9 24.7 34.0 -2.7 -10.3 19.8 - 08 v 07 24.4 27.6 13.1 23.5 44.8 49.9 16.0 64.4 09 v 08 -19.2 -26.6 -36.2 -9.9 48.9 3.9 -42.6 65.5 10 v 09 6.0 1.9 -11.6 8.8 15.5 -9.9 2.1 214.9 11 v 10 -18.0 -22.1 -25.4 -16.8 -17.3 5.6 -14.4 41.5 12 v 11 0.3 -3.4 -10.2 2.7 1.4 -6.3 -6.7 34.2 13 v 12 1.5 -1.2 -3.0 2.7 1.8 -3.3 -1.1 18.9 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Outdoor 6,000 4.8% Internet Cinema 1.5% Radio 0.5% 5,000 4.3% 5,700

Newspapers 4,000 4,945

29.7% 4,589 4,415 4,344 4,344 4,266 4,242 3,000 4,177 3,431 3,328 2,000 2,703 2,679

TV 1,000 1,514

49.0% Magazines 1,715 4.4% 0

21 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 REST OF THE WORLD

Advertising expenditure (US$ million) 2010

REST OF THE WORLD Bangladesh 358 Bolivia 120 Botswana 20 Cambodia 103 Cyprus 689 Dominican Republic 390 El Salvador 179 Guatemala 378 Honduras 229 Iceland 334 Israel 1,087 Jamaica 97 Jordan 224 Kenya 212 Laos 17 Luxembourg 236 Malawi 58 Malta 93 Morocco 610 Mozambique 9 Myanmar 31 Nigeria 148 Paraguay 103 South Africa 5,956 Sri Lanka 191 Surinam 56 Tanzania 77 Trinidad & Tobago 84 Tunisia 77 Uganda 41 Yemen 22 Zambia 48 Zimbabwe 87

TOTAL 12,368

Source: Agency estimates, or as given in country entries

22 COUNTRY ENTRIES ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ARGENTINA

Advertising expenditure in local currency at current prices (Peso million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,965 894 332 1,223 232 55 229 0 2001 2,568 809 271 1,051 226 44 167 0 2002 1,773 704 89 743 78 30 116 13 2003 2,331 900 128 1,038 83 37 128 17 2004 2,927 1,108 182 1,289 93 43 188 24 2005 3,690 1,282 238 1,744 105 57 232 32 2006 4,747 1,628 251 2,237 126 66 348 91 2007 5,624 1,769 307 2,650 152 76 539 131 2008 6,749 2,072 378 3,179 169 88 661 202 2009 8,031 2,377 458 3,783 201 104 803 305 2010 8,673 2,480 503 4,085 217 104 868 416 2011 9,567 2,726 527 4,570 226 107 953 458 2012 10,716 3,112 574 5,121 243 115 1,029 522 2013 13,336 4,046 660 6,401 267 127 1,235 600 2014 16,625 5,259 759 8,002 294 139 1,482 690 Year-on-year % change at current prices 01 v 00 -13.4 -9.5 -18.4 -14.1 -2.6 -20.0 -27.1 - 02 v 01 -31.0 -13.0 -67.2 -29.3 -65.5 -31.8 -30.5 - 03 v 02 31.5 27.8 43.8 39.7 6.4 23.3 10.3 30.8 04 v 03 25.6 23.1 42.2 24.2 12.0 16.2 46.9 41.2 05 v 04 26.1 15.7 30.8 35.3 12.9 32.6 23.4 33.3 06 v 05 28.6 27.0 5.5 28.3 20.0 15.8 50.0 184.4 07 v 06 18.5 8.7 22.3 18.5 20.6 15.2 54.9 44.0 08 v 07 20.0 17.1 23.1 20.0 11.2 15.8 22.6 54.2 09 v 08 19.0 14.7 21.2 19.0 18.9 18.2 21.5 51.0 10 v 09 8.0 4.3 9.8 8.0 8.0 0.0 8.1 36.4 11 v 10 10.3 9.9 4.8 11.9 4.1 2.9 9.8 10.1 12 v 11 12.0 14.2 8.9 12.1 7.5 7.5 8.0 14.0 13 v 12 24.4 30.0 15.0 25.0 10.0 10.0 20.0 15.0 14 v 13 24.7 30.0 15.0 25.0 10.0 10.0 20.0 15.0 Year-on-year % change at constant prices 01 v 00 -12.4 -8.5 -17.5 -13.1 -1.5 -19.1 -26.3 - 02 v 01 -45.2 -30.9 -73.9 -43.9 -72.6 -45.9 -44.8 - 03 v 02 15.9 12.7 26.7 23.1 -6.2 8.7 -2.8 15.2 04 v 03 20.3 17.9 36.2 19.0 7.3 11.3 40.7 35.2 05 v 04 15.0 5.5 19.3 23.4 3.0 20.9 12.6 21.6 06 v 05 16.0 14.5 -4.9 15.6 8.2 4.4 35.2 156.3 07 v 06 8.9 -0.1 12.4 8.9 10.9 5.8 42.3 32.3 08 v 07 10.5 7.9 13.4 10.5 2.4 6.6 12.9 42.0 09 v 08 12.0 8.0 14.0 12.0 11.9 11.2 14.3 42.1 10 v 09 -2.5 -5.8 -0.9 -2.5 -2.5 -9.7 -2.4 23.1 11 v 10 -1.1 -1.4 -6.0 0.3 -6.6 -7.7 -1.5 -1.3 12 v 11 0.2 2.1 -2.6 0.2 -3.8 -3.9 -3.4 1.9 13 v 12 12.1 17.1 3.6 12.6 -0.9 -0.9 8.1 3.6 14 v 13 12.3 17.1 3.6 12.6 -0.9 -0.9 8.1 3.6 Advertising expenditure in US$ million at current prices. All years based on US$1 = Peso 3.896 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 761 229 85 314 60 14 59 0 2001 659 208 70 270 58 11 43 0 2002 455 181 23 191 20 8 30 3 2003 598 231 33 266 21 9 33 4 2004 751 284 47 331 24 11 48 6 2005 947 329 61 448 27 15 60 8 2006 1,218 418 64 574 32 17 89 23 2007 1,443 454 79 680 39 20 138 34 2008 1,732 532 97 816 43 23 170 52 2009 2,061 610 118 971 52 27 206 78 2010 2,226 637 129 1,048 56 27 223 107 2011 2,455 700 135 1,173 58 27 245 118 2012 2,750 799 147 1,314 62 30 264 134 2013 3,423 1,038 169 1,643 69 32 317 154 2014 4,267 1,350 195 2,054 75 36 380 177 Advertising expenditure in local currency at current prices (Peso million) Newspapers Television Total National Regional Total Free Pay 2003 900 778 122 1,038 915 123 2004 1,108 957 151 1,289 1,138 151 2005 1,282 1,103 179 1,744 1,483 261 2006 1,628 1,403 225 2,237 1,866 371 2007 1,769 1,521 248 2,650 2,252 398 2008 2,072 1,781 291 3,179 2,639 540 2009 2,377 2,020 357 3,783 3,102 681 2010 2,480 2,108 372 4,085 3,309 776 2011 2,726 2,317 409 4,570 3,715 855 2012 3,112 2,595 517 5,121 4,163 958 2013 4,046 3,374 672 6,401 5,204 1,198 2014 5,259 4,386 874 8,002 6,505 1,497

24 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ARGENTINA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 18,000 Outdoor 4.8% 10.0% 16,000 Newspapers Cinema 28.6% 1.2% 14,000 Radio 16,625 2.5% 12,000

10,000 13,336

Magazines 8,000 10,716

5.8% 9,567

6,000 8,673 8,031

TV 4,000 6,749 47.1% 1,773 5,624

2,000 4,747 1,543 2,568 2,965 0 1,543 1,773

Advertising Data: 2000-2010 Argentine Advertising Agencies Association, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) After discounts 3) Includes agency commission at 15% until 2001; excludes agency commission from 2002 onwards 4) 2000-2002 radio, magazines and outdoor are Buenos Aires only; 2003 radio and outdoor are Buenos Aires only 5) Outdoor monitoring expanded in 2007 to include new types of ‘spectacular’ display 6) Excludes classified 7) Internet includes display and search

Over the past few years, the government has growth for 2012, 2013 and 2014 respectively. introduced credit subsidies and a tax moratorium to encourage consumption. According to the IMF Internet consumption is growing rapidly across the the economy grew by 9.2% in 2010, and growth is entire country, and is attracting ad market share expected to reach 8.0% in 2011. from traditional media. In 2010, internet adspend grew by 36.4% overall accounting for 4.8% of total The ad market is holding up well. Adspend is set to spend. TV, which is the country’s biggest medium, rise by about 10% in 2011 with no medium posting is expected to register the largest increase in a decline, and we forecast 12%, 24% and 25% expenditure in 2011 at around 11.9%.

25 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ARMENIA

Advertising expenditure in local currency at current prices (US$ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2005 16.4 0.04 0.03 12.7 2.5 0.02 1.1 0.006 2006 30.7 0.09 0.07 23.0 4.6 0.02 2.9 0.007 2007 40.0 0.29 0.27 29.0 6.8 0.02 3.6 0.008 2008 52.3 0.49 0.48 38.0 8.9 0.02 4.4 0.009 2009 69.3 0.50 0.50 54.0 9.0 0.02 5.2 0.120 2010 86.4 0.55 0.60 69.0 10.5 0.05 5.5 0.200 2011 91.2 0.60 0.65 72.0 11.2 0.60 5.8 0.360 2012 99.9 0.65 0.70 79.0 12.3 0.70 6.1 0.450 2013 109.9 0.72 0.77 86.9 13.5 0.77 6.7 0.495 2014 121.1 0.79 0.85 95.6 14.9 0.92 7.4 0.644 Year-on-year % change at current prices 06 v 05 87.1 136.1 180.0 81.1 84.0 0.0 159.6 - 07 v 06 30.3 241.2 285.7 26.1 47.8 20.0 24.1 14.3 08 v 07 30.8 67.2 75.9 31.0 30.9 11.1 22.2 6.3 09 v 08 32.6 3.1 5.3 42.1 1.1 15.0 18.2 1,311.8 10 v 09 24.6 10.0 20.0 27.8 16.7 117.4 5.8 66.7 11 v 10 5.6 9.1 8.3 4.3 6.7 1,100.0 5.5 80.0 12 v 11 9.6 9.1 8.3 9.7 9.8 16.7 5.5 25.0 13 v 12 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 14 v 13 10.2 10.0 10.0 10.0 10.0 20.0 10.0 30.0 Year-on-year % change at constant prices 06 v 05 81.3 128.8 171.4 75.5 78.3 -3.1 151.6 13.1 07 v 06 26.7 231.5 274.8 22.5 43.7 16.6 20.6 11.1 08 v 07 26.0 61.1 69.5 26.2 26.1 7.0 17.7 2.3 09 v 08 33.0 3.4 5.6 42.5 1.4 15.3 18.5 1,316.0 10 v 09 22.6 8.2 18.1 25.7 14.8 113.9 4.1 64.0 11 v 10 2.5 5.9 5.2 1.3 3.6 1,065.0 2.4 74.8 12 v 11 8.3 7.8 7.0 8.4 8.5 15.3 4.2 23.5 13 v 12 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 14 v 13 8.9 8.8 8.8 8.8 8.8 18.7 8.8 28.6

26 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ARMENIA

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 140 Internet Outdoor 0.23% Magazines 6.4% 0.7% 120 Cinema 0.06% Newspapers 0.6% 100 Radio 121.1

12.2% 109.9

80 99.9 91.2

60 86.4 69.3 40 52.3 20 40.0

TV 30.7 79.9% 0 16.4

Advertising Data: 2005-2010 Armenia Media Group Monitoring & Research Center, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Excludes production costs 3) Excludes agency commission 4) Excludes classified 5) Includes display/classified/search in the internet figures

The Armenian economy is returning to growth a controversial broadcasting tender process slowly but surely; GDP contracted by 14.2% in completed in December 2010. These included 2009, but rose by 2.1% in 2010. It is expected to ALM, TV5, Hayreniq, Ararat and Shoghakat. continue this growth by 4.6% at the end of 2011. Nevertheless, as most budgets are distributed However, ad spending in the construction and in favour of TV, the large share TV enjoys is not retail sectors was particularly hard-hit by the recent expected to fall anytime soon. economic difficulties. Outdoor and radio are the only other substantial Television overwhelmingly dominates the ad media, with 6% and 12% shares respectively; market, with an 80% share in 2010. There are cinema and internet are growing quickly, but more than 40 private TV stations, operating along with press, they still account for just 2% of alongside two public networks; the main Russian expenditure. Social networking tools and ads are TV channels are also widely available. There gaining in popularity, and the PPC ad sales market were, however, some channel closures following is developing.

27 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AUSTRALIA

Advertising expenditure in local currency at current prices (A$ million) Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 8,053 3,359 836 2,746 684 69 276 83 2001 7,483 3,131 771 2,490 695 64 271 61 2002 7,682 3,045 789 2,659 702 58 261 167 2003 8,395 3,314 822 2,924 737 66 297 236 2004 9,397 3,605 895 3,266 842 74 327 388 2005 10,099 3,790 978 3,376 898 84 354 620 2006 10,527 3,723 994 3,420 925 86 379 1,001 2007 11,720 4,076 1,034 3,750 984 93 436 1,346 2008 12,130 4,117 1,032 3,729 992 96 454 1,710 2009 11,108 3,471 857 3,484 936 89 400 1,871 2010 12,261 3,665 871 3,889 1,001 93 477 2,265 2011 12,446 3,482 818 3,904 1,021 94 496 2,630 2012 12,680 3,308 800 3,912 1,021 95 516 3,027 2013 13,385 3,275 818 4,029 1,062 99 542 3,559 2014 14,211 3,242 836 4,150 1,105 104 569 4,204 Year-on-year % change at current prices 01 v 00 -7.1 -6.8 -7.8 -9.3 1.6 -7.2 -1.8 -26.5 02 v 01 2.7 -2.7 2.3 6.8 1.1 -9.5 -3.7 173.8 03 v 02 9.3 8.8 4.2 9.9 4.9 13.6 13.6 41.3 04 v 03 11.9 8.8 8.9 11.7 14.2 12.7 10.3 64.4 05 v 04 7.5 5.1 9.3 3.4 6.6 12.7 8.1 59.8 06 v 05 4.2 -1.8 1.6 1.3 3.0 2.3 7.1 61.5 07 v 06 11.3 9.5 4.0 9.7 6.4 8.8 15.3 34.5 08 v 07 3.5 1.0 -0.2 -0.6 0.7 3.7 4.0 27.1 09 v 08 -8.4 -15.7 -17.0 -6.6 -5.6 -8.0 -11.9 9.4 10 v 09 10.4 5.6 1.7 11.6 7.0 4.4 19.3 21.0 11 v 10 1.5 -5.0 -6.0 0.4 2.0 1.0 4.0 16.2 12 v 11 1.9 -5.0 -2.2 0.2 0.0 2.0 4.0 15.1 13 v 12 5.6 -1.0 2.2 3.0 4.0 4.0 5.0 17.6 14 v 13 6.2 -1.0 2.2 3.0 4.0 5.0 5.0 18.1 Year-on-year % change at constant prices 01 v 00 -11.0 -10.7 -11.6 -13.1 -2.6 -11.1 -5.9 -29.6 02 v 01 -0.3 -5.5 -0.6 3.7 -1.8 -12.1 -6.5 165.9 03 v 02 6.3 5.9 1.3 7.0 2.1 10.5 10.6 37.5 04 v 03 9.3 6.2 6.4 9.1 11.5 10.0 7.7 60.6 05 v 04 4.7 2.4 6.5 0.7 3.9 9.8 5.4 55.7 06 v 05 0.7 -5.1 -1.8 -2.2 -0.5 -1.2 3.4 55.9 07 v 06 8.8 7.0 1.6 7.2 4.0 6.3 12.6 31.4 08 v 07 -0.8 -3.2 -4.3 -4.7 -3.5 -0.6 -0.4 21.8 09 v 08 -10.1 -17.2 -18.5 -8.2 -7.3 -9.7 -13.5 7.5 10 v 09 7.3 2.7 -1.2 8.5 4.0 1.5 16.0 17.7 11 v 10 -1.9 -8.2 -9.2 -3.0 -1.4 -2.4 0.5 12.2 12 v 11 -1.4 -8.0 -5.4 -3.0 -3.2 -1.3 0.7 11.4 13 v 12 2.0 -4.3 -1.2 -0.5 0.5 0.5 1.4 13.6 14 v 13 3.1 -3.9 -0.8 0.0 1.0 1.9 1.9 14.7 Advertising expenditure in US$ million at current prices. All years based on US$1= A$ 1.09 Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 7,387 3,081 767 2,519 627 63 253 76 2001 6,864 2,872 707 2,284 637 59 249 56 2002 7,046 2,793 723 2,439 644 53 239 153 2003 7,700 3,040 754 2,682 676 60 272 216 2004 8,619 3,307 821 2,995 772 68 300 356 2005 9,263 3,476 897 3,097 823 77 325 569 2006 9,656 3,415 912 3,137 848 78 347 918 2007 10,750 3,739 948 3,440 903 85 400 1,235 2008 11,127 3,776 947 3,420 910 88 416 1,569 2009 10,189 3,184 786 3,196 859 81 367 1,716 2010 11,246 3,362 799 3,567 918 85 438 2,077 2011 11,417 3,194 751 3,581 937 86 455 2,413 2012 11,631 3,034 734 3,588 937 88 474 2,776 2013 12,278 3,004 750 3,696 974 91 497 3,265 2014 13,035 2,974 767 3,807 1,013 96 522 3,856 Advertising expenditure in local currency at current prices (A$ million) Newspapers Magazines Television Internet Total National Regional Total Business Consumer Total Free Pay Total Display Classified Search 2004 3,605 2,175 1,430 - - - 3,266 3,142 123 - - - - 2005 3,790 2,326 1,464 978 251 727 3,376 3,216 160 620 194 206 220 2006 3,723 2,245 1,478 994 245 749 3,420 3,207 212 1,001 303 299 399 2007 4,076 2,342 1,734 1,034 253 780 3,750 3,475 276 1,346 367 357 622 2008 4,117 2,312 1,805 1,032 244 788 3,729 3,412 317 1,710 465 439 807 2009 3,471 1,911 1,561 857 211 646 3,484 3,152 333 1,871 498 429 944 2010 3,665 2,069 1,596 871 217 653 3,889 3,509 380 2,265 605 531 1,128 2011 3,482 1,966 1,517 818 211 608 3,904 3,509 395 2,630 666 611 1,354 2012 3,308 1,867 1,441 800 211 589 3,912 3,509 403 3,027 726 690 1,611 2013 3,275 1,849 1,426 818 211 607 4,029 3,614 415 3,559 791 787 1,982 2014 3,242 1,830 1,412 836 211 625 4,150 3,723 428 4,204 862 905 2,437

28 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AUSTRALIA

Share of adspend by medium (%) 2010 million Total advertising expenditure in local currency at current prices 16,000 Internet 18.5% 14,000

Outdoor/ Newspapers 12,000 Transport 29.9% 3.9% 14,211 10,000 13,385 12,680 12,446 12,261

Cinema 12,130 8,000 11,720

0.8% 11,108 10,527 10,099 Radio 6,000 9,397 8,395

8.2% 8,053 7,682 Magazines 4,000 7,483 7.1% 2,000 TV 31.7% 0

Advertising Data: 2000-2009 Commercial Economic Advisory Service of Australia, except television 2001-2004 KPMG and online 2002-2006 ABVS, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Includes classified advertising 3) Excludes production costs 4) After discounts 5) Internet includes general (display, national), classified, search and directories

Due to a number of factors both global and advertising sector in Australia, accounting for local, the forecast for 2011 and beyond has been circa 20% of all adspend, this has had a significant downgraded, although the economy is still bearing on the overall state of the ad market. There expected to show growth of +1.8% in 2011. was an expected spike in the October to December period cycling against 2010, however this may be While the mining industry continues to perform negated should retail perform poorly in the lead-in well, trade-exposed sectors outside of mining and to Christmas. Visibility on forward ad revenue is industries reliant on consumer demand continue to short and therefore outlook is variable. struggle. The consumer confidence index has fallen below 100 for the first time since 2009. The outlook for 2012 growth has been moderated to 1.9%. This will be dependent on retail performance Retail trade data demonstrates that retailing is one over Christmas. The Olympics and the return of of the softest parts of the economy as consumers a normalised auto category will have a positive choose to save. With retail being the number one influence on investment.

29 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AUSTRIA

Advertising Expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,894 721 414 479 158 11 112 - 2001 1,912 712 438 464 162 10 125 - 2002 1,862 683 431 456 147 9 136 - 2003 1,915 713 426 463 154 11 138 10 2004 2,025 756 430 497 171 10 139 22 2005 2,134 833 422 508 172 14 157 28 2006 2,257 882 438 545 170 15 170 37 2007 2,477 975 469 596 170 15 171 81 2008 2,628 1,019 506 623 178 14 180 108 2009 2,624 1,022 446 628 172 12 201 143 2010 3,092 1,207 457 675 181 14 196 362 2011 3,272 1,267 476 710 183 13 201 423 2012 3,445 1,316 490 738 184 13 203 500 2013 3,608 1,361 498 767 185 14 208 576 2014 3,807 1,412 510 799 187 14 212 674 Year-on-year % change at current prices 01 v 00 0.9 -1.2 5.8 -3.0 2.7 -10.6 11.8 - 02 v 01 -2.6 -4.1 -1.6 -1.8 -9.4 -10.0 8.9 - 03 v 02 2.9 4.4 -1.2 1.6 4.8 25.2 1.2 - 04 v 03 5.7 6.0 0.9 7.3 11.0 -11.3 1.0 111.9 05 v 04 5.4 10.2 -1.9 2.2 0.6 40.0 12.9 27.3 06 v 05 5.8 5.9 3.8 7.3 -1.2 7.1 8.3 32.1 07 v 06 9.7 10.5 7.1 9.4 0.0 0.0 0.6 118.9 08 v 07 6.1 4.5 7.9 4.5 4.7 -8.7 5.3 33.3 09 v 08 -0.2 0.3 -11.9 0.8 -3.3 -16.0 11.7 32.4 10 v 09 17.9 18.1 2.5 7.5 5.4 24.3 -2.5 153.1 11 v 10 5.8 5.0 4.1 5.2 0.9 -8.2 2.4 16.8 12 v 11 5.3 3.9 2.9 4.0 0.5 0.8 1.3 18.3 13 v 12 4.7 3.4 1.7 3.8 0.5 2.1 2.2 15.2 14 v 13 5.5 3.7 2.4 4.2 1.2 3.4 2.0 17.0 Year-on-year % change at constant prices 01 v 00 -1.8 -3.8 3.0 -5.5 0.0 -13.0 8.9 - 02 v 01 -4.2 -5.7 -3.3 -3.5 -10.9 -11.5 7.0 - 03 v 02 1.5 3.0 -2.5 0.2 3.4 23.6 -0.1 - 04 v 03 3.6 3.9 -1.1 5.1 8.8 -13.1 -1.1 107.6 05 v 04 3.0 7.7 -4.1 -0.1 -1.7 36.8 10.4 24.4 06 v 05 4.3 4.4 2.3 5.8 -2.6 5.6 6.7 30.3 07 v 06 7.4 8.1 4.8 7.0 -2.2 -2.2 -1.6 114.2 08 v 07 2.8 1.3 4.6 1.3 1.5 -11.5 2.1 29.3 09 v 08 -0.7 -0.2 -12.3 0.3 -3.8 -16.5 11.1 31.7 10 v 09 15.7 15.9 0.6 5.5 3.5 22.0 -4.3 148.5 11 v 10 2.5 1.7 0.9 1.9 -2.2 -11.0 -0.8 13.2 12 v 11 3.0 1.7 0.7 1.8 -1.7 -1.4 -0.9 15.8 13 v 12 2.8 1.5 -0.2 1.9 -1.4 0.2 0.3 13.0 14 v 13 3.6 1.8 0.5 2.3 -0.7 1.5 0.1 14.8

Advertising expenditure in US$ million at current prices. All years based on US$1 = € 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,509 955 548 634 209 15 148 - 2001 2,532 943 580 615 215 13 165 - 2002 2,466 905 571 604 195 12 180 - 2003 2,537 944 564 613 204 15 182 14 2004 2,682 1,001 570 658 226 13 184 29 2005 2,826 1,103 559 673 228 19 208 37 2006 2,989 1,168 580 722 225 20 225 49 2007 3,281 1,291 621 789 225 20 226 107 2008 3,480 1,350 670 825 236 18 238 143 2009 3,475 1,354 591 832 228 15 266 189 2010 4,096 1,598 605 894 240 19 260 479 2011 4,334 1,678 630 940 242 17 266 560 2012 4,562 1,743 648 978 244 18 269 663 2013 4,779 1,803 659 1,015 245 18 275 763 2014 5,042 1,870 675 1,058 248 19 281 893

Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Internet Total National Regional Total Business Consumer Total Display Search Performance 2003 713 549 164 426 92 334 - - - - 2004 756 564 192 430 103 327 - - - - 2005 833 628 205 422 103 319 28 28 - - 2006 882 669 213 438 116 322 37 37 - - 2007 975 724 251 469 131 338 81 65 16 - 2008 1,019 782 237 506 139 367 108 87 21 - 2009 1,022 796 226 446 117 329 143 115 28 - 2010 1,207 937 270 457 115 343 362 148 80 134 2011 1,267 980 287 476 119 357 423 169 92 162 2012 1,316 1,017 299 490 122 367 500 196 107 198 2013 1,361 1,050 311 498 126 372 576 221 122 233 2014 1,412 1,086 325 510 131 379 674 255 140 279

30 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AUSTRIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 4,000 11.7% Outdoor 3,500

6.3% 3,807

Cinema 3,000 3,608 0.5% 3,445 Newspapers 3,272 Radio 39.0% 2,500 3,092 5.9% 2,628 2,624

2,000 2,477 2,257 2,134

1,500 2,025 1,915 1,912 1,894 1,862

TV 1,000 21.8%

Magazines 500 14.8% 0

Advertising Data: 2000-2010 Focus Media Research, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising (except online) 4) Before discounts 5) Online includes actual figures for display and estimates for search; from 2010 includes performance

Austria’s strong economic recovery ended in the the debt crisis in several European countries, the second half of 2011, and is expected to stagnate weakness of the US economy. because of the latest international economic developments. The results of the OeNB economic Inflation continues to rise. In September, the indicator show a stagnation of real GDP of +0.1% inflation rate increased by 3.6% (provisional for the 3rd quarter and 0.0% for the 4th quarter value) compared to September 2010. The end of (seasonally and working day adjusted, and the economic upward trend is also reflected in the compared to the previous quarter). The reasons unemployment rate. After the rate declined for 19 for this include the global economic slowdown, months, it went up in October. More than 300,000 weak domestic demand, the end of the inventory people have no job. This represents an increase of cycle, and the increasing uncertainty based on the +8,869 unemployed or +3.9% year-on-year. unresolved European debt crisis. New titles launched recently include cookery Nevertheless, results for 2011 as a whole will magazine Mahlzeit in June 2011 (circulation 700,000) show growth of around 2.9%, which can be put and Madonna Society, which is a supplement in down to the fact that the first half of the year had Österreich, launched in October 2011. While in a very strong economic dynamic and therefore the world of television, public broadcaster ÖRF performed well. Forecasts are very difficult to give launched two new channels in October: ÖRF Sport because of the current unstable economy. Current Plus and ÖRF III (culture/factual). ATV will launch risks include, in addition to global imbalances and ATV2 in December.

31 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AZERBAIJAN

Advertising expenditure in US$ million at current prices Total Print TV Radio Outdoor Internet 2002 25.7 2.0 23.7 - - - 2003 29.4 2.3 27.1 - - - 2004 48.0 4.5 43.5 - - - 2005 21.0 1.0 18.0 1.0 1.0 0.0 2006 29.8 1.5 24.3 2.0 2.0 0.0 2007 38.0 1.8 28.0 4.0 4.0 0.2 2008 50.1 2.5 35.0 5.1 7.0 0.5 2009 60.8 3.1 43.7 5.3 8.0 0.6 2010 72.3 3.9 53.0 5.6 9.0 0.8 2011 82.1 4.3 61.0 5.9 9.9 1.1 2012 93.8 5.1 70.1 6.2 10.9 1.5 2013 109.8 5.3 84.1 6.6 12.0 1.8 2014 128.8 5.6 100.9 7.1 13.2 2.0 Year-on-year % change at current prices 03 v 02 14.5 15.0 14.5 - - - 04 v 03 62.9 95.7 60.2 - - - 05 v 04 -56.2 -77.8 -58.6 - - - 06 v 05 41.9 50.0 35.0 100.0 100.0 - 07 v 06 27.4 20.0 15.2 98.5 100.0 - 08 v 07 32.0 41.1 25.0 28.0 75.0 154.0 09 v 08 21.2 22.9 24.9 5.0 14.3 22.9 10 v 09 18.9 25.0 21.3 5.0 12.5 25.0 11 v 10 13.6 10.0 15.0 5.0 10.0 41.0 12 v 11 14.2 18.2 15.0 5.0 10.0 40.0 13 v 12 17.1 5.0 20.0 7.0 10.0 15.0 14 v 13 17.3 5.0 20.0 7.0 10.0 15.0 Year-on-year % change at constant prices 03 v 02 12.0 12.5 12.0 - - - 04 v 03 58.6 90.5 55.9 - - - 05 v 04 -57.6 -78.5 -59.9 - - - 06 v 05 37.5 45.4 30.8 93.8 93.8 - 07 v 06 23.8 16.6 12.0 92.9 94.4 - 08 v 07 27.2 35.9 20.4 23.3 68.6 144.7 09 v 08 21.6 23.2 25.2 5.3 14.6 23.2 10 v 09 17.0 22.9 19.3 3.3 10.7 22.9 11 v 10 10.3 6.8 11.7 1.9 6.8 36.9 12 v 11 12.8 16.8 13.6 3.8 8.7 38.3 13 v 12 16.0 4.1 18.9 6.0 9.0 14.0 14 v 13 16.0 3.8 18.7 5.8 8.8 13.7

32 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 AZERBAIJAN

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices

140.0 Internet Print Outdoor 1.1% 5.4% 12.5% 120.0 129 100.0

Radio 110 7.7% 80.0 94 82

60.0 72 61 40.0 50 48 38 20.0 30 29 26 22 TV 0.0 73.3%

Advertising Data: 2002-2010 AGB Nielsen (TV), SIAR Social & Marketing Research Center, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Excludes agency commission 3) Excludes production costs

The current global economic slowdown has for and creating new content. There is no clear presented genuine challenges to the Azerbaijani leader among the TV channels, with all the main economy as oil prices remain below their mid-2008 ones attracting a similar share of viewing. There highs, highlighting the country’s reliance on energy are also no niche channels as 99% of content is exports and lacklustre attempts to diversify its entertainment. economy. Internet advertising is growing but is not yet Television is by some distance the biggest medium, properly monitored. Google, Youtube and accounting for 73% of total ad expenditure in 2010. Facebook are the most popular sites. Local TV is quite weak, but cable and satellite TV is attracting a bigger audience. OOH is a very popular media channel, though there are problems with the lack of construction On 1 January 2009 new legislation banned the and with pricing. Turkish language from television. All Turkish serials have been removed from the schedules and Changes in legislation have allowed for the replaced by other programmes. The problem is advertising of medicines since 14 July 2010. This that these Turkish serials were the highest-rating could fuel considerable growth in the market. programmes, and the channels are now looking

33 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BAHRAIN

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Cinema Outdoor 2000 51.5 25.2 2.2 24.1 0.0 0.0 2001 65.6 27.1 6.6 31.7 0.0 0.2 2002 89.3 55.3 6.0 22.6 0.0 5.3 2003 99.7 66.4 6.4 20.2 1.5 5.2 2004 142.6 90.0 7.5 34.4 1.8 8.9 2005 80.1 50.2 6.1 16.3 1.3 6.3 2006 89.1 57.6 7.1 15.3 1.3 7.9 2007 94.1 65.6 8.1 14.9 1.3 4.3 2008 107.0 69.1 13.8 18.5 1.5 4.2 2009 92.2 58.7 12.4 15.7 1.6 3.7 2010 95.7 61.7 11.8 17.3 1.8 3.2 2011 33.4 24.7 3.5 3.5 0.2 1.6 2012 58.5 46.2 0.5 9.2 0.2 2.3 2013 58.5 46.2 0.5 9.2 0.2 2.3 2014 58.5 46.2 0.5 9.2 0.2 2.3 Year-on-year % change at current prices 01 v 00 27.4 7.6 191.9 31.7 - - 02 v 01 36.0 104.2 -8.4 -28.8 - 2,130.5 03 v 02 11.7 20.1 6.6 -10.7 - -2.3 04 v 03 43.0 35.5 16.6 70.7 18.7 70.3 05 v 04 -43.8 -44.3 -18.7 -52.7 -23.2 -29.4 06 v 05 11.3 14.9 15.9 -6.1 0.0 25.5 07 v 06 5.6 13.8 14.7 -2.4 -4.6 -45.8 08 v 07 13.7 5.4 70.4 23.9 16.5 -2.2 09 v 08 -13.8 -15.0 -10.0 -15.0 10.0 -10.0 10 v 09 3.8 5.0 -5.0 10.0 10.0 -15.0 11 v 10 -65.1 -60.0 -70.0 -80.0 -90.0 -50.0 12 v 11 75.0 87.5 -85.0 167.4 2.0 43.8 13 v 12 0.0 0.0 0.0 0.0 0.0 0.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 23.9 4.6 183.9 28.0 - - 02 v 01 33.9 101.0 -9.8 -29.9 - 2,094.9 03 v 02 9.3 17.5 4.3 -12.6 - -4.4 04 v 03 39.2 32.0 13.6 66.2 15.6 65.8 05 v 04 -45.6 -46.1 -21.3 -54.3 -25.7 -31.7 06 v 05 7.8 11.3 12.4 -9.0 -3.1 21.6 07 v 06 2.6 10.6 11.4 -5.2 -7.3 -47.3 08 v 07 9.5 1.5 64.2 19.3 12.2 -5.8 09 v 08 -13.6 -14.7 -9.7 -14.7 10.3 -9.7 10 v 09 2.1 3.3 -6.5 8.2 8.2 -16.4 11 v 10 -66.1 -61.2 -70.9 -80.6 -90.3 -51.5 12 v 11 72.9 85.3 -85.2 164.2 0.8 42.1 13 v 12 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

34 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BAHRAIN

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 160.0 Cinema Outdoor 1.9% 3.3% 140.0

120.0 143

TV 100.0 18.0% 107 89 96 94

80.0 92 66 89

60.0 80 52

40.0 58 58 58 Magazines 34 12.3% Newspapers

20.0 33 64.4% 0.0

Advertising Data: 2000-2004 Ipsos Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) 2000-2004 before discounts; 2005 onwards after discounts

The recent political upheaval has had a huge In addition to this, regular readers should note that impact on the Bahraini market in 2011, with we are now providing net estimates from 2005, advertisers slashing budgets during the first half which, although not directly comparable to the of the year. We expect total spend will be down by figures up to 2004, will give a more accurate picture over 65% this year, before rebounding in 2012 as of the state of the market from now on. the situation calms somewhat.

35 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BELARUS

Advertising expenditure in US$ million at current prices Total Print TV Radio Outdoor Internet 2004 38.9 11.0 18.0 2.5 7.0 0.4 2005 50.0 13.0 26.0 2.0 8.3 0.7 2006 62.2 13.0 35.0 3.5 9.5 1.2 2007 87.5 15.0 53.0 4.5 12.0 3.0 2008 114.9 18.0 72.0 6.0 13.8 5.1 2009 88.3 14.0 52.0 5.4 11.0 5.9 2010 97.7 14.0 59.0 5.4 12.0 7.3 2011 69.7 9.0 42.0 4.0 8.4 6.3 2012 60.1 8.0 35.0 3.6 7.5 6.0 2013 67.7 8.7 40.0 3.9 8.2 6.9 2014 82.5 9.5 50.0 4.3 9.8 8.9 Year-on-year % change at current prices 05 v 04 28.7 18.2 44.4 -20.0 18.6 100.0 06 v 05 24.4 0.0 34.6 75.0 14.5 71.4 07 v 06 40.7 15.4 51.4 28.6 26.3 150.0 08 v 07 31.3 20.0 35.8 33.3 15.0 70.0 09 v 08 -23.2 -22.2 -27.8 -10.0 -20.3 15.7 10 v 09 10.6 0.0 13.5 0.0 9.1 23.0 11 v 10 -28.6 -35.7 -28.8 -25.9 -30.0 -13.2 12 v 11 -13.8 -11.1 -16.7 -10.0 -10.7 -4.8 13 v 12 12.6 8.7 14.3 8.3 9.3 15.0 14 v 13 21.9 9.2 25.0 10.3 19.5 29.0 Year-on-year % change at constant prices 05 v 04 24.5 14.3 39.7 -22.6 14.7 93.5 06 v 05 20.6 -3.1 30.5 69.6 10.9 66.2 07 v 06 36.7 12.1 47.2 24.9 22.7 142.9 08 v 07 26.5 15.6 30.8 28.4 10.8 63.7 09 v 08 -22.9 -22.0 -27.6 -9.7 -20.1 16.0 10 v 09 8.8 -1.6 11.6 -1.6 7.3 21.0 11 v 10 -30.7 -37.6 -30.9 -28.1 -32.0 -15.7 12 v 11 -14.8 -12.2 -17.7 -11.1 -11.8 -5.9 13 v 12 11.6 7.8 13.3 7.4 8.4 14.0 14 v 13 20.5 8.0 23.6 9.0 18.2 27.6

Advertising expenditure in US$ million at current prices Internet Total Display Search 2005 0.7 0.7 0.001 2006 1.2 1.2 0.02 2007 3.0 2.8 0.2 2008 5.1 4.4 0.7 2009 5.9 5.0 0.9 2010 7.3 6.2 1.1 2011 6.3 5.0 1.3 2012 6.0 4.6 1.4 2013 6.9 5.3 1.6 2014 8.9 6.9 2.0

36 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BELARUS

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 140.0 Internet 7.4% Print 120.0 14.3% Outdoor 100.0 12.3% 114.9

80.0 97.7 Radio 88.3 87.5

5.5% 82.5 60.0 69.7 67.7 62.2 40.0 60.1 50.0

20.0 38.9

TV 0.0 60.4%

Advertising Data: 2004-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) After discounts 4) TV data based on MASMI and NOVAK investigation labs and Video International

Government intervention levels are high in the delays in the development of the print and radio Belarusian ad market - a large proportion of the markets, making internet a more viable option for popular media is state-controlled, there are state advertisers. limits on the volume of advertising permitted, and alcohol and tobacco advertising are banned. This has been a tough year for the Belarusian Please note that all figures given for advertising economy, with the ruble losing two-thirds of its expenditure in Belarus are estimates, as there are value and consumer price inflation rocketing to no professional monitoring bodies reporting on the 92.3% in October. The IMF announced it will not market. be giving assistance until further reforms are put in place, but the country will receive a US$1 billion Television is the dominant medium in Belarus, loan from the Russian Sberbank and Eurasian taking a 60.4% share of total adspend in 2010. Development Bank. These circumstances are However, the fastest-growing medium in recent affecting the market and we expect a huge decline years has been internet; online spend grew by in spend overall in 2011, of around 28.6%. We 15.7% in 2009, surpassing radio in terms of ad expect the ad market to struggle next year as well, expenditure, and then by 23.0% in 2010. High with a further drop of 13.8%. levels of state regulation and censorship led to

37 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BELGIUM

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,821 407 245 782 186 25 162 13 2001 1,763 281 258 811 202 28 173 11 2002 1,944 386 269 865 208 23 182 11 2003 2,158 472 271 945 229 25 198 18 2004 2,331 531 282 1,004 253 25 205 32 2005 2,435 592 280 982 290 29 215 48 2006 2,899 876 287 1,071 327 30 227 82 2007 3,114 901 301 1,161 376 26 239 110 2008 3,170 887 300 1,205 377 27 249 125 2009 3,177 883 282 1,247 358 25 248 135 2010 3,467 909 297 1,414 399 26 254 168 2011 3,583 900 285 1,468 446 30 268 187 2012 3,581 886 268 1,468 437 29 287 207 2013 3,717 886 281 1,526 459 29 298 238 2014 3,943 919 299 1,665 459 28 295 278 Year-on-year % change at current prices 01 v 00 -3.1 -31.1 5.0 3.7 8.6 10.5 7.1 -15.4 02 v 01 10.3 37.6 4.5 6.6 2.8 -17.3 5.4 0.0 03 v 02 11.0 22.2 0.6 9.3 10.1 9.0 8.6 63.6 04 v 03 8.0 12.5 4.0 6.2 10.3 0.2 3.3 78.0 05 v 04 4.5 11.5 -0.5 -2.2 14.6 15.1 4.9 49.7 06 v 05 19.1 47.9 2.2 9.1 12.9 3.0 5.6 71.8 07 v 06 7.4 2.9 4.9 8.4 14.8 -12.4 5.4 33.3 08 v 07 1.8 -1.6 -0.3 3.7 0.4 3.1 4.5 13.4 09 v 08 0.2 -0.5 -6.1 3.5 -5.2 -8.2 -0.5 8.5 10 v 09 9.1 3.0 5.3 13.4 11.5 4.3 2.4 24.5 11 v 10 3.3 -1.0 -3.9 3.8 11.7 15.0 5.5 10.8 12 v 11 0.0 -1.6 -6.0 0.0 -2.0 -2.0 7.0 11.0 13 v 12 3.8 0.0 5.0 4.0 5.0 0.0 4.0 15.0 14 v 13 6.1 3.8 6.1 9.0 0.1 -3.3 -0.9 17.0 Year-on-year % change at constant prices 01 v 00 -5.5 -32.8 2.4 1.2 6.0 7.8 4.5 -17.4 02 v 01 8.5 35.3 2.8 4.9 1.1 -18.6 3.7 -1.6 03 v 02 9.3 20.4 -0.9 7.6 8.4 7.4 6.9 61.2 04 v 03 5.8 10.2 1.9 4.0 8.1 -1.9 1.2 74.4 05 v 04 1.7 8.5 -3.2 -4.8 11.5 12.0 2.1 45.7 06 v 05 17.0 45.3 0.4 7.2 10.9 1.2 3.7 68.7 07 v 06 5.5 1.1 3.1 6.5 12.9 -13.9 3.6 31.0 08 v 07 -2.6 -5.9 -4.6 -0.8 -3.9 -1.3 -0.1 8.5 09 v 08 0.3 -0.4 -6.0 3.6 -5.1 -8.1 -0.4 8.6 10 v 09 6.8 0.8 3.0 11.0 9.1 2.0 0.1 21.8 11 v 10 0.1 -4.0 -6.9 0.6 8.2 11.4 2.2 7.4 12 v 11 -2.0 -3.5 -7.8 -2.0 -3.9 -3.9 4.9 8.8 13 v 12 1.8 -2.0 2.9 2.0 2.9 -2.0 2.0 12.7 14 v 13 4.0 1.8 4.1 6.9 -1.9 -5.1 -2.9 14.7

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,412 540 325 1,036 247 33 214 17 2001 2,336 372 341 1,074 268 37 229 15 2002 2,575 511 357 1,145 276 30 242 15 2003 2,858 625 359 1,252 303 33 262 24 2004 3,087 703 373 1,329 335 33 271 42 2005 3,225 785 371 1,300 384 38 284 64 2006 3,840 1,160 380 1,419 433 39 300 109 2007 4,124 1,194 398 1,538 497 34 316 145 2008 4,199 1,175 397 1,596 500 36 330 165 2009 4,207 1,169 373 1,651 474 33 329 179 2010 4,592 1,204 393 1,873 528 34 336 223 2011 4,745 1,192 378 1,944 590 39 355 247 2012 4,743 1,173 355 1,944 578 38 380 274 2013 4,924 1,173 373 2,022 607 38 395 315 2014 5,223 1,218 396 2,205 608 37 391 369

Advertising expenditure in local currency at current prices (€ million) Newspapers Total National Regional 2005 592 592 - 2006 876 701 175 2007 901 747 154 2008 887 737 150 2009 883 730 152 2010 909 768 141 2011 900 765 135 2012 886 758 128 2013 886 758 128 2014 885 760 125

38 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BELGIUM

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

4,500 Outdoor Internet 7.3% 4.9% 4,000 Cinema Newspapers 0.7% 26.2% 3,500

Radio 3,000 3,943 3,717 3,581 11.5% 3,583 2,500 3,467 3,170 3,177 3,114

2,000 2,899 Magazines

8.6% 2,435 1,500 2,331 2,158 1,944

1,000 1,821 1,763 TV 500 40.8% 0

Advertising Data (excl. internet): 2000 MediaMark Belgium, 2001-2010 CIM MDB, 2011-2014 Agency forecasts Internet: 2000-2010 IAB, CIM MDB, Agency estimates, 2011-2014 Agency forecasts

Notes: 1) Includes agency commission 2) Excludes production costs 3) Before discounts (indicative 30%) 4) Excludes classified advertising 5) Newspapers include free regional newspapers from 2006 6) Internet data are estimates and include banner ads, skyscrapers, buttons, pop-ups, text links, advertorial, content integration, interstitials, overlayers, site relooking, newsletters, email, keyword ads and search

In 2011 GDP should rise by 1.7%, mainly due to Comparing the first nine months of 2011 with the good results in the first quarter of the year. The the same period in 2010, there have been varying three subsequent trimesters should show growth fortunes for different media: the press (newspapers, of between 0.1% and 0.2% due to the slowdown free sheets and magazines) experienced the biggest of world trade, and the lack of confidence of drops, while other media - mainly radio, cinema companies and consumers. Faced with the ongoing and internet - flourished. debate about a Greek bailout, and the worsening debt crisis in France and Italy, European consumers Television remains the dominant medium, and are noticeably unsettled once again. While in spend rose by 4.8% year-on-year in the first nine spring most countries in the European Union were months of 2011, accounting for 41% of total spend. optimistic that the crisis would be overcome in the The food category remains the most important foreseeable future, there has been a considerable investor, followed by the culture, tourism, leisure change in sentiment over the summer. & sport and beauty sectors. Expenditure in the food sector increased by 4% in the first nine months of After having already increased by 0.7% in 2010, 2011. total employment is expected to continue growing at around that pace both in 2011 and in 2012. By There is a clear decrease of investment in free way of comparison, in the euro area, employment sheets. The drop reached 6% in the first nine declined by 0.5% in 2010, and is forecast to increase months of 2011. The distribution sector, which is by only 0.4% in 2011 and 0.8% in 2012. the highest investor in this medium, decreased its expenditure by 9%. Transport sector spend also Belgium’s yearly inflation rate should rise 3.5% in declined (-34%). Compared to previous years, 2011 and 2.0% in 2012. This rise in inflation is mainly January-February, April-May and July-August all due to the increasing price of energy products, saw lower investment. Mediamarkt and D’ieteren, which is the result of more expensive oil products. which were significant investors in free sheets in

39 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BELGIUM

2010, decreased their spend. And Sogesma has not OOH expenditure increased by 10% in the first nine invested in free sheets at all so far in 2011. months of 2011. January, May and August were peak months. The top five categories investing in Newspapers expenditure remained stable year-on- OOH remain the same as in 2010: transport; food; year in the first nine months of 2011. Expenditures culture, tourism, leisure & sport; services; and have increased for some categories, such as beauty distribution. Most of the categories increased their & hygiene and clothes. spend.

Magazines, meanwhile, showed a drop in spend Online has only been included in the MDB of 5%, mainly due to the disinvestment in the food, monitoring system since January 2006. Most of energy and beauty sectors. the internet sales houses have joined the MDB, but non-traditional advertising is only partially We expect print will become less important over included (no e-mailing, search engine marketing the next few years as an ad medium. and content integration). Until 2008 we used IAB figures because they have keyword spending via Cinema did very well in the first nine months of integrated agencies and this makes more accurate 2011. Expenditure was up by 34 % over this period, estimates possible. Google search spends outside of mainly due to the higher expenditure of the retail the media agencies have been estimated on top of sector. Other categories, such as food, services, and the IAB figures. Since 2009 IAB has not published beauty & hygiene, also increased their investments. online expenditure any more, which is why we The energy sector has disinvested in cinema. now rely on our own estimates. MDB figures are more and more accurate but still include only the Radio expenditure has been increasing since classical supports. 2009. In the first nine months of 2011, growth reached 15%. The top categories investing in radio Generally, internet advertising spend continues to remain the same as in 2010: culture, tourism, grow, and enjoys an increased SOV. Expenditure leisure & sport; distribution; services; transport; increased by 10% in the first nine months of 2011. and telecoms. Except for the telecoms sector, all The distribution sector has upped its investments the categories in the top five have increased their and become the fifth-highest-spending investor on expenditure, with the food sector up by 31%. the internet (up three places year-on-year).

40 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BOSNIA & HERZEGOVINA

Advertising expenditure in local currency at current prices (KM million) Total Newspapers Magazines TV Radio Outdoor Internet 2000 99.7 4.5 3.3 58.7 5.9 27.4 0.0 2001 127.1 6.8 2.9 70.4 7.8 39.1 0.0 2002 144.7 6.1 3.7 88.0 9.8 37.2 0.0 2003 166.2 5.5 2.3 113.4 9.8 35.2 0.0 2004 205.4 12.1 9.4 146.7 7.8 29.3 0.0 2005 246.8 13.7 7.8 195.6 9.8 19.6 0.3 2006 317.4 17.6 9.8 266.0 5.9 17.6 0.5 2007 350.7 21.5 9.8 293.4 9.8 15.6 0.6 2008 480.1 23.5 11.7 414.6 11.7 17.6 1.0 2009 603.6 29.7 16.8 520.3 11.7 23.5 1.6 2010 671.3 31.3 20.5 576.5 11.7 29.3 2.0 2011 740.8 32.0 21.8 639.5 12.0 32.5 3.0 2012 805.8 32.5 22.3 700.0 12.0 35.0 4.0 2013 869.4 33.0 22.9 758.2 12.4 37.9 5.0 2014 938.8 33.8 22.5 820.6 13.1 41.3 7.5 Year-on-year % change at current prices 01 v 00 27.5 52.2 -11.8 20.0 33.3 42.9 - 02 v 01 13.8 -11.4 26.7 25.0 25.0 -5.0 - 03 v 02 14.9 -9.7 -36.8 28.9 0.0 -5.3 - 04 v 03 23.5 121.4 300.0 29.3 -20.0 -16.7 - 05 v 04 20.2 12.9 -16.7 33.3 25.0 -33.3 - 06 v 05 28.6 28.6 25.0 36.0 -40.0 -10.0 52.9 07 v 06 10.5 22.2 0.0 10.3 66.7 -11.1 23.1 08 v 07 36.9 9.1 20.0 41.3 20.0 12.5 56.3 09 v 08 25.7 26.5 43.1 25.5 0.0 33.3 60.0 10 v 09 11.2 5.4 22.0 10.8 0.0 25.0 25.0 11 v 10 10.3 2.2 6.3 10.9 2.2 10.8 53.4 12 v 11 8.8 1.6 2.3 9.5 0.0 7.7 33.3 13 v 12 7.9 1.5 2.7 8.3 3.3 8.3 25.0 14 v 13 8.0 2.4 -1.7 8.2 5.6 9.0 50.0 Year-on-year % change at constant prices 01 v 00 21.4 44.9 -16.0 14.3 27.0 36.1 - 02 v 01 10.0 -14.4 22.4 20.8 20.8 -8.2 - 03 v 02 13.8 -10.5 -37.4 27.7 -0.9 -6.1 - 04 v 03 22.2 119.0 295.6 27.9 -20.9 -17.6 - 05 v 04 16.0 9.0 -19.6 28.7 20.7 -35.6 - 06 v 05 21.2 21.2 17.8 28.2 -43.4 -15.2 44.1 07 v 06 8.9 20.4 -1.5 8.7 64.2 -12.4 21.3 08 v 07 27.5 1.6 11.7 31.6 11.7 4.7 45.5 09 v 08 26.1 26.9 43.6 25.9 0.3 33.8 60.5 10 v 09 9.0 3.2 19.5 8.5 -2.0 22.5 22.5 11 v 10 6.1 -1.7 2.3 6.7 -1.7 6.5 47.5 12 v 11 6.1 -0.9 -0.2 6.8 -2.4 5.1 30.1 13 v 12 5.3 -0.9 0.2 5.7 0.8 5.6 22.0 14 v 13 5.2 -0.2 -4.2 5.5 3.0 6.2 46.2

Advertising expenditure in US$ million at current prices. All years based on US$1=KM 1.48 Total Newspapers Magazines TV Radio Outdoor Internet 2000 67.5 3.0 2.3 39.7 4.0 18.5 0.0 2001 86.1 4.6 2.0 47.7 5.3 26.5 0.0 2002 98.0 4.1 2.5 59.6 6.6 25.2 0.0 2003 112.6 3.7 1.6 76.8 6.6 23.8 0.0 2004 139.1 8.2 6.4 99.3 5.3 19.9 0.0 2005 167.1 9.3 5.3 132.5 6.6 13.2 0.2 2006 214.9 11.9 6.6 180.1 4.0 11.9 0.3 2007 237.5 14.6 6.6 198.7 6.6 10.6 0.4 2008 325.1 15.9 7.9 280.8 7.9 11.9 0.7 2009 408.7 20.1 11.4 352.3 7.9 15.9 1.1 2010 454.6 21.2 13.9 390.4 7.9 19.9 1.3 2011 501.7 21.7 14.8 433.1 8.1 22.0 2.0 2012 545.7 22.0 15.1 474.0 8.1 23.7 2.7 2013 588.7 22.3 15.5 513.4 8.4 25.7 3.4 2014 635.7 22.9 15.2 555.7 8.9 28.0 5.1

41 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BOSNIA & HERZEGOVINA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

Outdoor Newspapers 1,000.0 4.4% 4.7% Internet 900.0 Radio Magazines 0.3% 1.7% 3.1% 800.0 938.8

700.0 869.4 805.8 600.0 740.8

500.0 671.3 603.6 400.0

300.0 480.1

200.0 350.7 127.1 99.7 317.4 100.0 246.8 205.4

TV 166.2 0.0 144.7 85.9%

Advertising Data: 2000-2010 MIB, Ad monitoring, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts 3) Excludes agency commission 4) Excludes classified

Bosnia’s ad market has expanded rapidly over the accounting for 85.9% of expenditure in 2010. past few years, but growth is estimated to have Internet, which is the fastest-growing medium, slowed, from 25.7% in 2009 to 11.2% in 2010. We accounted for just 0.3% of expenditure. Outdoor estimate 10.3% adspend growth in 2011. has also been growing at a fast pace and we expect spend in this medium to exceed that for Television is the dominant medium in Bosnia, newspapers by the end of this year.

42 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BRAZIL

Advertising Expenditure in local currency at current prices (Real million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 9,854 2,114 1,043 5,704 482 - 511 - 2001 9,323 1,975 985 5,483 442 - 438 - 2002 9,636 1,919 938 5,840 438 - 501 - 2003 11,060 2,006 1,039 6,717 501 - 632 165 2004 13,551 2,315 1,158 8,537 600 47 671 223 2005 15,555 2,602 1,404 9,881 668 53 681 266 2006 16,872 2,696 1,502 10,885 727 61 640 361 2007 18,513 3,106 1,610 11,892 767 75 536 527 2008 20,980 3,411 1,825 13,408 902 88 587 759 2009 21,917 3,135 1,712 14,392 987 82 659 950 2010 25,888 3,242 1,967 17,510 1,095 92 766 1,216 2011 27,215 3,297 2,055 18,403 1,100 93 852 1,415 2012 28,766 3,423 2,157 19,475 1,151 86 892 1,582 2013 30,463 3,564 2,224 20,654 1,188 91 975 1,767 2014 32,443 3,731 2,336 22,029 1,233 97 1,038 1,979 Year-on-year % change at current prices 01 v 00 -5.4 -6.6 -5.6 -3.9 -8.3 - -14.3 - 02 v 01 3.4 -2.8 -4.8 6.5 -0.9 - 14.4 - 03 v 02 14.8 4.5 10.8 15.0 14.4 - 26.1 - 04 v 03 22.5 15.4 11.5 27.1 19.8 - 6.2 35.2 05 v 04 14.8 12.4 21.2 15.7 11.3 12.8 1.5 19.3 06 v 05 8.5 3.6 7.0 10.2 8.8 15.1 -6.0 35.7 07 v 06 9.7 15.2 7.2 9.3 5.5 23.0 -16.3 46.0 08 v 07 13.3 9.8 13.4 12.7 17.6 17.3 9.5 44.0 09 v 08 4.5 -8.1 -6.2 7.3 9.4 -6.8 12.3 25.2 10 v 09 18.1 3.4 14.9 21.7 10.9 12.5 16.2 28.0 11 v 10 5.1 1.7 4.5 5.1 0.5 0.8 11.3 16.4 12 v 11 5.7 3.8 5.0 5.8 4.6 -7.5 4.7 11.8 13 v 12 5.9 4.1 3.1 6.1 3.2 5.8 9.3 11.7 14 v 13 6.5 4.7 5.0 6.7 3.8 6.6 6.5 12.0 Year-on-year % change at constant prices 01 v 00 -11.4 -12.6 -11.6 -10.0 -14.2 - -19.8 - 02 v 01 -4.7 -10.4 -12.2 -1.8 -8.7 - 5.4 - 03 v 02 0.1 -8.8 -3.4 0.3 -0.3 - 10.0 - 04 v 03 14.9 8.2 4.5 19.2 12.3 - -0.4 26.8 05 v 04 7.5 5.2 13.5 8.4 4.2 5.6 -5.0 11.7 06 v 05 4.1 -0.6 2.7 5.7 4.4 10.5 -9.8 30.2 07 v 06 5.9 11.2 3.4 5.4 1.8 18.6 -19.2 40.8 08 v 07 7.3 3.9 7.3 6.7 11.3 11.1 3.7 36.3 09 v 08 -0.4 -12.4 -10.6 2.3 4.3 -11.2 7.0 19.3 10 v 09 12.5 -1.5 9.4 15.9 5.6 7.1 10.6 21.9 11 v 10 -1.4 -4.6 -2.0 -1.4 -5.7 -5.4 4.4 9.2 12 v 11 0.5 -1.3 -0.2 0.6 -0.5 -12.1 -0.5 6.3 13 v 12 1.6 -0.1 -1.0 1.8 -0.9 1.5 4.9 7.2 14 v 13 1.9 0.2 0.5 2.1 -0.7 2.0 1.9 7.2

Advertising expenditure in US$ million at current prices. All years based on US$1 = Real 1.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 5,601 1,202 593 3,242 274 - 290 - 2001 5,300 1,123 560 3,117 251 - 249 - 2002 5,477 1,091 533 3,320 249 - 285 - 2003 6,287 1,140 591 3,818 285 - 359 94 2004 7,703 1,316 658 4,853 341 27 381 127 2005 8,842 1,479 798 5,617 380 30 387 151 2006 9,591 1,533 854 6,187 413 35 364 205 2007 10,524 1,766 915 6,760 436 43 305 300 2008 11,926 1,939 1,037 7,622 513 50 334 431 2009 12,459 1,782 973 8,181 561 47 375 540 2010 14,716 1,843 1,118 9,954 622 52 435 691 2011 15,470 1,874 1,168 10,461 625 53 484 804 2012 16,352 1,946 1,226 11,070 654 49 507 899 2013 17,316 2,026 1,264 11,741 675 52 554 1,004 2014 18,442 2,121 1,328 12,522 701 55 590 1,125

43 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BRAZIL

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor Internet 4.7% 35,000 Cinema 3.0% 0.4% Newspapers Radio 12.5% 30,000 4.2% 32,443 Magazines 25,000

7.6% 30,463 28,766 27,215

20,000 25,888 21,917

15,000 20,980 18,513

10,000 16,872 15,555 13,551 11,060

5,000 9,854 9,636 TV 9,323 67.6% 0

Advertising Data: 2000-2010 InterMeios Research, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Includes classified 3) Excludes production costs from 2005 (included for previous years) 4) Includes agency commission 5) TV includes cable television 6) Online excludes search

Brazil’s deputy finance minister said that the economy is expected to grow again in the last three country’s economy stalled in Q3 2011 mainly as a months of 2011, with growth estimated between result of government measures to curb the deficit 3.2% and 3.8% for the year as a whole. and contain inflation, in addition to the effects of the eurozone crisis. Measures adopted to encourage Ad expenditure grew by 18.1% overall in 2010, with growth include increasing the minimum wage particularly strong performances seen in internet and an easing of the tax burden. According to and TV, the latter constituting around two thirds the central bank’s economic index, the Brazilian of the total market. The market slowed sharply economy grew by 1.2% in September from a year in the first half of 2011, however, with just 2.2% earlier – the slowest rate in two years. Inflation growth. We forecast stronger growth in the second peaked during the third quarter of this year, but half, contributing to 5.1% growth for the full year, fell to a three-month low of 7.0% in October; it is followed by 5.7% growth in 2012. expected to reach 4.5% by the end of 2012. The

44 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BULGARIA

Advertising expenditure in local currency at current prices (Lev million) Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 180 44 10 108 - 17 - 2001 259 40 14 179 - 26 - 2002 342 60 40 200 - 42 - 2003 412 77 20 261 8 46 - 2004 479 80 28 325 20 24 3 2005 626 86 49 413 40 32 5 2006 790 90 64 477 57 90 12 2007 981 93 83 617 62 107 19 2008 1,206 91 98 791 70 124 32 2009 1,030 89 87 647 89 84 34 2010 1,000 82 75 648 84 74 37 2011 1,053 80 62 700 86 80 45 2012 1,081 76 60 720 88 85 52 2013 1,109 74 58 740 89 88 60 2014 1,135 72 57 760 90 90 66 Year-on-year % change at current prices 01 v 00 44.2 -9.5 37.3 65.1 - 54.6 - 02 v 01 32.0 50.0 185.7 11.7 - 61.5 - 03 v 02 20.5 28.3 -50.0 30.5 - 9.5 - 04 v 03 16.3 3.4 39.0 24.7 150.0 -48.9 - 05 v 04 30.6 8.0 76.3 26.9 101.0 37.0 96.3 06 v 05 26.2 4.7 30.6 15.5 42.5 178.9 118.5 07 v 06 24.2 3.3 29.7 29.4 8.0 19.3 60.7 08 v 07 22.9 -2.2 18.1 28.2 13.0 15.6 67.3 09 v 08 -14.6 -2.6 -11.2 -18.2 27.8 -32.2 4.0 10 v 09 -2.9 -7.3 -13.4 0.1 -6.1 -12.0 10.2 11 v 10 5.3 -2.7 -17.7 8.0 2.6 8.3 21.6 12 v 11 2.7 -5.0 -3.2 2.9 2.3 6.3 15.6 13 v 12 2.6 -2.6 -3.3 2.8 1.1 3.5 15.4 14 v 13 2.3 -2.7 -1.7 2.7 1.1 2.3 10.0 Year-on-year % change at constant prices 01 v 00 3.6 -35.0 -1.4 18.6 - 11.1 - 02 v 01 24.8 41.8 170.1 5.6 - 52.7 - 03 v 02 52.9 62.9 -36.5 65.6 - 39.0 - 04 v 03 9.3 -2.8 30.7 17.2 135.0 -52.0 - 05 v 04 24.4 2.9 67.8 20.8 91.3 30.4 86.9 06 v 05 17.7 -2.4 21.8 7.7 32.9 160.1 103.7 07 v 06 14.6 -4.7 19.6 19.3 -0.4 10.1 48.3 08 v 07 9.4 -12.9 5.1 14.1 0.6 2.9 48.9 09 v 08 -16.9 -5.2 -13.6 -20.3 24.4 -34.0 1.2 10 v 09 -5.2 -9.5 -15.5 -2.3 -8.4 -14.1 7.5 11 v 10 1.4 -6.2 -20.7 4.0 -1.1 4.3 17.2 12 v 11 -0.2 -7.7 -6.0 0.0 -0.6 3.3 12.3 13 v 12 -0.3 -5.4 -6.1 -0.1 -1.7 0.6 12.1 14 v 13 -0.6 -5.5 -4.6 -0.3 -1.8 -0.7 6.8 Advertising expenditure in US$ million at current prices. All years based on US$1=Lev 1.48 Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 122 30 7 73 - 11 - 2001 175 27 9 121 - 18 - 2002 231 41 27 135 - 28 - 2003 279 52 14 177 5 31 - 2004 324 54 19 220 14 16 2 2005 424 58 33 280 27 22 4 2006 535 61 43 323 39 61 8 2007 664 63 56 418 42 73 13 2008 816 62 66 535 47 84 22 2009 697 60 59 438 60 57 23 2010 677 56 51 439 57 50 25 2011 713 54 42 474 58 54 30 2012 732 51 41 487 60 58 35 2013 751 50 39 501 60 60 41 2014 768 49 39 514 61 61 45 Advertising expenditure in local currency at current prices (Lev million) Magazines Total Business Consumer 2005 49 2 47 2006 64 4 60 2007 83 8 75 2008 98 9 89 2009 87 7 80 2010 75 7 68 2011 62 4 58 2012 60 4 56 2013 58 4 54 2014 57 4 53

45 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BULGARIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

1,400 Newspapers Outdoor Internet 8.2% 1,200 7.4% 3.7% Magazines 1,000 Radio 7.5% 8.4% 1,206.0 1,135.0 1,109.0

800 1,081.0 1,053.0 981.3 1,029.8 1,000.4 600 790.1

400 479.1 259.0 412.0 200 179.6 342.0 259.0 TV 64.8% 0

Advertising Data: 2000-2010 BBSS Gallup, TNS, Agency estimates; 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Includes classified 3) Excludes production costs 4) Excludes agency commission 5) Internet figures include display/classified/search

At the end of 2010 the monitoring agency TV Bulgarian version of The X Factor this September. Plan/TNS was acquired by GARB and, as a result, Other new programmes include Break Up Ivan & we began using their data from March 2011. Andrei, the new edition of I Love my Country, new Although GARB uses the same software, the data sitcom Block Property, the new reality show Farmer is based on 950 households; digital reception will Wants a Wife, and a new documentary reality show be increased to about 30%-35% representing the Lost in Bulgaria. real digital coverage in the country. Advertising media monitoring will be provided by B Media The state-owned channel BNT1 continues to lose Consultant, an independent company. share due to its unappealing programming and audience migration towards niche channels as well National broadcaster bTV launched new reality as to bTV and Nova. The newly-relaunched BNT2 show The Voice of Bulgaria in July, which was a will air mainly six regional programmes. success during the traditionally quiet summer period, driving an increase in bTV’s audience share Hallmark undertook a rebranding strategy and, of nine percentage points year-on-year to 37%. as of October 2010, became Diva Universal, again This autumn its programming included the new targeting a mainly female audience. Pro.Bg was season of popular series BG, and new show 7 hours rebranded bTV Action on 22nd February. Once difference. national and appealing to a wide audience, bTV Action has now become a niche cable channel Nova has made changes to its programming targeting an active and mostly male audience. schedule since Svetla Vasileva came on board as The channel has two self-produced programmes programming director last December. As of mid- focused on crime – Code Criminal and Hounds – June, Nova started to air Fish on the Cake (a cookery along with movies, sport and television series. show) and this led to a slightly higher audience In May 2011 it began airing programmes from share mainly in the PT slot (by 2% compared to student television channel Almamater TV. At the June-July 2011 at A4+). The channel has undergone start of 2011, BBT extended its reach to become a a rebranding process, introducing a new logo national channel after buying the national licenses and ‘channel vision’, and has just launched the for terrestrial coverage in 27 cities formerly owned

46 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 BULGARIA

by bTV Action. Utilisima, a female targeted As of 4th July, the Bulgarian newspaper market channel, was launched on 8th March as part of Fox welcomed two new tabloid dailies: Bulgaria Today International Group. Rock music cable channel, is published by BG Media Group and circulates T-Rock TV was launched on 22nd February and is around 85,000 copies; Every Day is published by only broadcast on Megalan, MTel and Vivacom New Bulgarian Media Group (100,000). Capital networks. Also launched in February, cable channel Daily was launched at the end of October, as Box TV only airs Bulgarian music and is distributed a merger between the financial title Pari and by Blizoo Network. Economedia’s daily Dnevnik.

AXN has a new sales partner in Bulgaria – Fox Rolling Stone magazine closed down in August International Channels – and advertising will be after two years in the Bulgarian press market, sold again (this comes after ten months in which it saying goodbye with an issue dedicated to the had no advertising in Bulgarian). The sales agent late Amy Winehouse. Maximum folded in October policy established in 2010, whereby major channels due to financial difficulties. Meanwhile, Biography, or media groups act as sales houses for smaller a monthly magazine published by the owner of channels, has been extended to 2011. MTG started Weekend (the most popular weekly newspaper), selling advertising along with Nova, Diemas, launched with an opening circulation of 15,000. Nova Sport, Disney, Cartoon Network, TLC, Discovery, Fox International Group, AXN, National Licensed cooking magazine BBC Good Food Geographic and Utilisima. announced general changes in its format, including changing its frequency from monthly to fortnightly The digital TV switchover, long planned to have and reducing its price to BGN 1.99. taken place by the end of December 2012, will now not be completed until the end of 2014 owing to Although advertising expenditure took a dip in budgetary issues. It is expected that around BGN 2010 (-2.9%), it is expected to recover this year 300 million will be required to implement the with 5.3% growth. We expect internet spend to process; the money will be spent on such things rise faster than any other media in 2011, at around as subsidising decoders for socially vulnerable 22%. The presidential and local elections, which groups, and public campaigns to encourage take- took place in October, are expected to have brought up. additional investment to OOH and newspapers.

47 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CANADA

Advertising expenditure in local currency at current prices (C$ million) Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 6,919 2,581 514 2,450 1,001 263 110 2001 7,021 2,501 541 2,553 1,048 281 97 2002 7,190 2,510 558 2,593 1,080 273 176 2003 7,658 2,529 610 2,827 1,171 284 237 2004 8,097 2,611 647 2,963 1,209 303 364 2005 8,572 2,659 677 3,014 1,316 344 562 2006 9,232 2,635 695 3,241 1,391 370 900 2007 9,734 2,572 732 3,299 1,468 422 1,241 2008 10,212 2,489 707 3,393 1,558 463 1,602 2009 9,442 2,030 606 3,102 1,469 416 1,819 2010 10,345 2,103 622 3,391 1,517 482 2,230 2011 10,847 1,987 605 3,513 1,608 480 2,654 2012 11,458 1,933 620 3,636 1,660 492 3,117 2013 12,104 1,877 640 3,727 1,750 520 3,590 2014 12,834 1,822 655 3,864 1,850 550 4,093 Year-on-year % change at current prices 01 v 00 1.5 -3.1 5.3 4.2 4.7 6.8 -11.8 02 v 01 2.4 0.4 3.1 1.6 3.1 -2.8 81.4 03 v 02 6.5 0.8 9.3 9.0 8.4 4.0 34.7 04 v 03 5.7 3.2 6.1 4.8 3.2 6.7 53.6 05 v 04 5.9 1.8 4.6 1.7 8.9 13.5 54.4 06 v 05 7.7 -0.9 2.7 7.5 5.7 7.6 60.1 07 v 06 5.4 -2.4 5.3 1.8 5.5 14.1 37.9 08 v 07 4.9 -3.2 -3.3 2.8 6.1 9.7 29.1 09 v 08 -7.5 -18.4 -14.3 -8.6 -5.7 -10.2 13.5 10 v 09 9.6 3.6 2.6 9.3 3.3 15.8 22.6 11 v 10 4.9 -5.5 -2.8 3.6 6.0 -0.3 19.0 12 v 11 5.6 -2.7 2.5 3.5 3.2 2.5 17.4 13 v 12 5.6 -2.9 3.2 2.5 5.4 5.7 15.2 14 v 13 6.0 -2.9 2.3 3.7 5.7 5.8 14.0 Year-on-year % change at constant prices 01 v 00 -1.0 -5.5 2.7 1.7 2.1 4.2 -14.0 02 v 01 0.2 -1.8 0.9 -0.7 0.8 -5.0 77.5 03 v 02 3.6 -2.0 6.4 6.1 5.5 1.2 31.0 04 v 03 3.8 1.4 4.1 2.9 1.4 4.7 50.8 05 v 04 3.5 -0.4 2.3 -0.5 6.5 11.0 51.0 06 v 05 5.6 -2.8 0.7 5.4 3.6 5.5 57.0 07 v 06 3.2 -4.5 3.0 -0.4 3.3 11.6 34.9 08 v 07 2.5 -5.5 -5.6 0.5 3.7 7.2 26.1 09 v 08 -7.8 -18.7 -14.5 -8.8 -6.0 -10.4 13.2 10 v 09 7.6 1.7 0.8 7.4 1.4 13.7 20.4 11 v 10 1.9 -8.2 -5.5 0.7 3.0 -3.1 15.7 12 v 11 3.5 -4.7 0.4 1.4 1.1 0.4 15.0 13 v 12 3.6 -4.8 1.2 0.5 3.4 3.6 12.9 14 v 13 4.0 -4.8 0.3 1.6 3.6 3.7 11.8

Advertising expenditure in US$ million at current prices. All years based on US$1= C$ 1.03 Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 6,716 2,505 499 2,378 972 255 107 2001 6,815 2,428 525 2,478 1,017 273 94 2002 6,979 2,436 542 2,517 1,048 265 171 2003 7,434 2,455 592 2,744 1,137 276 230 2004 7,860 2,534 628 2,876 1,174 294 353 2005 8,321 2,581 657 2,926 1,277 334 546 2006 8,961 2,558 675 3,146 1,350 359 874 2007 9,448 2,497 710 3,202 1,425 410 1,205 2008 9,913 2,416 686 3,294 1,512 449 1,555 2009 9,166 1,970 589 3,011 1,426 404 1,766 2010 10,041 2,041 604 3,292 1,473 467 2,165 2011 10,529 1,929 587 3,410 1,561 466 2,577 2012 11,122 1,876 602 3,529 1,611 478 3,026 2013 11,749 1,821 621 3,618 1,699 505 3,484 2014 12,458 1,768 636 3,751 1,796 534 3,973 Advertising expenditure in local currency at current prices (C$ million) Television Internet Mobile Total Free Pay Total Display Video Classified Search Email Total 2004 2,963 2,341 622 364 190 - 90 75 9 - 2005 3,014 2,245 769 562 230 - 124 197 11 - 2006 3,241 2,359 882 900 314 - 223 343 20 1 2007 3,299 2,351 948 1,241 432 9 305 478 17 3 2008 3,393 2,367 1,026 1,602 490 12 460 622 18 11 2009 3,102 2,102 1,000 1,819 578 20 467 741 13 18 2010 3,391 2,278 1,113 2,230 688 37 587 907 11 30 2011 3,513 2,292 1,221 2,654 798 65 675 1,107 10 55 2012 3,636 2,315 1,321 3,117 902 100 756 1,350 9 92 2013 3,727 2,303 1,424 3,590 1,010 140 832 1,600 8 130 2014 3,864 2,326 1,538 4,093 1,111 190 910 1,875 7 180

48 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CANADA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices 14,000

Internet Newspapers 12,000 21.6% 20.3%

10,000 12,834 12,104 11,458 10,847

8,000 10,345 10,212

Outdoor/ Magazines 9,734 9,232 Transport 6.0% 9,442 6,000 8,572 4.7% 8,097 7,658 7,021 7,190 4,000 6,919 Radio 14.7% 2,000 TV 32.8% 0

Advertising Data: 2000-2010 TVB, Statistics Canada, CRTC, CNA, LNA, NMR, Les Hebdos du Quebec, Magazines Canada, IAB Canada; 2011- 2014 Agency forecasts

Notes: 1) Excludes production costs 2) After discounts 3) Excludes agency commission 4) Newspapers include dailies only 5) Magazines exclude trade titles 6) TV figures re-stated to reflect change in source of data from Nielsen Media Research to TVB and CRTC 7) TV and radio figures are based on broadcast year end 8) Internet includes all advertising: display (including sponsorship and on-page awareness campaigns), search, classified and email; IAB (internet) implemented new methodology in 2007 including adjustment to 2006, disrupting trending with prior years 9) 2008 revised classification of online revenue, estimated to account for half the growth in classified 10) Mobile added retrospectively to 2006 11) Mobile figures for 2010 still estimated

Six consecutive quarters of GDP growth ended for the first half of 2012, with the economy expected with a mild but unexpected contraction of 0.4% to pick up momentum in the second half as the in Q2, in the face of rare events including the global financial situation stabilizes. The BOC disaster in Japan and the run-up in oil prices. anticipates the economy to return to full capacity in The OECD is predicting slow growth of 1.0% in 2013 with 2.9% growth, a significant improvement Q3 and 1.9% in Q4. Although there have been no on the 1.9% increase expected for 2012. employment gains over the summer, all jobs lost during the recession have been recovered and 2010 ad revenues are now confirmed in all media the unemployment rate stands at 7.3%. Despite and show a full recovery of 2009 advertising losses. Canada’s relatively strong economic performance, The resurgence of advertiser demand lifted all both business and consumer confidence have media, even reversing the pre-recession softening softened in recent months, in response to the trends for conventional (free) TV and printed ongoing weakness of the US economy and financial daily newspapers. With the economy losing instability in European markets. The Conference steam in 2011, we have reduced our ad revenue Board of Canada reported in October that business growth projection to 4.9%, down from 6.8%. confidence fell to 92.6, after recording a 10-year high Internet expenditure has not been affected by this of 109.5 in Q4 of last year. Consumer confidence downgrade, while offline media adspend growth weakened to 71.8 in October, the lowest level since is expected to be +1.0% compared to our previous May 2009. The Bank of Canada (BOC) has lowered estimate of +3.5%. its GPD forecast for the current year to +2.1%, down from +2.8%. Only modest growth is projected Escalating demand led by automakers, and the

49 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CANADA

Vancouver winter Olympics, contributed to 8.4% channels. Ad buyers welcome these tools as a growth in conventional (free) TV ad spending comprehensive measure of the strength of media for the 2009/2010 broadcast year. Although still brands, and hope other newspaper and magazines outpaced by specialty cable at an estimated +11.3%, will follow this lead. this was its strongest growth rate in many years. For the 2010/2011 year just ended, gains are It now appears that magazine ad sales will retreat expected to be more modest compared to a strong to 2009 levels this year, contracting by 2.8%. year ago; we think conventional TV finished the However, modest growth is expected to resume broadcast year slightly ahead of last year. Spending as the economic outlook improves throughout on cable continues to grow at an approximate rate the forecast period. Digital is becoming more of 10%, and is estimated to account for around 35% important for publishers, with more titles offering of all TV adspend, up from 27% in 2006. While the digital versions that often come free with print new season upfront market moved quickly this subscriptions. As of June, ABC reported that the summer, many heavy-up approvals came later strongest performer in paid digital subscriptions than usual and at lower levels than anticipated. was Canadian House & Home, now up to 2,295 or This sluggishness is expected to continue into the 1.4% of total circulation. Digital editions are still winter/spring buy period as marketers wait for in their infancy, but larger titles are committed consumers to begin spending again. In the short- to enhancing this offering. This will attract new term, this is creating a more negotiable market, revenue to magazine brands, but will be reported with broadcasters enhancing efficiencies and as internet spending. Until there is critical mass, offering greater flexibility in order to maintain or measurement of digital versions is on the back increase their share of spend. With three major burner. In the meantime, the industry is hoping to telecoms controlling most of the TV market, we are gain some insight into the role of various devices. seeing a bigger push on multi-screen packages, in addition to the usual multi-media deals combining Out-of-home did very good business in 2010: up owner assets in various media. 15.8% after tumbling 10.2% in 2009. Performance got a strong boost when the Olympic consortium The positive growth registered in printed daily bought out the Vancouver outdoor inventory for newspaper ad revenues during 2010 was the first sponsors. However, the medium is often one of the in a very long time, but +3.6% does not recapture first to be affected by economic uncertainty, and much of the 18.4% loss in 2009. Indeed, expenditure as economic growth has slowed down, so have in this medium has resumed a softening trend ad sales. We have revised our previous forecast this year, with an estimated decline of 5.5%. of +3.0% to a 0.3% decline in expenditure. The However, advertising in digital newspaper medium will recover along with the economy in formats is expected to be up 13%, accounting for 2012, but most of the growth is expected in the around 11% of daily newspaper ad revenue this second half of the year. Increasing digital options year. Although automotive continues to invest and their shorter lead times put out-of-home in a heavily in printed newspapers, we expect only good position to capitalize on advertisers who want modest year-on-year growth of 1.5% in 2011. With to ramp up their marketing at the first positive sign. weakening print circulations and ad spending, the medium continues to adapt and invest, providing Of all offline media, radio’s 2008/2009 ad revenue their audience with a variety of ways of accessing erosion was lowest at -5.7%. Not all of it was content across the newest of devices. The Audit recovered in 2009/2010, but sales have steadily Bureau of Circulations (ABC) has introduced some improved with an estimated growth of +6.0% in new products to provide publishers and advertisers the broadcast year just ended. Like out-of-home, with audited data on these platforms, including shorter lead times for this medium will work in m.Audit Report for mobile, and a Consolidated its favour during the early stages of an improving Media Report, which covers the footprint of economy. newspaper brands across their various media

50 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CANADA

Growth in tablets and smart phones, and the ability dollars will be spent online; in 2014, it will be closer to be connected anytime/anywhere, continue to to one in three. Demand is driving price escalation drive online usage, attracting a greater share of for premium placements such as homepages, advertising investment. Internet’s share leaped indeed most mass-reach homepages are sold out ahead of newspapers into second place after TV months in advance. However, the buy construct is in 2010, a year ahead of expectation. Double-digit changing to include more lower-priced inventory growth will continue throughout the forecast to control costs. Performance media and real-time period, and in 2014 online ad investment is bidding environments are also taking a greater expected to surpass even TV. With 19% growth share, lowering effective campaign CPMs. projected for the current year, one in four ad

51 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CHILE

Advertising expenditure in local currency at current prices (Peso million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 313,097 108,002 15,795 133,986 32,970 1,320 21,024 - 2001 306,677 93,824 13,828 145,974 31,165 1,293 20,593 - 2002 328,569 98,608 13,652 162,941 31,200 1,163 21,005 - 2003 344,895 97,588 13,250 175,359 31,780 1,185 22,685 3,048 2004 369,477 107,782 12,693 186,230 30,233 1,220 27,975 3,344 2005 410,393 120,793 13,162 202,159 33,860 1,290 34,625 4,504 2006 443,444 129,369 13,742 220,686 33,114 1,264 39,233 6,036 2007 496,696 142,052 15,465 248,485 34,456 1,327 46,983 7,928 2008 505,030 145,000 14,597 252,950 36,241 1,129 43,693 11,420 2009 497,058 126,150 11,386 266,411 36,408 1,411 37,139 18,153 2010 570,176 153,903 12,263 296,985 38,920 1,892 42,636 23,577 2011 622,491 169,293 12,876 320,744 41,644 2,270 46,900 28,764 2012 666,446 181,144 13,391 339,988 44,143 2,611 50,652 34,517 2013 708,357 193,824 14,061 356,988 46,350 2,898 54,197 40,039 2014 750,858 205,735 15,017 372,426 48,055 3,003 58,567 48,055 Year-on-year % change at current prices 01 v 00 -2.1 -13.1 -12.5 8.9 -5.5 -2.0 -2.1 - 02 v 01 7.1 5.1 -1.3 11.6 0.1 -10.1 2.0 - 03 v 02 5.0 -1.0 -2.9 7.6 1.9 1.9 8.0 - 04 v 03 7.1 10.4 -4.2 6.2 -4.9 3.0 23.3 9.7 05 v 04 11.1 12.1 3.7 8.6 12.0 5.7 23.8 34.7 06 v 05 8.1 7.1 4.4 9.2 -2.2 -2.0 13.3 34.0 07 v 06 12.0 9.8 12.5 12.6 4.1 5.0 19.8 31.3 08 v 07 1.7 2.1 -5.6 1.8 5.2 -14.9 -7.0 44.0 09 v 08 -1.6 -13.0 -22.0 5.3 0.5 25.0 -15.0 59.0 10 v 09 14.7 22.0 7.7 11.5 6.9 34.1 14.8 29.9 11 v 10 9.2 10.0 5.0 8.0 7.0 20.0 10.0 22.0 12 v 11 7.1 7.0 4.0 6.0 6.0 15.0 8.0 20.0 13 v 12 6.3 7.0 5.0 5.0 5.0 11.0 7.0 16.0 14 v 13 6.0 6.1 6.8 4.3 3.7 3.6 8.1 20.0 Year-on-year % change at constant prices 01 v 00 -5.4 -16.1 -15.5 5.2 -8.7 -5.4 -5.4 - 02 v 01 4.5 2.6 -3.7 8.9 -2.3 -12.2 -0.5 - 03 v 02 2.1 -3.7 -5.6 4.7 -0.9 -0.9 5.1 - 04 v 03 6.0 9.2 -5.2 5.0 -5.9 1.8 22.0 8.5 05 v 04 7.8 8.8 0.7 5.4 8.7 2.7 20.2 30.8 06 v 05 4.5 3.5 0.9 5.5 -5.4 -5.3 9.5 29.6 07 v 06 7.4 5.2 7.9 7.9 -0.3 0.6 14.8 25.9 08 v 07 -6.6 -6.2 -13.3 -6.4 -3.3 -21.8 -14.5 32.4 09 v 08 -3.2 -14.5 -23.3 3.6 -1.2 22.9 -16.4 56.3 10 v 09 13.4 20.6 6.5 10.2 5.7 32.6 13.5 28.4 11 v 10 5.9 6.7 1.8 4.8 3.8 16.4 6.7 18.3 12 v 11 3.8 3.8 0.9 2.8 2.8 11.6 4.8 16.4 13 v 12 3.2 3.9 1.9 1.9 1.9 7.8 3.9 12.6 14 v 13 2.9 3.1 3.7 1.3 0.7 0.6 4.9 16.5

Advertising expenditure in US$ million at current prices. All years based on US$1= Peso 510.25 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 614 212 31 263 65 3 41 - 2001 601 184 27 286 61 3 40 - 2002 644 193 27 319 61 2 41 - 2003 676 191 26 344 62 2 44 6 2004 724 211 25 365 59 2 55 7 2005 804 237 26 396 66 3 68 9 2006 869 254 27 433 65 2 77 12 2007 973 278 30 487 68 3 92 16 2008 990 284 29 496 71 2 86 22 2009 974 247 22 522 71 3 73 36 2010 1,117 302 24 582 76 4 84 46 2011 1,220 332 25 629 82 4 92 56 2012 1,306 355 26 666 87 5 99 68 2013 1,388 380 28 700 91 6 106 78 2014 1,472 403 29 730 94 6 115 94

Advertising expenditure in local currency at current prices (Peso million) Television Total Free Pay 2005 202,159 195,108 7,051 2006 220,686 213,283 7,403 2007 248,485 239,234 9,251 2008 252,950 244,529 8,421 2009 266,411 250,379 16,032 2010 296,985 274,984 22,001 2011 320,744 295,084 25,660 2012 339,988 311,762 28,226 2013 356,988 325,375 31,613 2014 372,426 337,046 35,380

52 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CHILE

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices 800,000 Outdoor Internet 7.5% 4.1% 700,000 Cinema 0.3% Newspapers 27.0% 600,000

Radio 750,858

6.8% 500,000 708,357 666,446 622,491 400,000 570,176 Magazines 505,030 497,058 2.2% 300,000 496,696 443,444 410,393

200,000 369,477 344,895 306,677 295,154 313,097 TV 100,000 52.1% 0

Advertising Data: 2000-2010 ACHAP, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) After discounts 3) Includes agency commission of 15% 4) Excludes classified advertising 5) Includes cable TV from 2003 6) Magazines exclude trade titles

Chile has low external debt and liquid banks, which accounts for approximately half of all ad giving it a position of relative economic strength, expenditure. Chile has a more advanced pay-TV though this has been tempered by recent rapid market than most other Latin American countries, growth in bureaucracy and the president’s decision and cable has been performing reasonably well. to restrict imports of luxury goods in 2009. However, television is on course to lose share to online, which is set to enjoy double-digit growth The Chilean ad market is dominated by television, throughout our forecast period.

53 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CHINA

Advertising expenditure in local currency at current prices (Rmb million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 39,709 14,647 1,134 16,891 1,574 57 5,246 160 2001 42,911 15,771 1,186 17,937 1,886 78 5,613 440 2002 51,463 18,848 1,520 23,103 2,190 105 5,087 610 2003 64,818 24,301 2,438 25,504 2,557 123 8,585 1,310 2004 72,406 23,073 2,034 29,154 3,293 142 12,369 2,340 2005 84,321 25,605 2,487 35,529 3,886 154 12,590 4,070 2006 101,389 31,259 2,410 40,402 5,719 171 14,377 7,050 2007 115,645 32,220 2,646 42,495 6,282 198 19,584 12,220 2008 129,554 34,267 3,102 50,150 6,834 238 17,963 17,000 2009 141,117 37,046 3,038 53,619 7,187 266 19,221 20,740 2010 176,852 38,151 3,223 67,983 7,717 293 27,363 32,122 2011 202,720 38,914 3,368 77,501 8,720 342 30,510 43,365 2012 235,874 40,276 3,604 88,738 9,767 390 33,256 59,843 2013 271,725 40,880 3,712 99,222 10,694 445 36,581 80,190 2014 314,014 41,371 3,805 111,128 11,657 512 39,691 105,851 Year-on-year % change at current prices 01 v 00 8.1 7.7 4.6 6.2 19.8 36.8 7.0 175.0 02 v 01 19.9 19.5 28.2 28.8 16.1 35.0 -9.4 38.6 03 v 02 26.0 28.9 60.4 10.4 16.8 16.9 68.8 114.8 04 v 03 11.7 -5.1 -16.6 14.3 28.8 15.6 44.1 78.6 05 v 04 16.5 11.0 22.3 21.9 18.0 8.0 1.8 73.9 06 v 05 20.2 22.1 -3.1 13.7 47.2 11.2 14.2 73.2 07 v 06 14.1 3.1 9.8 5.2 9.9 15.8 36.2 73.3 08 v 07 12.0 6.4 17.2 18.0 8.8 20.0 -8.3 39.1 09 v 08 8.9 8.1 -2.1 6.9 5.2 12.0 7.0 22.0 10 v 09 25.3 3.0 6.1 26.8 7.4 10.0 42.4 54.9 11 v 10 14.6 2.0 4.5 14.0 13.0 17.0 11.5 35.0 12 v 11 16.4 3.5 7.0 14.5 12.0 14.0 9.0 38.0 13 v 12 15.2 1.5 3.0 11.8 9.5 14.0 10.0 34.0 14 v 13 15.6 1.2 2.5 12.0 9.0 15.0 8.5 32.0 Year-on-year % change at constant prices 01 v 00 6.0 5.6 2.6 4.2 17.6 34.3 5.0 169.8 02 v 01 20.9 20.5 29.2 29.8 17.1 36.1 -8.6 39.8 03 v 02 24.4 27.4 58.5 9.1 15.4 15.5 66.7 112.2 04 v 03 7.5 -8.6 -19.7 10.0 24.0 11.2 38.7 71.9 05 v 04 14.4 9.0 20.1 19.7 15.9 6.1 0.0 70.9 06 v 05 18.5 20.3 -4.5 12.0 45.0 9.6 12.5 70.7 07 v 06 8.8 -1.6 4.7 0.4 4.8 10.5 30.0 65.4 08 v 07 5.8 0.4 10.7 11.4 2.7 13.3 -13.4 31.4 09 v 08 9.7 8.9 -1.4 7.7 5.9 12.8 7.8 22.9 10 v 09 21.3 -0.3 2.7 22.7 3.9 6.5 37.8 49.9 11 v 10 8.7 -3.3 -0.9 8.1 7.1 10.9 5.7 28.0 12 v 11 12.6 0.2 3.6 10.8 8.4 10.4 5.5 33.6 13 v 12 11.8 -1.5 0.0 8.6 6.3 10.7 6.8 30.1 14 v 13 12.2 -1.7 -0.5 8.7 5.8 11.7 5.3 28.2

Advertising expenditure in US$ million at current prices. All years based on US$1= Rmb 6.77 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 5,865 2,163 167 2,495 232 8 775 24 2001 6,338 2,329 175 2,649 279 12 829 65 2002 7,601 2,784 225 3,412 323 16 751 90 2003 9,574 3,589 360 3,767 378 18 1,268 193 2004 10,695 3,408 300 4,306 486 21 1,827 346 2005 12,455 3,782 367 5,248 574 23 1,860 601 2006 14,976 4,617 356 5,968 845 25 2,124 1,041 2007 17,081 4,759 391 6,277 928 29 2,893 1,805 2008 19,136 5,061 458 7,407 1,009 35 2,653 2,511 2009 20,844 5,472 449 7,920 1,062 39 2,839 3,063 2010 26,122 5,635 476 10,041 1,140 43 4,042 4,745 2011 29,943 5,748 497 11,447 1,288 51 4,506 6,405 2012 34,840 5,949 532 13,107 1,443 58 4,912 8,839 2013 40,135 6,038 548 14,655 1,580 66 5,403 11,844 2014 46,381 6,111 562 16,414 1,722 76 5,862 15,635

54 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CHINA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices

Internet 350,000 18.2% Newspapers 21.6% 300,000

250,000 Magazines 314,014 Outdoor 1.8% 15.5% 200,000 271,725

150,000 235,874 Cinema 202,720 0.2% 100,000 176,852 51,463 Radio 51,463 39,709

TV 42,911 4.4% 141,117 38.4% 50,000 129,554 115,645 101,389 72,406 0 64,818

Advertising Data: 2000-2010 State Administration of Industry & Commerce except internet, iResearch, and cinema, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency income, which comprises regular commission and income from programme syndication, sports sponsorship, event marketing, industry training and other sources 2) Excludes production costs 3) Includes classified advertising 4) After discounts

Ad expenditure rose by 25.3% in 2010, and further regulations introduced by SARFT – the State double-digit growth is expected every year over Administration of Radio, Film and Television our forecast period. Newspapers are still seeing – in January 2010 limiting advertising time to a continuing decline in total market share but a maximum of 12 minutes per hour, has led internet advertising is growing fast and we predict television channels to significantly increase their its share of total spend will rise from around 18.2% ratecard costs (according to TNS, by an average of in 2010 to 33.7% by the end of 2014. 24%). As a result, product placement in TV dramas has become very popular. According to the State Administration of Industry and Commerce (SAIC), advertising revenue for SAIC figures have shown a strong rise in OOH TV soared by 26.8% in 2010, mainly due to the advertising revenue in 2010 – by an impressive following reasons. More and more advertisers 42.4%. This was mainly driven by the rapid have started operating in lower-tier cities increase of outdoor sites in places such as office (tiers 3-5), and television is widely used as it is buildings, buses and metros, and streets. It is particularly effective in these areas. According to reported that the total number of OOH sites rose a ZenithOptimedia Mega Touchpoints study of by 58% year-on-year in 2010, to 373,000 units. The cities across tiers 1 to 5, TV advertising is much ongoing development of high speed rail networks more influential in shaping consumers’ purchase across the country is expected to lead to further decisions in tiers 3-5 than it is in tiers 1-2. The growth opportunities for out-of-home advertising.

55 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 COLOMBIA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 521 93 26 217 94 0.3 91 0.1 2001 581 101 23 279 90 0.4 86 0.2 2002 558 94 22 264 95 0.4 82 0.4 2003 517 91 23 240 82 0.5 80 0.8 2004 582 107 28 256 104 0.7 84 1.8 2005 699 134 38 302 133 0.7 88 3.0 2006 799 148 42 382 131 0.8 89 5.9 2007 994 200 57 464 166 0.9 94 12.4 2008 1,044 192 55 490 179 1.1 106 20.6 2009 935 170 43 434 170 0.9 93 24.5 2010 1,193 214 52 558 206 1.2 121 41.0 2011 1,252 236 55 575 210 1.3 115 59.5 2012 1,326 237 50 595 231 1.0 124 88.0 2013 1,425 242 48 637 220 1.0 136 141.0 2014 1,532 248 46 680 233 2.0 147 176.0 Year-on-year % change at current prices 01 v 00 11.6 9.6 -10.0 28.7 -4.2 33.3 -5.0 100.0 02 v 01 -3.9 -7.1 -4.6 -5.4 5.5 0.0 -5.0 100.0 03 v 02 -7.4 -3.5 1.6 -9.2 -13.3 25.0 -2.0 100.0 04 v 03 12.6 18.1 24.8 6.8 26.0 40.0 5.0 125.0 05 v 04 20.1 24.8 34.6 18.0 28.0 0.0 5.0 66.7 06 v 05 14.3 10.7 11.5 26.2 -1.4 14.3 1.0 95.4 07 v 06 24.4 34.6 35.3 21.5 27.0 14.3 5.0 111.4 08 v 07 5.1 -3.9 -4.0 5.7 7.7 16.8 13.5 66.6 09 v 08 -10.5 -11.5 -21.2 -11.4 -5.4 -13.2 -12.8 18.7 10 v 09 27.6 26.1 18.9 28.7 21.3 24.9 30.6 67.4 11 v 10 4.9 10.0 7.0 3.0 2.0 8.0 -5.0 45.0 12 v 11 5.9 0.6 -9.3 3.5 10.1 -20.1 7.7 47.9 13 v 12 7.5 2.1 -4.0 7.1 -4.8 0.0 9.7 60.2 14 v 13 7.5 2.5 -4.2 6.8 5.9 100.0 8.1 24.8 Year-on-year % change at constant prices 01 v 00 8.5 6.6 -12.5 25.2 -6.8 29.7 -7.6 94.5 02 v 01 -5.4 -8.5 -6.1 -6.9 3.8 -1.6 -6.5 96.8 03 v 02 -9.4 -5.6 -0.6 -11.2 -15.2 22.3 -4.1 95.7 04 v 03 9.6 15.0 21.5 4.0 22.7 36.3 2.2 119.1 05 v 04 16.2 20.7 30.2 14.1 23.9 -3.3 1.6 61.2 06 v 05 10.8 7.3 8.1 22.3 -4.5 10.8 -2.1 89.4 07 v 06 20.8 30.8 31.5 18.1 23.4 11.0 2.0 105.4 08 v 07 1.2 -7.4 -7.5 1.8 3.7 12.5 9.3 60.5 09 v 08 -10.2 -11.2 -21.0 -11.2 -5.1 -12.9 -12.6 19.1 10 v 09 25.5 24.0 17.0 26.6 19.3 22.9 28.5 64.7 11 v 10 1.8 6.8 3.9 0.0 -1.0 4.9 -7.8 40.8 12 v 11 4.7 -0.6 -10.4 2.2 8.8 -21.0 6.4 46.2 13 v 12 6.5 1.2 -4.9 6.1 -5.6 -0.9 8.7 58.8 14 v 13 6.3 1.3 -5.2 5.6 4.7 97.8 6.9 23.4 Advertising expenditure in US$ million at current prices Newspapers Television Internet Total National Regional Total Free Pay Total Display Search 2000 93 51 42 217 209 8 0.1 0.1 0.0 2001 101 55 47 279 270 9 0.2 0.2 0.0 2002 94 50 44 264 254 10 0.4 0.4 0.0 2003 91 45 45 240 229 11 0.8 0.8 0.0 2004 107 54 54 256 244 12 1.8 1.8 0.0 2005 134 66 68 302 289 13 3.0 3.0 0.0 2006 148 71 77 382 366 16 5.9 5.7 0.2 2007 200 92 107 464 444 19 12.4 11.9 0.5 2008 192 95 96 490 454 36 20.6 19.6 1.1 2009 170 83 87 434 409 25 24.5 22.1 2.4 2010 214 111 103 558 526 32 41.0 36.6 4.4 2011 236 138 98 575 537 38 59.5 52.4 7.1 2012 237 131 106 595 550 45 88.0 72.2 15.8 2013 242 140 102 637 578 59 141.0 115.6 25.4 2014 248 143 105 680 617 63 176.0 144.3 31.7

56 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 COLOMBIA

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Online Outdoor 3.4% Newspapers 1,800 10.2% 18.0% 1,600 Cinema 0.1% 1,400

Magazines 1,200 1,532 4.3% 1,425

Radio 1,000 1,326 1,252

17.2% 1,193 800 1,044 994

600 935 799 699 400 582 581 558 521 200 517 TV 46.8% 0

Advertising Data: 2000-2010 ANDA, IAB, LAMAC, Ibope, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) After discounts 3) Excludes agency commission 4) Excludes classified advertising 5) Internet includes display, classified and search

Although the economy came to a halt in 2009, Investment in the automotive sector grew by 38% 2010 fared much better with estimated growth at the beginning of 2011. Pharmaceuticals have of 4.3% - in Q3 2010 alone, GDP rose by 3.6%. increased by 27%, finance by 26% and clothing by The IMF estimates GDP growth for 2011 to reach 26%, and all three have maintained a high level of 4.9%. The fact that the newly-elected president investment in magazines. However, both drinks has persevered with the previous government’s and tobacco have decreased spend by 22%, and the programmes has been met with approval by public sector has seen a fall of 46%, mainly due to a economic commentators. strong 2010.

According to Fedesarrollo, the consumer Print media are continuing to lose share to digital confidence index increased by 30 points year- media, and this loss is likely to accelerate over on-year in 2010. Despite the economic recession the next few years. However, several newspaper in industrialized countries, foreign investment titles have been launched in the past year. Internet in Colombia (particularly in the oil and mining penetration is rising rapidly as telecoms and sectors) continued to grow by over 20%. The television operators package it together with their unemployment rate currently stands at around main products at low cost. Search marketing and 9.7%. social media are becoming very popular – Facebook has more than 8 million accounts in Colombia, Altogether, 2010 spelled a widespread increase for example. We are predicting 45% growth in in investment and economic recovery. The online expenditure this year, taking its share ahead presidential and congressional elections drove of magazines’ for the first time. TV spend is set extra expenditure to television, radio, outdoor and to remain quite stable: Colombia has by far the the internet. The World Cup football matches were largest penetration of pay-TV in the whole of Latin broadcast between 8am and 4pm, stimulating a America. Radio audience (now around 70%) is also lot of expenditure on television and radio outside growing. prime time. The automotive sector benefited from an increase in sales of more than 15% in 2010, Altogether, after last year’s rapid rebound of 27.6%, complementing its investment in branding with we are expecting a more modest +4.9% for 2011. promotions in print, radio and television.

57 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 COSTA RICA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet Other 2000 103 42 0 39 14 - - - 8 2001 103 39 0 38 18 - - - 9 2002 118 38 0 46 22 - - - 12 2003 113 37 0 42 22 - - - 12 2004 106 35 0 38 20 - - - 13 2005 274 65 18 118 48 - 9 - 15 2006 310 76 23 129 55 - 10 - 18 2007 356 91 31 143 56 - 11 - 24 2008 416 95 47 167 59 - 17 - 30 2009 387 81 37 157 56 5 21 1 29 2010 464 102 40 188 72 6 27 2 29 2011 490 105 41 200 77 6 29 2 29 2012 520 109 42 214 82 7 31 4 30 2013 553 115 44 227 87 7 34 7 32 2014 586 121 46 240 92 6 37 9 35 Year-on-year % change at current prices 01 v 00 0.1 -7.7 - -2.3 23.3 - - - 11.6 02 v 01 13.7 -3.0 - 21.0 22.8 - - - 37.5 03 v 02 -3.7 -1.0 - -9.7 0.6 - - - 2.7 04 v 03 -6.6 -6.2 - -8.3 -9.4 - - - 3.4 05 v 04 159.0 85.9 - 210.0 146.4 - - - 16.6 06 v 05 13.2 15.8 29.0 8.7 12.6 - 10.6 - 22.3 07 v 06 14.7 20.1 36.6 11.5 2.2 - 4.8 - 30.2 08 v 07 16.9 4.6 51.0 16.7 6.6 - 58.7 - 25.3 09 v 08 -7.0 -15.1 -20.1 -6.0 -5.6 - 19.7 - -4.0 10 v 09 20.2 26.7 5.6 19.3 28.2 40.0 28.0 50.0 0.0 11 v 10 5.4 3.0 3.0 6.6 6.5 1.6 7.9 60.0 2.1 12 v 11 6.2 4.0 3.9 7.0 7.0 3.1 9.1 70.8 2.0 13 v 12 6.5 5.0 5.0 6.0 6.0 4.5 9.9 80.5 5.0 14 v 13 5.9 5.3 3.6 5.7 5.9 -13.0 7.9 21.6 11.1 Year-on-year % change at constant prices 01 v 00 -2.7 -10.3 - -5.0 19.9 - - - 8.5 02 v 01 11.9 -4.6 - 19.1 20.9 - - - 35.3 03 v 02 -5.8 -3.1 - -11.6 -1.6 - - - 0.4 04 v 03 -9.0 -8.7 - -10.7 -11.8 - - - 0.7 05 v 04 150.5 79.9 - 199.8 138.4 - - - 12.8 06 v 05 9.7 12.2 25.0 5.4 9.1 - 7.2 - 18.6 07 v 06 11.5 16.7 32.7 8.4 -0.7 - 1.8 - 26.5 08 v 07 12.6 0.8 45.4 12.4 2.7 - 52.9 - 20.7 09 v 08 -6.8 -14.8 -19.8 -5.7 -5.3 - 20.0 - -3.7 10 v 09 18.2 24.6 3.9 17.4 26.1 37.7 26.0 47.6 -1.6 11 v 10 2.3 0.0 0.0 3.5 3.4 -1.4 4.8 55.3 -0.9 12 v 11 4.9 2.8 2.7 5.7 5.8 1.9 7.8 68.8 0.8 13 v 12 5.5 4.1 4.0 5.1 5.0 3.6 9.0 78.9 4.1 14 v 13 4.7 4.1 2.5 4.5 4.7 -14.0 6.7 20.3 9.9

58 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 COSTA RICA

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Internet 0.3% Other 700 Outdoor 6.2% Newspapers 5.7% 22.0% 600 Cinema 1.4% 500 586 553 520

Radio 400 490 15.5% 464 416

Magazines 300 387 8.5% 356 310

200 274

100 103 103 118 113 106 0 TV 40.4%

Advertising Data: 2000-2010 Mediaguru, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Excludes production costs 3) Includes agency commission 4) Includes classified

Costa Rica is one of the most stable and peaceful Television accounted for 40.4% of adspend in democracies in Latin America. Its government has 2010, while press accounted for nearly a third. The opened the economy to foreign investment and most important players in influencing media costs competition, and is actively pursuing free trade are TV Broadcast (Repretel Channels 4, 6, 11 and agreements. Teletica Channel 7) and Grupo Nación, a large group of newspapers.

59 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CROATIA

Advertising expenditure in local currency at current prices (Kuna million) Total Newspapers Magazines TV Radio Outdoor Internet 2000 1,268 192 146 827 - 103 0 2001 1,851 285 191 1,231 - 144 0 2002 2,360 314 270 1,613 - 163 0 2003 2,843 469 310 1,842 - 223 0 2004 3,210 543 387 2,046 - 234 0 2005 4,122 589 442 2,810 - 272 9 2006 4,856 767 548 3,218 - 311 12 2007 5,431 867 634 3,612 - 275 43 2008 5,604 915 651 3,706 - 267 65 2009 7,462 882 547 5,761 - 218 54 2010 9,757 918 461 7,908 102 214 155 2011 11,386 1,010 561 9,425 45 224 120 2012 12,525 1,111 617 10,368 50 247 132 2013 13,777 1,222 679 11,405 54 272 145 2014 15,155 1,344 747 12,545 60 299 160 Year-on-year % change at current prices 01 v 00 46.0 48.4 30.8 48.9 - 39.8 - 02 v 01 27.5 10.2 41.4 31.0 - 13.2 - 03 v 02 20.5 49.5 14.6 14.2 - 36.5 - 04 v 03 12.9 15.7 25.0 11.1 - 5.3 - 05 v 04 28.4 8.5 14.3 37.3 - 16.1 - 06 v 05 17.8 30.2 24.0 14.5 - 14.3 33.3 07 v 06 11.8 13.0 15.7 12.2 - -11.6 258.3 08 v 07 3.2 5.5 2.7 2.6 - -2.9 51.2 09 v 08 33.1 -3.6 -16.0 55.4 - -18.3 -17.4 10 v 09 30.8 4.0 -15.6 37.3 - -2.1 189.7 11 v 10 16.7 10.1 21.6 19.2 -55.7 5.1 -22.8 12 v 11 10.0 10.0 10.0 10.0 11.1 10.1 10.0 13 v 12 10.0 10.0 10.0 10.0 8.0 10.1 9.8 14 v 13 10.0 10.0 10.0 10.0 11.1 9.9 10.3 Year-on-year % change at constant prices 01 v 00 40.6 43.0 26.0 43.4 - 34.7 - 02 v 01 25.4 8.4 39.1 28.9 - 11.4 - 03 v 02 18.3 46.8 12.6 12.2 - 34.1 - 04 v 03 10.7 13.4 22.6 9.0 - 3.2 - 05 v 04 24.2 5.0 10.5 32.8 - 12.3 - 06 v 05 14.2 26.2 20.2 11.0 - 10.8 29.2 07 v 06 8.7 9.8 12.4 9.1 - -14.1 248.2 08 v 07 -2.7 -0.5 -3.2 -3.3 - -8.5 42.5 09 v 08 30.0 -5.8 -18.0 51.8 - -20.2 -19.4 10 v 09 29.5 2.9 -16.5 35.9 - -3.1 186.8 11 v 10 13.1 6.7 17.9 15.5 -57.0 1.8 -25.2 12 v 11 7.4 7.4 7.4 7.4 8.5 7.5 7.4 13 v 12 7.6 7.6 7.7 7.6 5.7 7.8 7.5 14 v 13 7.3 7.3 7.3 7.3 8.4 7.2 7.7

Advertising expenditure in US$ million at current prices. All years based on US$1= Kuna 5.50 Total Newspapers Magazines TV Radio Outdoor Internet 2000 231 35 27 150 - 19 0 2001 337 52 35 224 - 26 0 2002 429 57 49 293 - 30 0 2003 517 85 56 335 - 40 0 2004 584 99 70 372 - 43 0 2005 750 107 80 511 - 49 2 2006 883 140 100 585 - 57 2 2007 988 158 115 657 - 50 8 2008 1,019 166 118 674 - 49 12 2009 1,357 160 99 1,048 - 40 10 2010 1,775 167 84 1,438 18 39 28 2011 2,071 184 102 1,714 8 41 22 2012 2,278 202 112 1,886 9 45 24 2013 2,506 222 123 2,074 10 49 26 2014 2,756 244 136 2,282 11 54 29

Advertising expenditure in local currency at current prices (Kuna million) Newspapers Magazines Television Total National Regional Total Business Consumer Total Free Pay 2005 589 369 220 442 20 422 2,810 1,718 1,092 2006 767 463 304 548 43 505 3,218 1,794 1,424 2007 867 623 244 634 64 570 3,612 2,077 1,535 2008 915 669 246 651 44 607 3,706 1,888 1,818 2009 882 602 280 547 48 498 5,761 4,398 1,363 2010 918 665 253 461 45 416 7,908 6,599 1,309 2011 1,010 747 263 561 42 519 9,425 8,294 1,131 2012 1,111 822 289 617 43 574 10,368 9,124 1,244 2013 1,222 904 318 679 45 634 11,405 10,036 1,369 2014 1,344 995 349 747 49 698 12,545 11,040 1,505

60 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CROATIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor 16,000 2.2% Newspapers Internet 9.4% Radio 1.6% 1.0% 14,000 Magazines 4.7% 12,000 15,155 13,777 10,000 12,525

8,000 11,386 9,757 6,000 7,462 4,000 TV 5,604 1,851 5,431

81.0% 4,856 1,268 2,000 674 4,122 3,210 2,843 0

Advertising Data: 2000-2008 MEDIAPuls, AGB Nielsen, 2009-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts 3) Excludes agency commission 4) Excludes classified 5) Internet figures are display only

Croatia’s economy contracted by 5.8% in 2009 and and more advertisers recognise the advantages of 1.2% in 2010, but the IMF expects the economy to internet advertising over traditional media: it is still return to growth – of 0.8% – in 2011. cheaper, and it is easier to track.

We estimate the total ad market increased by The analogue to digital transition was brought to a 30.8% in 2010, due to the enormous growth of close in October 2010 with the switching off of the online advertising and a rise in TV spend. More analogue terrestrial signal.

61 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CZECH REPUBLIC

Advertising expenditure in local currency at current prices (Kc million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 28,165 5,526 5,783 14,516 1,050 0 1,190 100 2001 32,815 5,461 6,209 17,970 1,040 76 1,859 200 2002 32,421 6,490 6,472 15,529 1,693 63 1,934 240 2003 34,931 6,836 6,924 16,869 2,169 111 1,674 348 2004 38,614 7,804 7,731 18,153 2,157 167 1,938 664 2005 23,245 4,057 4,371 10,888 1,799 92 1,457 581 2006 27,048 4,689 4,886 12,077 1,980 120 1,877 1,420 2007 28,770 4,358 5,309 12,431 2,111 115 2,061 2,385 2008 32,835 4,553 5,467 14,155 2,254 83 3,196 3,128 2009 25,461 3,368 4,040 11,929 1,459 43 1,444 3,179 2010 26,015 3,791 4,178 11,610 1,233 93 1,407 3,704 2011 26,015 3,185 3,887 11,963 1,110 73 1,485 4,312 2012 26,363 2,898 3,739 12,392 1,110 72 1,455 4,696 2013 27,318 2,812 3,739 12,910 1,132 76 1,484 5,165 2014 28,440 2,755 3,776 13,426 1,155 79 1,514 5,734 Year-on-year % change at current prices 01 v 00 16.5 -1.2 7.4 23.8 -1.0 - 56.2 100.0 02 v 01 -1.2 18.8 4.2 -13.6 62.8 -17.1 4.0 20.0 03 v 02 7.7 5.3 7.0 8.6 28.1 76.2 -13.4 45.0 04 v 03 10.5 14.2 11.7 7.6 -0.6 50.5 15.8 90.8 05 v 04 -39.8 -48.0 -43.5 -40.0 -16.6 -44.7 -24.8 -12.5 06 v 05 16.4 15.6 11.8 10.9 10.1 29.5 28.8 144.3 07 v 06 6.4 -7.1 8.7 2.9 6.6 -3.7 9.8 68.0 08 v 07 14.1 4.5 3.0 13.9 6.8 -27.8 55.1 31.1 09 v 08 -22.5 -26.0 -26.1 -15.7 -35.3 -48.1 -54.8 1.6 10 v 09 2.2 12.6 3.4 -2.7 -15.5 114.9 -2.5 16.5 11 v 10 0.0 -16.0 -7.0 3.0 -10.0 -21.3 5.5 16.4 12 v 11 1.3 -9.0 -3.8 3.6 0.0 -1.4 -2.0 8.9 13 v 12 3.6 -3.0 0.0 4.2 2.0 5.0 2.0 10.0 14 v 13 4.1 -2.0 1.0 4.0 2.0 5.0 2.0 11.0 Year-on-year % change at constant prices 01 v 00 11.3 -5.6 2.6 18.3 -5.4 - 49.2 91.0 02 v 01 -2.9 16.8 2.4 -15.1 59.9 -18.6 2.2 17.9 03 v 02 7.6 5.2 6.8 8.5 27.9 76.0 -13.6 44.8 04 v 03 7.5 11.1 8.6 4.7 -3.3 46.4 12.6 85.6 05 v 04 -40.9 -49.0 -44.5 -41.1 -18.1 -45.7 -26.2 -14.0 06 v 05 13.5 12.8 9.1 8.2 7.4 26.4 25.6 138.3 07 v 06 3.3 -9.7 5.6 0.0 3.6 -6.5 6.7 63.3 08 v 07 7.3 -1.8 -3.2 7.1 0.4 -32.1 45.8 23.3 09 v 08 -23.3 -26.8 -26.9 -16.6 -36.0 -48.6 -55.3 0.6 10 v 09 0.8 11.0 2.0 -4.0 -16.6 111.9 -3.9 14.9 11 v 10 -1.8 -17.5 -8.6 1.2 -11.6 -22.7 3.7 14.4 12 v 11 -0.6 -10.8 -5.7 1.6 -2.0 -3.3 -3.9 6.8 13 v 12 1.6 -4.9 -2.0 2.1 0.0 2.9 0.0 7.8 14 v 13 2.1 -3.9 -1.0 2.0 0.0 2.9 0.0 8.8

Advertising expenditure in US$ million at current prices. All years based on US$1=Kc 19.10 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,475 289 303 760 55 0 62 5 2001 1,718 286 325 941 54 4 97 10 2002 1,698 340 339 813 89 3 101 13 2003 1,829 358 363 883 114 6 88 18 2004 2,022 409 405 951 113 9 101 35 2005 1,217 212 229 570 94 5 76 30 2006 1,416 246 256 632 104 6 98 74 2007 1,506 228 278 651 111 6 108 125 2008 1,719 238 286 741 118 4 167 164 2009 1,333 176 212 625 76 2 76 166 2010 1,362 198 219 608 65 5 74 194 2011 1,362 167 204 626 58 4 78 226 2012 1,380 152 196 649 58 4 76 246 2013 1,430 147 196 676 59 4 78 270 2014 1,489 144 198 703 60 4 79 300 Advertising expenditure in local currency at current prices (Kc million) Newspapers Magazines Television Internet Total National Regional Total Business Consumer Total Free Pay Total Display Search 2003 6,836 3,854 2,982 6,924 691 6,233 16,869 - - - - - 2004 7,804 4,532 3,272 7,731 691 7,040 18,153 - - - - - 2005 4,057 2,776 1,281 4,371 373 3,998 10,888 10,860 29 581 581 - 2006 4,689 3,003 1,686 4,886 414 4,472 12,077 12,040 37 1,420 854 566 2007 4,358 2,681 1,677 5,309 404 4,904 12,431 12,246 185 2,385 1,405 980 2008 4,553 2,848 1,705 5,467 384 5,083 14,155 14,012 142 3,128 2,027 1,101 2009 3,368 2,189 1,179 4,040 271 3,769 11,929 11,851 78 3,179 1,999 1,180 2010 3,791 2,275 1,515 4,178 183 3,995 11,610 11,487 123 3,704 2,184 1,520 2011 3,185 2,038 1,147 3,887 169 3,718 11,963 11,816 147 4,312 2,386 1,926 2012 2,898 1,841 1,058 3,739 150 3,589 12,392 12,166 227 4,696 2,561 2,135 2013 2,812 1,777 1,035 3,739 150 3,589 12,910 12,636 274 5,165 2,807 2,359 2014 2,755 1,741 1,014 3,776 151 3,625 13,426 13,139 288 5,734 3,115 2,618

62 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CZECH REPUBLIC

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 14.2% Newspapers 45,000 14.6% Outdoor 40,000 5.4% Cinema 35,000 0.4% Magazines 30,000 Radio 16.1% 38,614

25,000 34,931 4.7% 32,815 32,835 32,421

20,000 28,770 10,315 28,440 27,048 27,318 26,363 26,015 26,015 15,000 25,461 23,245 10,000 TV 44.6% 5,000

Advertising Data: 2000-2010 Amer Nielsen, TNS MI, AdMonitoring, Screenvision, Cinexpress, SVIT, SPIR, APSV, ZenithOptimedia estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Before discounts until 2004, and after discounts from 2005 4) Excludes classified 5) Internet includes display and search 6) Since 2006, outdoor has included an estimate for in-store media 7) Since 2008, figures for outdoor include long-lease deals and special formats e.g. bridge billboards 8) Up to 2008, TV Ocko was counted as pay-TV in our pay-TV/free split; from 2009 it is counted as free 9) Radio figures only include national campaigns on national stations

Note that in July we started reporting figures According to the September survey, the consumer from 2005 as net, after discounts. This explains the confidence indicator continued to fall. Consumers apparent big drop in spend that year. expect that not only will the overall economic situation worsen in the coming 12 months, but We expect real GDP growth of 2.1% for 2011, that their own financial situations will as well. while the forecast for 2012 is 1.0% growth. Due to In addition to lingering fears of rising prices, the significant uncertainties about the eurozone’s debt number of respondents expecting an increase in crisis, the forecast is subject to significant downside unemployment is rising, and the number of those risks. Future developments in the Czech economy who plan to save is decreasing. will depend considerably on how quickly, and with what consequences, the current situation in The advertising market as a whole grew by 2.2% problematic eurozone countries is resolved. in 2010, but we expect it to be flat in 2011. Internet continues to strengthen, mainly at the expense of Consumer prices should increase by 1.9% this newspapers and magazines. year. In 2012, the inflation rate will be significantly influenced by the increase in the reduced VAT rate The market-leading television channel TV Nova (to 14%) and should reach 3.2%. In this case too, the continues to lose audiences, which sister channel risks are tilted to the downside. Nova Cinema has not been able to replace despite its own growth. The second commercial channel Employment should increase by 0.4% this year, Prima has maintained its position, with occasional but we anticipate a decrease of 0.2% next year. The small increases in viewing, while sister channels unemployment rate should be around 6.9% for Prima Cool and Prima Love continue to grow. The both 2011 and 2012. new channel Barrandov is expanding as well. Most of the big channels are sold out in high season,

63 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CZECH REPUBLIC

which creates some inflation. loss of its billboard network in Prague (soon to be consolidated under BIG Media), and the foreseen The end of the digitisation process on the 11 loss of its CLV network in Prague (expected to be November 2011 coincided with the end of consolidated under JCDecaux). Outdoor Akzent is advertising on the main public channel CT1 and also losing ground due to economic problems and a news channel CT24 (and all the websites run by lack of long-term contracts. Czech Television). Advertising will remain on CT2 and CT4 Sport. In an important development, BIG Media and News Outdoor plan to launch an official OOH Hoping to compensate for loss of income, measurement system in the Czech Republic. publishers have looked to diversify and broaden their portfolios with supplements and special In 2010 there was a large increase in the number of editions. The emerging tablet, smartphone and cinemagoers and cinema ad expenditure, but both e-books market offers a variety of print titles as have fallen back in 2011. At the beginning of the paid applications, and creates a bridge between year, Palace Media was bought by Cinema City. printed and digital media. The internet is attracting an increasing share of Radio audiences are relatively stable. The leading advertising investment. There has been a higher station Impuls has retained its position, thanks to usage of rich media formats and streaming video listeners’ growing preference for domestic music. vehicles, and websites are offering new forms of This has also benefited Blaník, Radiožurnál and advertising. Mobile marketing is expanding, and Hey Praha. the increasing penetration of smartphones has led to an interconnection between mobile and internet JCDecaux is the market leader in outdoor marketing. advertising. Euro AWK is losing ground due to the

64 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 DENMARK

Advertising expenditure in local currency at current prices (DKr million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet Other 2000 11,478 5,580 724 1,823 213 46 338 316 2,438 2001 11,043 5,238 693 1,747 234 50 343 310 2,428 2002 10,357 4,794 626 1,675 222 70 336 418 2,216 2003 10,352 4,708 617 1,927 216 55 345 486 1,998 2004 11,022 5,013 654 2,125 211 51 359 582 2,027 2005 11,739 5,462 1,616 2,254 280 57 383 742 945 2006 13,679 5,960 1,804 2,471 279 55 405 1,794 911 2007 14,478 5,933 1,840 2,516 285 56 473 2,502 873 2008 14,119 5,289 1,818 2,431 250 60 516 2,926 829 2009 12,018 4,208 1,336 2,059 217 66 491 3,030 611 2010 12,088 4,015 1,285 2,165 199 69 530 3,195 630 2011 12,438 3,866 1,185 2,490 249 71 545 3,387 645 2012 12,558 3,789 1,149 2,540 261 76 556 3,522 665 2013 12,543 3,675 1,126 2,565 189 79 575 3,628 705 2014 12,680 3,639 1,115 2,617 190 82 598 3,682 758 Year-on-year % change at current prices 01 v 00 -3.8 -6.1 -4.3 -4.2 9.9 8.7 1.5 -1.9 -0.4 02 v 01 -6.2 -8.5 -9.7 -4.1 -5.1 40.0 -2.0 34.8 -8.7 03 v 02 0.0 -1.8 -1.4 15.0 -2.7 -21.4 2.7 16.3 -9.8 04 v 03 6.5 6.5 6.0 10.3 -2.3 -7.3 4.1 19.8 1.5 05 v 04 6.5 9.0 147.1 6.1 32.7 11.8 6.7 27.5 -53.4 06 v 05 16.5 9.1 11.6 9.6 -0.4 -3.5 5.7 141.8 -3.6 07 v 06 5.8 -0.5 2.0 1.8 2.2 1.8 16.8 39.5 -4.2 08 v 07 -2.5 -10.9 -1.2 -3.4 -12.3 7.1 9.1 16.9 -5.0 09 v 08 -14.9 -20.4 -26.5 -15.3 -13.2 10.0 -4.8 3.6 -26.3 10 v 09 0.6 -4.6 -3.8 5.1 -8.3 5.0 7.9 5.4 3.1 11 v 10 2.9 -3.7 -7.8 15.0 25.0 3.0 2.8 6.0 2.4 12 v 11 1.0 -2.0 -3.0 2.0 5.0 6.0 2.0 4.0 3.1 13 v 12 -0.1 -3.0 -2.0 1.0 -27.6 5.0 3.4 3.0 6.0 14 v 13 1.1 -1.0 -1.0 2.0 0.5 3.2 4.0 1.5 7.5 Year-on-year % change at constant prices 01 v 00 -6.0 -8.3 -6.5 -6.4 7.3 6.1 -0.9 -4.2 -2.7 02 v 01 -8.4 -10.6 -11.8 -6.3 -7.3 36.8 -4.3 31.7 -10.8 03 v 02 -2.1 -3.8 -3.5 12.6 -4.7 -23.1 0.5 13.8 -11.7 04 v 03 5.2 5.2 4.8 9.0 -3.4 -8.3 2.9 18.4 0.3 05 v 04 4.7 7.1 142.8 4.2 30.4 9.8 4.8 25.3 -54.2 06 v 05 14.3 7.1 9.5 7.6 -2.2 -5.3 3.8 137.3 -5.4 07 v 06 4.1 -2.1 0.3 0.1 0.5 0.1 14.8 37.1 -5.8 08 v 07 -5.7 -13.8 -4.4 -6.6 -15.2 3.6 5.5 13.1 -8.2 09 v 08 -16.0 -21.5 -27.5 -16.4 -14.4 8.5 -6.1 2.2 -27.3 10 v 09 -1.7 -6.7 -6.0 2.8 -10.4 2.6 5.5 3.1 0.8 11 v 10 -0.3 -6.7 -10.6 11.4 21.1 -0.2 -0.4 2.7 -0.8 12 v 11 -1.4 -4.3 -5.3 -0.4 2.5 3.5 -0.4 1.6 0.7 13 v 12 -2.3 -5.1 -4.1 -1.2 -29.2 2.7 1.2 0.8 3.7 14 v 13 -0.9 -2.9 -2.9 0.0 -1.5 1.2 2.0 -0.5 5.4

Advertising expenditure in US$ million at current prices. All years based on US$1= DKr 5.62 Total Newspapers Magazines TV Radio Cinema Outdoor Internet Other 2000 2,041 992 129 324 38 8 60 56 433 2001 1,964 931 123 311 42 9 61 55 432 2002 1,842 852 111 298 39 12 60 74 394 2003 1,841 837 110 343 38 10 61 86 355 2004 1,960 891 116 378 38 9 64 103 360 2005 2,087 971 287 401 50 10 68 132 168 2006 2,432 1,060 321 439 50 10 72 319 162 2007 2,574 1,055 327 447 51 10 84 445 155 2008 2,510 940 323 432 44 11 92 520 147 2009 2,137 748 238 366 39 12 87 539 109 2010 2,149 714 228 385 35 12 94 568 112 2011 2,212 687 211 443 44 13 97 602 115 2012 2,233 674 204 452 46 13 99 626 118 2013 2,230 654 200 456 34 14 102 645 125 2014 2,255 647 198 465 34 15 106 655 135 Advertising expenditure in local currency at current prices (DKr million) Newspapers Magazines Total National Regional Total Business Consumer 2005 5,462 3,139 2,323 1,616 905 711 2006 5,960 3,493 2,467 1,804 987 817 2007 5,933 3,229 2,704 1,840 1,007 833 2008 5,289 2,735 2,554 1,818 999 819 2009 4,208 2,065 2,143 1,336 742 594 2010 4,015 1,919 2,096 1,285 721 564 2011 3,866 1,895 1,971 1,185 671 514 2012 3,789 1,845 1,944 1,149 654 495 2013 3,675 1,830 1,845 1,126 641 485 2014 3,639 1,812 1,827 1,115 635 480

65 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 DENMARK

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at current prices million Other 5.2% 16,000 14,000 Internet Newspapers 12,000

26.4% 33.2% 14,478 14,119 10,000 13,679 12,558 12,543 12,680 12,438 12,088 12,018 11,739

8,000 11,478 11,022 11,043 10,352 10,357 Outdoor 6,000 4.4% 4,000 Cinema 0.6% Magazines 2,000 Radio 10.6% 1.6% TV 0 17.9%

Advertising Data: 2000-2009 Dansk Oplagskontrol, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) After discounts 5) Newspapers includes paid-for and free newspapers 6) Magazines includes trade press from 2005 7) ’Other’ includes trade press (until 2005), annuals and directories 8) Internet advertising includes display, classified and paid search

After an appalling 2009, when total ad expenditure The internet was the only medium that continued was down 14.9%, the market picked up slightly in to grow throughout the downturn, and we expect 2010, managing to put on around 0.6% growth. We it to gain share throughout our forecast period. expect 2.9% growth in 2011 and 1.0% in 2012, with Internet accounted for 26.4% of all ad expenditure the market probably falling back again slightly in in 2010, and we expect this proportion to rise to 2013. 29.0% in 2014.

66 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ECUADOR

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 184 33 6 119 26 - - - 2001 275 41 8 198 28 - - - 2002 381 56 11 276 38 -- 2003 436 68 14 307 47 - - - 2004 480 79 18 333 50 - - - 2005 276 86 15 153 16 0.2 6 0.1 2006 278 86 15 153 16 0.2 8 0.1 2007 312 93 28 159 20 0.3 11 0.2 2008 343 98 32 182 19 0.6 12 0.5 2009 334 88 28 173 21 0.6 24 0.6 2010 369 98 30 197 17 0.7 26 0.7 2011 400 95 23 238 22 0.9 20 1.1 2012 426 90 31 255 22 0.9 26 1.3 2013 478 88 27 309 21 1.0 30 1.5 2014 561 128 39 335 18 1.0 38 1.1 Year-on-year % change at current prices 01 v 00 49.5 24.2 33.3 66.4 7.7 - - - 02 v 01 38.5 36.6 37.5 39.4 35.7 - - - 03 v 02 14.4 21.4 27.3 11.2 23.7 - - - 04 v 03 10.1 16.2 28.6 8.5 6.4 - - - 05 v 04 -42.5 8.7 -16.7 -54.2 -67.6 - - - 06 v 05 0.6 0.0 0.0 0.0 0.0 53.3 26.2 25.0 07 v 06 12.2 8.3 86.9 4.5 22.2 30.4 42.9 60.0 08 v 07 10.0 4.8 12.7 13.9 -3.0 100.0 9.1 212.5 09 v 08 -2.6 -9.9 -10.4 -5.0 8.3 0.0 96.7 10.0 10 v 09 10.4 11.0 7.1 14.0 -17.8 16.7 10.2 27.3 11 v 10 8.4 -2.6 -24.1 21.0 28.7 28.6 -23.1 57.1 12 v 11 6.5 -5.3 34.8 7.1 0.0 -2.5 30.0 18.2 13 v 12 12.1 -2.2 -12.9 21.2 -4.1 12.3 16.5 15.4 14 v 13 17.4 45.7 44.5 8.4 -12.8 0.0 26.7 -26.8 Year-on-year % change at constant prices 01 v 00 8.5 -9.8 -3.2 20.8 -21.8 - - - 02 v 01 23.2 21.4 22.2 23.9 20.6 - - - 03 v 02 6.1 12.6 18.0 3.1 14.7 - - - 04 v 03 7.1 13.1 25.1 5.6 3.5 - - - 05 v 04 -43.9 6.1 -18.7 -55.3 -68.4 - - - 06 v 05 -2.3 -2.9 -2.9 -2.9 -2.9 48.8 22.5 21.3 07 v 06 9.7 5.8 82.6 2.1 19.4 27.5 39.6 56.3 08 v 07 1.5 -3.3 4.0 5.1 -10.5 84.6 0.7 188.4 09 v 08 -7.3 -14.4 -14.8 -9.6 3.0 -4.9 87.0 4.6 10 v 09 6.6 7.2 3.4 10.1 -20.6 12.6 6.4 22.9 11 v 10 3.8 -6.7 -27.3 15.9 23.2 23.2 -26.3 50.5 12 v 11 1.6 -9.7 28.5 2.1 -4.7 -7.0 23.9 12.7 13 v 12 7.6 -6.2 -16.4 16.3 -8.0 7.7 11.8 10.7 14 v 13 127.3 182.0 179.7 109.9 68.8 93.6 145.4 41.8

Advertising expenditure in local currency at current prices (US$ million) Newspapers Magazines Television Total National Regional Total Business Consumer Total Free Pay 2005 86 77 9 15 1 14 153 150 3 2006 86 77 9 15 1 14 153 150 3 2007 93 84 9 28 3 26 159 156 3 2008 98 88 10 32 3 29 182 178 4 2009 88 79 9 28 3 26 173 169 3 2010 98 88 10 30 3 28 197 193 4 2011 95 84 11 23 2 21 238 232 6 2012 90 79 11 31 3 28 255 248 7 2013 88 77 11 27 2 25 309 297 12 2014 128 112 17 39 3 36 335 322 13

67 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ECUADOR

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor 600 7.0% Internet RadioCinema 0.2% 500 561 4.6% 0.2% Newspapers 480 400 478 26.4% 436 426 400 381

300 369 343 334 312 278 276 200 275 Magazines 8.2% 100 120 TV 53.3% 0

Advertising Data: 2000-2009 Ibope, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts until 2004, after discounts from 2005 onwards 3) Includes agency commission (15%) 4) Excludes classified advertising 5) Internet figures include display advertising

In 2000, Congress approved a series of structural advertisers to buy spaces. As a result, TV continues economic reforms including a framework for the to be the medium of choice for many advertisers, adoption of the US dollar. The switch to the US accounting for over half of all advertising dollar helped stabilise the economy, and growth expenditure in 2010. returned to levels seen before the economic collapse of the late 1990s, when inflation reached 60%. In the last two years internet consumption has increased by 19%, although the industry is not yet Ecuador is reliant on its petroleum resources, compensating for it in its budgets. Expenditure has which have accounted for more than half of the been growing very fast over the past few years, country’s export earnings in recent years. The and we expect it to rise by as much as 57.1% this country is therefore vulnerable to fluctuations in year alone. Cinema is also performing very well, the price of petroleum. It has seen mass emigration especially thanks to the popularity of 3D films, and in recent years, due to political instability and lack we expect overall growth to reach 28.6% in 2011. of employment opportunities. Press media, especially newspapers, are losing A new communication law that could be approved readers and attracting fewer investments. Although next year would include more stringent rules on TV they still account for a large proportion of total ad spaces, resulting in a rise in costs and a larger advertising expenditure in this market, we expect variety of formats. In Ecuador, television CPTs press to see a decrease in favour of TV and internet are relatively low, allowing both large and small over the next few years.

68 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 EGYPT

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio 2000 236 122 23 92 - 2001 286 161 25 99 - 2002 331 183 24 125 - 2003 321 185 22 113 - 2004 421 248 32 141 - 2005 134 69 8 57 - 2006 161 91 9 61 - 2007 259 179 20 61 - 2008 440 340 28 71 - 2009 544 375 31 82 56 2010 583 393 28 98 64 2011 361 236 14 64 47 2012 401 262 15 73 51 2013 404 262 15 71 56 2014 404 262 15 71 56 Year-on-year % change at current prices 01 v 00 20.9 32.2 10.9 8.3 - 02 v 01 15.8 13.5 -7.1 25.4 - 03 v 02 -3.1 1.5 -6.1 -9.4 - 04 v 03 31.3 33.9 42.7 24.9 - 05 v 04 -68.2 -72.3 -73.6 -59.9 - 06 v 05 20.3 32.4 9.4 7.2 - 07 v 06 61.2 96.5 116.6 -0.1 - 08 v 07 69.6 90.3 42.6 17.5 - 09 v 08 23.6 10.0 10.0 15.0 - 10 v 09 7.2 5.0 -10.0 20.0 - 11 v 10 -38.1 -40.0 -50.0 -34.8 -26.3 12 v 11 11.1 11.1 10.0 13.3 8.5 13 v 12 0.7 - -5.0 -2.0 9.8 14 v 13 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 17.5 28.6 7.8 5.3 - 02 v 01 13.9 11.7 -8.6 23.4 - 03 v 02 -5.2 -0.7 -8.1 -11.3 - 04 v 03 27.9 30.4 39.0 21.6 - 05 v 04 -69.3 -73.2 -74.5 -61.2 - 06 v 05 16.6 28.3 6.1 3.9 - 07 v 06 56.6 90.9 110.5 -2.9 - 08 v 07 63.4 83.3 37.3 13.2 - 09 v 08 24.0 10.3 10.3 15.3 - 10 v 09 5.5 3.3 -11.5 18.1 11.2 11 v 10 -39.9 -41.7 -51.5 -36.7 -28.5 12 v 11 9.8 9.8 8.7 12.0 7.2 13 v 12 -0.2 -0.9 -5.8 -2.8 8.8 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1

69 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 EGYPT

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Radio 10.9% 700

TV 600 16.8%

500 583 544

400 440 421 404 404 Magazines 300 401 Newspapers 361

4.8% 331 67.4% 321 200 286 259 236 100 161 134 -

Advertising Data: 2000-2004 PARC (Spiral), Ipsos Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Before discounts to 2004, after discounts afterwards 2) Excludes agency commission 3) Excludes production costs 4) Excludes classified advertising

The ad market practically shut down during the with the presidential elections being postponed revolution of early 2011, and advertisers have been to 2012 and recent protests taking place over the slow to return, treading carefully and cautious military’s handling of the transition to civilian rule. about the messages they send. Uncertainty remains,

70 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ESTONIA

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Outdoor Internet 2000 43 19.7 5.9 9.9 4.9 2.0 0.8 2001 48 23.0 6.2 10.6 4.8 2.2 1.2 2002 52 23.5 6.9 12.5 5.0 2.8 1.2 2003 58 25.7 6.9 14.8 5.2 3.6 1.8 2004 63 28.2 7.3 16.2 5.6 4.2 1.9 2005 73 32.2 8.6 19.8 5.8 4.3 2.6 2006 87 37.3 9.8 23.2 6.7 5.4 4.2 2007 115 45.8 12.2 30.6 8.6 7.9 9.5 2008 111 40.0 11.0 30.0 9.4 8.8 12.0 2009 71 23.6 4.8 20.8 6.9 5.7 9.1 2010 67 18.9 4.2 21.8 6.5 5.8 9.7 2011 72 19.9 4.6 22.5 7.1 6.6 11.6 2012 77 20.9 4.7 23.6 7.5 7.3 12.7 2013 82 22.1 5.2 25.2 7.9 7.9 13.9 2014 89 23.0 5.8 27.8 8.3 8.7 15.6 Year-on-year % change at current prices 01 v 00 11.2 17.1 6.3 6.4 -1.5 8.9 45.8 02 v 01 8.4 2.1 11.0 18.3 5.2 30.2 4.3 03 v 02 11.5 9.3 -0.3 18.7 2.5 29.5 43.6 04 v 03 9.1 9.7 6.5 9.1 7.4 14.0 7.1 05 v 04 15.5 14.3 16.5 22.5 3.4 3.1 33.3 06 v 05 18.3 15.7 14.9 17.1 16.7 25.4 65.0 07 v 06 32.3 23.0 24.0 32.0 27.6 46.4 125.8 08 v 07 -3.0 -12.6 -10.2 -2.1 9.8 12.0 25.8 09 v 08 -36.2 -41.0 -56.0 -30.7 -26.1 -35.6 -24.3 10 v 09 -5.8 -19.8 -13.8 5.0 -6.9 1.4 6.7 11 v 10 8.2 5.0 9.9 3.0 10.0 15.0 20.0 12 v 11 6.0 5.0 2.8 5.0 5.1 10.0 9.2 13 v 12 7.3 6.0 10.0 7.0 6.0 8.1 9.5 14 v 13 8.4 3.9 12.0 10.0 4.7 10.0 12.4 Year-on-year % change at constant prices 01 v 00 5.2 10.8 0.6 0.7 -6.9 3.0 37.9 02 v 01 4.6 -1.5 7.1 14.1 1.5 25.6 0.6 03 v 02 10.1 7.8 -1.6 17.2 1.2 27.8 41.7 04 v 03 5.9 6.4 3.3 5.8 4.2 10.6 3.9 05 v 04 11.1 9.9 12.0 17.8 -0.6 -0.9 28.2 06 v 05 13.4 10.8 10.1 12.2 11.8 20.1 58.1 07 v 06 24.0 15.3 16.3 23.7 19.6 37.3 111.6 08 v 07 -12.2 -20.9 -18.7 -11.4 -0.6 1.5 13.9 09 v 08 -36.1 -40.9 -55.9 -30.6 -26.0 -35.6 -24.3 10 v 09 -8.5 -22.1 -16.2 2.0 -9.5 -1.4 3.7 11 v 10 2.9 -0.1 4.5 -2.0 4.7 9.4 14.2 12 v 11 2.4 1.4 -0.6 1.4 1.5 6.3 5.5 13 v 12 4.7 3.4 7.3 4.4 3.4 5.5 6.9 14 v 13 5.7 1.4 9.3 7.3 2.1 7.4 9.7

Advertising expenditure in US$ million at current prices. All years based on US$1= € 0.755 Total Newspapers Magazines TV Radio Outdoor Internet 2000 57 26 8 13 6 3 1 2001 64 31 8 14 6 3 2 2002 69 31 9 17 7 4 2 2003 77 34 9 20 7 5 2 2004 84 37 10 21 7 6 3 2005 97 43 11 26 8 6 3 2006 115 49 13 31 9 7 6 2007 152 61 16 41 11 10 13 2008 147 53 15 40 12 12 16 2009 94 31 6 28 9 8 12 2010 88 25 6 29 9 8 13 2011 96 26 6 30 9 9 15 2012 101 28 6 31 10 10 17 2013 109 29 7 33 11 10 18 2014 118 30 8 37 11 11 21

71 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ESTONIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 14.5% 140

120 Newspapers Outdoor 28.4% 8.6% 100 115 111 80 89 60 87 82

Radio 77 73

Magazines 72 9.7% 71

6.2% 67 40 63 58 52 48 20 43 TV 32.7% 0

Advertising Data: 2000-2010 TNS EMOR Advertising Expenditure Survey, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Includes classified 3) Excludes production costs 4) Excludes agency commission 5) Internet includes display

Having suffered a dreadful 2009 - when GDP The ad market fell by 36.2% in 2009, and by 5.8% contracted by 13.9% - the Estonian economy last year, but recovery is in the offing; the market as recovered in 2010, finishing the year with 3.1% a whole is forecast to grow by 8.2% this year, with growth. The IMF expects further growth of 6.5% radio, outdoor and internet advertising expected and 4.0% respectively in 2011 and 2012. to perform particularly strongly. Further growth is expected in all media during the forecast period.

72 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 FINLAND

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,127 637 191 213 38 1.7 35 12 2001 1,069 599 184 195 40 2.0 34 15 2002 1,053 580 179 201 44 2.0 32 15 2003 1,079 596 178 207 48 2.0 31 17 2004 1,150 632 185 227 48 2.0 33 23 2005 1,190 643 194 231 47 1.6 37 36 2006 1,237 661 200 243 47 1.4 37 48 2007 1,315 690 210 262 47 2.3 42 61 2008 1,408 688 202 268 51 3.0 44 152 2009 1,204 542 157 237 50 2.4 36 180 2010 1,279 559 154 265 53 3.0 39 206 2011 1,386 593 159 289 66 3.0 43 233 2012 1,465 598 159 298 68 3.0 44 295 2013 1,516 598 157 307 68 3.0 44 339 2014 1,564 604 157 316 71 3.0 45 368 Year-on-year % change at current prices 01 v 00 -5.1 -6.0 -3.7 -8.4 6.7 17.6 -2.9 27.1 02 v 01 -1.5 -3.2 -2.7 3.1 10.0 0.0 -5.9 0.0 03 v 02 2.5 2.8 -0.6 3.0 9.1 0.0 -3.1 13.3 04 v 03 6.6 6.0 3.9 9.7 0.0 0.0 6.5 35.3 05 v 04 3.4 1.7 4.9 1.8 -2.1 -20.0 12.1 56.5 06 v 05 4.0 2.8 3.1 5.2 -0.4 -12.5 0.0 33.3 07 v 06 6.3 4.4 5.0 7.9 0.4 64.3 13.5 27.1 08 v 07 7.1 -0.3 -3.9 2.3 8.5 30.4 4.8 149.2 09 v 08 -14.5 -21.2 -22.3 -11.6 -2.0 -20.0 -18.2 18.4 10 v 09 6.2 3.1 -2.2 12.0 5.1 25.0 8.5 14.5 11 v 10 8.4 6.1 3.6 8.9 25.6 0.0 10.1 13.1 12 v 11 5.7 0.8 0.0 3.1 3.0 0.0 2.3 26.6 13 v 12 3.5 0.0 -1.3 3.0 0.0 0.0 0.0 14.9 14 v 13 3.2 1.0 0.0 2.9 4.4 0.0 2.3 8.6 Year-on-year % change at constant prices 01 v 00 -7.5 -8.3 -6.1 -10.7 4.0 14.7 -5.3 23.9 02 v 01 -3.0 -4.7 -4.2 1.5 8.3 -1.5 -7.3 -1.5 03 v 02 1.6 1.9 -1.4 2.1 8.2 -0.9 -4.0 12.4 04 v 03 6.4 5.8 3.7 9.5 -0.2 -0.2 6.2 35.0 05 v 04 2.6 0.9 4.0 0.9 -2.9 -20.7 11.2 55.2 06 v 05 2.4 1.2 1.5 3.5 -2.0 -13.9 -1.5 31.3 07 v 06 3.6 1.8 2.5 5.2 -2.1 60.2 10.7 23.9 08 v 07 2.9 -4.2 -7.7 -1.8 4.2 25.3 0.6 139.4 09 v 08 -14.5 -21.2 -22.3 -11.6 -2.0 -20.0 -18.2 18.4 10 v 09 4.9 1.9 -3.4 10.6 3.8 23.5 7.2 13.1 11 v 10 5.1 2.9 0.4 5.6 21.9 -3.0 6.8 9.7 12 v 11 3.6 -1.1 -2.0 1.1 1.0 -2.0 0.3 24.1 13 v 12 1.5 -2.0 -3.2 1.0 -2.0 -2.0 -2.0 12.7 14 v 13 1.1 -1.0 -2.0 0.9 2.4 -2.0 0.3 6.4 Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,493 844 253 282 50 2 46 16 2001 1,416 793 244 258 53 3 45 20 2002 1,395 768 237 266 58 3 42 20 2003 1,429 789 236 274 64 3 41 23 2004 1,523 837 245 301 64 3 44 30 2005 1,576 852 257 306 62 2 49 48 2006 1,639 876 265 322 62 2 49 64 2007 1,742 914 278 347 62 3 56 81 2008 1,865 911 268 355 68 4 58 201 2009 1,595 718 208 314 66 3 48 238 2010 1,693 740 203 351 70 4 52 273 2011 1,836 785 211 383 87 4 57 309 2012 1,940 792 211 395 90 4 58 391 2013 2,008 792 208 407 90 4 58 449 2014 2,072 800 208 419 94 4 60 487

73 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 FINLAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 1,800 Internet 16.1% 1,600

Outdoor 1,400 3.1% 1,564

1,200 1,516 Cinema 1,465

Newspapers 1,408 0.2% 1,386 43.7% 1,000 1,315 1,237 1,279

Radio 1,190 1,127 1,150 1,204

800 1,079 4.1% 1,069 1,053 600

TV 400 20.8% 200 Magazines 12.0% 0

Advertising Data: 2000-2010 Gallup Mainostieto, TNS Media Intelligence (Internet until 2008 TNS, from 2009 IAB), 2011-2013 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified 4) After discounts 5) Internet includes display and classified but excludes search until 2007; includes all three thereafter

Seasonally adjusted output grew by 0.2% in August According to Statistics Finland’s Labour Force from the month before. In October, inflation was Survey, the number of unemployed in September 3.5%; consumer prices were pushed up most from was 180,000, which is almost the same as one year the previous year by rising prices of housing and ago. The unemployment rate in September was food. Housing prices went up especially due 6.9%, compared to 7.0% twelve months earlier. to rising prices of energy, interest rates, owner- occupied flats and real estate, as well as rent Magazines are facing problems because of the increases. new tax system; previously, there was no VAT on magazines, but now there is, which will increase The consumer confidence indicator stood at 1.3 in cover prices, probably depressing circulations. October, 2.3 in September and 5.1 in August. Some media houses are already cutting expenses and letting people go.

74 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 FRANCE

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 9,390 1,796 2,437 3,045 715 80 1,173 144 2001 8,803 1,609 2,357 2,866 655 72 1,129 115 2002 7,988 1,069 2,027 2,921 713 74 1,085 99 2003 8,217 1,049 1,968 2,834 744 65 1,056 502 2004 8,665 1,079 1,952 3,204 785 67 1,083 495 2005 8,969 1,062 1,922 3,236 836 78 1,221 614 2006 9,414 1,072 1,907 3,433 844 82 1,221 855 2007 9,728 1,042 1,837 3,557 802 89 1,237 1,164 2008 9,757 1,033 1,765 3,393 776 75 1,265 1,450 2009 8,835 945 1,441 3,020 707 77 1,127 1,519 2010 9,486 940 1,485 3,358 744 90 1,188 1,680 2011 9,682 912 1,440 3,409 755 109 1,218 1,839 2012 9,824 891 1,379 3,453 763 118 1,238 1,982 2013 10,088 866 1,334 3,539 774 132 1,269 2,172 2014 10,439 849 1,300 3,645 790 148 1,307 2,400 Year-on-year % change at current prices 01 v 00 -6.2 -10.4 -3.3 -5.9 -8.4 -9.5 -3.8 -20.1 02 v 01 -9.3 -33.6 -14.0 1.9 8.9 2.2 -3.9 -13.9 03 v 02 2.9 -1.9 -2.9 -3.0 4.3 -12.2 -2.7 406.9 04 v 03 5.4 2.9 -0.8 13.1 5.5 3.1 2.6 -1.4 05 v 04 3.5 -1.6 -1.5 1.0 6.5 16.4 12.7 24.0 06 v 05 5.0 0.9 -0.8 6.1 1.0 4.6 0.0 39.4 07 v 06 3.3 -2.8 -3.7 3.6 -5.0 8.6 1.3 36.1 08 v 07 0.3 -0.9 -3.9 -4.6 -3.2 -15.5 2.3 24.6 09 v 08 -9.4 -8.5 -18.4 -11.0 -8.9 2.3 -10.9 4.8 10 v 09 7.4 -0.5 3.1 11.2 5.2 18.0 5.4 10.6 11 v 10 2.1 -3.0 -3.0 1.5 1.5 21.0 2.5 9.5 12 v 11 1.5 -2.3 -4.2 1.3 1.0 8.0 1.7 7.7 13 v 12 2.7 -2.8 -3.2 2.5 1.5 12.0 2.5 9.6 14 v 13 3.5 -2.0 -2.6 3.0 2.0 12.0 3.0 10.5 Year-on-year % change at constant prices 01 v 00 -7.8 -11.9 -4.9 -7.5 -9.9 -11.0 -5.4 -21.5 02 v 01 -10.9 -34.8 -15.6 0.1 6.9 0.3 -5.6 -15.5 03 v 02 0.7 -3.9 -5.0 -5.0 2.2 -14.0 -4.8 396.3 04 v 03 3.3 0.8 -2.8 10.8 3.4 1.0 0.5 -3.5 05 v 04 1.6 -3.4 -3.3 -0.8 4.6 14.3 10.7 21.8 06 v 05 3.2 -0.7 -2.4 4.3 -0.7 2.8 -1.7 37.0 07 v 06 1.8 -4.2 -5.1 2.1 -6.4 7.1 -0.2 34.2 08 v 07 -2.4 -3.6 -6.5 -7.2 -5.9 -17.8 -0.5 21.2 09 v 08 -9.5 -8.6 -18.4 -11.1 -9.0 2.2 -11.0 4.7 10 v 09 5.8 -2.0 1.5 9.6 3.7 16.3 3.9 9.0 11 v 10 -0.1 -5.1 -5.1 -0.6 -0.6 18.5 0.3 7.2 12 v 11 0.1 -3.6 -5.6 -0.1 -0.4 6.5 0.3 6.3 13 v 12 1.0 -4.4 -4.8 0.8 -0.2 10.1 0.8 7.8 14 v 13 1.7 -3.7 -4.3 1.2 0.2 10.0 1.2 8.6

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 12,437 2,379 3,228 4,033 947 106 1,554 191 2001 11,660 2,131 3,122 3,796 868 96 1,495 152 2002 10,580 1,416 2,685 3,869 944 98 1,437 131 2003 10,884 1,389 2,607 3,754 985 86 1,398 665 2004 11,476 1,429 2,585 4,244 1,040 89 1,434 655 2005 11,879 1,407 2,546 4,286 1,107 103 1,617 813 2006 12,468 1,420 2,526 4,547 1,118 108 1,617 1,132 2007 12,884 1,380 2,433 4,711 1,062 117 1,638 1,542 2008 12,923 1,368 2,338 4,493 1,028 99 1,675 1,921 2009 11,703 1,251 1,909 4,000 936 101 1,493 2,012 2010 12,564 1,245 1,967 4,448 985 120 1,574 2,225 2011 12,823 1,207 1,907 4,515 1,000 145 1,613 2,436 2012 13,011 1,180 1,826 4,573 1,010 156 1,640 2,625 2013 13,361 1,147 1,768 4,688 1,025 175 1,681 2,877 2014 13,827 1,124 1,722 4,828 1,046 196 1,732 3,179

Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Free Television Internet Total National Regional Total Business Consumer press Total Terrestrial Digital Total Display Affiliates Search 2005 1,062 287 775 1,922 459 1,463 76 3,236 3,108 128 614 255 86 273 2006 1,072 297 775 1,907 459 1,448 94 3,433 3,230 203 855 370 95 390 2007 1,042 267 775 1,837 435 1,402 104 3,557 3,244 313 1,164 457 115 592 2008 1,033 259 774 1,765 413 1,352 111 3,393 2,975 417 1,450 510 140 800 2009 945 217 728 1,441 330 1,111 117 3,020 2,507 513 1,519 482 157 880 2010 940 222 718 1,485 320 1,165 124 3,358 2,720 638 1,680 540 180 960 2011 912 204 707 1,440 304 1,136 135 3,409 2,679 729 1,839 581 198 1,061 2012 891 201 690 1,379 283 1,096 141 3,453 2,628 825 1,982 610 216 1,156 2013 866 197 669 1,334 266 1,069 149 3,539 2,594 945 2,172 658 242 1,272 2014 849 193 655 1,300 252 1,047 161 3,645 2,577 1,068 2,400 718 271 1,412

75 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 FRANCE

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

12,000 Newspapers Internet 9.9% 17.7% 10,000

Magazines

8,000 10,439 10,088 9,757 15.7% 9,824 Outdoor 9,728 9,682 9,414 9,390 12.5% 9,486 8,969 8,803 8,835 8,665 8,217

6,000 7,988 Cinema 1.0% 4,000

Radio 2,000 7.8% TV 35.4% 0

Advertising Data: 2000-2009 IREP, 2010 Agency estimates, 2011-2014 Agency forecasts. Notes: 1) 15% agency commission included 2) Excludes production costs and taxes 3) Excludes classified advertising 4) After discounts 5) Newspapers include national and regional titles 6) Magazines include free magazines 7) Internet includes display, classified and search

The final months of 2010 proved better than Radio: +1.5% (vs +1.0% in October) expected for TV, magazines, cinema and internet, Radio suffers from advertisers’ caution, but it and across the year as a whole adspend grew by has been less affected by the crisis because it is a a healthy 7.4%. We have revised our forecasts for reactive medium. We expect the end of the year to 2011 slightly upwards because the first half of the be very cluttered. Overall, we have upgraded our year performed better than expected. We now estimate for the year by half a percentage point. expect expenditure to increase by 2.1%. The current financial crisis has prompted cuts in advertising Cinema: +21.0% (vs +14.0% in October) expenditure in many product categories, especially Tickets continue to sell well this year, and cinema is FMCG. As a result, we have downgraded our becoming more and more attractive to advertisers forecasts for 2012 to 1.5% growth, compared because of digital and 3D movies. We expect +8.0% to 2.4% in our previous report. Nonetheless, for 2012, and +12.0% for both 2013 and 2014. our estimates indicate that by the end of 2012 the French ad market will exceed the levels of Press: -3.0% for newspapers and -3.0% for investment during 2008. magazines (vs -2.5% and -3.7% in October) Press is still suffering because of structural Growth forecasts for 2011 by medium (compared problems (decreasing readership, circulation with previous forecast in October) declines and internet competition). Consumer magazines should decrease by 2.5% in 2011, while TV: +1.5% (vs +1.1% in October) business magazines are still in crisis and expected Television has been the most affected by the crisis, to decline by 5.0%. The trend remains negative in having faced many cuts during Q2 2011. However, 2012, 2013 and 2014. Newspapers are expected to the first half of 2011 put in a better performance lose some spend in 2011, with national newspapers than we anticipated, so we have revised our declining by around 8.1% and regional newspapers estimate slightly upwards. by a more modest 1.5%. We expect the fall in

76 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 FRANCE

spend to slow a little during 2012 as it will be a and 2013, and thus we forecast +1.7% and +2.5% year boosted by important sporting events (e.g. the respectively. Olympics) and the French presidential elections. Further declines are expected in 2013 and 2014. Internet: +9.5% (vs +10.3% in October) Internet continues to perform extremely well. We Outdoor: +2.5% (vs +2.0% in October) have downgraded our forecasts slightly to account Despite a bad beginning to the year, with a loss for smaller-than-expected growth in display and of 0.3% January-May, things have improved. classified. Search on the other hand is expected to The effects of digitalisation should arrive in 2012 do better than we previously thought.

77 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GEORGIA

Advertising expenditure in local currency at current prices (Lari million) Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 22 - - 22 - - - 2001 26 - - 26 - - - 2002 35 - - 35 - - - 2003 40 - - 40 - - - 2004 55 - - 55 - - - 2005 61.4 - - 59.1 - 2.3 - 2006 96.7 - - 92.3 - 4.5 - 2007 138.1 6.1 5.7 109.6 7.5 9.1 0.2 2008 152.0 7.7 6.9 117.9 10.1 9.0 0.3 2009 192.5 8.3 7.5 150.6 14.1 11.3 0.8 2010 249.3 9.3 9.4 194.4 20.0 14.8 1.4 2011 258.2 6.0 7.5 208.3 20.0 14.9 1.5 2012 260.9 6.0 7.3 210.8 20.0 15.0 1.8 2013 262.5 6.3 7.2 211.9 20.0 15.1 2.0 2014 263.2 6.1 7.0 212.5 20.0 15.0 2.6 Year-on-year % change at current prices 01 v 00 18.2 - - 18.2 - - - 02 v 01 34.6 - - 34.6 - - - 03 v 02 14.3 - - 14.3 - - - 04 v 03 37.5 - - 37.5 - - - 05 v 04 11.7 - - 7.4 - - - 06 v 05 57.5 - - 56.2 - 91.3 - 07 v 06 42.7 - - 18.7 - 103.6 - 08 v 07 10.1 27.3 22.0 7.7 35.0 -1.0 50.0 09 v 08 26.6 6.7 7.7 27.7 39.4 25.2 185.3 10 v 09 29.5 12.7 26.2 29.1 41.7 31.6 75.6 11 v 10 3.6 -35.5 -20.2 7.1 0.1 0.7 5.8 12 v 11 1.1 0.0 -2.7 1.2 0.0 0.7 24.1 13 v 12 0.6 5.0 -1.4 0.5 0.0 0.7 11.1 14 v 13 0.3 -3.2 -2.8 0.3 0.0 -0.7 30.0 Year-on-year % change at constant prices 01 v 00 13.0 - - 13.0 - - - 02 v 01 27.4 - - 27.4 - - - 03 v 02 9.1 - - 9.1 - - - 04 v 03 30.1 - - 30.1 - - - 05 v 04 3.2 - - -0.7 - - - 06 v 05 44.2 - - 43.0 - 75.2 - 07 v 06 30.6 - - 8.6 - 86.4 - 08 v 07 0.1 15.8 10.9 -2.1 22.8 -9.9 36.4 09 v 08 24.5 4.9 5.9 25.6 37.1 23.2 180.6 10 v 09 20.9 5.3 17.8 20.5 32.3 22.8 64.0 11 v 10 -5.5 -41.1 -27.2 -2.2 -8.7 -8.1 -3.4 12 v 11 -3.7 -4.8 -7.3 -3.6 -4.8 -4.1 18.2 13 v 12 -4.2 0.0 -6.1 -4.3 -4.8 -4.1 5.8 14 v 13 -4.5 -7.8 -7.4 -4.5 -4.8 -5.4 23.8 Advertising expenditure in US$ million at current prices. All years based on US$1= Lari 1.78 Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 12.3 - - 12.3 - - - 2001 14.6 - - 14.6 - - - 2002 19.6 - - 19.6 - - - 2003 22.4 - - 22.4 - - - 2004 30.9 - - 30.9 - - - 2005 34.5 - - 33.2 - 1.3 - 2006 54.3 - - 51.8 - 2.5 - 2007 77.5 3.4 3.2 61.5 4.2 5.1 0.1 2008 85.3 4.3 3.9 66.2 5.7 5.0 0.2 2009 108.0 4.6 4.2 84.5 7.9 6.3 0.4 2010 139.9 5.2 5.3 109.1 11.2 8.3 0.8 2011 144.8 3.4 4.2 116.9 11.2 8.4 0.8 2012 146.4 3.4 4.1 118.3 11.2 8.4 1.0 2013 147.3 3.5 4.0 118.9 11.2 8.5 1.1 2014 147.7 3.4 3.9 119.2 11.2 8.4 1.5

78 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GEORGIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 300 Outdoor/ 0.5% Newspapers Transport 3.7% 250 Radio 5.9% Magazines 8.0% 3.8% 263.2 262.5 258.2 200 260.9 249.3

150 192.5

100 152.0 138.1

50 96.7 22 55 61.4 40 35 0 26 TV 78.0%

Advertising Data: 2000-2010 Georgia AGB Nielsen, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Before discounts 3) Excludes production costs 4) Excludes classified 5) Internet includes search

Georgia has not escaped the effects of the global figure. However, we expect it to increase steadily economic downturn - although, in truth, political over the forecast period. instability is more of an issue in this market - but ad market growth nevertheless reached an impressive The ad market is still in its infancy in Georgia; 29.5% in 2010, largely thanks to an excellent 2009 was the first year that total ad expenditure performance by outdoor/transport, radio and exceeded US$100 million. TV is the dominant internet. We expect further growth in each year of medium, accounting for 78% of the market in 2010. our forecast period, albeit much slower. Indeed, it is only within the last four years that press, radio and outdoor advertising have been Internet expenditure is growing fast, but since it widely used and monitored, and Georgia has no only accounts for around 0.5% of total spend, it established new media industry as yet. does not yet have a large impact on the overall

79 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GERMANY

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 19,991 8,694 4,782 4,709 732 175 746 153 2001 18,467 7,769 4,436 4,469 678 170 760 185 2002 16,806 7,003 4,151 3,956 595 161 713 227 2003 15,977 6,512 3,958 3,811 579 161 710 246 2004 16,184 6,668 3,900 3,860 618 147 720 271 2005 16,936 6,718 3,890 3,930 664 132 769 832 2006 18,036 6,826 4,010 4,114 680 117 787 1,500 2007 18,870 6,898 4,053 4,156 743 106 820 2,094 2008 18,818 6,734 3,949 4,036 720 77 805 2,498 2009 17,218 5,951 3,445 3,640 678 72 738 2,696 2010 17,961 5,943 3,465 3,954 692 75 766 3,067 2011 18,453 5,839 3,488 4,071 706 79 797 3,473 2012 18,850 5,715 3,461 4,174 719 81 815 3,885 2013 19,331 5,647 3,428 4,297 731 83 800 4,345 2014 19,863 5,559 3,385 4,432 749 85 822 4,831 Year-on-year % change at current prices 01 v 00 -7.6 -10.6 -7.2 -5.1 -7.4 -2.9 1.9 20.9 02 v 01 -9.0 -9.9 -6.4 -11.5 -12.2 -5.3 -6.2 22.7 03 v 02 -4.9 -7.0 -4.6 -3.7 -2.7 0.0 -0.4 8.4 04 v 03 1.3 2.4 -1.5 1.3 6.7 -8.7 1.4 10.2 05 v 04 4.6 0.8 -0.2 1.8 7.4 -9.9 6.8 207.0 06 v 05 6.5 1.6 3.1 4.7 2.5 -11.3 2.4 80.3 07 v 06 4.6 1.0 1.1 1.0 9.2 -9.6 4.2 39.6 08 v 07 -0.3 -2.4 -2.6 -2.9 -3.2 -27.8 -1.8 19.3 09 v 08 -8.5 -11.6 -12.8 -9.8 -5.7 -6.6 -8.4 7.9 10 v 09 4.3 -0.1 0.6 8.6 2.0 4.1 3.9 13.8 11 v 10 2.7 -1.7 0.7 3.0 2.0 6.0 4.0 13.2 12 v 11 2.2 -2.1 -0.8 2.5 1.8 2.5 2.3 11.9 13 v 12 2.6 -1.2 -1.0 2.9 1.7 2.5 -1.8 11.8 14 v 13 2.8 -1.6 -1.3 3.1 2.5 2.4 2.8 11.2 Year-on-year % change at constant prices 01 v 00 -9.4 -12.4 -9.1 -7.0 -9.2 -4.8 -0.1 18.5 02 v 01 -10.2 -11.1 -7.7 -12.7 -13.4 -6.6 -7.5 21.0 03 v 02 -5.9 -8.0 -5.7 -4.7 -3.7 -1.1 -1.5 7.2 04 v 03 -0.3 0.8 -3.0 -0.3 5.0 -10.2 -0.2 8.4 05 v 04 3.0 -0.8 -1.8 0.2 5.7 -11.4 5.1 202.2 06 v 05 4.8 0.0 1.5 3.1 0.9 -12.6 0.8 77.5 07 v 06 2.3 -1.2 -1.2 -1.2 6.8 -11.6 1.9 36.5 08 v 07 -2.8 -4.8 -5.0 -5.3 -5.6 -29.6 -4.3 16.3 09 v 08 -8.9 -12.0 -13.1 -10.2 -6.1 -7.0 -8.8 7.5 10 v 09 3.2 -1.2 -0.5 7.4 0.9 2.9 2.7 12.5 11 v 10 0.5 -3.9 -1.5 0.7 -0.2 3.7 1.8 10.8 12 v 11 0.8 -3.4 -2.0 1.2 0.5 1.2 0.9 10.4 13 v 12 0.9 -2.7 -2.5 1.3 0.1 0.9 -3.4 10.1 14 v 13 0.8 -3.4 -3.1 1.2 0.6 0.5 0.8 9.1

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 26,478 11,515 6,334 6,237 970 232 988 203 2001 24,460 10,290 5,875 5,919 898 225 1,007 245 2002 22,260 9,275 5,498 5,240 788 213 944 301 2003 21,162 8,625 5,242 5,048 767 213 940 326 2004 21,436 8,832 5,166 5,113 819 195 954 359 2005 22,431 8,899 5,153 5,205 879 175 1,019 1,102 2006 23,889 9,041 5,312 5,449 901 156 1,043 1,987 2007 24,994 9,136 5,368 5,504 985 141 1,087 2,774 2008 24,924 8,919 5,230 5,345 953 102 1,067 3,309 2009 22,806 7,881 4,562 4,821 899 95 977 3,571 2010 23,789 7,871 4,589 5,237 917 99 1,015 4,062 2011 24,441 7,734 4,620 5,392 935 105 1,056 4,600 2012 24,967 7,570 4,584 5,528 952 107 1,079 5,146 2013 25,604 7,479 4,540 5,691 968 110 1,060 5,755 2014 26,309 7,363 4,483 5,870 992 113 1,089 6,399

80 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GERMANY

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 25,000 17.1%

Outdoor 20,000 4.3% Newspapers 33.1% 19,863 15,000 19,991 Cinema 19,331 18,870 18,850 18,818 18,467 18,453 0.4% 17,961 18,036 16,936 17,218 16,806 16,184 15,977 Radio 10,000 3.9%

5,000 TV 22.0% Magazines 0 19.3%

Advertising Data: 2000-2010 ZAW, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission of 15% 2) Excludes production costs 3) Includes classified advertising 4) After discounts 5) Magazines include directories and trade titles 6) Newspapers includes dailies, weeklies, Sundays and supplements 7) Internet includes display, paid search and affiliate deals

Unemployment continues to decrease. The number In the ad market, all digital media will gain of unemployed fell by 204,000 in October compared share as they become more and more important to the previous year, and the unemployment rate for advertisers. The growth of the smartphone fell to 6.5%. However, GDP is estimated to have market and the implementation of full-video grown only 0.5% in Q3 compared to Q2, though ads in websites will lead to increased budgets. it was still up 2.5% on Q3 2010. The Ifo Business Magazines and newspapers in particular will have Climate Index for German industry and trade a difficult position in the future, since a lot of the fell in October. Companies have scaled back their information and entertainment they provide are expectations of business developments for the covered by internet sites. Social network sites, such second half of the year, although they continue to as Facebook, are becoming very popular. Tablet assess the current business situation as good. The computers are expected to create a noticeable GfK Consumer Climate study for the same month increase in the use of online games, attracting found that consumers remain positive despite the further spend. Along with digital media, cinema, Eurozone debt crisis and volatile stock markets, outdoor and TV are helping drive the German ad thanks to falling unemployment and rising market this year. incomes.

81 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GREECE

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor 2000 1,522 235 423 584 55 13 212 2001 1,580 197 481 584 59 13 246 2002 1,769 201 544 649 73 14 288 2003 1,873 238 617 638 76 14 290 2004 2,050 290 723 684 91 14 248 2005 2,206 332 807 693 94 15 265 2006 2,386 377 886 705 96 16 306 2007 2,696 434 945 855 115 17 330 2008 2,610 406 1,031 784 189 16 184 2009 2,214 378 824 648 147 15 202 2010 1,878 378 692 521 107 14 166 2011 1,421 321 519 432 70 13 66 2012 1,333 305 493 410 54 12 59 2013 1,333 305 493 410 54 12 59 2014 1,333 305 493 410 54 12 59 Year-on-year % change at current prices 01 v 00 3.8 -16.2 13.7 0.0 7.3 0.0 16.0 02 v 01 12.0 2.0 13.1 11.1 23.7 7.7 17.1 03 v 02 5.9 18.4 13.4 -1.7 4.1 0.0 0.7 04 v 03 9.5 21.8 17.2 7.2 19.7 0.0 -14.5 05 v 04 7.6 14.5 11.6 1.3 3.3 7.1 6.9 06 v 05 8.2 13.6 9.8 1.7 2.1 6.7 15.5 07 v 06 13.0 15.1 6.7 21.3 19.8 6.3 7.8 08 v 07 -3.2 -6.5 9.1 -8.3 64.3 -5.9 -44.2 09 v 08 -15.2 -6.9 -20.1 -17.3 -22.2 -6.3 9.8 10 v 09 -15.2 0.0 -16.0 -19.6 -27.2 -6.7 -17.8 11 v 10 -24.3 -15.1 -25.0 -17.1 -34.6 -7.1 -60.2 12 v 11 -6.2 -5.0 -5.0 -5.1 -22.9 -7.7 -10.6 13 v 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 0.4 -18.9 10.0 -3.3 3.7 -3.3 12.2 02 v 01 8.0 -1.6 9.1 7.2 19.3 3.9 12.9 03 v 02 2.3 14.4 9.6 -5.0 0.6 -3.4 -2.7 04 v 03 6.4 18.4 13.9 4.2 16.4 -2.8 -16.9 05 v 04 4.0 10.6 7.8 -2.1 -0.2 3.5 3.2 06 v 05 4.8 10.1 6.4 -1.4 -1.0 3.4 11.9 07 v 06 9.8 11.9 3.6 17.8 16.4 3.2 4.8 08 v 07 -7.0 -10.2 4.8 -12.0 57.8 -9.6 -46.5 09 v 08 -16.2 -8.0 -21.0 -18.3 -23.1 -7.4 8.5 10 v 09 -19.0 -4.5 -19.8 -23.2 -30.5 -10.9 -21.5 11 v 10 -26.5 -17.5 -27.1 -19.4 -36.4 -9.8 -61.4 12 v 11 -7.1 -5.9 -6.0 -6.0 -23.6 -8.6 -11.5 13 v 12 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 14 v 13 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0

Advertising expenditure in US$ million at current prices. All years based on US$1= € 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor 2000 2,016 311 560 774 73 17 281 2001 2,093 261 637 774 78 17 326 2002 2,343 266 721 860 97 19 381 2003 2,481 315 817 845 101 19 384 2004 2,715 384 958 906 121 19 328 2005 2,922 440 1,069 918 125 20 351 2006 3,160 499 1,174 934 127 21 405 2007 3,571 575 1,252 1,132 152 23 437 2008 3,457 538 1,366 1,038 250 21 244 2009 2,932 501 1,091 858 195 20 268 2010 2,487 501 917 690 142 19 220 2011 1,882 425 687 572 93 17 87 2012 1,766 404 653 543 72 16 78 2013 1,766 404 653 543 72 16 78 2014 1,766 404 653 543 72 16 78

82 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GREECE

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor Cinema 8.8% 3,000 0.7% Newspapers Radio 20.1% 2,500 5.7% 2,696 2,000 2,610 2,386 2,214 2,206

1,500 2,050 1,878 1,873 1,769 1,580

1,000 1,522

TV 1,421 27.7% 1,333 1,333 1,333 500

Magazines 0 36.8%

Advertising Data: 2000-2010 Media Services, 2011-2014 Agency forecasts Notes: 1) Includes agency commission (15%) 2) Excludes production costs 3) Excludes classified advertising 4) Before discounts (except TV) 5) The figures exclude certain advertising categories that receive unusually high discounts 6) Cinema and outdoor are agency estimates 7) No data available for internet

GDP is expected to plummet by 5% this year, and One TV station, Alter, has filed for bankruptcy by a further 2% in 2012 in the light of the current protection, and several others may merge to cut economic troubles buffeting Greece. costs.

In 2010 the ad market as a whole declined 15.2%, Thus far in 2011 we have seen further decline and it is obvious that the economic situation is in all media. The most significant losses have having a grave effect on advertisers’ budgets. Radio been in magazines, radio, and outdoor, which performed particularly badly, falling by 27.2%, we forecast will have dropped 25.0%, 34.6% and closely followed by TV, which declined 19.6% after 60.2% respectively by the end of the year. Our a particularly terrible final quarter. Meanwhile, forecasts for the next few years indicate stagnation outdoor was down 17.8% and magazines 16.0%. in all media and reflect the volatility of the media industry at present.

83 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 HONG KONG

Advertising expenditure in local currency at current prices (HK$ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 11,942 5,495 1,407 3,656 687 5 693 0 2001 12,624 5,542 1,544 4,186 558 22 772 0 2002 14,332 6,612 1,706 4,457 688 24 845 0 2003 14,268 6,044 1,656 5,215 628 6 719 0 2004 17,849 8,139 2,383 5,266 717 3 1,340 0 2005 10,769 3,217 2,393 4,120 288 2 749 0 2006 11,636 3,471 2,610 4,520 297 2 736 0 2007 12,735 3,839 2,833 4,582 342 4 1,034 100 2008 10,998 3,295 2,076 3,975 519 4 1,031 98 2009 9,696 3,026 1,566 3,111 495 3 1,366 129 2010 13,787 3,954 2,246 4,980 500 4 1,915 188 2011 14,659 4,153 2,498 5,646 512 3 1,612 234 2012 14,948 4,195 2,573 5,702 517 3 1,628 329 2013 15,366 4,279 2,625 5,816 528 3 1,661 455 2014 16,112 4,407 2,703 6,210 543 3 1,744 501 Year-on-year % change at current prices 01 v 00 5.7 0.9 9.7 14.5 -18.7 366.7 11.4 - 02 v 01 13.5 19.3 10.5 6.5 23.3 8.9 9.4 - 03 v 02 -0.4 -8.6 -2.9 17.0 -8.7 -75.0 -14.9 - 04 v 03 25.1 34.7 43.9 1.0 14.1 -44.3 86.4 - 05 v 04 -39.7 -60.5 0.4 -21.8 -59.8 -40.2 -44.1 - 06 v 05 8.1 7.9 9.1 9.7 3.1 0.0 -1.7 - 07 v 06 9.4 10.6 8.5 1.4 15.1 100.0 40.5 - 08 v 07 -13.6 -14.2 -26.7 -13.3 51.8 0.0 -0.3 -1.8 09 v 08 -11.8 -8.2 -24.5 -21.7 -4.7 -25.0 32.5 30.6 10 v 09 42.2 30.7 43.4 60.1 1.1 33.3 40.1 46.0 11 v 10 6.3 5.0 11.2 13.4 2.4 -25.0 -15.8 24.7 12 v 11 2.0 1.0 3.0 1.0 1.0 0.0 1.0 40.8 13 v 12 2.8 2.0 2.0 2.0 2.0 0.0 2.0 38.3 14 v 13 4.9 3.0 3.0 6.8 3.0 2.0 5.0 10.0 Year-on-year % change at constant prices 01 v 00 7.4 2.5 11.5 16.3 -17.4 374.2 13.2 - 02 v 01 25.5 31.9 22.2 17.7 36.3 20.4 21.0 - 03 v 02 2.1 -6.2 -0.4 20.0 -6.4 -74.4 -12.7 - 04 v 03 17.2 26.2 34.8 -5.4 7.0 -47.8 74.7 - 05 v 04 -40.2 -60.8 -0.4 -22.4 -60.1 -40.7 -44.6 - 06 v 05 5.8 5.7 6.8 7.4 0.9 -2.1 -3.7 - 07 v 06 7.4 8.5 6.5 -0.5 12.9 96.2 37.8 - 08 v 07 -17.2 -17.7 -29.8 -16.8 45.5 -4.1 -4.4 -5.9 09 v 08 -12.4 -8.7 -25.0 -22.2 -5.3 -25.4 31.7 29.8 10 v 09 38.9 27.6 40.1 56.3 -1.3 30.2 36.9 42.6 11 v 10 0.8 -0.4 5.4 7.5 -2.9 -28.9 -20.2 18.2 12 v 11 -2.4 -3.3 -1.4 -3.3 -3.3 -4.3 -3.3 34.7 13 v 12 -0.7 -1.4 -1.4 -1.4 -1.4 -3.4 -1.4 33.6 14 v 13 1.8 0.0 0.0 3.7 0.0 -1.0 1.9 6.8 Advertising expenditure in US$ million at current prices. All years based on US$1= HK$ 7.77 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,537 707 181 471 88 1 89 0 2001 1,625 713 199 539 72 3 99 0 2002 1,845 851 220 574 89 3 109 0 2003 1,837 778 213 671 81 1 93 0 2004 2,297 1,048 307 678 92 0 173 0 2005 1,386 414 308 530 37 0 96 0 2006 1,498 447 336 582 38 0 95 0 2007 1,639 494 365 590 44 1 133 13 2008 1,416 424 267 512 67 1 133 13 2009 1,248 389 202 400 64 0 176 17 2010 1,775 509 289 641 64 1 246 24 2011 1,887 535 322 727 66 0 208 30 2012 1,924 540 331 734 67 0 210 42 2013 1,978 551 338 749 68 0 214 59 2014 2,074 567 348 799 70 0 224 64 Advertising expenditure in local currency at current prices (HK$ million) Newspapers Magazines TV Total National Regional Total Business Consumer Total Free Paid 2005 3,217 3,020 197 2,393 148 2,245 4,120 3,406 713 2006 3,471 3,163 308 2,610 159 2,451 4,520 3,626 894 2007 3,839 3,431 408 2,833 195 2,638 4,582 3,714 868 2008 3,295 2,960 335 2,076 145 1,931 3,975 3,176 798 2009 3,026 2,776 250 1,566 115 1,452 3,111 2,435 677 2010 3,954 3,638 317 2,246 167 2,079 4,980 3,488 1,493 2011 4,153 3,844 310 2,498 129 2,370 5,646 3,646 2,000 2012 4,195 3,882 313 2,573 132 2,441 5,702 3,682 2,020 2013 4,279 3,960 319 2,625 135 2,489 5,816 3,756 2,061 2014 4,407 4,079 328 2,703 139 2,564 6,210 3,943 2,267

84 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 HONG KONG

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

Internet 20,000 Outdoor 1.4% 13.9% 18,000 16,000 Cinema Newspapers 0.03% 14,000 28.7% 17,849

Radio 12,000 16,112 15,366 14,948 14,659 14,332 3.6% 10,000 14,268 13,787 12,735 12,624

8,000 11,942 11,636 10,998 10,769 6,000 9,696 4,000

TV Magazines 2,000 36.1% 16.3% 0

Advertising Data: 2000-2010 HK Adex SRG, AC Nielsen Hong Kong, Admango, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission from 2005 2) After discounts 3) Excludes production costs 4) Excludes classified advertising 5) Internet expenditure source is Admango Hong Kong and includes display only 6) Some cinema vendors declined to supply data to AC Nielsen in 2004 7) The source for outdoor changed in 2004

In the first quarter of 2011 GDP was up 7.2% year- we take the higher discounts into consideration, as on-year; the IMF expects it to grow 6.0% over 2011 well as the addition of new channels and changes as a whole. The unemployment rate remained to internet monitoring methodology, overall spend stable at 3.5% between February and April 2011, was up just 10%. Between January and October the down from 3.8% in Q4 2010. Inflation rose to 4.6% following categories contributed the most in terms in April 2011 and it is expected to have increased of investment: finance/insurance, food & drink, further since, mainly due to a rise in food prices and pharmaceuticals/healthcare. and rent. Two new TV channels and three digital radio Monitored adspend witnessed an increase of 15% stations are due to launch before the end of the between January and April 2011. However, when year.

85 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 HUNGARY

Advertising expenditure in local currency at current prices (HUF million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 224,288 32,991 31,691 129,605 12,042 1,076 16,882 0 2001 266,774 37,394 35,913 159,474 13,104 1,146 19,743 0 2002 319,237 39,522 38,906 204,058 14,429 1,089 21,233 0 2003 370,313 44,253 43,851 242,570 15,929 1,328 22,382 0 2004 442,722 50,083 47,967 286,106 26,514 1,265 28,327 2,460 2005 155,833 33,343 32,624 60,447 6,127 1,191 15,200 6,900 2006 171,225 32,860 35,821 65,088 6,804 1,152 19,000 10,500 2007 182,615 32,934 36,430 70,163 7,845 850 19,093 15,300 2008 196,356 34,945 37,947 71,509 8,895 800 20,460 21,800 2009 166,641 29,092 30,928 59,954 8,217 810 14,340 23,300 2010 170,431 28,351 29,032 58,306 8,504 1,031 18,007 27,200 2011 168,426 28,682 27,266 54,598 8,533 1,062 18,637 29,648 2012 172,340 28,051 26,666 55,484 8,636 1,084 18,917 33,502 2013 176,425 27,434 26,080 57,553 8,808 1,095 19,106 36,350 2014 181,989 26,830 25,506 61,264 9,073 1,105 19,679 38,531 Year-on-year % change at current prices 01 v 00 18.9 13.3 13.3 23.0 8.8 6.5 16.9 - 02 v 01 19.7 5.7 8.3 28.0 10.1 -5.0 7.5 - 03 v 02 16.0 12.0 12.7 18.9 10.4 21.9 5.4 - 04 v 03 19.6 13.2 9.4 17.9 66.5 -4.7 26.6 - 05 v 04 -64.8 -33.4 -32.0 -78.9 -76.9 -5.9 -46.3 180.5 06 v 05 9.9 -1.4 9.8 7.7 11.0 -3.3 25.0 52.2 07 v 06 6.7 0.2 1.7 7.8 15.3 -26.2 0.5 45.7 08 v 07 7.5 6.1 4.2 1.9 13.4 -5.9 7.2 42.5 09 v 08 -15.1 -16.7 -18.5 -16.2 -7.6 1.3 -29.9 6.9 10 v 09 2.3 -2.5 -6.1 -2.7 3.5 27.3 25.6 16.7 11 v 10 -1.2 1.2 -6.1 -6.4 0.4 3.0 3.5 9.0 12 v 11 2.3 -2.2 -2.2 1.6 1.2 2.0 1.5 13.0 13 v 12 2.4 -2.2 -2.2 3.7 2.0 1.0 1.0 8.5 14 v 13 3.2 -2.2 -2.2 6.4 3.0 1.0 3.0 6.0 Year-on-year % change at constant prices 01 v 00 8.9 3.8 3.8 12.7 -0.4 -2.5 7.1 - 02 v 01 13.7 0.4 2.9 21.6 4.6 -9.7 2.2 - 03 v 02 10.8 7.0 7.7 13.6 5.5 16.5 0.7 - 04 v 03 11.9 6.0 2.4 10.4 55.9 -10.8 18.5 - 05 v 04 -66.0 -35.7 -34.3 -79.6 -77.7 -9.1 -48.2 171.0 06 v 05 5.7 -5.2 5.7 3.6 6.9 -6.9 20.3 46.4 07 v 06 -1.1 -7.1 -5.7 -0.1 6.9 -31.6 -6.9 35.1 08 v 07 1.3 0.0 -1.8 -3.9 6.9 -11.3 1.0 34.3 09 v 08 -18.6 -20.1 -21.8 -19.5 -11.3 -2.8 -32.7 2.6 10 v 09 -2.5 -7.1 -10.5 -7.3 -1.3 21.4 19.7 11.3 11 v 10 -4.7 -2.4 -9.4 -9.7 -3.2 -0.7 -0.2 5.1 12 v 11 -0.7 -5.0 -5.0 -1.3 -1.7 -1.0 -1.5 9.7 13 v 12 -0.6 -5.0 -5.0 0.7 -1.0 -1.9 -1.9 5.3 14 v 13 0.1 -5.0 -5.0 3.3 0.0 -1.9 0.0 2.9

Advertising expenditure in US$ million at current prices. All years based on US$1=HUF 207.94 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,079 159 152 623 58 5.2 81 0 2001 1,283 180 173 767 63 5.5 95 0 2002 1,535 190 187 981 69 5.2 102 0 2003 1,781 213 211 1,167 77 6.4 108 0 2004 2,129 241 231 1,376 128 6.1 136 12 2005 749 160 157 291 29 5.7 73 33 2006 823 158 172 313 33 5.5 91 50 2007 878 158 175 337 38 4.1 92 74 2008 944 168 182 344 43 3.8 98 105 2009 801 140 149 288 40 3.9 69 112 2010 820 136 140 280 41 5.0 87 131 2011 810 138 131 263 41 5.1 90 143 2012 829 135 128 267 42 5.2 91 161 2013 848 132 125 277 42 5.3 92 175 2014 875 129 123 295 44 5.3 95 185

Advertising expenditure in local currency at current prices (HUF million) Newspapers Magazines Television Internet Total National Regional Total Business Consumer Total Free Pay Total Display Classified Search 2005 33,343 15,414 17,929 32,624 6,542 26,082 60,447 54,488 5,959 6,900 4,796 1,829 276 2006 32,860 13,201 19,659 35,821 7,322 28,499 65,088 56,048 9,040 10,500 7,324 2,546 630 2007 32,934 9,080 23,854 36,430 6,949 29,481 70,163 59,995 10,168 15,300 10,664 3,400 1,236 2008 34,945 11,862 23,083 37,947 6,669 31,278 71,509 60,776 10,733 21,800 13,873 4,184 3,743 2009 29,092 10,552 18,540 30,928 5,071 25,856 59,954 48,105 11,849 23,300 13,747 4,427 5,126 2010 28,351 10,855 17,496 29,032 4,837 24,195 58,306 44,294 14,012 27,200 14,811 4,904 7,486 2011 28,682 11,191 17,491 27,266 4,766 22,500 54,598 39,801 14,797 29,648 15,417 4,744 9,487 2012 28,051 10,945 17,106 26,666 4,661 22,005 55,484 39,504 15,980 33,502 17,086 5,025 11,391 2013 27,434 10,704 16,730 26,080 4,558 21,521 57,553 40,294 17,259 36,350 18,102 5,162 13,086 2014 26,830 10,468 16,362 25,506 4,458 21,048 61,264 42,280 18,985 38,531 18,938 5,337 14,256

86 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 HUNGARY

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 500,000 16.0% Newspapers 16.6% 450,000 400,000 722 Outdoor 3

350,000 42,

10.6% 4 31

300,000 7 Magazines 23 Cinema 17.0% 250,000 370,

0.6% 19, 774 200,000 3 288

150,000 266, 1 Radio 356 615 989 425 340 225 431 426 64 5.0% 224, 100,000 833 196, 68, 182, 181, 176, 172, 171, 170, 1 50,000 166, TV 155, 34.2% 0

Advertising Data: 2000-2003 Mediagnozis, 2004-2008 TNS Media Intelligence, Agency estimates, 2009-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Before discounts (approximately 55%-60%) until 2004, after discounts from 2005 onwards 4) Includes classified 5) Internet includes display only

In 2010, GDP increased by 1.2%, and is expected The print market is still suffering from decreasing to grow 1.8% in 2011. The media market last budgets, and there are only a few categories year started to recover from 2009’s huge fall, performing well, such as trading firms and finishing 2010 with 2.3% growth. The following entertainment/sporting events. Food shops and categories are doing well based on total spending: cars have declined heavily, while the remaining pharmaceutical, dairy products, detergents, hair categories are flat. care, chocolates/confectionery and fragrances. Internet continues to grow fast – by 16.7% in Digital switchover is due to be completed by the 2010 – and we expect it to continue increasing, if end of 2011 so we expect a significant growth in TV more slowly, every year to 2014. Banking, mobile adspend from 2012. telecoms and cars are the top three categories.

87 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INDIA

Advertising expenditure in local currency at current prices (Rupees million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 55,768 27,916 - 20,404 1,124 73 6,000 251 2001 64,006 25,700 6,032 24,254 1,406 65 6,200 350 2002 69,020 27,837 5,701 27,164 1,617 125 6,225 351 2003 86,470 41,971 5,511 30,424 1,778 135 6,300 351 2004 106,858 47,149 4,179 44,047 1,474 738 8,850 420 2005 123,770 53,316 4,806 52,466 2,062 550 9,500 1,070 2006 149,396 62,501 6,742 64,126 2,527 900 10,500 2,100 2007 179,878 75,438 7,546 73,956 5,236 1,262 13,640 2,800 2008 213,801 91,021 11,419 85,019 6,464 1,455 14,923 3,500 2009 216,025 95,208 5,500 89,918 6,808 1,449 12,637 4,505 2010 244,700 106,500 6,300 103,500 7,700 1,500 13,350 5,850 2011 268,685 119,780 7,245 109,710 8,700 1,650 14,000 7,600 2012 287,025 126,967 7,680 116,293 9,570 1,800 14,915 9,800 2013 312,420 137,124 8,294 125,596 11,006 2,028 15,889 12,483 2014 340,538 148,134 9,195 135,534 12,259 2,043 17,027 16,346 Year-on-year % change at current prices 01 v 00 14.8 -7.9 - 18.9 25.0 -11.4 3.3 39.4 02 v 01 7.8 8.3 -5.5 12.0 15.0 93.5 0.4 0.3 03 v 02 25.3 50.8 -3.3 12.0 10.0 8.3 1.2 0.0 04 v 03 23.6 12.3 -24.2 44.8 -17.1 444.6 40.5 19.7 05 v 04 15.8 13.1 15.0 19.1 39.9 -25.4 7.3 154.8 06 v 05 20.7 17.2 40.3 22.2 22.6 63.6 10.5 96.3 07 v 06 20.4 20.7 11.9 15.3 107.2 40.2 29.9 33.3 08 v 07 18.9 20.7 51.3 15.0 23.5 15.3 9.4 25.0 09 v 08 1.0 4.6 -51.8 5.8 5.3 -0.4 -15.3 28.7 10 v 09 13.3 11.9 14.5 15.1 13.1 3.5 5.6 29.9 11 v 10 9.8 12.5 15.0 6.0 13.0 10.0 4.9 29.9 12 v 11 6.8 6.0 6.0 6.0 10.0 9.1 6.5 28.9 13 v 12 8.8 8.0 8.0 8.0 15.0 12.7 6.5 27.4 14 v 13 9.0 8.0 10.9 7.9 11.4 0.7 7.2 30.9 Year-on-year % change at constant prices 01 v 00 10.7 -11.2 - 14.6 20.6 -14.6 -0.3 34.5 02 v 01 3.3 3.8 -9.4 7.3 10.2 85.5 -3.8 -3.9 03 v 02 20.6 45.2 -6.9 7.8 5.9 4.3 -2.5 -3.7 04 v 03 19.1 8.3 -26.9 39.5 -20.1 424.8 35.4 15.3 05 v 04 11.2 8.5 10.4 14.3 34.2 -28.4 3.0 144.5 06 v 05 14.0 10.8 32.5 15.5 15.8 54.6 4.4 85.4 07 v 06 13.3 13.6 5.3 8.5 94.9 31.9 22.2 25.4 08 v 07 9.7 11.4 39.7 6.1 13.9 6.4 1.0 15.4 09 v 08 -8.9 -5.7 -56.6 -4.6 -5.0 -10.2 -23.6 16.1 10 v 09 1.1 -0.1 2.3 2.8 1.0 -7.6 -5.7 15.9 11 v 10 -0.7 1.7 4.0 -4.2 2.2 -0.5 -5.2 17.5 12 v 11 -1.6 -2.4 -2.4 -2.4 1.3 0.5 -1.9 18.7 13 v 12 1.6 0.8 0.8 0.8 7.4 5.2 -0.5 18.9 14 v 13 3.4 2.5 5.2 2.4 5.7 -4.4 1.7 24.3

Advertising expenditure in US$ million at current prices. All years based on US$1= Rs 45.7 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,220 611 - 446 25 2 131 5 2001 1,400 562 132 530 31 1 136 8 2002 1,509 609 125 594 35 3 136 8 2003 1,891 918 121 665 39 3 138 8 2004 2,337 1,031 91 963 32 16 194 9 2005 2,707 1,166 105 1,147 45 12 208 23 2006 3,267 1,367 147 1,402 55 20 230 46 2007 3,934 1,650 165 1,617 115 28 298 61 2008 4,676 1,991 250 1,859 141 32 326 77 2009 4,724 2,082 120 1,966 149 32 276 99 2010 5,351 2,329 138 2,263 168 33 292 128 2011 5,876 2,620 158 2,399 190 36 306 166 2012 6,277 2,777 168 2,543 209 39 326 214 2013 6,832 2,999 181 2,747 241 44 347 273 2014 7,447 3,240 201 2,964 268 45 372 357 Advertising expenditure in local currency at current prices (Rupees million) Newspapers Magazines Television Internet Total National Regional Total Business Consumer Total Terrestrial Cable/sat. Total Display Classified Search 2005 53,316 19,242 34,074 4,806 502 4,304 52,466 4,793 47,673 1,070 428 353 289 2006 62,501 19,211 43,290 6,742 824 5,918 64,126 3,762 60,364 2,100 1,176 504 420 2007 75,438 34,776 40,662 7,546 842 6,704 73,956 3,660 70,296 2,800 1,568 672 560 2008 91,021 41,960 49,061 11,419 1,274 10,145 85,019 4,208 80,811 3,500 1,960 840 700 2009 95,208 47,604 47,604 5,500 715 4,785 89,918 2,698 87,220 4,505 2,523 1,081 901 2010 106,500 51,120 55,380 6,300 819 5,481 103,500 3,105 100,395 5,850 3,276 1,404 1,170 2011 119,780 57,494 62,286 7,245 942 6,303 109,710 3,291 106,419 7,600 4,256 1,824 1,520 2012 126,968 63,484 63,484 7,680 614 7,066 116,293 3,698 112,595 9,800 5,488 2,352 1,960 2013 137,124 68,562 68,562 8,294 664 7,630 125,596 3,994 121,602 12,483 6,990 2,996 2,497 2014 148,134 71,104 77,030 9,195 737 8,458 135,534 4,066 131,468 16,346 9,154 3,923 3,269

88 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INDIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor 400,000 5.5% Radio Internet 3.1% Cinema 2.4% 350,000 0.6% 300,000

250,000 340,538 Newspapers 43.5% 312,420

200,000 287,025 268,685

150,000 244,700 216,025

TV 213,801 42.3% 100,000 86,470 179,878 69,020 64,006 55,768

50,000 149,396 86,470 Magazines 106,858 2.6% 0

Advertising Data: 2000 ORG-MARG (TV and press), AIR (radio), Agency estimates. 2001- 2004 ORG-MAP, COFT, Agency estimates. 2005-2009 TAM ADEX DATA (print, TV and radio), IAMAI and Agency estimates (cinema, outdoor and online). 2010 Agency estimates, 2011- 2014 Agency forecasts.

Notes: 1) Includes production costs to 2004, excludes after 2) Includes agency commission, except TV, print and radio, which are rate-card costs down-weighted at 70%:60%:40% respectively 3) Includes classified advertising to 2004, excludes after (except for internet) 4) After discounts 5) TV includes non-terrestrial 6) Newspapers include magazines until 2000; definition of national newspapers changed in 2006 7) Internet figures are IAMAI estimates from 2004

The Indian economy is back on track and returning attracted more advertisers than in the same period to pre-recession growth levels. GDP growth was the previous year and introduced new innovations 10.1% in 2010, with an additional 7.8% forecast for for sponsors, setting a new benchmark. The month 2011. The Indian ad market also saw a resurgence of October saw a good festive season for the market last year, ending the year up 13.3% in total. - and this pushed expenditure levels upwards for the year as a whole. India co-hosted the ICC Cricket India remains one of the few large markets where World Cup held between February and April 2011. newspaper advertising continues to grow. It India ultimately won the tournament, which will rose 12% in 2010 and we forecast 6%-13% annual undoubtedly have attracted additional investment. growth to 2014. Rising literacy levels and improved distribution in the regions are steadily improving Internet advertising in India remains low in reach newspapers’ reach. Magazines suffered a sharp fall but high in opportunity. Growth is being driven in ad expenditure in 2009, but recovered with 15% by the spread of mobile internet and the youth growth in 2010. culture of social media. Large corporations now value the opportunities offered by the media, and Television grew 15.1% in 2010 thanks to new are investing more time and money. We estimate advertising opportunities, but we expect growth internet advertising to have grown by 30% in 2010, to slow slightly over the next few years. In the first with an additional 30% increase expected this year. quarter of 2010, the Indian Premier League (IPL)

89 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INDONESIA

Advertising expenditure in local currency at current prices (Rupiah billion) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 4,730 1,278 290 2,713 180 - 269 - 2001 5,897 1,728 405 3,331 230 - 202 - 2002 7,973 2,335 506 4,612 289 - 232 - 2003 11,017 2,976 630 6,442 344 - 625 - 2004 14,429 3,999 768 8,508 428 - 725 - 2005 16,702 4,637 848 9,786 547 - 884 - 2006 19,703 5,717 872 11,352 595 12 1,150 4 2007 23,450 7,473 958 12,688 871 16 1,437 6 2008 28,013 9,661 1,175 14,488 1,084 16 1,581 8 2009 32,118 11,841 1,252 16,451 810 17 1,739 9 2010 39,070 14,137 1,382 20,737 890 18 1,895 10 2011 46,461 16,965 1,521 24,884 881 20 2,180 11 2012 55,384 20,358 1,673 29,861 951 21 2,506 13 2013 66,024 24,429 1,840 35,834 999 23 2,882 17 2014 80,714 29,315 2,024 44,792 1,079 25 3,459 20 Year-on-year % change at current prices 01 v 00 24.7 35.2 39.8 22.8 28.0 - -24.9 - 02 v 01 35.2 35.1 24.7 38.4 25.5 - 14.9 - 03 v 02 38.2 27.5 24.7 39.7 18.9 - 169.4 - 04 v 03 31.0 34.4 21.9 32.1 24.6 - 16.0 - 05 v 04 15.9 16.0 10.4 15.0 27.6 - 21.9 - 06 v 05 17.9 23.3 2.9 16.0 8.8 - 30.1 - 07 v 06 19.0 30.7 9.9 11.8 46.4 28.6 25.0 56.3 08 v 07 19.5 29.3 22.6 14.2 24.4 5.0 10.0 20.0 09 v 08 14.7 22.6 6.6 13.6 -25.3 5.0 10.0 15.0 10 v 09 21.6 19.4 10.5 26.1 9.9 5.0 9.0 13.0 11 v 10 18.9 20.0 10.0 20.0 -1.0 8.0 15.0 15.0 12 v 11 19.2 20.0 10.0 20.0 8.0 8.0 15.0 18.0 13 v 12 19.2 20.0 10.0 20.0 5.0 8.0 15.0 25.0 14 v 13 22.2 20.0 10.0 25.0 8.0 8.0 20.0 20.0 Year-on-year % change at constant prices 01 v 00 11.8 21.3 25.4 10.1 14.8 - -32.7 - 02 v 01 20.9 20.8 11.5 23.8 12.2 - 2.7 - 03 v 02 29.5 19.5 16.9 31.0 11.5 - 152.6 - 04 v 03 23.3 26.5 14.7 24.3 17.3 - 9.2 - 05 v 04 4.9 5.0 0.0 4.2 15.6 - 10.4 - 06 v 05 4.2 9.0 -9.1 2.5 -3.8 - 15.0 - 07 v 06 9.1 19.8 0.7 2.5 34.3 17.9 14.6 43.3 08 v 07 7.6 16.5 10.4 2.9 12.1 -5.4 -0.9 8.1 09 v 08 11.5 19.2 3.6 10.4 -27.4 2.1 7.0 11.8 10 v 09 13.8 11.7 3.3 17.9 2.8 -1.8 2.0 5.7 11 v 10 12.5 13.5 4.1 13.5 -6.3 2.2 8.8 8.8 12 v 11 11.9 12.7 3.3 12.7 1.4 1.4 8.0 10.8 13 v 12 13.1 13.9 4.4 13.9 -0.4 2.5 9.1 18.6 14 v 13 16.1 14.0 4.5 18.7 2.6 2.6 14.0 14.0

Advertising expenditure in US$ million at current prices. All years based on US$1= R 9,090.40 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 520 141 32 298 20 - 30 - 2001 649 190 45 366 25 - 22 - 2002 877 257 56 507 32 - 26 - 2003 1,212 327 69 709 38 - 69 - 2004 1,587 440 85 936 47 - 80 - 2005 1,837 510 93 1,077 60 - 97 - 2006 2,167 629 96 1,249 65 1 127 0 2007 2,580 822 105 1,396 96 2 158 1 2008 3,082 1,063 129 1,594 119 2 174 1 2009 3,533 1,303 138 1,810 89 2 191 1 2010 4,298 1,555 152 2,281 98 2 208 1 2011 5,111 1,866 167 2,737 97 2 240 1 2012 6,093 2,239 184 3,285 105 2 276 1 2013 7,263 2,687 202 3,942 110 3 317 2 2014 8,879 3,225 223 4,927 119 3 381 2 Advertising expenditure in local currency at current prices (Rupiah million) Newspapers Magazines Total National Local Total Business Consumer 2004 3,998,602 1,266,322 2,732,281 768,295 120,270 648,025 2005 4,637,199 1,425,768 3,211,431 848,230 53,950 794,280 2006 5,716,911 1,448,239 4,268,671 872,407 59,609 812,798 2007 7,472,836 1,809,599 5,663,237 958,362 63,614 894,748 2008 9,661,195 1,971,272 7,689,923 1,174,550 91,743 1,082,806 2009 11,840,982 2,030,102 9,810,880 1,251,533 87,864 1,163,669 2010 14,137,269 2,314,404 11,822,866 1,382,368 81,330 1,301,038 2011 16,964,723 2,777,284 14,187,439 1,520,604 89,463 1,431,141 2012 20,357,668 3,332,741 17,024,926 1,672,665 98,410 1,574,255 2013 24,429,201 3,999,290 20,429,912 1,839,931 108,250 1,731,681 2014 29,315,042 4,799,148 24,515,894 2,023,925 119,076 1,904,849

90 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INDONESIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at current prices Outdoor billion Internet Radio 4.9% 0.03% 90,000 2.3% Cinema 80,000 0.0% 70,000 80,714 Newspapers 60,000 36.2%

50,000 66,024

40,000 55,384

30,000 46,461 39,070 TV 20,000 11,017 14,429 53.1% 32,118 7,973 28,013

10,000 4,730 Magazines 5,897 19,704

3.5% 16,702 0 14,429

Advertising Data: 2000-2010 AC Nielsen Adquest Millennium (newspapers, magazines, television, radio), Agency estimates (other media), 2011- 2014 Agency forecasts Notes: 1) Excludes agency commission 2) After discounts, estimated at the following levels: 30% for newspapers, magazines and radio; 45% for television; and 20% for cinema and internet. There are no discounts for outdoor 3) Excludes production costs 4) Includes classified advertising 5) Internet includes display, classified and search

The ad market grew by 21.6% in 2010, and we and formula/growing-up milk. We expect internet forecast further growth of around 18.9% this year, adspend growth to pick up in 2012 as advertisers driven by TV and newspaper expenditure growth. become more aware of digital opportunities, The following product categories in particular are and also thanks to an increase in professional ad stimulating spend: telecoms, hair care, facial care, networks and digital specialists.

91 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 IRELAND

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 778 431 15 200 55 6 70 2 2001 875 495 17 197 70 7 86 3 2002 1,035 628 24 207 65 9 98 4 2003 1,161 729 34 195 87 9 101 6 2004 1,394 895 32 251 91 10 106 9 2005 1,541 903 40 287 106 9 117 79 2006 1,757 1,038 40 326 124 10 134 85 2007 1,922 1,082 41 374 140 11 183 91 2008 1,937 1,079 41 363 148 10 196 100 2009 1,611 866 34 312 137 8 142 112 2010 744 185 60 218 102 7 64 108 2011 698 161 54 201 96 7 58 122 2012 683 150 48 195 92 6 54 138 2013 711 153 49 201 97 6 54 150 2014 744 158 50 211 102 6 55 162 Year-on-year % change at current prices 01 v 00 12.5 14.8 13.3 -1.3 27.3 14.8 23.6 100.0 02 v 01 18.3 26.9 41.2 5.1 -7.1 28.6 14.0 33.3 03 v 02 12.2 16.1 41.7 -5.8 33.8 0.0 3.1 50.0 04 v 03 20.1 22.8 -5.9 28.7 4.6 11.1 5.0 50.0 05 v 04 10.5 0.9 25.0 14.3 16.5 -10.0 10.4 777.8 06 v 05 14.0 15.0 0.0 13.6 17.0 11.1 14.5 7.6 07 v 06 9.4 4.2 2.5 14.7 12.9 10.0 36.6 7.1 08 v 07 0.8 -0.3 0.0 -2.9 5.7 -9.1 7.1 9.9 09 v 08 -16.8 -19.7 -17.1 -14.0 -7.4 -20.0 -27.6 12.0 10 v 09 -53.8 -78.6 77.4 -30.2 -25.5 -7.5 -55.3 -3.6 11 v 10 -6.2 -13.0 -10.9 -8.0 -5.6 -10.0 -9.0 13.0 12 v 11 -2.1 -7.0 -10.1 -3.0 -4.0 -4.1 -6.0 12.8 13 v 12 4.1 2.0 1.4 3.5 5.1 0.0 0.0 9.2 14 v 13 4.7 3.5 2.0 5.0 4.9 1.6 1.7 7.5 Year-on-year % change at constant prices 01 v 00 7.3 9.5 8.1 -5.9 21.4 9.4 17.8 90.7 02 v 01 13.0 21.2 34.8 0.3 -11.3 22.8 8.8 27.3 03 v 02 8.4 12.2 36.9 -8.9 29.4 -3.3 -0.4 45.0 04 v 03 17.5 20.1 -7.9 25.9 2.3 8.7 2.7 46.7 05 v 04 7.9 -1.5 22.1 11.6 13.7 -12.1 7.8 757.1 06 v 05 9.7 10.6 -3.8 9.3 12.6 6.9 10.2 3.6 07 v 06 4.3 -0.6 -2.3 9.4 7.6 4.9 30.2 2.1 08 v 07 -3.1 -4.1 -3.9 -6.7 1.6 -12.6 2.9 5.6 09 v 08 -12.9 -16.0 -13.2 -10.0 -3.1 -16.2 -24.1 17.3 10 v 09 -53.4 -78.4 79.0 -29.5 -24.9 -6.6 -54.9 -2.7 11 v 10 -7.3 -14.0 -11.9 -9.0 -6.6 -11.0 -10.0 11.7 12 v 11 -2.7 -7.5 -10.6 -3.6 -4.6 -4.6 -6.6 12.2 13 v 12 2.6 0.6 0.0 2.1 3.6 -1.4 -1.4 7.6 14 v 13 3.1 1.8 0.4 3.3 3.3 0.0 0.1 5.8

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,030 571 20 264 73 8 92 2 2001 1,159 656 23 261 93 9 114 4 2002 1,371 832 32 274 86 12 130 5 2003 1,538 966 45 258 115 12 134 8 2004 1,846 1,185 42 332 121 13 140 12 2005 2,041 1,196 53 380 140 12 155 105 2006 2,327 1,375 53 432 164 13 177 113 2007 2,546 1,433 54 495 185 15 242 121 2008 2,566 1,429 54 481 196 13 260 132 2009 2,134 1,147 45 413 181 11 188 148 2010 985 245 80 289 135 10 84 143 2011 924 213 71 266 128 9 77 162 2012 905 198 64 258 122 8 72 182 2013 942 202 65 267 129 8 72 199 2014 986 209 66 280 135 9 73 214 Advertising expenditure in local currency at current prices (€ million) Television Total Terrestrial Cable&satellite 2006 326 297 29 2007 374 336 38 2008 363 317 46 2009 312 238 74 2010 218 148 70 2011 201 136 64 2012 195 132 62 2013 201 137 64 2014 211 144 68

92 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 IRELAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

Internet 2,500 14.5% Newspapers 24.9% 2,000 Outdoor 8.5% 1,937 Cinema 1,500 1,922

1.0% 1,757 1,541 1,611

Magazines 1,000 1,394 Radio 8.1% 1,161 13.7% 875 778 500 569 744 744 711 683 TV 698 29.3% 0

Advertising Data: 2000-2009 Advertising Statistics of Ireland, IAPI Scope, BASE, Amárach, comScore, 2010 Agency estimates, 2011-2013 Agency forecasts Notes: 1) Excludes production costs 2) Includes agency commission of 15% 3) Includes classified display advertising, but not linage 4) Before discounts until 2009, after discounts from 2010 5) Newspaper data includes UK titles in Ireland from 2003 6) TV includes satellite from 2006 7) Radio data includes independent local radio from 2003 8) Internet includes display only 9) Internet figures are NetBehaviour estimates

Readers should note that we have now begun EU of up to €90 billion. After three years of decline, to report all figures from 2010 after discounts, the IMF is estimating 0.4% growth in GDP for 2011, which will account for the large fall in advertising and a more promising +1.5% and +2.2% for 2012 expenditure that year. and 2013 respectively.

The economic crisis precipitated by the banks’ In terms of gross expenditure, we estimate that over-lending, highly speculative land deals and the ad market fell by 11.4% in 2010. This year, the general national mismanagement continues to market is still very shaky and we foresee a drop of dominate people’s lives. In November 2010, Ireland around 6.2% overall. We do not expect growth to was forced to accept a bailout from the IMF and return until 2013.

93 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ISRAEL

Advertising expenditure in local currency at current prices (NIS million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 4,860 2,854 200 1,064 400 12 318 12 2001 3,594 1,892 210 988 248 13 214 29 2002 3,605 1,814 242 1,043 265 14 189 38 2003 3,246 1,508 225 1,080 239 14 126 54 2004 3,438 1,526 229 1,158 233 13 144 135 2005 3,612 1,598 239 1,094 252 23 167 239 2006 3,625 1,535 230 1,080 234 23 212 311 2007 3,906 1,484 224 1,204 224 26 237 507 2008 4,017 1,406 211 1,367 198 26 237 572 2009 3,837 1,247 159 1,346 181 22 215 667 2010 4,064 1,251 142 1,505 189 26 224 727 2011 4,030 1,226 129 1,475 194 26 219 761 2012 4,138 1,226 129 1,484 198 30 224 847 2013 4,283 1,230 133 1,514 202 30 232 942 2014 4,452 1,226 129 1,570 206 30 237 1,054 Year-on-year % change at current prices 01 v 00 -26.1 -33.7 5.1 -7.2 -37.9 6.3 -32.7 137.1 02 v 01 0.3 -4.1 15.2 5.6 6.9 7.7 -11.7 31.0 03 v 02 -10.0 -16.9 -7.0 3.5 -9.8 0.0 -33.3 42.1 04 v 03 5.9 1.2 1.8 7.2 -2.5 -7.1 14.3 150.0 05 v 04 5.1 4.7 4.4 -5.5 8.2 76.9 16.0 77.0 06 v 05 0.4 -3.9 -3.8 -1.3 -7.1 0.0 26.9 30.1 07 v 06 7.8 -3.3 -2.6 11.5 -4.3 13.0 11.8 63.0 08 v 07 2.8 -5.3 -5.8 13.5 -11.6 0.0 0.0 12.8 09 v 08 -4.5 -11.3 -24.6 -1.5 -8.6 -15.4 -9.3 16.6 10 v 09 5.9 0.3 -10.7 11.8 4.4 18.2 4.2 9.0 11 v 10 -0.8 -2.0 -9.2 -2.0 2.6 0.0 -2.2 4.7 12 v 11 2.7 0.0 0.0 0.6 2.1 15.4 2.3 11.3 13 v 12 3.5 0.3 3.1 2.0 2.0 0.0 3.6 11.2 14 v 13 3.9 -0.3 -3.0 3.7 2.0 0.0 2.2 11.9 Year-on-year % change at constant prices 01 v 00 -26.9 -34.4 4.0 -8.2 -38.6 5.1 -33.4 134.5 02 v 01 -5.1 -9.3 9.0 -0.1 1.1 1.9 -16.4 24.0 03 v 02 -10.6 -17.5 -7.7 2.8 -10.4 -0.7 -33.8 41.1 04 v 03 6.4 1.7 2.3 7.7 -2.1 -6.7 14.8 151.2 05 v 04 3.6 3.3 2.9 -6.8 6.7 74.5 14.4 74.6 06 v 05 -1.7 -5.9 -5.8 -3.3 -9.1 -2.1 24.3 27.4 07 v 06 7.3 -3.8 -3.0 11.0 -4.7 12.5 11.3 62.3 08 v 07 -1.8 -9.5 -10.0 8.4 -15.6 -4.5 -4.5 7.8 09 v 08 -7.5 -14.1 -27.1 -4.7 -11.5 -18.1 -12.2 12.9 10 v 09 3.2 -2.3 -13.0 8.9 1.7 15.1 1.5 6.2 11 v 10 -4.1 -5.2 -12.1 -5.2 -0.7 -3.3 -5.4 1.2 12 v 11 1.1 -1.6 -1.6 -1.0 0.5 13.6 0.7 9.5 13 v 12 1.5 -1.6 1.1 0.0 0.0 -2.0 1.5 9.0 14 v 13 1.9 -2.3 -4.9 1.7 0.0 -2.0 0.2 9.7

Advertising expenditure in US$ million at current prices. All years based on US$1= NIS 3.74 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,300 763 53 285 107 3 85 3 2001 961 506 56 264 66 3 57 8 2002 964 485 65 279 71 4 51 10 2003 868 403 60 289 64 4 34 14 2004 919 408 61 310 62 3 39 36 2005 966 427 64 293 67 6 45 64 2006 970 411 62 289 63 6 57 83 2007 1,045 397 60 322 60 7 63 136 2008 1,074 376 56 366 53 7 63 153 2009 1,026 334 43 360 48 6 58 178 2010 1,087 335 38 403 51 7 60 194 2011 1,078 328 35 394 52 7 59 204 2012 1,107 328 35 397 53 8 60 227 2013 1,145 329 36 405 54 8 62 252 2014 1,191 328 35 420 55 8 63 282

Advertising expenditure in local currency at current prices (NIS million) Internet Total Display Search 2010 727 460 267 2011 761 473 288 2012 847 524 323 2013 942 581 361 2014 1,054 645 409

94 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ISRAEL

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 6,000 Internet 17.9% Newspapers 5,000 30.8% Outdoor/ 4,000

Transport 4,860

5.5% 4,452 4,283 4,138

3,000 4,064 4,030 4,017 3,837 Cinema 3,906 3,625 3,605 3,612 3,438 0.6% 3,594 2,000 3,246 Radio 4.7% Magazines 3.5% 1,000

TV 0 37.0%

Advertising Data: 2000-2003 Advertising Association of Israel, 2004-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Includes classified 3) Excludes agency commission 4) Excludes production costs 5) Internet includes display, classified and search

According to the Bank of Israel, the status of the The two leading newspapers (the paid for Israeli economy is relatively good compared to newspaper Yedioth Aharonoth, and the free Europe and the USA. It expects the economy to newspaper Israel Hayom) have stepped up grow by 4.7% during 2011, and is forecasting a distribution in public areas, train stations, and more modest +3.2% for 2012. Therefore, the Israeli gas stations, and a TGI report has shown that market is not expected to enter into an official readership of both titles has increased. On the recession; nonetheless, private consumption has technological side, Israel Hayom has developed been declining by 0.9% during 2011, implying a an iPad version, while Yedioth Aharonot has been recessionary mood. Unemployment rates for 2011 using QR codes to refer readers to interactive ads currently stand at 5.5%, lower than the 6.7% of and videos, including news video feeds from their 2010, and significantly lower than the 7.7% in 2009. website (the leading website being ynet.co.il), and even interactive crosswords. However, publishers Although the general economic indicators paint still face strong challenges in attracting advertising an optimistic picture, we have downgraded our money to newspapers, and so we predict a dip of previous forecast for 2011 adspend to -0.8% due 2.0% in ad revenue growth this year. Print share for to the gloomy global economic outlook, as well as 2011 stands at 33.6%, compared to 34.3% last year. social protests in Israel. The key driver of media growth is digital, thanks to the increasing demand On the interactive front, Facebook has been for video advertising and online display. Search generating lots of buzz, forcing many advertisers to engines (mainly Google) have maintained their start discovering its inherent potential as a media momentum and turned in growth of almost 13% channel. The mobile advertising sector is also last year. Overall, internet advertising is expected generating excitement; it is still minute in absolute to account for 18.9% of total spend in 2011. terms, but in the light of the near-40% penetration of smartphones, there is a good chance that the TV commercial channels have been facing some mobile advertising market will be more and more difficulties selling out their inventory, but high relevant over the next two to three years. However, investment in content has helped push ratings at the moment, the major driver of growth in digital up by around 17% compared to the same period is video advertising. We predict that internet spend last year. Our analysis showed a 12% drop in will rise by 4.7% in 2011. airtime sold compared to the same period last year. Overall, we think TV spend will fall by 2.0% in OOH advertising spend is expected to show a drop 2011, before returning to modest growth in 2013. of 2.2% in 2011, while its share of total adspend stands at 5.4%.

95 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ITALY

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 8,035 1,818 1,159 4,134 412 50 318 143 2001 7,772 1,707 1,190 4,004 375 57 328 111 2002 7,517 1,589 1,090 4,028 351 61 294 103 2003 7,792 1,581 1,101 4,226 399 71 306 108 2004 8,342 1,607 1,107 4,650 480 77 312 110 2005 8,544 1,623 1,133 4,776 484 70 315 143 2006 8,637 1,627 1,201 4,704 522 64 312 206 2007 8,907 1,681 1,231 4,761 563 59 318 294 2008 8,661 1,549 1,141 4,702 575 49 309 335 2009 7,489 1,290 814 4,225 531 47 231 352 2010 7,773 1,244 770 4,478 572 53 234 423 2011 7,580 1,200 762 4,339 546 43 202 489 2012 7,645 1,185 758 4,370 547 42 196 547 2013 7,846 1,195 766 4,457 561 43 199 624 2014 8,092 1,208 777 4,560 580 44 205 717 Year-on-year % change at current prices 01 v 00 -3.3 -6.1 2.7 -3.1 -9.0 14.0 3.1 -22.9 02 v 01 -3.3 -6.9 -8.4 0.6 -6.3 7.0 -10.4 -6.9 03 v 02 3.7 -0.5 1.0 4.9 13.7 14.8 4.1 5.3 04 v 03 7.1 1.6 0.5 10.0 20.2 8.6 2.0 1.7 05 v 04 2.4 1.0 2.4 2.7 0.9 -8.9 0.9 29.7 06 v 05 1.1 0.2 6.0 -1.5 7.8 -8.2 -0.9 44.2 07 v 06 3.1 3.3 2.5 1.2 8.0 -8.4 1.9 42.7 08 v 07 -2.8 -7.8 -7.3 -1.2 2.1 -16.4 -2.8 13.9 09 v 08 -13.5 -16.8 -28.7 -10.2 -7.6 -4.4 -25.4 5.1 10 v 09 3.8 -3.6 -5.4 6.0 7.7 12.2 1.4 20.1 11 v 10 -2.5 -3.5 -1.1 -3.1 -4.6 -18.1 -13.6 15.5 12 v 11 0.8 -1.3 -0.5 0.7 0.2 -2.5 -3.0 12.0 13 v 12 2.6 0.9 1.1 2.0 2.5 3.0 1.7 14.0 14 v 13 3.1 1.1 1.4 2.3 3.5 2.0 3.0 15.0 Year-on-year % change at constant prices 01 v 00 -5.9 -8.7 -0.1 -5.8 -11.5 10.9 0.3 -25.0 02 v 01 -5.6 -9.1 -10.6 -1.8 -8.5 4.5 -12.5 -9.1 03 v 02 1.0 -3.0 -1.6 2.2 10.8 11.9 1.4 2.6 04 v 03 4.7 -0.6 -1.7 7.6 17.6 6.2 -0.2 -0.5 05 v 04 0.4 -0.9 0.4 0.7 -1.1 -10.7 -1.0 27.2 06 v 05 -1.0 -1.8 3.8 -3.6 5.6 -10.1 -2.9 41.2 07 v 06 1.4 1.5 0.8 -0.5 6.2 -10.0 0.2 40.3 08 v 07 -5.9 -10.8 -10.3 -4.5 -1.2 -19.2 -6.0 10.2 09 v 08 -14.2 -17.4 -29.2 -10.8 -8.3 -5.1 -25.9 4.3 10 v 09 2.2 -5.1 -6.9 4.4 6.0 10.5 -0.2 18.2 11 v 10 -5.0 -6.0 -3.6 -5.6 -7.0 -20.2 -15.8 12.6 12 v 11 -0.7 -2.8 -2.0 -0.9 -1.4 -4.0 -4.5 10.2 13 v 12 0.9 -0.8 -0.6 0.3 0.8 1.3 0.0 12.1 14 v 13 1.3 -0.7 -0.4 0.5 1.7 0.2 1.2 13.0

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 10,642 2,408 1,535 5,475 546 67 421 190 2001 10,294 2,261 1,576 5,304 496 76 434 146 2002 9,956 2,105 1,444 5,335 465 81 389 136 2003 10,321 2,094 1,458 5,597 529 93 405 144 2004 11,049 2,128 1,466 6,159 636 101 413 146 2005 11,316 2,150 1,501 6,326 641 92 417 189 2006 11,440 2,155 1,591 6,231 691 85 414 273 2007 11,798 2,226 1,631 6,306 746 78 422 390 2008 11,471 2,052 1,511 6,228 762 65 410 444 2009 9,920 1,708 1,078 5,596 704 62 306 467 2010 10,296 1,647 1,019 5,931 758 70 310 560 2011 10,040 1,589 1,009 5,747 723 57 268 647 2012 10,125 1,569 1,004 5,788 724 56 260 725 2013 10,392 1,583 1,015 5,903 743 57 264 826 2014 10,718 1,600 1,029 6,039 769 58 272 950

Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Total National Local Total Business Consumer 2005 1,623 873 750 1,133 90 1,043 2006 1,627 876 751 1,201 96 1,105 2007 1,680 904 776 1,231 98 1,133 2008 1,550 831 718 1,141 91 1,050 2009 1,290 684 606 814 64 750 2010 1,244 668 576 770 60 710 2011 1,200 643 557 761 59 703 2012 1,185 633 552 758 58 699 2013 1,196 639 556 766 59 707 2014 1,208 647 561 777 59 718

96 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ITALY

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 12,000 Outdoor 3.0% Internet Cinema 5.4% Newspapers 10,000 0.7% 16.0% Radio 7.4% 8,000 8,907

Magazines 8,661 8,637 8,544

9.9% 8,342 8,092 6,000 8,035 7,773 7,772 7,792 7,846 7,517 7,489 7,645 7,580

4,000

2,000

TV 57.6% 0

Advertising Data: 2000-2010 Media Key, AC Nielsen, 2011-2014 Agency forecasts Notes: 1) Includes agency commission 2) Excludes production costs 3) Includes some classified advertising 4) After discounts 5) Magazines includes newspaper supplements 6) Internet includes some display/classified/search figures

In 2011 the Italian economy has suffered the The economy is showing weakness even ignoring financial problems spreading across the eurozone. the financial concerns. GDP slowed down to a low Italy has become a focus of concern because of 0.3% growth in the second quarter and the forecast its huge debt (120% of GDP) and the increased for full year 2011 has been reduced to 0.6%. This government budget deficit. slowdown is common to the whole European Union. The stock market has lost 35% of its value over the last 12 months, most of it since June 2011. Investors The situation worsened in June when consumer doubt the capability of the country to maintain goods production went down by 2.1% and stability because it has failed to reduce its debt and advertising expenditure fell more than its GDP growth has underperformed the other big proportionally by 13.1% year-on-year. This was an EU economies. anomaly, but we still expect an overall decline of 2.5% in ad expenditure this year.

97 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 JAPAN

Advertising expenditure in local currency at current prices (Yen million) Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 4,585,700 1,247,400 436,900 2,079,300 207,100 556,000 59,000 2001 4,515,300 1,208,700 418,000 2,068,100 199,800 547,200 73,500 2002 4,202,600 1,070,700 405,100 1,935,100 183,700 523,500 84,500 2003 4,199,200 1,050,000 403,500 1,948,000 180,700 498,700 118,300 2004 4,362,500 1,055,900 397,000 2,043,600 179,500 505,100 181,400 2005 4,745,400 1,037,700 484,200 2,041,100 177,800 626,900 377,700 2006 4,797,900 998,600 477,700 2,016,100 174,400 648,500 482,600 2007 4,833,400 946,200 458,500 1,998,100 167,100 663,200 600,300 2008 4,618,200 827,600 407,800 1,909,200 154,900 620,400 698,300 2009 4,061,400 673,900 303,400 1,713,900 137,000 526,300 706,900 2010 4,051,300 639,600 273,300 1,732,100 129,900 501,700 774,700 2011 3,981,500 586,300 249,400 1,688,800 125,100 518,500 813,400 2012 4,103,400 580,400 247,300 1,729,800 123,100 547,800 875,000 2013 4,181,000 569,600 240,000 1,751,000 121,700 558,100 940,600 2014 4,285,900 565,500 236,400 1,791,400 121,400 569,200 1,002,000 Year-on-year % change at current prices 01 v 00 -1.5 -3.1 -4.3 -0.5 -3.5 -1.6 24.6 02 v 01 -6.9 -11.4 -3.1 -6.4 -8.1 -4.3 15.0 03 v 02 -0.1 -1.9 -0.4 0.7 -1.6 -4.7 40.0 04 v 03 3.9 0.6 -1.6 4.9 -0.7 1.3 53.3 05 v 04 8.8 -1.7 22.0 -0.1 -0.9 24.1 108.2 06 v 05 1.1 -3.8 -1.3 -1.2 -1.9 3.4 27.8 07 v 06 0.7 -5.2 -4.0 -0.9 -4.2 2.3 24.4 08 v 07 -4.5 -12.5 -11.1 -4.4 -7.3 -6.5 16.3 09 v 08 -12.1 -18.6 -25.6 -10.2 -11.6 -15.2 1.2 10 v 09 -0.2 -5.1 -9.9 1.1 -5.2 -4.7 9.6 11 v 10 -1.7 -8.3 -8.7 -2.5 -3.7 3.3 5.0 12 v 11 3.1 -1.0 -0.8 2.4 -1.6 5.7 7.6 13 v 12 1.9 -1.9 -3.0 1.2 -1.1 1.9 7.5 14 v 13 2.5 -0.7 -1.5 2.3 -0.2 2.0 6.5 Year-on-year % change at constant prices 01 v 00 1.5 -0.2 -1.4 2.5 -0.6 1.4 28.4 02 v 01 -8.2 -12.6 -4.4 -7.7 -9.3 -5.6 13.4 03 v 02 0.2 -1.7 -0.1 0.9 -1.4 -4.5 40.4 04 v 03 3.9 0.6 -1.6 4.9 -0.7 1.3 53.3 05 v 04 9.1 -1.4 22.3 0.2 -0.6 24.5 108.8 06 v 05 0.9 -3.9 -1.5 -1.4 -2.1 3.3 27.5 07 v 06 0.6 -5.3 -4.1 -1.0 -4.3 2.2 24.3 08 v 07 -5.8 -13.8 -12.3 -5.8 -8.6 -7.8 14.7 09 v 08 -10.8 -17.4 -24.5 -9.0 -10.3 -14.0 2.7 10 v 09 0.4 -4.4 -9.3 1.8 -4.5 -4.0 10.3 11 v 10 -1.3 -8.0 -8.4 -2.1 -3.3 3.8 5.4 12 v 11 3.6 -0.5 -0.3 2.9 -1.1 6.2 8.1 13 v 12 1.8 -1.9 -3.0 1.2 -1.2 1.8 7.5 14 v 13 2.2 -1.1 -1.8 2.0 -0.6 1.6 6.2

Advertising expenditure in US$ million at current prices. All years based on US$1= Yen 87.8 Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 52,241 14,211 4,977 23,688 2,359 6,334 672 2001 51,439 13,770 4,762 23,560 2,276 6,234 837 2002 47,877 12,198 4,615 22,045 2,093 5,964 963 2003 47,838 11,962 4,597 22,192 2,059 5,681 1,348 2004 49,698 12,029 4,523 23,281 2,045 5,754 2,067 2005 54,060 11,822 5,516 23,252 2,026 7,142 4,303 2006 54,658 11,376 5,442 22,968 1,987 7,388 5,498 2007 55,063 10,779 5,223 22,763 1,904 7,555 6,839 2008 52,611 9,428 4,646 21,750 1,765 7,068 7,955 2009 46,268 7,677 3,456 19,525 1,561 5,996 8,053 2010 46,153 7,286 3,113 19,732 1,480 5,715 8,825 2011 45,358 6,679 2,841 19,239 1,425 5,907 9,266 2012 46,746 6,612 2,817 19,706 1,402 6,241 9,968 2013 47,630 6,489 2,734 19,948 1,386 6,358 10,715 2014 48,825 6,442 2,693 20,408 1,383 6,484 11,415

98 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 JAPAN

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 6,000,000 Internet 19.1% Newspapers 15.8% 5,000,000

Magazines 4,000,000 Outdoor/ 6.7% 4,833,400 4,797,900 Transport 4,745,400 4,618,200 3,000,000 4,585,700 4,515,300

12.4% 4,362,500 4,285,900 4,202,600 4,199,200 4,181,000 4,103,400 4,061,400 4,051,300 3,981,500 2,000,000 Radio 3.2% 1,000,000 TV 42.8% 0

Advertising Data: 2000-2010 Dentsu, 2011-2014 Agency forecasts Notes: 1) Includes production costs 2) Includes classified advertising 3) Includes agency commission at an average of 17.5% 4) After discounts 5) Magazines include more specialist and local titles from 2005 6) Outdoor includes billboards, neon signs, train and bus ads, plus poster boards, outdoor video screens, airport and taxi ads from 2005 7) Internet includes mobile ads, banners, text, mailing service e-mail, direct e-mailing, sponsorship & tie-ups, interstitials, rich media, key-word searching and SEM. Includes production costs from 2005

Japan’s GDP grew 1.5% in Q3 2011 (and by -6.1% at completed, television sales volume is decreasing. an annualised rate). During the first half of the six months ended September 30, production in Japan The cost of rebuilding Tohoku will begin to take continued to recover from the decline that resulted effect on household incomes and consumption. from the Great East Japan Earthquake. However, the Japanese economy remained uncertain due to Advertising expenditure in the first half of 2011 concerns about the economic slowdown overseas, was down, but it has gradually recovered during as well as the prolonged appreciation of the yen, the second half of the year. and the uncertain damage to Japanese industry from the flooding in Thailand. The situation in the Ad expenditure on newspapers, magazines and advertising industry remained severe, but demand radio is still declining, and media companies for advertising, particularly for television spots, are trying new digital services, such as digital showed signs of recovery since the summer as newspapers, digital magazines and digital radio clients’ supply chains were restored. platforms (‘radiko’).

The sale of home electronics and interior goods- TV ad expenditure, especially spot advertising, related eco-products is good, with electricity has risen significantly in this quarter (Oct–Dec). conservation policy and expectations of future By industry category, TV spot advertising has electricity conservation, but customer willingness increased in foods, beverages, cosmetics/toiletries, to buy consumer electronics has decreased overall. automobile, and information/communications, With the switch to terrestrial digital broadcast especially smart phone and related products.

99 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 KAZAKHSTAN

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Outdoor 2005 474 53 18 357 18 29 2006 652 69 27 494 24 38 2007 829 75 31 644 32 46 2008 1,308 73 49 1,094 37 55 2009 1,055 55 32 901 25 42 2010 731 64 33 546 31 56 2011 819 77 33 611 35 63 2012 860 80 34 642 37 66 2013 903 84 36 674 39 70 2014 948 89 38 708 41 73 Year-on-year % change at current prices 06 v 05 37.4 31.3 51.5 38.2 33.4 32.4 07 v 06 27.2 8.6 16.1 30.4 34.8 22.2 08 v 07 57.8 -3.4 58.0 69.9 15.4 17.6 09 v 08 -19.3 -25.1 -33.5 -17.7 -32.7 -23.4 10 v 09 -30.7 18.0 2.3 -39.4 25.5 34.6 11 v 10 12.0 19.0 -1.6 12.0 12.0 12.0 12 v 11 5.0 5.0 5.0 5.0 5.0 5.0 13 v 12 5.0 5.0 5.0 5.0 5.0 5.0 14 v 13 5.0 5.0 5.0 5.0 5.0 5.0 Year-on-year % change at constant prices 06 v 05 33.2 27.2 46.9 34.0 29.3 28.4 07 v 06 23.6 5.5 12.8 26.7 31.0 18.7 08 v 07 52.0 -6.9 52.2 63.7 11.2 13.3 09 v 08 -19.1 -24.9 -33.3 -17.4 -32.5 -23.2 10 v 09 -31.8 16.1 0.7 -40.4 23.4 32.4 11 v 10 8.7 15.6 -4.5 8.7 8.7 8.7 12 v 11 3.8 3.8 3.8 3.8 3.8 3.8 13 v 12 4.1 4.1 4.1 4.1 4.1 4.1 14 v 13 3.8 3.8 3.8 3.8 3.8 3.8

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 1,400 Outdoor Newspapers 7.7% 8.8% 1,200 Radio Magazines 4.3% 1,308 4.5% 1,000 1,055

800 948 903 829

600 860 819 652 731 400 474

200

TV 0 74.7%

Advertising Data: 2005-2009 Gallup Media Asia, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts 3) Excludes agency commission 5) Excludes classified

Kazakhstan’s economy has been growing steadily The ad market fell by 19% in 2009, and fared worse over the past decade as demand for its leading in 2010, when we estimate it decreased by around exports – oil, metal and grain – has increased. 31%. The drop is mainly due to a fall in investments According to the IMF, GDP growth returned to a in television, currently the dominant medium with healthy 7.3% in 2010, after a small increase of 1.2% 74.7% share of total adspend in 2010. However, in 2009. The IMF estimates that GDP will grow by newspapers and outdoor are gaining ground. We 6.5% in 2011. expect them to command a 9.4% and 7.7% share of spend respectively by 2014.

100 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 KUWAIT

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Outdoor 2000 216 145 37 13 3 18 2001 249 173 38 10 2 26 2002 250 183 25 2 3 35 2003 276 212 26 7 2 29 2004 335 250 37 14 5 29 2005 247 171 25 13 5 34 2006 299 206 28 17 6 42 2007 311 227 34 12 8 29 2008 442 287 37 87 8 23 2009 370 244 30 71 7 18 2010 386 257 25 78 7 19 2011 354 244 24 66 7 12 2012 333 231 23 60 7 11 2013 329 231 23 57 7 11 2014 329 231 23 57 7 11 Year-on-year % change at current prices 01 v 00 15.7 19.5 2.9 -22.2 -22.2 44.2 02 v 01 0.1 5.6 -32.6 -74.8 43.1 34.9 03 v 02 10.7 15.8 2.6 175.7 -39.4 -16.8 04 v 03 21.1 17.7 41.7 105.6 150.0 -1.7 05 v 04 -26.2 -31.6 -32.8 -9.7 -12.3 18.4 06 v 05 21.1 20.7 13.1 36.5 23.1 23.0 07 v 06 3.9 10.1 21.6 -28.1 44.9 -30.8 08 v 07 42.3 26.7 9.2 601.7 -4.6 -22.3 09 v 08 -16.3 -15.0 -20.0 -18.0 -15.0 -20.0 10 v 09 4.4 5.0 -15.0 10.0 10.0 5.0 11 v 10 -8.4 -5.0 -5.0 -15.0 0.0 -35.0 12 v 11 -6.0 -5.0 -5.0 -10.0 0.0 -10.0 13 v 12 -1.1 0.0 0.0 -5.0 0.0 -5.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 12.5 16.2 0.0 -24.4 -24.4 40.3 02 v 01 -1.5 3.9 -33.7 -75.2 40.9 32.7 03 v 02 8.3 13.3 0.4 169.8 -40.7 -18.6 04 v 03 17.9 14.6 38.0 100.2 143.4 -4.3 05 v 04 -28.6 -33.9 -35.0 -12.7 -15.1 14.6 06 v 05 17.3 16.9 9.6 32.3 19.3 19.2 07 v 06 1.0 7.0 18.1 -30.1 40.8 -32.7 08 v 07 37.0 22.1 5.2 575.9 -8.1 -25.2 09 v 08 -16.0 -14.7 -19.8 -17.8 -14.7 -19.8 10 v 09 2.8 3.3 -16.4 8.2 8.2 3.3 11 v 10 -11.1 -7.8 -7.8 -17.5 -2.9 -36.9 12 v 11 -7.1 -6.1 -6.1 -11.1 -1.2 -11.1 13 v 12 -1.9 -0.9 -0.9 -5.8 -0.9 -5.8 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

101 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 KUWAIT

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 500 Outdoor Radio 4.9% 450 1.9% 400 442 TV 350

20.2% 386

300 370 354 335 329 333 250 329 311 299 276

200 250 249 Newspapers 250

Magazines 66.4% 216 6.6% 150 100 50 0

Advertising Data: 2000-2004 PARC/Ipsos Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) Before discounts to 2004, after discounts thereafter 5) Excludes classified

Kuwait is a small country whose economy mainly of the national ad market continues to shrink. depends on oil. It possesses up to 10% of the Structural change and high pricing in outdoor world’s oil reserves, and oil business comprises has also helped ensure that Kuwait is one of the approximately 95% of Kuwait’s export receipts. few markets where newspapers and magazines are gaining market share. In 2010 newspapers The advertising market is largely print-based: accounted for 66.4% of all adspend and magazines newspapers and magazines accounted for 72.9% of accounted for 6.6%. By 2014 we expect these expenditure in 2010. The high and rising popularity proportions to rise to 70.3% and 7.0% respectively. of pan-Arab channels means that television’s share

102 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LATVIA

Advertising expenditure in local currency at current prices (Lats million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 30.0 10.8 2.4 10.1 4.9 0.2 1.5 0.1 2001 34.2 12.7 3.5 11.5 4.3 0.2 1.7 0.3 2002 40.5 14.1 4.7 13.6 5.1 0.3 2.2 0.5 2003 43.0 13.9 5.8 14.4 5.3 0.4 2.4 0.8 2004 49.2 14.7 6.8 17.3 5.9 0.4 3.2 0.9 2005 59.7 17.5 7.9 21.7 7.0 0.4 3.7 1.5 2006 76.0 18.9 11.2 27.1 8.5 0.5 6.5 3.3 2007 93.9 20.7 16.3 32.8 9.8 0.5 8.1 5.9 2008 97.1 17.7 15.6 34.7 10.6 0.6 9.5 8.5 2009 52.9 7.5 5.8 20.8 6.5 0.4 5.9 6.0 2010 45.9 5.2 4.1 20.5 5.3 0.3 4.6 5.9 2011 44.5 4.7 3.6 20.3 4.5 0.4 4.5 6.7 2012 44.5 4.5 3.8 20.5 4.0 0.4 4.2 7.1 2013 46.7 4.4 4.0 21.5 4.7 0.5 4.2 7.5 2014 49.1 4.4 4.2 22.6 4.9 0.5 4.2 8.3 Year-on-year % change at current prices 01 v 00 14.0 17.6 45.8 13.9 -12.2 0.0 13.3 200.0 02 v 01 18.4 11.0 34.3 18.3 18.6 50.0 29.4 66.7 03 v 02 6.2 -1.4 23.4 5.9 3.9 33.3 9.1 60.0 04 v 03 14.4 5.8 17.2 20.1 11.3 0.0 33.3 12.5 05 v 04 21.3 19.0 16.2 25.4 18.6 0.0 15.6 66.7 06 v 05 27.3 8.2 41.6 24.9 21.9 13.3 76.6 117.5 07 v 06 23.6 9.2 45.4 20.9 14.5 9.1 23.6 80.5 08 v 07 3.4 -14.6 -4.3 5.8 8.6 28.5 17.3 44.2 09 v 08 -45.5 -57.3 -62.7 -40.2 -38.5 -44.1 -37.9 -29.1 10 v 09 -13.2 -31.7 -29.8 -1.0 -18.8 -10.7 -21.7 -1.9 11 v 10 -3.0 -9.3 -12.7 -1.4 -15.9 40.4 -3.4 13.1 12 v 11 0.0 -4.8 6.3 1.1 -10.0 0.0 -5.0 6.7 13 v 12 5.0 -0.3 5.0 5.0 16.7 5.0 -0.5 5.0 14 v 13 5.0 -0.9 5.7 5.1 4.8 7.0 -0.2 11.0 Year-on-year % change at constant prices 01 v 00 11.2 14.7 42.3 11.1 -14.4 -2.4 10.6 192.7 02 v 01 16.3 9.0 31.8 16.1 16.4 47.3 27.1 63.6 03 v 02 3.1 -4.3 19.8 2.8 0.9 29.5 5.9 55.4 04 v 03 7.7 -0.4 10.4 13.1 4.8 -5.9 25.5 5.9 05 v 04 13.7 11.5 8.8 17.5 11.1 -6.3 8.3 56.1 06 v 05 19.5 1.5 33.0 17.3 14.4 6.3 65.8 104.2 07 v 06 12.2 -0.8 32.0 9.8 3.9 -1.0 12.2 63.9 08 v 07 -10.4 -26.0 -17.1 -8.3 -5.9 11.4 1.6 25.0 09 v 08 -47.4 -58.7 -63.9 -42.2 -40.6 -46.0 -40.0 -31.5 10 v 09 -12.3 -30.9 -29.0 0.0 -17.9 -9.7 -20.8 -0.8 11 v 10 -6.9 -13.0 -16.2 -5.3 -19.3 34.8 -7.3 8.5 12 v 11 -2.2 -6.9 3.9 -1.2 -12.0 -2.2 -7.1 4.3 13 v 12 2.7 -2.4 2.7 2.7 14.2 2.7 -2.7 2.7 14 v 13 2.9 -2.9 3.5 3.0 2.7 4.8 -2.2 8.7

Advertising expenditure in US$ million at current prices. All years based on US$1= Lats 0.5 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 56.6 20.4 4.5 19.0 9.2 0.4 2.8 0.2 2001 64.5 23.9 6.6 21.7 8.1 0.4 3.2 0.6 2002 76.3 26.6 8.9 25.6 9.6 0.6 4.1 0.9 2003 81.1 26.2 10.9 27.1 10.0 0.8 4.5 1.5 2004 92.7 27.7 12.8 32.6 11.1 0.8 6.0 1.7 2005 112.5 33.0 14.9 40.9 13.2 0.8 7.0 2.8 2006 143.3 35.7 21.1 51.1 16.1 0.9 12.3 6.2 2007 177.1 39.0 30.7 61.8 18.4 0.9 15.2 11.1 2008 183.0 33.3 29.3 65.4 20.0 1.2 17.9 16.0 2009 99.7 14.2 11.0 39.1 12.3 0.7 11.1 11.3 2010 86.5 9.7 7.7 38.7 10.0 0.6 8.7 11.1 2011 83.9 8.8 6.7 38.2 8.4 0.8 8.4 12.6 2012 83.9 8.4 7.1 38.6 7.6 0.8 8.0 13.4 2013 88.1 8.4 7.5 40.5 8.8 0.9 7.9 14.1 2014 92.6 8.3 7.9 42.6 9.2 0.9 7.9 15.6

103 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LATVIA

Share of adspend by medium 2010 (%) Total advertising expenditure in local currency at million current prices

Internet Newspapers 120.0 12.9% 11.2% 100.0 Outdoor Magazines 10.0% 8.9% 80.0 97.1 93.9 Cinema 60.0 0.7% 76.0

Radio 40.0 59.7

11.5% 52.9 49.1 49.2 46.7 45.9 44.5 44.5 43.0 20.0 40.5 34.2 30.0 TV 44.7% -

Advertising Data: 2000-2010 TNS BMF Gallup Media, 2011-2014 Agency forecasts Notes: 1) 2000-2004 excludes classified, 2005 onwards includes classified 2) Excludes agency commission 3) After discounts 4) Excludes production costs 5) Internet includes all forms of advertising on the main domains

Latvian GDP continued to decline in 2010 (-0.3%), class titles are now entering the local market. Forbes although the IMF is forecasting 4.0% growth this magazine was launched in 2010 by SK Media, with year. There have been significant increases in a view to expanding into Lithuania and Estonia if electricity tariffs and fuel prices, which are having it is a success. Dienas Mediji launched Playboy in an impact on the prices of day-to-day goods. October 2010.

No medium registered growth in expenditure Internet gained a higher share of the market during 2010, and only cinema and internet are compared to all other media in 2010, with the expected to have done so in 2011, putting on exception of television. We expect it to command increases of 40.4% and 13.1% respectively. TV is a 16.9% share of the market by 2014. There is a expected to be hit by the current changes in ad tendency to use niche channels during digital laws banning the advertising of over-the-counter campaigns. Advertisers are concerned with medicines. reaching target audiences with smaller investments but paying a premium for specific contacts. Media owners are looking at survival options, and some new mergers may be announced soon; We are forecasting a more promising year for there is the possible merger of the Diena and Dienas the ad market this year, although even so we Bizness newspapers, and the state-owned TV are still expecting overall decline of 3.0%, with channels (LTV) with the state-owned radio stations growth expected in cinema and internet as already (LR). However, the lack of clarity in newspapers’ mentioned, while TV should remain flat. Overall take-overs and the number of scandals that have growth is not expected to return until 2013. emerged have led to a fall in public trust. World-

104 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LEBANON

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor 2005 109.9 27.6 10.2 31.4 7.2 5.0 28.4 2006 101.5 25.2 8.9 26.5 8.0 5.5 27.4 2007 113.8 24.5 9.5 38.9 6.8 3.1 31.0 2008 143.7 28.5 11.2 56.1 7.2 4.8 35.9 2009 150.4 31.3 10.7 58.1 7.2 7.3 35.9 2010 180.6 37.6 12.8 75.5 5.7 5.8 43.1 2011 150.7 30.1 10.9 58.9 5.5 11.6 33.8 2012 136.0 28.6 9.8 53.3 5.5 11.6 27.3 2013 134.8 27.2 9.6 53.3 5.5 11.6 27.7 2014 134.8 27.2 9.6 53.3 5.5 11.6 27.7 Year-on-year % change at current prices 06 v 05 -7.7 -8.7 -13.1 -15.7 10.1 8.6 -3.2 07 v 06 12.2 -3.0 7.5 46.9 -14.2 -44.2 13.0 08 v 07 26.3 16.4 17.6 44.1 4.9 58.7 15.8 09 v 08 4.7 10.0 -5.0 3.6 0.0 50.0 0.0 10 v 09 20.0 20.0 20.0 30.0 -20.0 -20.0 20.0 11 v 10 -16.5 -20.0 -15.0 -22.0 -5.0 100.0 -21.7 12 v 11 -9.7 -5.0 -10.0 -9.5 0.0 0.0 -19.1 13 v 12 -0.9 -5.0 -1.4 0.0 0.0 0.0 1.3 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 06 v 05 -10.5 -11.5 -15.8 -18.3 6.7 5.2 -6.2 07 v 06 9.0 -5.7 4.5 42.7 -16.6 -45.8 9.8 08 v 07 21.6 12.1 13.3 38.8 1.0 52.8 11.6 09 v 08 5.0 10.3 -4.7 3.9 0.3 50.5 0.3 10 v 09 18.1 18.1 18.1 27.9 -21.3 -21.3 18.1 11 v 10 -19.0 -22.3 -17.5 -24.3 -7.8 94.2 -23.9 12 v 11 -10.8 -6.1 -11.1 -10.6 -1.2 -1.2 -20.1 13 v 12 -1.8 -5.8 -2.3 -0.9 -0.9 -0.9 0.4 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

Share of adspend by medium (%) 2010 million Total advertising expenditure in US$ at current prices 200.0 180.0 Outdoor Newspapers 23.9% 20.8% 160.0

140.0 181

120.0 150 144 151 135 136

100.0 135 114 Cinema Magazines 80.0 110 3.2% 7.1% 102 60.0 Radio 3.2% 40.0 20.0 0.0 TV 41.8%

Advertising Data: 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) After discounts

105 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LEBANON

Regular readers will note that our figures are now Lebanon and Syria (the heart of the Levant region) much lower than those we have published in have closely tied economies. The continuing previous editions. This is because we have gained political crisis in Syria has caused local advertisers access to new, more accurate data on the average to make big cuts in the spending across the Levant. discounts prevalent in the market, which were substantially higher than the estimates previously Several key sectors have reduced or even available to us. This revision has brought Lebanon eliminated (e.g. the property sector) their into line with the rest of the region, with ad expenditure on print advertising. Meanwhile new expenditure as a proportion of GDP at 0.46% municipality rules on outdoor advertising mean in 2010 compared to 0.42% for the whole of the that the number of sites available in Lebanon is Middle East and North Africa. about to fall significantly. Both print and outdoor are also suffering from the ban on tobacco advertising introduced this year.

106 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LITHUANIA

Advertising expenditure in local currency at current prices (Litai million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 380.9 98.8 35.6 210.6 14.5 - 21.5 - 2001 545.9 108.3 38.5 369.3 13.7 - 16.1 - 2002 733.9 118.2 44.3 524.1 16.3 - 30.9 - 2003 803.1 128.9 51.7 577.8 18.8 - 25.9 - 2004 873.4 152.1 58.4 606.1 20.0 0.2 31.5 5.2 2005 363.6 106.0 44.0 155.0 25.5 0.1 25.0 8.0 2006 430.1 120.0 53.0 187.0 28.0 0.5 29.6 12.0 2007 497.0 124.0 63.5 227.0 34.0 0.5 32.0 16.0 2008 542.2 135.0 70.0 231.0 39.0 1.2 36.0 30.0 2009 325.1 72.0 36.0 145.0 28.0 1.1 23.0 20.0 2010 320.9 60.0 34.0 153.0 26.0 0.9 22.0 25.0 2011 321.4 57.1 33.8 152.7 27.5 1.0 22.6 26.9 2012 327.8 52.2 30.3 157.1 26.8 1.0 24.0 36.4 2013 335.0 49.1 28.0 161.8 27.5 1.0 23.3 44.3 2014 345.2 46.6 25.9 167.4 28.3 1.0 24.2 51.8 Year-on-year % change at current prices 01 v 00 43.3 9.6 8.3 75.4 -5.3 - -25.0 - 02 v 01 34.4 9.2 14.9 41.9 19.2 - 91.7 - 03 v 02 9.4 9.0 16.9 10.2 15.0 - -16.2 - 04 v 03 8.8 18.0 12.8 4.9 6.2 - 21.6 - 05 v 04 -58.4 -30.3 -24.6 -74.4 27.8 -47.5 -20.7 53.8 06 v 05 18.3 13.2 20.5 20.6 9.8 400.0 18.4 50.0 07 v 06 15.6 3.3 19.8 21.4 21.4 0.0 8.1 33.3 08 v 07 9.1 8.9 10.2 1.8 14.7 140.0 12.5 87.5 09 v 08 -40.0 -46.7 -48.6 -37.2 -28.2 -8.3 -36.1 -33.3 10 v 09 -1.3 -16.7 -5.6 5.5 -7.1 -18.2 -4.3 25.0 11 v 10 0.2 -4.9 -0.7 -0.2 5.6 13.3 2.5 7.5 12 v 11 2.0 -8.6 -10.2 2.9 -2.4 -2.0 6.4 35.4 13 v 12 2.2 -5.9 -7.6 3.0 2.6 0.0 -2.9 21.7 14 v 13 3.0 -5.1 -7.5 3.5 2.9 0.0 3.9 16.9 Year-on-year % change at constant prices 01 v 00 41.5 8.2 6.9 73.1 -6.5 - -25.9 - 02 v 01 34.1 8.9 14.6 41.5 18.9 - 91.2 - 03 v 02 10.6 10.2 18.1 11.4 16.3 - -15.3 - 04 v 03 7.6 16.7 11.6 3.8 5.0 - 20.3 - 05 v 04 -59.4 -32.1 -26.6 -75.1 24.5 -48.9 -22.7 49.9 06 v 05 14.1 9.2 16.2 16.3 5.9 382.2 14.2 44.6 07 v 06 9.2 -2.3 13.3 14.8 14.8 -5.5 2.2 26.0 08 v 07 -1.7 -1.9 -0.6 -8.3 3.4 116.3 1.4 69.0 09 v 08 -42.6 -48.9 -50.8 -39.9 -31.3 -12.2 -38.8 -36.2 10 v 09 -2.6 -17.8 -6.8 4.1 -8.4 -19.3 -5.6 23.4 11 v 10 -3.9 -8.7 -4.7 -4.2 1.3 8.8 -1.6 3.2 12 v 11 -0.6 -10.9 -12.5 0.3 -4.8 -4.4 3.7 32.0 13 v 12 -0.3 -8.2 -9.8 0.5 0.1 -2.4 -5.3 18.7 14 v 13 0.5 -7.4 -9.8 0.9 0.4 -2.4 1.3 14.1 Advertising expenditure in US$ million at current prices. All years based on US$1= Litai 2.61 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 146.2 37.9 13.6 80.8 5.6 - 8.3 - 2001 209.5 41.5 14.8 141.7 5.3 - 6.2 - 2002 281.6 45.3 17.0 201.1 6.3 - 11.9 - 2003 308.1 49.4 19.9 221.7 7.2 - 9.9 - 2004 335.1 58.4 22.4 232.5 7.7 0.1 12.1 2.0 2005 139.5 40.7 16.9 59.5 9.8 0.0 9.6 3.1 2006 165.0 46.0 20.3 71.7 10.7 0.2 11.4 4.6 2007 190.7 47.6 24.4 87.1 13.0 0.2 12.3 6.1 2008 208.0 51.8 26.9 88.6 15.0 0.5 13.8 11.5 2009 124.7 27.6 13.8 55.6 10.7 0.4 8.8 7.7 2010 123.1 23.0 13.0 58.7 10.0 0.3 8.4 9.6 2011 123.3 21.9 13.0 58.6 10.5 0.4 8.7 10.3 2012 125.8 20.0 11.6 60.3 10.3 0.4 9.2 14.0 2013 128.5 18.8 10.7 62.1 10.6 0.4 8.9 17.0 2014 132.4 17.9 9.9 64.2 10.9 0.4 9.3 19.9

Advertising expenditure in local currency at current prices (Litai million) Newspapers Magazines Television Total National Regional Other* Total Business Consumer Total Free Pay 2005 106 54 27 25 44 1 43 155 149 6 2006 120 58 32 30 53 2 51 187 176 11 2007 124 57 36 31 64 3 61 227 209 18 2008 135 63 39 33 70 3 67 231 207 24 2009 72 43 14 15 36 2 34 145 130 15 2010 60 39 10 10 34 2 32 153 140 13 2011 57 35 11 11 34 2 32 153 139 13 2012 52 32 10 10 30 2 28 157 141 16 2013 49 32 9 8 28 2 26 162 144 18 2014 47 30 9 8 25 2 23 167 149 18

* Includes weekly, Russian-language and specialist titles

107 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 LITHUANIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 1,000.0 Internet 900.0 Outdoor 7.8% 6.9% Newspapers 18.7% 800.0 Cinema 0.28% 700.0 873.4 803.1 Radio 600.0 733.9 8.1% 500.0 Magazines 400.0 542.2 10.6% 380.9 300.0 497.0 430.1 380.9

200.0 363.6 345.2 335.0 327.8 325.1 321.4 320.9 100.0 0.0

TV 47.7%

Advertising Data: 2000-2010 TNS Gallup, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission to 2004; includes from 2005 2) Excludes production costs 3) Before discounts to 2004; after discounts from 2005 4) Print includes classified from 2005 5) Internet includes banners and other display; excludes classified and paid-search 6) TV figures do not include cable/satellite channels

The IMF expects GDP growth of 6.0% in 2011 TV is still the dominant medium, having attracted following two bad years. Ad budgets have been 47.7% of total spend in 2010. Meanwhile, internet showing small increases and we predict slight is the fastest-growing medium, although still growth of 0.2% in 2011, followed by increases of relatively small (7.8% share in 2010), and is taking 2.0% and 2.2% in 2012 and 2013 respectively. share from print.

108 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MALAYSIA

Advertising expenditure in local currency at current prices (Ringgit million) Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 3,107 1,866 131 936 102 10 62 0 2001 3,198 1,936 183 878 120 11 70 0 2002 3,471 2,188 158 921 144 10 50 0 2003 3,742 2,365 159 994 153 13 58 0 2004 4,529 2,672 169 1,407 169 14 98 0 2005 3,559 2,124 125 1,060 144 14 77 15 2006 3,732 2,097 122 1,209 156 15 103 31 2007 4,287 2,345 130 1,447 195 20 112 38 2008 4,803 2,541 122 1,720 235 20 116 50 2009 5,185 2,606 109 1,910 292 18 135 115 2010 6,001 2,977 119 2,247 330 18 165 145 2011 6,623 3,364 119 2,422 363 18 165 172 2012 7,171 3,633 125 2,614 400 19 178 203 2013 7,560 3,814 131 2,745 420 20 187 243 2014 8,198 4,119 138 2,964 462 21 202 292 Year-on-year % change at current prices 01 v 00 2.9 3.8 39.7 -6.2 17.6 10.0 12.9 - 02 v 01 8.5 13.0 -13.7 4.9 20.0 -9.1 -28.6 - 03 v 02 7.8 8.1 0.6 7.9 6.3 30.0 16.0 - 04 v 03 21.0 13.0 6.3 41.5 10.5 7.7 69.0 - 05 v 04 -21.4 -20.5 -26.0 -24.6 -14.9 -1.6 -21.6 - 06 v 05 4.9 -1.3 -2.5 14.0 8.4 11.1 33.6 100.0 07 v 06 14.9 11.8 6.4 19.7 24.9 30.0 9.3 25.0 08 v 07 12.1 8.4 -6.0 18.9 20.7 2.0 3.0 30.0 09 v 08 7.9 2.6 -10.9 11.0 24.4 -13.3 16.5 130.8 10 v 09 15.8 14.2 9.4 17.6 13.0 4.3 22.7 26.7 11 v 10 10.4 13.0 0.0 7.8 10.0 0.0 0.0 18.4 12 v 11 8.3 8.0 5.0 7.9 10.0 5.0 8.0 17.8 13 v 12 5.4 5.0 5.0 5.0 5.0 5.0 5.0 20.0 14 v 13 8.4 8.0 5.0 8.0 10.0 5.0 8.0 20.0 Year-on-year % change at constant prices 01 v 00 1.5 2.3 37.8 -7.5 16.1 8.5 11.4 - 02 v 01 6.5 10.9 -15.3 2.9 17.8 -10.8 -29.9 - 03 v 02 6.8 7.1 -0.3 6.9 5.2 28.8 14.9 - 04 v 03 19.2 11.3 4.7 39.4 8.8 6.0 66.4 - 05 v 04 -23.7 -22.8 -28.1 -26.8 -17.4 -4.4 -23.8 - 06 v 05 1.2 -4.7 -5.9 10.1 4.7 7.3 29.0 93.1 07 v 06 12.6 9.6 4.3 17.3 22.4 27.4 7.1 22.5 08 v 07 6.2 2.7 -10.9 12.7 14.5 -3.3 -2.3 23.3 09 v 08 7.3 2.0 -11.4 10.4 23.7 -13.8 15.8 129.4 10 v 09 13.9 12.3 7.6 15.7 11.1 2.6 20.7 24.6 11 v 10 6.9 9.5 -3.1 4.4 6.6 -3.1 -3.1 14.7 12 v 11 5.6 5.4 2.4 5.3 7.3 2.4 5.4 14.9 13 v 12 3.0 2.5 2.5 2.5 2.5 2.5 2.5 17.2 14 v 13 5.9 5.5 2.5 5.5 7.4 2.5 5.5 17.2 Advertising expenditure in US$ million at current prices. All years based on US$1= RM 3.22 Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 965 579 41 291 32 3 19 0 2001 993 601 57 273 37 3 22 0 2002 1,078 679 49 286 45 3 16 0 2003 1,162 734 49 309 47 4 18 0 2004 1,406 830 52 437 52 4 30 0 2005 1,105 659 39 329 45 4 24 5 2006 1,159 651 38 375 48 5 32 9 2007 1,331 728 40 449 60 6 35 12 2008 1,491 789 38 534 73 6 36 15 2009 1,610 809 34 593 91 5 42 36 2010 1,863 924 37 698 103 6 51 45 2011 2,056 1,044 37 752 113 6 51 53 2012 2,226 1,128 39 811 124 6 55 63 2013 2,347 1,184 41 852 130 6 58 76 2014 2,545 1,279 43 920 143 7 63 91

Advertising expenditure in local currency at current prices (Ringgit million) Newspapers Television Total National Regional Total Free Pay 2005 2,124 1,699 425 1,060 946 114 2006 2,097 1,677 419 1,209 1,068 141 2007 2,345 1,876 469 1,447 1,299 148 2008 2,541 2,032 508 1,720 1,561 159 2009 2,606 2,085 521 1,910 1,767 143 2010 2,977 2,381 595 2,247 2,089 157 2011 3,364 2,691 673 2,422 2,257 165 2012 3,633 2,906 727 2,614 2,437 177 2013 3,814 3,051 763 2,745 2,559 186 2014 4,119 3,296 824 2,964 2,764 200

109 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MALAYSIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor/ Transport 9,000 2.2% 8,000 Cinema Internet 2.4% 0.3% 7,000 Radio 8,198 5.5%

6,000 7,560 7,171

5,000 6,623 6,001 4,000

Newspapers 5,185

49.6% 4,803

3,000 4,529 4,287 TV 3,732

2,000 3,742 3,559

37.4% 3,471 3,107 1,000 3,198

0 Magazines 2.0%

Advertising Data: 2000-2010 Nielsen Media Research, company reports, (internet: Agency estimates), 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts to 2004; after discounts from 2005 3) Includes agency commission to 2004; excludes from 2005 4) Includes classified advertising 5) Pay-TV figures agency estimate 2004; from published reports from 2005 6) Outdoor actuals ceased in 1995, but resumed in 2004. From 2004 they include point of sale and supermarkets. Outdoor monitoring is only partial. We estimate that it is under-reported by at least 50% 7) Internet figures are agency estimates for display, classified and search

Malaysia recorded GDP growth of 4.6% in Q1 finance, retail, toiletries and entertainment sectors. 2011, driven by strong domestic and improved external demand, and the recent IMF forecasts Newspapers and free-to-air TV benefited most, predict growth of 5.2% for 2011 as a whole. Private netting increases of RM 409 million (+13%) and RM consumption remained healthy amid robust labour 141 million (+6%) respectively. Internet grew by market conditions, while private capital spending 33%, in-store media by 17% and radio by 9%, while was sustained by expansion in production capacity outdoor, cinema and magazines posted declines of and investment in new growth areas. between 3% and 7%.

Total adspend in the year to October 2011 was up Total spend is projected to increase by 10.4% in 13% compared to the same period last year. This 2011. growth was led by increases in the automotive,

110 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MEXICO

Advertising expenditure in local currency at current prices (Peso million) Total Newspapers Magazines TV Radio 2000 32,612 5,115 3,707 18,779 5,011 2001 33,274 5,200 3,824 19,638 4,612 2002 33,287 5,283 3,181 20,024 4,799 2003 34,250 4,503 3,731 22,509 3,507 2004 37,779 4,648 3,827 25,442 3,862 2005 40,363 4,745 4,037 27,414 4,167 2006 46,253 5,527 4,762 31,389 4,575 2007 54,556 6,309 5,366 37,585 5,295 2008 60,412 6,650 5,790 42,994 4,979 2009 58,651 6,316 5,033 42,582 4,720 2010 70,480 6,896 5,498 52,472 5,615 2011 74,482 7,420 5,935 55,500 5,627 2012 78,132 7,621 6,033 58,778 5,700 2013 82,899 7,936 6,224 62,878 5,861 2014 88,286 8,387 6,533 67,186 6,180 Year-on-year % change at current prices 01 v 00 2.0 1.7 3.2 4.6 -8.0 02 v 01 0.0 1.6 -16.8 2.0 4.0 03 v 02 2.9 -14.8 17.3 12.4 -26.9 04 v 03 10.3 3.2 2.6 13.0 10.1 05 v 04 6.8 2.1 5.5 7.8 7.9 06 v 05 14.6 16.5 18.0 14.5 9.8 07 v 06 18.0 14.2 12.7 19.7 15.7 08 v 07 10.7 5.4 7.9 14.4 -6.0 09 v 08 -2.9 -5.0 -13.1 -1.0 -5.2 10 v 09 20.2 9.2 9.2 23.2 18.9 11 v 10 5.7 7.6 8.0 5.8 0.2 12 v 11 4.9 2.7 1.7 5.9 1.3 13 v 12 6.1 4.1 3.2 7.0 2.8 14 v 13 6.5 5.7 5.0 6.9 5.4 Year-on-year % change at constant prices 01 v 00 -4.1 -4.5 -3.0 -1.7 -13.5 02 v 01 -4.7 -3.2 -20.8 -2.9 -0.9 03 v 02 -1.6 -18.5 12.2 7.5 -30.1 04 v 03 5.3 -1.4 -2.0 7.9 5.2 05 v 04 2.8 -1.8 1.5 3.7 3.8 06 v 05 10.6 12.4 13.9 10.5 6.0 07 v 06 13.5 9.8 8.4 15.2 11.3 08 v 07 5.3 0.2 2.6 8.7 -10.6 09 v 08 -7.8 -9.8 -17.4 -5.9 -10.0 10 v 09 15.4 4.9 4.9 18.4 14.3 11 v 10 2.2 4.1 4.4 2.3 -3.1 12 v 11 1.7 -0.4 -1.4 2.7 -1.8 13 v 12 3.0 1.1 0.2 3.9 -0.2 14 v 13 3.4 2.6 1.9 3.7 2.4

Advertising expenditure in US$ million at current prices. All years based on US$1 = Peso 12.64 Total Newspapers Magazines TV Radio 2000 2,581 405 293 1,486 397 2001 2,633 412 303 1,554 365 2002 2,634 418 252 1,585 380 2003 2,711 356 295 1,781 278 2004 2,990 368 303 2,013 306 2005 3,194 376 319 2,170 330 2006 3,660 437 377 2,484 362 2007 4,318 499 425 2,974 419 2008 4,781 526 458 3,402 394 2009 4,642 500 398 3,370 374 2010 5,578 546 435 4,153 444 2011 5,894 587 470 4,392 445 2012 6,183 603 477 4,652 451 2013 6,561 628 493 4,976 464 2014 6,987 664 517 5,317 489

Advertising expenditure in local currency at current prices (Peso million) Television Total Free Pay 2005 27,414 24,857 2,557 2006 31,389 28,997 2,392 2007 37,585 35,421 2,164 2008 42,994 40,399 2,595 2009 42,582 40,796 1,786 2010 52,472 48,724 3,748 2011 55,500 52,503 2,997 2012 58,778 55,724 3,054 2013 62,878 59,721 3,157 2014 67,186 63,813 3,373

111 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MEXICO

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 100,000 Radio Newspapers 8.0% 9.8% 90,000 Magazines 80,000 7.8% 70,000 88,286

60,000 82,899 78,132 74,482

50,000 70,480

40,000 60,412 58,651 54,556 30,000 46,253

20,000 40,363 37,779 34,250 33,287 33,274 10,000 32,612 0 TV 74.4%

Advertising Data: 2000-2010 IBOPE, CIMA, adjusted by ZenithOptimedia, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission at 15% 2) Excludes production costs 3) After estimated discounts 4) Includes classified advertising up to 2004, excludes classified advertising from 2005 onwards

Mexico’s economic cycle is closely linked to that further growth of 3.8% this year. Adspend declined of the US, so observers are monitoring economic by 2.9% in 2009, but bounced back to grow by developments there closely. According to the IMF, 20.2% in 2010. We expect it to rise by another 5.7% GDP rose by 5.4% in 2010, and is expected to put on this year.

112 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MOLDOVA

Advertising expenditure in local currency at current prices (MDL million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2005 112.4 13.1 8.7 47.1 18.4 1.0 24.1 0.0 2006 162.1 18.7 12.4 71.1 26.5 1.2 31.1 1.1 2007 237.5 23.3 15.6 98.0 27.5 1.5 70.0 1.6 2008 376.4 25.2 16.8 172.7 31.1 3.7 124.5 2.3 2009 369.5 20.5 13.7 186.7 31.1 4.6 108.9 3.9 2010 372.1 18.7 12.4 197.6 31.1 4.0 100.5 7.8 2011 403.8 26.0 13.1 205.0 26.0 4.3 110.5 18.9 2012 431.6 26.5 13.4 220.0 26.3 4.5 115.0 25.9 2013 460.2 27.6 13.9 234.8 26.7 4.7 120.4 32.1 2014 487.8 28.8 14.1 248.8 27.3 4.9 126.3 37.6 Year-on-year % change at current prices 06 v 05 44.2 42.9 42.9 50.8 44.1 25.0 29.0 - 07 v 06 46.5 25.0 25.0 37.9 4.1 20.0 125.0 42.9 08 v 07 58.5 8.0 8.0 76.2 13.0 152.7 77.8 50.0 09 v 08 -1.8 -18.5 -18.5 8.1 0.0 24.3 -12.5 66.7 10 v 09 0.7 -9.1 -9.1 5.8 0.0 -13.0 -7.7 100.0 11 v 10 8.5 39.2 5.2 3.7 -16.5 7.5 10.0 142.9 12 v 11 6.9 1.9 2.3 7.3 1.2 4.7 4.1 37.0 13 v 12 6.6 4.2 3.7 6.7 1.5 4.4 4.7 23.9 14 v 13 6.0 4.3 1.4 6.0 2.2 4.3 4.9 17.1 Year-on-year % change at constant prices 06 v 05 27.9 26.7 26.7 33.7 27.7 10.8 14.4 - 07 v 06 30.4 11.2 11.2 22.7 -7.3 6.8 100.2 27.1 08 v 07 40.5 -4.2 -4.2 56.3 0.2 124.1 57.7 33.0 09 v 08 -1.8 -18.5 -18.5 8.2 0.1 24.4 -12.4 66.8 10 v 09 -6.2 -15.4 -15.4 -1.5 -6.9 -19.0 -14.1 86.2 11 v 10 0.6 29.1 -2.5 -3.9 -22.6 -0.4 1.9 125.1 12 v 11 -0.8 -5.5 -5.1 -0.4 -6.2 -2.9 -3.5 27.1 13 v 12 1.3 -1.1 -1.5 1.4 -3.6 -0.8 -0.6 17.7 14 v 13 0.9 -0.6 -3.4 0.9 -2.6 -0.7 -0.1 11.6

Advertising expenditure in US$ million at current prices. All years based on US$1=MDL 12.37 US $ Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2005 9.1 1.1 0.7 3.8 1.5 0.1 1.9 0.0 2006 13.0 1.5 1.0 5.7 2.1 0.1 2.5 0.1 2007 19.1 1.9 1.3 7.9 2.2 0.1 5.7 0.1 2008 30.2 2.0 1.4 14.0 2.5 0.3 10.1 0.2 2009 29.6 1.7 1.1 15.1 2.5 0.4 8.8 0.3 2010 29.5 1.5 1.0 16.0 2.5 0.3 8.1 0.6 2011 31.1 2.1 1.1 16.6 2.1 0.3 8.9 1.5 2012 32.8 2.1 1.1 17.8 2.1 0.4 9.3 2.1 2013 34.6 2.2 1.1 19.0 2.2 0.4 9.7 2.6 2014 36.4 2.3 1.1 20.1 2.2 0.4 10.2 3.0

Advertising expenditure in local currency at current prices (MDL millions) Magazines Television Total Business Consumer Total Free Pay 2005 8.7 1.3 7.4 47.1 24.5 22.6 2006 12.4 1.9 10.6 71.1 37.0 34.1 2007 15.6 2.3 13.2 98.0 51.0 47.1 2008 16.8 2.5 14.3 172.7 89.8 82.9 2009 13.7 2.1 11.6 186.7 108.6 78.1 2010 12.4 1.0 11.4 197.6 102.8 94.9 2011 13.1 1.1 12.0 205.0 106.6 98.4 2012 13.4 1.2 12.2 220.0 122.0 98.0 2013 13.9 1.4 12.5 234.8 134.1 100.7 2014 14.1 1.5 12.6 248.8 142.2 106.6

113 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MOLDOVA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 600.0 Newspapers Internet 5.0% 2.1% Magazines 500.0 Outdoor 3.3% 27.0% 400.0 487.8 460.2 431.6

300.0 403.8 372.1 369.5 376.4 Cinema 200.0 1.1% TV 53.1% Radio 237.5 100.0 8.4% 162.1 119.1 0.0

Advertising Data: 2005-2008 Press, Outdoor, Radio: AGB Moldova, TNS Moldova; Other: Agency estimates, 2009-2010 Agency estimates, 2011- 2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Before discounts 4) Excludes classified advertising 5) Internet excludes display, classified and search

We estimate Moldova’s ad market recovered a Russia, will encourage higher development rates. little in 2010 (after a poor 2009) to grow by 0.7%, Altogether, we forecast adspend growth of 8.5% in although this still represented real decline. The 2011 and 6.9% in 2012. economy is still vulnerable to political uncertainty, weak administration, rising fuel prices and The first half of 2010 saw the launch of two news poor weather, and these have all had an impact, channels: Jurnal TV and Publika TV, both of stultifying growth. Nevertheless, the government’s which have their own sales teams. We expect primary goal of EU integration has resulted in online expenditure to register double-digit growth some market-orientated progress. The granting of throughout our forecast period. EU trade preferences, and an increase in exports to

114 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NETHERLANDS

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 3,876 1,780 941 731 234 13 139 38 2001 3,715 1,710 925 695 218 9 137 21 2002 3,616 1,601 885 730 224 7 137 32 2003 3,453 1,493 800 746 245 7 122 40 2004 3,429 1,442 769 757 250 6 139 66 2005 3,474 1,432 780 768 239 7 151 97 2006 4,037 1,473 800 797 244 5 164 554 2007 4,301 1,496 807 851 257 5 165 720 2008 4,272 1,449 756 855 261 5 164 782 2009 3,703 1,184 571 781 219 5 149 795 2010 3,808 1,177 547 863 230 5 150 835 2011 3,797 1,088 484 945 230 5 158 886 2012 3,831 1,045 452 1,002 233 6 165 929 2013 3,888 1,029 441 1,047 235 6 168 962 2014 3,955 1,019 433 1,100 240 6 171 987 Year-on-year % change at current prices 01 v 00 -4.2 -3.9 -1.7 -4.9 -6.8 -30.8 -1.4 -46.1 02 v 01 -2.7 -6.4 -4.3 5.0 2.8 -22.2 0.0 55.1 03 v 02 -4.5 -6.7 -9.6 2.2 9.4 0.0 -10.9 24.8 04 v 03 -0.7 -3.4 -3.9 1.5 2.0 -14.3 13.9 66.8 05 v 04 1.3 -0.7 1.4 1.5 -4.4 16.7 8.6 46.5 06 v 05 16.2 2.9 2.6 3.8 2.1 -28.6 8.6 471.1 07 v 06 6.5 1.6 0.9 6.8 5.3 0.0 0.6 30.0 08 v 07 -0.7 -3.1 -6.3 0.5 1.6 0.0 -0.6 8.6 09 v 08 -13.3 -18.3 -24.5 -8.7 -16.0 0.0 -9.4 1.7 10 v 09 2.8 -0.6 -4.2 10.6 5.0 0.5 1.0 5.0 11 v 10 -0.3 -7.5 -11.6 9.5 0.0 5.5 5.5 6.1 12 v 11 0.9 -4.0 -6.6 6.0 1.0 4.0 4.0 4.9 13 v 12 1.5 -1.5 -2.5 4.5 1.0 2.5 2.0 3.5 14 v 13 1.7 -1.0 -1.7 5.0 2.0 2.5 2.0 2.5 Year-on-year % change at constant prices 01 v 00 -8.0 -7.8 -5.7 -8.8 -10.6 -33.6 -5.4 -48.2 02 v 01 -5.7 -9.3 -7.3 1.7 -0.5 -24.7 -3.2 50.2 03 v 02 -6.5 -8.7 -11.5 0.1 7.1 -2.1 -12.8 22.2 04 v 03 -1.8 -4.5 -5.0 0.3 0.8 -15.3 12.6 64.8 05 v 04 -0.4 -2.4 -0.3 -0.3 -6.0 14.7 6.8 44.1 06 v 05 14.9 1.7 1.4 2.6 0.9 -29.4 7.4 464.6 07 v 06 4.8 -0.1 -0.7 5.1 3.6 -1.6 -1.0 27.9 08 v 07 -3.0 -5.4 -8.5 -1.9 -0.9 -2.4 -3.0 6.0 09 v 08 -14.4 -19.3 -25.4 -9.8 -17.0 -1.2 -10.5 0.4 10 v 09 1.6 -1.8 -5.3 9.3 3.7 -0.7 -0.2 3.8 11 v 10 -2.7 -9.8 -13.8 6.8 -2.4 2.9 2.9 3.5 12 v 11 -1.1 -5.9 -8.4 3.9 -1.0 2.0 2.0 2.8 13 v 12 -0.5 -3.4 -4.4 2.5 -1.0 0.5 0.0 1.5 14 v 13 -0.2 -2.8 -3.5 3.0 0.1 0.6 0.1 0.6

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 5,134 2,358 1,246 968 310 17 184 50 2001 4,920 2,265 1,225 921 289 12 181 27 2002 4,789 2,121 1,172 967 297 9 181 42 2003 4,573 1,977 1,060 988 325 9 162 53 2004 4,542 1,910 1,019 1,003 331 8 184 88 2005 4,601 1,897 1,033 1,017 317 9 200 128 2006 5,347 1,951 1,060 1,056 323 7 217 734 2007 5,697 1,981 1,069 1,127 340 7 219 954 2008 5,658 1,919 1,001 1,132 346 7 217 1,036 2009 4,905 1,568 756 1,034 290 7 197 1,053 2010 5,043 1,559 725 1,144 305 7 199 1,106 2011 5,029 1,441 641 1,252 305 7 210 1,174 2012 5,074 1,384 599 1,327 308 7 218 1,231 2013 5,149 1,363 584 1,387 311 7 222 1,274 2014 5,238 1,349 574 1,456 317 8 227 1,307

Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Internet Total National Free sheets Total Business Consumer Total Display Classified Search 2003 - - - 800 441 359 40 40 - - 2004 - - - 769 424 345 66 66 - - 2005 1,432 844 588 780 431 349 97 97 - - 2006 1,473 859 614 800 453 347 554 147 119 288 2007 1,496 865 631 807 451 356 720 190 164 366 2008 1,449 815 634 756 408 348 782 210 172 400 2009 1,184 616 567 571 313 259 795 210 175 410 2010 1,177 604 573 547 294 253 835 218 182 435 2011 1,088 549 539 484 247 237 886 234 187 465 2012 1,045 522 523 452 222 230 929 248 191 491 2013 1,029 512 517 441 212 229 962 255 197 510 2014 1,019 501 517 433 204 230 987 260 201 526

115 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NETHERLANDS

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices

5,000 Internet 21.9% 4,500 Newspapers 4,000 30.9% 4,301 Outdoor 3,500 4,272 4,037 3,955 3,888 3.9% 3,876 3,831 3,808 3,000 3,797 3,715 3,703 3,616

Cinema 3,474 3,453 0.1% 2,500 3,429 Radio 2,000 6.0% 1,500 1,000 TV Magazines 22.7% 14.4% 500 0

Advertising Data: 2000-2010 VEA, BBC, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Includes agency commission 3) After discounts 4) Includes classified 5) Magazines include consumer and business titles 6) Includes expenditure by regional advertisers in regional media 7) Outdoor includes transport and ambient media 8) Internet only includes display to 2005; includes display, classified and search from 2006 9) Television and radio: spot only

Our figures for 2010 indicate that advertising growth during the forecast period. expenditure was up 2.8%, after a poor performance in 2009. Television spending started to grow We estimate that the internet accounted for 21.9% again – we have estimated a steady 9.5% increase of all ad expenditure in 2010, one of the highest in television advertising for 2011. We expect proportions in the world, and we expect it to rise to stagnation in the market this year, and very slow 25.0% by the end of 2014.

116 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NEW ZEALAND

Advertising expenditure in local currency at current prices (NZ$ million) Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 1,485 596 157 501 190 13 28 - 2001 1,488 606 166 479 196 9 32 - 2002 1,565 628 173 516 203 8 37 - 2003 1,766 689 194 592 224 12 47 8 2004 1,982 790 223 643 247 13 51 15 2005 2,139 830 260 666 256 11 72 44 2006 2,125 810 251 641 269 10 79 65 2007 2,234 826 257 654 274 10 78 135 2008 2,207 760 249 647 268 9 74 200 2009 1,934 623 217 570 236 6 68 214 2010 2,029 627 219 607 241 8 70 257 2011 2,144 627 219 637 246 8 77 330 2012 2,144 564 225 656 236 8 75 380 2013 2,160 525 219 670 241 8 77 420 2014 2,153 500 200 680 240 8 75 450 Year-on-year % change at current prices 01 v 00 0.2 1.7 5.7 -4.4 3.2 -30.8 14.3 - 02 v 01 5.2 3.6 4.2 7.7 3.6 -11.1 15.6 - 03 v 02 12.8 9.7 12.1 14.7 10.3 50.0 27.0 - 04 v 03 12.2 14.7 14.9 8.6 10.3 8.3 8.5 87.5 05 v 04 7.9 5.1 16.6 3.6 3.6 -15.4 41.2 193.3 06 v 05 -0.7 -2.4 -3.5 -3.8 5.1 -9.1 9.7 47.7 07 v 06 5.1 2.0 2.4 2.0 1.9 0.0 -1.3 107.7 08 v 07 -1.2 -8.0 -3.1 -1.1 -2.2 -10.0 -5.1 48.1 09 v 08 -12.4 -18.0 -12.9 -11.9 -11.9 -33.3 -8.1 7.0 10 v 09 4.9 0.6 0.9 6.5 2.1 33.3 2.9 20.1 11 v 10 5.7 0.0 0.0 4.9 2.1 0.0 10.0 28.4 12 v 11 0.0 -10.0 2.7 3.0 -4.1 0.0 -2.6 15.2 13 v 12 0.7 -6.9 -2.7 2.1 2.1 0.0 2.7 10.5 14 v 13 -0.3 -4.8 -8.7 1.5 -0.4 0.0 -2.6 7.1 Year-on-year % change at constant prices 01 v 00 -2.3 -0.9 3.1 -6.8 0.5 -32.5 11.4 - 02 v 01 2.4 0.9 1.4 4.9 0.8 -13.5 12.6 - 03 v 02 10.9 7.9 10.3 12.8 8.5 47.5 24.9 - 04 v 03 9.7 12.1 12.4 6.2 7.8 5.9 6.1 83.3 05 v 04 4.7 2.0 13.2 0.5 0.6 -17.9 37.0 184.7 06 v 05 -3.7 -5.4 -6.5 -6.7 1.8 -11.9 6.3 43.1 07 v 06 2.5 -0.6 -0.2 -0.5 -0.7 -2.5 -3.7 102.5 08 v 07 -4.9 -11.4 -6.7 -4.7 -5.8 -13.3 -8.6 42.7 09 v 08 -14.0 -19.6 -14.5 -13.6 -13.6 -34.6 -9.8 5.0 10 v 09 3.1 -1.1 -0.8 4.6 0.3 31.0 1.1 18.0 11 v 10 1.2 -4.2 -4.2 0.5 -2.2 -4.2 5.4 23.0 12 v 11 -2.6 -12.4 0.0 0.3 -6.6 -2.6 -5.2 12.1 13 v 12 -1.6 -9.1 -4.9 -0.3 -0.3 -2.3 0.3 7.9 14 v 13 -2.7 -7.0 -10.8 -0.9 -2.7 -2.3 -4.9 4.6 Advertising expenditure in US$ million at current prices. All years based on US$1= NZ$ 1.39 Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 1,070 430 113 361 137 9 20 - 2001 1,073 437 120 345 141 6 23 - 2002 1,128 453 125 372 146 6 27 - 2003 1,273 497 140 427 161 9 34 6 2004 1,429 569 161 463 178 9 37 11 2005 1,542 598 187 480 185 8 52 32 2006 1,532 584 181 462 194 7 57 47 2007 1,610 595 185 471 197 7 56 97 2008 1,591 548 179 466 193 6 53 144 2009 1,394 449 156 411 170 4 49 154 2010 1,462 452 158 438 174 6 50 185 2011 1,545 452 158 459 177 6 55 238 2012 1,545 407 162 473 170 6 54 274 2013 1,557 378 158 483 174 6 55 303 2014 1,552 360 144 490 173 6 54 324

117 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NEW ZEALAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices

Internet 2,500 12.7% Outdoor 3.4% Newspapers 2,000 Cinema 30.9% 2,234

0.4% 2,207 2,160 2,144 2,144 2,153 2,139 2,125 2,029 1,982

1,500 1,934 Radio 11.9% 1,766 1,565 1,488 1,000 1,485

Magazines 10.8% TV 500 29.9%

Advertising Data: 2000-2010 AAA, media owners, OPG, Advertising Standards Authority, 2011-2014 Agency forecasts Notes: 1) Includes agency commission 2) Includes classified advertising 3) After discounts 4) Excludes production costs 5) Internet includes all standard advertising formats (e.g. banners, pop-ups, skyscrapers). Based on information supplied by the top site publishers, which we estimate attracts about two thirds of total expenditure

The IMF reported 1.7% GDP growth for 2010 and expenditure in 2010, but its share is being eroded expects slightly higher growth this year (2.0%). by the proliferation of online news sites. Despite The ad market had a terrible year in 2009, when the economic downturn, online ad expenditure spend fell by 12.4%, but returned to growth in 2010, continued to grow, bringing its share of the although it is not expected to regain its 2008 highs market to 12.7% by the end of 2010, surpassing during our forecast period. that of radio and magazines. We foresee this trend continuing throughout our forecast period, and Newspapers constitute the largest medium in expect online’s share of the market to reach 20.9% New Zealand, accounting for 30.9% of total ad by 2014.

118 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NORWAY

Advertising expenditure in local currency at current prices (NKr million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 13,026 5,557 1,548 4,630 604 124 263 300 2001 12,921 5,641 1,597 4,572 500 127 249 235 2002 13,383 5,930 1,601 4,458 649 120 375 250 2003 15,371 6,949 1,765 4,916 698 143 575 325 2004 17,359 8,033 1,929 5,196 941 147 658 455 2005 20,962 9,102 2,002 5,696 1,141 162 759 2,100 2006 23,155 9,836 2,086 5,923 1,124 173 894 3,119 2007 14,963 7,190 649 3,050 547 127 494 2,906 2008 15,458 6,878 642 3,175 585 143 535 3,500 2009 13,563 5,644 508 2,793 504 115 481 3,518 2010 14,670 5,844 544 3,061 563 139 506 4,013 2011 15,570 5,922 562 3,314 593 158 534 4,487 2012 16,167 5,937 574 3,416 612 170 549 4,909 2013 16,637 5,887 581 3,524 630 176 565 5,274 2014 17,157 5,954 583 3,620 652 206 566 5,576 Year-on-year % change at current prices 01 v 00 -0.8 1.5 3.2 -1.3 -17.2 2.2 -5.2 -21.7 02 v 01 3.6 5.1 0.3 -2.5 29.8 -5.5 50.6 6.4 03 v 02 14.9 17.2 10.2 10.3 7.6 19.2 53.3 30.0 04 v 03 12.9 15.6 9.3 5.7 34.8 2.8 14.4 40.0 05 v 04 20.8 13.3 3.8 9.6 21.3 10.2 15.3 361.5 06 v 05 10.5 8.1 4.2 4.0 -1.5 6.8 17.8 48.5 07 v 06 -35.4 -26.9 -68.9 -48.5 -51.3 -26.6 -44.7 -6.8 08 v 07 3.3 -4.3 -1.1 4.1 6.9 12.6 8.3 20.4 09 v 08 -12.3 -17.9 -20.9 -12.0 -13.8 -19.6 -10.1 0.5 10 v 09 8.2 3.5 7.1 9.6 11.7 20.9 5.2 14.1 11 v 10 6.1 1.3 3.3 8.3 5.3 13.7 5.5 11.8 12 v 11 3.8 0.3 2.1 3.1 3.2 7.6 2.8 9.4 13 v 12 2.9 -0.8 1.2 3.2 2.9 3.5 2.9 7.4 14 v 13 3.1 1.1 0.3 2.7 3.5 17.0 0.2 5.7 Year-on-year % change at constant prices 01 v 00 -3.7 -1.4 0.2 -4.1 -19.6 -0.7 -7.9 -23.9 02 v 01 2.3 3.8 -1.0 -3.7 28.2 -6.7 48.7 5.1 03 v 02 12.1 14.3 7.6 7.6 4.9 16.3 49.6 26.8 04 v 03 12.4 15.1 8.8 5.2 34.2 2.3 13.9 39.3 05 v 04 18.9 11.5 2.2 7.9 19.4 8.5 13.6 354.3 06 v 05 8.0 5.6 1.9 1.7 -3.7 4.4 15.1 45.2 07 v 06 -35.9 -27.5 -69.1 -48.9 -51.7 -27.2 -45.2 -7.6 08 v 07 -0.4 -7.8 -4.7 0.3 3.1 8.5 4.4 16.1 09 v 08 -14.1 -19.7 -22.6 -13.9 -15.7 -21.3 -12.0 -1.6 10 v 09 5.7 1.2 4.6 7.1 9.1 18.1 2.8 11.4 11 v 10 4.4 -0.4 1.6 6.5 3.6 11.8 3.8 9.9 12 v 11 1.6 -1.9 -0.1 0.9 1.0 5.3 0.6 7.0 13 v 12 0.4 -3.3 -1.2 0.6 0.4 1.0 0.4 4.8 14 v 13 0.6 -1.3 -2.1 0.2 1.0 14.2 -2.3 3.1

Advertising expenditure in US$ million at current prices. All years based on US$1= NKr 6.09 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,138 912 254 760 99 20 43 49 2001 2,120 926 262 750 82 21 41 39 2002 2,196 973 263 732 106 20 62 41 2003 2,522 1,140 290 807 115 23 94 53 2004 2,849 1,318 317 853 154 24 108 75 2005 3,440 1,494 329 935 187 27 125 345 2006 3,800 1,614 342 972 184 28 147 512 2007 2,455 1,180 106 500 90 21 81 477 2008 2,537 1,129 105 521 96 23 88 574 2009 2,226 926 83 458 83 19 79 577 2010 2,407 959 89 502 92 23 83 659 2011 2,555 972 92 544 97 26 88 736 2012 2,653 974 94 561 100 28 90 806 2013 2,730 966 95 578 103 29 93 865 2014 2,815 977 96 594 107 34 93 915

Advertising expenditure in local currency at current prices (NKr million) Internet Total Display Classified Search 2005 2,100 1,230 770 100 2006 3,119 1,792 1,167 160 2007 2,906 1,279 1,227 400 2008 3,500 1,471 1,497 533 2009 3,518 1,313 1,547 657 2010 4,013 1,420 1,806 787 2011 4,487 1,584 1,971 932 2012 4,909 1,737 2,104 1,068 2013 5,274 1,871 2,200 1,203 2014 5,576 1,991 2,247 1,338

119 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NORWAY

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices 25,000 Internet 27.4% 20,000

Newspapers 23,155 39.8% 15,000 20,962 Outdoor 17,359 3.4% 17,157 16,637 16,167 15,570 15,458 Cinema 15,371 10,000 14,963 0.9% 14,670 13,563 13,383 13,026 Radio 12,921 3.8% TV Magazines 5,000 20.9% 3.7%

Advertising Data: 2000-2006 AC Nielsen, 2007-2010 IRM, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising to 2006; includes from 2007 4) Before discounts to 2006; after discounts from 2007 5) Magazines include business magazines 6) Internet includes display/classified/search

According to the IMF, GDP rose by 0.3% in 2010 It appears the ad market has put the poor with a more promising 1.7% growth forecast performance of 2009 behind it, with an impressive for 2011, with 2.5% expected in 2012. Growth 8.2% growth in 2010. We think spend will rise by is expected to be driven by a broad increase in about 6.1% this year. Notably, internet spend is set domestic demand, while external demand is to grow by 11.8% in 2011, increasing its share of expected to be somewhat depressed in the next few the market at the expense of newspapers. Indeed, years. we expect its share of the market to reach 32.5% by 2014.

120 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 OMAN

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV 2002 52.5 37.9 0.4 14.2 2003 65.4 45.1 1.1 19.2 2004 76.3 49.5 3.1 23.6 2005 48.2 33.8 1.2 13.2 2006 49.5 38.2 0.7 10.6 2007 55.5 44.1 1.6 9.9 2008 74.4 64.5 1.8 8.0 2009 59.3 51.6 0.9 6.8 2010 64.0 56.8 1.1 6.1 2011 57.5 51.1 1.0 5.4 2012 55.6 48.5 0.9 6.1 2013 55.6 48.5 0.9 6.1 2014 55.6 48.5 0.9 6.1 Year-on-year % change at current prices 03 v 02 24.5 19.1 196.1 34.7 04 v 03 16.6 9.6 194.8 23.3 05 v 04 -36.8 -31.7 -61.9 -44.0 06 v 05 2.7 13.1 -39.9 -20.1 07 v 06 12.2 15.3 123.1 -6.5 08 v 07 33.9 46.4 14.8 -18.9 09 v 08 -20.2 -20.0 -50.0 -15.0 10 v 09 7.9 10.0 20.0 -10.0 11 v 10 -10.1 -10.0 -10.0 -11.1 12 v 11 -3.3 -5.0 -5.0 12.5 13 v 12 0.0 0.0 0.0 0.0 14 v 13 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 03 v 02 21.8 16.5 189.7 31.8 04 v 03 13.6 6.8 187.0 20.1 05 v 04 -38.8 -34.0 -63.1 -45.8 06 v 05 -0.5 9.7 -41.8 -22.6 07 v 06 9.0 12.0 116.8 -9.2 08 v 07 29.0 41.0 10.6 -21.9 09 v 08 -20.0 -19.8 -49.8 -14.7 10 v 09 6.1 8.2 18.1 -11.5 11 v 10 -12.7 -12.6 -12.6 -13.7 12 v 11 -4.5 -6.1 -6.1 11.2 13 v 12 -0.9 -0.9 -0.9 -0.9 14 v 13 -1.1 -1.1 -1.1 -1.1

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices TV 90 9.6% Magazines 80 1.7% 70 76.3

60 74.4

50 65.4 64.0 59.3 55.6 55.6 57.5 55.6 40 55.5 52.5 49.5 30 48.2

20 Newspapers 88.7% 10 0

Advertising Data: 2002-2004 Ipsos Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Excludes classified 3) Excludes agency commission 4) Before discounts to 2004, after discounts thereafter

We forecast a 10.1% decline in spend this year after a priority and many of them are happy with the the protests and violence in March, which have exposure they get from their presence on the Pan left advertisers wary of attracting controversy and Arab channels. Already suffering from economic cautious about appearing in state-run media. For slowdown, Oman’s ad market is now not expected pan-regional advertisers Oman is generally not to move into recovery mode until after 2014.

121 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PAKISTAN

Advertising expenditure in local currency at current prices (Rs million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 6,448 2,370 630 2,875 173 0 400 0 2001 6,500 2,883 217 2,400 200 0 800 0 2002 7,300 3,036 264 2,700 200 0 1,100 0 2003 8,200 3,240 360 3,300 200 0 1,100 0 2004 9,410 3,432 468 4,200 200 10 1,100 0 2005 11,166 3,870 630 4,700 300 45 1,600 21 2006 14,329 4,482 918 6,300 350 35 2,200 44 2007 22,436 6,043 1,417 10,550 550 990 2,800 86 2008 28,268 6,707 1,573 14,523 997 1,337 2,996 135 2009 33,146 7,101 1,620 18,604 1,110 1,396 3,116 199 2010 37,153 6,959 1,563 22,583 1,193 1,443 3,163 249 2011 37,614 6,889 1,541 22,922 1,266 1,496 3,201 299 2012 38,009 6,820 1,519 23,197 1,338 1,548 3,233 353 2013 38,340 6,752 1,498 23,429 1,405 1,602 3,241 413 2014 38,630 6,750 1,494 23,546 1,475 1,650 3,240 475 Year-on-year % change at current prices 01 v 00 0.8 21.6 -65.6 -16.5 15.9 - 100.0 - 02 v 01 12.3 5.3 21.7 12.5 0.0 - 37.5 - 03 v 02 12.3 6.7 36.4 22.2 0.0 - 0.0 - 04 v 03 14.8 5.9 30.0 27.3 0.0 - 0.0 - 05 v 04 18.7 12.8 34.6 11.9 50.0 350.0 45.5 - 06 v 05 28.3 15.8 45.7 34.0 16.7 -22.2 37.5 109.5 07 v 06 56.6 34.8 54.4 67.5 57.1 2728.6 27.3 95.5 08 v 07 26.0 11.0 11.0 37.7 81.3 35.0 7.0 57.0 09 v 08 17.3 5.9 3.0 28.1 11.3 4.4 4.0 47.4 10 v 09 12.1 -2.0 -3.5 21.4 7.5 3.4 1.5 25.0 11 v 10 1.2 -1.0 -1.4 1.5 6.1 3.7 1.2 20.1 12 v 11 1.0 -1.0 -1.4 1.2 5.7 3.5 1.0 18.1 13 v 12 0.9 -1.0 -1.4 1.0 5.0 3.5 0.2 17.1 14 v 13 0.8 0.0 -0.2 0.5 5.0 3.0 0.0 15.0 Year-on-year % change at constant prices 01 v 00 -2.2 18.0 -66.6 -19.0 12.5 - 94.0 - 02 v 01 8.7 1.9 17.8 8.9 -3.2 - 33.1 - 03 v 02 9.2 3.7 32.5 18.8 -2.8 - -2.8 - 04 v 03 6.8 -1.4 21.0 18.4 -7.0 - -7.0 - 05 v 04 8.8 3.4 23.4 2.6 37.5 312.5 33.3 - 06 v 05 18.9 7.3 35.0 24.2 8.1 -27.9 27.4 94.1 07 v 06 45.6 25.3 43.5 55.7 46.1 2529.5 18.3 81.7 08 v 07 4.7 -7.7 -7.7 14.4 50.7 12.2 -11.1 30.5 09 v 08 3.2 -6.8 -9.4 12.8 -2.0 -8.1 -8.5 29.7 10 v 09 -1.6 -14.0 -15.3 6.6 -5.6 -9.2 -10.9 9.7 11 v 10 -11.1 -13.1 -13.4 -10.9 -6.9 -9.0 -11.1 5.4 12 v 11 -11.4 -13.2 -13.5 -11.2 -7.3 -9.2 -11.4 3.6 13 v 12 -9.9 -11.6 -12.0 -9.8 -6.3 -7.6 -10.5 4.5 14 v 13 -8.8 -9.5 -9.7 -9.1 -5.0 -6.8 -9.5 4.1

Advertising expenditure in US$ million at current prices. All years based on US$1 = Rs 85.19 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 75.7 27.8 7.4 33.7 2.0 0.0 4.7 0.0 2001 76.3 33.8 2.5 28.2 2.3 0.0 9.4 0.0 2002 85.7 35.6 3.1 31.7 2.3 0.0 12.9 0.0 2003 96.3 38.0 4.2 38.7 2.3 0.0 12.9 0.0 2004 110.5 40.3 5.5 49.3 2.3 0.1 12.9 0.0 2005 131.1 45.4 7.4 55.2 3.5 0.5 18.8 0.2 2006 168.2 52.6 10.8 73.9 4.1 0.4 25.8 0.5 2007 263.4 70.9 16.6 123.8 6.5 11.6 32.9 1.0 2008 331.8 78.7 18.5 170.5 11.7 15.7 35.2 1.6 2009 389.1 83.4 19.0 218.4 13.0 16.4 36.6 2.3 2010 436.1 81.7 18.3 265.1 14.0 16.9 37.1 2.9 2011 441.5 80.9 18.1 269.1 14.9 17.6 37.6 3.5 2012 446.1 80.1 17.8 272.3 15.7 18.2 37.9 4.1 2013 450.0 79.3 17.6 275.0 16.5 18.8 38.0 4.8 2014 453.4 79.2 17.5 276.4 17.3 19.4 38.0 5.6 Advertising expenditure in local currency at current prices (Rs million) Newspapers Magazines TV Internet Total National Regional Total Business Consumer Total Free Pay Total Display Classified Search 2003 3,240 2,916 324 360 15 345 3,300 2,409 891 - - - - 2004 3,432 3,054 378 468 23 445 4,200 2,562 1,638 - - - - 2005 3,870 3,328 542 630 37 593 4,700 1,880 2,820 21 21 0 0 2006 4,482 3,765 717 918 63 855 6,300 2,268 4,032 44 44 0 0 2007 6,043 5,016 1,027 1,417 113 1,304 10,551 3,693 6,858 86 86 0 0 2008 6,707 5,634 1,073 1,573 134 1,440 14,523 3,849 10,674 135 135 0 0 2009 7,101 5,965 1,136 1,620 139 1,481 18,604 3,168 15,436 199 189 6 4 2010 6,959 5,880 1,079 1,563 94 1,470 22,583 3,647 18,936 249 236 9 4 2011 6,889 5,856 1,033 1,541 86 1,455 22,922 4,126 18,796 299 281 10 7 2012 6,820 5,865 955 1,519 84 1,436 23,197 4,059 19,138 353 332 12 9 2013 6,752 5,807 945 1,498 79 1,418 23,429 3,983 19,446 413 384 17 12 2014 6,750 5,805 945 1,494 78 1,416 23,546 4,003 19,543 475 442 19 14

122 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PAKISTAN

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices Outdoor Internet 8.5% 0.7% 45,000 Cinema Newspapers 18.7% 3.9% 40,000 Radio 35,000 3.2% Magazines 30,000 38,630 38,340 38,009 37,614

4.2% 37,153 25,000 33,146

20,000 28,268

15,000 22,436

10,000 6,448 6,212 6,448 14,329 TV 5,000 7,300 11,166 60.8% 6,500 0

Advertising Data: 2000 Gallup, 2001-2010 Gallup, Aurora, TransIndus, Adcom, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Includes classified to 2004, excludes from 2005 3) Includes agency commission 4) After discounts 5) Internet includes display only (no search/classified in Pakistan) 6) Cinema and internet figures are provided by sales houses rather than third-party bodies

Total ad expenditure grew by 12.1% in 2010; TV remains the leading medium, accounting for the FMCG and telecommunications categories an impressive 60.8% of total expenditure in 2010. are thought to have been the biggest individual However, internet advertising is catching up as sectors in terms of expenditure. The effects of the more and more wireless/DSL operators increase downturn in the economy are expected to linger investment in the market, providing more options this year with an estimated 1.2% rise in adspend, for advertisers. Internet penetration still stands at and there are not many new launches of TV just 10.9%, leaving plenty of room for growth over channels or newspapers in the pipeline. the next few years.

123 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PAN ARAB

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Internet 2000 612 7 42 563 - 2001 927 17 113 797 - 2002 1,084 39 68 977 - 2003 1,443 62 93 1,289 - 2004 1,820 86 93 1,641 - 2005 1,005 58 73 874 - 2006 1,315 57 81 1,176 - 2007 1,856 55 100 1,693 8 2008 2,283 56 110 2,104 14 2009 2,032 39 77 1,893 23 2010 2,259 35 69 2,083 72 2011 2,033 35 62 1,830 105 2012 2,145 31 56 1,914 143 2013 2,257 31 56 1,999 172 2014 2,257 31 56 1,999 172 Year-on-year % change at current prices 01 v 00 51.4 132.1 167.6 41.7 - 02 v 01 16.9 125.6 -39.6 22.6 - 03 v 02 33.1 60.2 35.5 31.8 - 04 v 03 26.1 39.5 0.4 27.3 - 05 v 04 -44.8 -32.5 -21.6 -46.7 - 06 v 05 30.8 -1.3 11.4 34.6 - 07 v 06 41.2 -3.8 23.1 43.9 - 08 v 07 23.0 1.1 9.8 24.3 70.7 09 v 08 -11.0 -30.0 -30.0 -10.0 65.0 10 v 09 11.2 -10.0 -10.0 10.0 220.1 11 v 10 -10.0 0.0 -10.0 -12.1 45.7 12 v 11 5.5 -11.1 -10.1 4.6 35.8 13 v 12 5.3 0.0 0.1 4.4 20.0 14 v 13 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 47.3 125.7 160.2 37.8 - 02 v 01 15.1 122.0 -40.6 20.7 - 03 v 02 30.2 56.7 32.6 29.0 - 04 v 03 22.8 35.8 -2.3 24.0 - 05 v 04 -46.6 -34.7 -24.2 -48.5 - 06 v 05 26.8 -4.3 7.9 30.5 - 07 v 06 37.2 -6.6 19.6 39.9 - 08 v 07 18.5 -2.6 5.8 19.7 64.4 09 v 08 -10.7 -29.8 -29.8 -9.7 65.5 10 v 09 9.4 -11.5 -11.5 8.2 214.9 11 v 10 -12.6 -2.9 -12.6 -14.7 41.5 12 v 11 4.2 -12.2 -11.1 3.4 34.2 13 v 12 4.3 -0.9 -0.8 3.5 18.9 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1

124 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PAN ARAB

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ at current prices million Newspapers 2,500 1.6% Internet Magazines 3.2% 3.1% 2,000 2,283 2,259 2,257 2,257 2,145 2,033 2,032 1,500 1,856 1,443 1,084 1,000 927 1,315 927 612 1,820 500 TV 92.2% -

Advertising Data: 2000-2004 Pan Arab Research Centre (PARC), IPSOS Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Before discounts until 2004; after discounts from 2005 3) Excludes production costs 4) Excludes classified advertising 5) ‘Pan Arab’ includes pan-regional media covering Saudi Arabia, UAE, Kuwait, Oman, Bahrain, Qatar, Jordan, Syria, Lebanon, and North Africa. It does not include advertising within media that are only available within one country in the region - this advertising is counted instead within that country

‘Pan Arab’ is an umbrella term that covers pan- The Ramadan month accounts for a large regional media reaching the entire Arab region, proportion of a total year’s spend in the region, but from the Persian Gulf in the east to the Atlantic expenditure was much weaker than expected this Ocean in the west. The biggest Pan Arab medium year. The turmoil in Egypt affected the availability by far is satellite television, which covers the whole of popular content on the pan-regional TV region, does not target a specific population and is channels, since Egypt is a major source of Arabic not subject to censorship by local governments. content, particularly Arabic series. Marketers are watching the global economy carefully, particularly It has become easy to access cable or satellite the slowdown in Europe and the US and fears of services even in rural areas, so penetration and a second recession, and are wary of committing viewing figures have increased rapidly. In 2010, the future budgets. Pan Arab TV market grew by 10.0%, and television accounted for 92.2% of Pan-Arab ad expenditure, Several magazines are shutting down or are facing while newspapers and magazines took 1.6% and severe revenue pressures as advertisers continue 3.1% respectively. However, expenditure on to stay away, owing to budget cuts or the regional television stations is currently down as political political situation. turmoil has kept advertisers away.

125 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PANAMA

Advertising expenditure in local currency at current prices (Balboa million) Total Newspapers Magazines TV Radio Outdoor 2000 173 58 - 105 10 - 2001 152 50 - 95 7 - 2002 165 45 - 113 7 - 2003 196 50 9 129 8 - 2004 223 50 9 154 10 - 2005 237 54 13 162 8 - 2006 275 58 15 194 8 - 2007 300 62 17 211 10 - 2008 336 68 18 212 23 15 2009 532 81 19 387 26 19 2010 451 75 21 311 25 20 2011 473 79 22 326 26 21 2012 489 82 22 336 27 22 2013 505 85 23 346 28 23 2014 520 88 24 356 28 24 Year-on-year % change at current prices 01 v 00 -12.1 -13.8 - -9.5 -30.0 - 02 v 01 8.6 -10.0 - 18.9 0.0 - 03 v 02 18.8 11.1 - 14.2 14.3 - 04 v 03 13.8 0.0 0.0 19.4 25.0 - 05 v 04 6.3 8.0 44.4 5.2 -20.0 - 06 v 05 16.0 7.4 15.4 19.8 0.0 - 07 v 06 9.1 6.9 13.3 8.8 25.0 - 08 v 07 11.9 9.0 5.9 0.5 130.0 - 09 v 08 58.4 19.8 5.6 82.5 13.0 25.0 10 v 09 -15.3 -7.2 7.9 -19.7 -5.4 4.7 11 v 10 5.0 5.0 5.0 5.0 5.0 5.0 12 v 11 3.3 4.0 4.0 3.0 4.0 4.0 13 v 12 3.3 4.0 4.0 3.0 4.0 4.0 14 v 13 2.9 3.0 3.1 2.9 0.2 6.2 Year-on-year % change at constant prices 01 v 00 -12.4 -14.0 - -9.8 -30.2 - 02 v 01 7.5 -10.9 - 17.8 -1.0 - 03 v 02 18.3 10.7 - 13.7 13.8 - 04 v 03 13.6 -0.2 -0.2 19.1 24.8 - 05 v 04 3.0 4.7 40.0 2.0 -22.4 - 06 v 05 13.7 5.2 13.0 17.3 -2.1 - 07 v 06 4.7 2.6 8.7 4.4 19.9 - 08 v 07 2.9 0.3 -2.6 -7.6 111.5 - 09 v 08 54.7 17.0 3.1 78.3 10.4 22.1 10 v 09 -18.1 -10.3 4.3 -22.4 -8.6 1.2 11 v 10 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7 12 v 11 -0.2 0.5 0.5 -0.5 0.5 0.5 13 v 12 0.3 1.0 1.0 0.0 1.0 1.0 14 v 13 0.2 0.3 0.4 0.2 -2.4 3.4

Advertising expenditure in US$ million at current prices. All years based on US$1=Balboa 1.00 Total Newspapers Newspapers TV Radio Outdoor 2000 173 58 - 105 10 - 2001 152 50 - 95 7 - 2002 165 45 - 113 7 - 2003 196 50 9 129 8 - 2004 223 50 9 154 10 - 2005 237 54 13 162 8 - 2006 275 58 15 194 8 - 2007 300 62 17 211 10 - 2008 336 68 18 212 23 15 2009 532 81 19 387 26 19 2010 451 75 21 311 25 20 2011 473 79 22 326 26 21 2012 489 82 22 336 27 22 2013 505 85 23 346 28 23 2014 520 88 24 356 28 24

126 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PANAMA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at current prices million Outdoor 600 Radio 4.4% Newspapers 5.5% 16.7% 500

Magazines 532 520 4.5% 505 400 489 473 451

300 336 300

200 275 237 223 196

100 173

TV 165 68.9% 152 0

Advertising Data: 2000-2003 Controles de Inversion Publicitaria, 2004-2009 IBOPE, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Includes classified 3) Excludes production costs 4) Includes 15% agency commission

According to IMF estimates, GDP grew by 7.5% in In 2010, ratecard prices rose well ahead of the 2010 and further 7.4% growth is forecast for 2011, inflation rate, particularly in the case of TV and driven by the continued expansion of the Canal press. This should account for the noticeable drop and related investment activities. in adspend for 2010 as a whole. Overall, we expect a 5% rise in advertising expenditure for 2011, with all media registering healthy growth.

127 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PERU

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Other Outdoor Internet 2000 198 66 5 85 22 - 20 - 2001 184 63 5 72 21 - 23 - 2002 188 60 5 80 21 - 22 - 2003 223 78 5 101 16 - 23 - 2004 215 58 6 99 26 - 26 - 2005 253 60 6 120 30 7 30 - 2006 291 68 8 136 35 9 35 - 2007 344 75 10 166 39 5 42 7 2008 413 85 11 205 47 6 49 10 2009 416 83 10 207 49 6 47 14 2010 514 91 10 277 61 7 52 16 2011 570 100 11 300 66 8 63 22 2012 604 105 11 316 70 8 65 29 2013 661 109 12 349 75 8 69 39 2014 711 111 13 378 78 9 72 50 Year-on-year % change at current prices 01 v 00 -7.1 -4.5 0.0 -15.3 -4.5 - 15.0 - 02 v 01 2.2 -4.8 0.0 11.1 0.0 - -4.3 - 03 v 02 18.9 30.3 8.0 26.0 -21.7 - 2.9 - 04 v 03 -3.8 -25.8 11.1 -1.8 58.1 - 14.8 - 05 v 04 17.7 3.4 0.0 21.2 15.4 - 15.4 - 06 v 05 15.0 13.3 33.3 13.3 16.7 28.6 16.7 - 07 v 06 18.2 10.3 25.0 22.1 11.4 -44.4 20.0 - 08 v 07 20.1 13.3 10.0 23.5 20.5 20.0 16.7 42.9 09 v 08 0.7 -2.4 -9.1 1.0 4.3 0.0 -4.1 40.0 10 v 09 23.6 9.6 0.0 33.8 24.5 16.7 10.6 14.3 11 v 10 10.9 9.9 10.0 8.3 8.2 14.3 21.2 37.5 12 v 11 6.0 5.0 0.0 5.3 6.1 0.0 3.2 31.8 13 v 12 9.4 3.8 9.1 10.4 7.1 0.0 6.2 34.5 14 v 13 7.6 1.8 8.3 8.3 4.0 12.5 4.3 28.2 Year-on-year % change at constant prices 01 v 00 -9.6 -7.2 -2.8 -17.6 -7.2 - 11.8 - 02 v 01 0.5 -6.3 -1.6 9.3 -1.6 - -5.9 - 03 v 02 16.3 27.5 5.7 23.3 -23.4 - 0.7 - 04 v 03 -6.3 -27.8 8.2 -4.4 53.9 - 11.8 - 05 v 04 13.8 0.1 -3.3 17.3 11.6 - 11.6 - 06 v 05 11.5 9.8 29.2 9.8 13.1 24.6 13.1 - 07 v 06 14.9 7.2 21.5 18.6 8.3 -46.0 16.6 - 08 v 07 15.6 9.2 6.0 18.9 16.1 15.6 12.4 37.6 09 v 08 1.0 -2.1 -8.8 1.3 4.6 0.3 -3.8 40.4 10 v 09 21.6 7.9 -1.6 31.7 22.5 14.8 8.9 12.4 11 v 10 7.7 6.7 6.8 5.1 5.0 11.0 17.6 33.5 12 v 11 4.7 3.8 -1.2 4.1 4.8 -1.2 2.0 30.3 13 v 12 8.5 2.9 8.1 9.5 6.2 -0.9 5.2 33.3 14 v 13 6.4 0.7 7.1 7.1 2.9 11.3 3.2 26.8

Advertising expenditure at current prices (US$ million) Newspapers Television Total National Regional Total Free Pay 2003 - - - 101 95 6 2004 - - - 99 87 12 2005 60 57 3 120 107 13 2006 68 65 3 136 121 15 2007 75 71 4 166 147 19 2008 85 81 4 205 183 22 2009 83 79 4 207 185 22 2010 91 85 6 277 250 27 2011 100 93 7 300 270 30 2012 105 98 7 316 285 31 2013 109 101 8 349 315 34 2014 111 102 9 378 340 38

128 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PERU

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 800 Internet Outdoor 3.1% Newspapers 700 10.1% 17.7% Other 600 1.4% 711 500 661

Magazines 604 Radio 1.9% 570

400 514 11.9% 300 416 413

200 344 291 253 223

100 215 198 188 184 0

TV 53.9%

Advertising Data: 2000-2009 CPI, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Includes classified until 2003; excludes classified thereafter 3) Other includes cinema, internet and direct mail to 2006; cinema and direct mail only from 2007 4) Excludes agency commission 5) Excludes production costs

Television is the largest medium in Peru, We expect internet to be the fastest-growing ad accounting for over half of total advertising medium in 2011, with estimated growth of 37.5%, expenditure. Due to an increase in rates, TV spend and it is forecast to continue enjoying double-digit grew by just 1.0% in 2009 – when the market as a annual growth over the next few years. whole was static – but bounced back in 2010 with the rest of the market, putting on 33.8% growth.

129 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PHILIPPINES

Advertising expenditure in local currency at current prices (Pesos million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 61,439 9,887 - 40,740 10,813 - - - 2001 69,813 7,509 2,557 46,818 12,929 - - - 2002 77,681 7,182 1,931 55,012 13,557 - - - 2003 94,379 7,618 1,946 68,390 16,425 - - - 2004 113,257 8,694 2,898 82,204 19,461 - - - 2005 35,800 6,000 1,500 20,000 4,000 200 3,900 200 2006 36,580 5,300 1,100 21,000 4,200 200 4,380 400 2007 39,250 6,100 1,300 22,000 4,200 250 4,800 600 2008 43,300 6,500 1,400 24,000 5,000 300 5,300 800 2009 48,700 6,200 1,300 28,000 6,000 350 5,850 1,000 2010 58,235 7,500 1,600 33,000 8,000 400 6,435 1,300 2011 61,150 7,500 1,600 35,500 7,500 350 7,000 1,700 2012 64,200 7,300 1,500 37,500 7,500 400 7,500 2,500 2013 68,850 7,300 1,600 40,000 8,000 450 8,000 3,500 2014 71,350 7,300 1,600 42,000 8,000 450 8,000 4,000 Year-on-year % change at current prices 01 v 00 13.6 -24.0 - 14.9 19.6 - - - 02 v 01 11.3 -4.4 -24.5 17.5 4.9 - - - 03 v 02 21.5 6.1 0.8 24.3 21.2 - - - 04 v 03 20.0 14.1 48.9 20.2 18.5 - - - 05 v 04 -68.4 -31.0 -48.2 -75.7 -79.4 - - - 06 v 05 2.2 -11.7 -26.7 5.0 5.0 0.0 12.3 100.0 07 v 06 7.3 15.1 18.2 4.8 0.0 25.0 9.6 50.0 08 v 07 10.3 6.6 7.7 9.1 19.0 20.0 10.4 33.3 09 v 08 12.5 -4.6 -7.1 16.7 20.0 16.7 10.4 25.0 10 v 09 19.6 21.0 23.1 17.9 33.3 14.3 10.0 30.0 11 v 10 5.0 0.0 0.0 7.6 -6.3 -12.5 8.8 30.8 12 v 11 5.0 -2.7 -6.3 5.6 0.0 14.3 7.1 47.1 13 v 12 7.2 0.0 6.7 6.7 6.7 12.5 6.7 40.0 14 v 13 3.6 0.0 0.0 5.0 0.0 0.0 0.0 14.3 Year-on-year % change at constant prices 01 v 00 6.4 -28.9 - 7.6 12.0 - - - 02 v 01 8.0 -7.1 -26.7 14.1 1.8 - - - 03 v 02 17.4 2.5 -2.6 20.2 17.1 - - - 04 v 03 13.2 7.7 40.5 13.4 11.8 - - - 05 v 04 -70.6 -35.9 -51.9 -77.4 -80.9 - - - 06 v 05 -3.8 -16.9 -31.0 -1.2 -1.2 -5.9 5.7 88.3 07 v 06 4.3 11.9 14.9 1.9 -2.8 21.6 6.6 45.9 08 v 07 0.9 -2.5 -1.5 -0.2 8.9 9.8 1.0 22.0 09 v 08 8.9 -7.6 -10.1 13.0 16.2 13.0 6.9 21.1 10 v 09 14.4 15.8 17.8 12.8 27.6 9.4 5.3 24.4 11 v 10 0.5 -4.3 -4.3 2.9 -10.3 -16.3 4.1 25.1 12 v 11 0.9 -6.5 -9.9 1.5 -3.9 9.8 2.9 41.3 13 v 12 3.1 -3.8 2.6 2.6 2.6 8.2 2.6 34.6 14 v 13 -0.4 -3.8 -3.8 1.0 -3.8 -3.8 -3.8 9.9

Advertising expenditure in US$ million at current prices. All years based on US$1= Peso 45.1 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,362 219 - 903 240 - - - 2001 1,548 166 57 1,038 287 - - - 2002 1,722 159 43 1,220 301 - - - 2003 2,092 169 43 1,516 364 - - - 2004 2,511 193 64 1,822 431 - - - 2005 794 133 33 443 89 4 86 4 2006 811 117 24 466 93 4 97 9 2007 870 135 29 488 93 6 106 13 2008 960 144 31 532 111 7 117 18 2009 1,080 137 29 621 133 8 130 22 2010 1,291 166 35 732 177 9 143 29 2011 1,356 166 35 787 166 8 155 38 2012 1,423 162 33 831 166 9 166 55 2013 1,526 162 35 887 177 10 177 78 2014 1,582 162 35 931 177 10 177 89

Advertising expenditure in local currency at current prices (Pesos million) Newspapers Magazines Television Total National Regional Total Business Consumer Total Free Pay 2005 6,000 5,700 300 1,500 150 1,350 20,000 18,000 2,000 2006 5,300 5,035 265 1,100 110 990 21,000 18,900 2,100 2007 6,100 5,795 305 1,300 130 1,170 22,000 19,800 2,200 2008 6,500 6,175 325 1,400 140 1,260 24,000 21,600 2,400 2009 6,200 5,890 310 1,300 130 1,170 28,000 25,200 2,800 2010 7,500 7,125 375 1,600 160 1,440 33,000 29,700 3,300 2011 7,500 7,125 375 1,600 160 1,440 35,500 31,950 3,550 2012 7,300 6,935 365 1,500 150 1,350 37,500 33,750 3,750 2013 7,300 6,935 365 1,600 160 1,440 40,000 36,000 4,000 2014 7,300 6,935 365 1,600 160 1,440 42,000 37,800 4,200

130 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PHILIPPINES

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

120,000 Outdoor Newspapers Internet 11.1% 12.9% 2.2% 100,000 Cinema Magazines 0.7% 113,257 2.7% 80,000

Radio 77,681 13.7% 60,000 69,813 61,439 71,350 68,850

40,000 52,367 64,200 61,150 58,235 48,700

20,000 43,300 39,250 36,580 35,800 TV 56.7% 0

Advertising Data 2000 NMR PMS, 2001-2008 Nielsen, AdQuest Millennium, 2009-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes classified advertising 2) Includes agency commission 3) Before discounts to 2004; after estimated discounts from 2005 4) Excludes production costs 5) Newspapers includes magazines before 2001

We estimate adspend grew by 19.6% in 2010, with We expect further growth overall in 2011, with the radio and internet growing the fastest, at 33.3% market predicted to rise by 5.0%, followed by 5.0% and 30.0% respectively. Radio has benefited from in 2012, 7.2% in 2013 and 3.6% in 2014. changes in formats, especially FM stations that have added popular DJs to their music shows.

131 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POLAND

Advertising expenditure in local currency at current prices (Zl million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 7,766 1,044 1,123 4,441 483 27 631 18 2001 9,584 1,084 1,254 6,046 572 48 555 24 2002 10,021 1,072 1,250 6,375 704 44 543 33 2003 11,152 1,531 1,433 6,600 872 99 566 50 2004 12,442 1,907 1,738 6,861 1,043 128 678 87 2005 5,256 710 833 2,603 435 53 474 148 2006 5,884 738 855 3,010 482 60 523 215 2007 7,015 760 893 3,528 499 72 670 593 2008 7,753 753 916 4,015 528 95 707 738 2009 6,854 570 789 3,561 452 94 587 801 2010 7,000 519 724 3,678 456 103 555 965 2011 7,170 477 680 3,774 478 108 539 1,114 2012 7,445 442 645 3,915 492 114 548 1,289 2013 7,695 409 618 4,028 499 118 536 1,487 2014 8,116 382 590 4,200 504 120 520 1,800 Year-on-year % change at current prices 01 v 00 23.4 3.9 11.6 36.1 18.5 78.0 -12.0 33.3 02 v 01 4.6 -1.1 -0.3 5.4 23.0 -9.5 -2.3 37.5 03 v 02 11.3 42.8 14.7 3.5 23.9 126.0 4.4 51.5 04 v 03 11.6 24.5 21.3 3.9 19.7 29.5 19.7 74.0 05 v 04 -57.8 -62.8 -52.1 -62.1 -58.3 -58.6 -30.1 70.2 06 v 05 11.9 4.0 2.6 15.6 10.9 12.9 10.4 45.2 07 v 06 19.2 2.9 4.5 17.2 3.5 19.8 28.0 175.7 08 v 07 10.5 -0.9 2.6 13.8 5.8 32.1 5.6 24.5 09 v 08 -11.6 -24.3 -13.9 -11.3 -14.4 -1.0 -17.0 8.5 10 v 09 2.1 -8.9 -8.2 3.3 0.9 9.6 -5.5 20.5 11 v 10 2.4 -8.1 -6.1 2.6 4.8 4.9 -2.9 15.4 12 v 11 3.8 -7.3 -5.1 3.7 2.9 5.6 1.7 15.7 13 v 12 3.4 -7.5 -4.2 2.9 1.4 3.5 -2.2 15.4 14 v 13 5.5 -6.6 -4.5 4.3 1.0 1.7 -3.0 21.0 Year-on-year % change at constant prices 01 v 00 17.0 -1.5 5.8 29.1 12.3 68.7 -16.5 26.4 02 v 01 2.6 -2.9 -2.2 3.5 20.7 -11.2 -4.1 34.9 03 v 02 10.5 41.7 13.8 2.8 23.0 124.3 3.6 50.4 04 v 03 7.7 20.2 17.0 0.3 15.5 25.0 15.5 68.0 05 v 04 -58.6 -63.6 -53.1 -62.9 -59.2 -59.4 -31.6 66.7 06 v 05 10.7 2.8 1.4 14.3 9.6 11.7 9.2 43.6 07 v 06 16.5 0.6 2.1 14.5 1.1 17.1 25.1 169.4 08 v 07 5.9 -5.0 -1.7 9.1 1.3 26.6 1.2 19.3 09 v 08 -14.9 -27.2 -17.1 -14.6 -17.6 -4.7 -20.1 4.5 10 v 09 -0.5 -11.3 -10.6 0.6 -1.7 6.7 -7.9 17.3 11 v 10 -1.5 -11.6 -9.7 -1.3 0.8 0.8 -6.6 11.0 12 v 11 1.0 -9.9 -7.7 0.9 0.1 2.7 -1.1 12.6 13 v 12 0.8 -9.7 -6.5 0.4 -1.1 1.0 -4.6 12.5 14 v 13 2.9 -8.9 -6.9 1.7 -1.5 -0.8 -5.4 18.1

Advertising expenditure in US$ million at current prices. All years based on US$1=Zl 3.02 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,576 346 373 1,473 160 9 209 6 2001 3,178 360 416 2,005 190 16 184 8 2002 3,323 356 414 2,114 233 15 180 11 2003 3,698 508 475 2,189 289 33 188 17 2004 4,126 632 576 2,275 346 43 225 29 2005 1,743 235 276 863 144 18 157 49 2006 1,951 245 283 998 160 20 174 71 2007 2,326 252 296 1,170 166 24 222 197 2008 2,571 250 304 1,332 175 31 235 245 2009 2,273 189 262 1,181 150 31 195 266 2010 2,321 172 240 1,220 151 34 184 320 2011 2,378 158 226 1,252 159 36 179 369 2012 2,469 147 214 1,298 163 38 182 427 2013 2,552 136 205 1,336 165 39 178 493 2014 2,692 127 196 1,393 167 40 172 597

132 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POLAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Newspapers 14,000 Internet 7.4% 13.8% Magazines 12,000 Outdoor 10.3% 7.9% 10,000 12,442 11,152 Cinema 8,000

1.5% 9,584 7,766

Radio 6,000 6,823 8,116

6.5% 7,695 7,445 7,753 7,170 6,854 7,015 4,000 7,000 5,884

2,000 5,256 TV 52.5% 0

Advertising Data: 2000-2009 Expert Monitor (TV, press, radio), Media Watch (outdoor), IAB (internet), 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Before discounts to 2004; after discounts from 2005 2) Excludes agency commission 3) Excludes production costs 4) 2003-2004 includes classified, otherwise excludes 5) Excludes self-promotion 6) From 2007, internet includes search, display and email marketing 7) TV includes sponsorship

According to preliminary estimates from the TVP plans to launch a new channel, TVP Central Statistical Office, GDP growth in the third Document, but there is no decision yet as to quarter of 2011 was similar to that achieved in the whether it will be a completely new entity, or second quarter (+4.3%). Over the next quarter, whether it will be created from the conversion of weakening consumption is the main factor that will the existing TVP channels. Polish Television is also decrease the rate of economic growth (mainly due considering launching two more channels - one of to the high inflation and unemployment). them will be a movie channel, focused mainly on Polish films, while the second will be dedicated TV to children. Poland currently has five thematic More and more Poles have access to digital television channels. TVN meanwhile has launched terrestrial television. Currently, about 87% have a VOD service, which will also be available in access to programmes broadcast by the second versions for the iPad, iPhone and Android. The digital multiplex, MUX2, which was launched in channel is developing its brand on the internet too. September 2010; by the end of 2013, it should be available to 97%. MUX3 was launched in October In August, new regulation came into force 2010, but it will not be able to extend its reach to regarding product placement, programme the whole of Poland until the analogue switch-off sponsorship, and protection for children from of national broadcaster TVP. MUX1 should start unsuitable content. operating in December. Cyfrowy Polsat has acquired mobile TV operator From June 2012, TVP 1 and TVP 2 will be broadcast Info-TV-FM from Polish fund NFI Magna Polonia in high definition on the digital terrestrial television and Evotec Financial Management Limited. Info- platform. TVP HD will allow viewers to watch TV-FM won the frequencies for terrestrial mobile the next major sporting events, such as the UEFA TV in 2009, but it has struggled to get going due to European Football Championship 2012 and the an inability to agree carriage by the main mobile Summer Olympics in London, in high quality network operators. transmission.

133 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POLAND

In the first quarter of 2012, UPC Poland will available on the iPad, as well as on iPhone and formally connect with Aster, which it acquired Android smartphones. Eurozet has released an app this year. After the merger, UPC Poland will have on the tablet for Radio ZET and Chilli Zet. 1.5 million subscribers, and its network coverage will total 2.5 million households. UPC stresses The National Broadcasting Council (NBC) has that the economies of scale achieved through this agreed to launch a continuous digital broadcast merger will allow for the continuation of further of Polskie Radio in DAB+ standard in the investment in advanced technologies and services. conurbations of Gdansk, Poznan, Warsaw and Wroclaw (regions where the UEFA Euro 2012 will TVN and Canal + will combine their paid television take place). services in Poland - digital platforms Cyfra + and N - and develop a common digital platform for DTH. The NBC has also returned to its consultation on the The combined DTH platform will have a subscriber launch of digital radio in Poland. The consultations base of over 2.5 million, and will likewise be able to are open, and NBC has asked broadcasters about take advantage of economies of scale and increased the technology and market conditions that will efficiency. determine the digitization of radio.

The Office of Competition and Consumer Protection Newspapers has agreed that Spartan Capital Holdings (owned Data from the Association of Press Distribution by Solorz-Zak, which is also the owner of Cyfrowy Control shows that all nationwide newspapers Polast and Telewizja Polsat) can take control of recorded sales declines in the first three quarters of Polkomtel. The main aim of the transaction is to 2011. Dziennik Gazeta Prawna and Gazeta Wyborcza develop high-speed broadband internet access - experienced the biggest losses. In terms of sales, Long Term Evolution (LTE). Spartan has modern Fakt remained the leader of daily newspapers, with technologies in this field, while Polkomtel’s Gazeta Wyborcza in second place. infrastructure and customer base will allow for rapid development of data transmission networks. Regional newspaper publisher, Media Regionalne, launched 12 new editions for mobile phones. Radio Owners of phones with internet access can In the third quarter of 2011, RMF FM’s dominance now view regional information portals. Media over Radio ZET decreased. In terms of audience, Regionalne is also working on further applications the following stations gained: Radio ZET, Trójka, for the iPhone. Radio Maryja, Eska Rock, Chilli ZET and Czwórka. In the same period, RMF FM and Jedynka Two newspapers – The Republic (published registered declines. Radio Eska remained the by Presspublica) and Dziennik Gazeta Prawna audience leader among radio networks. (published by Infor Business) – have versions on the iPad. Rzeczpospolita’s app, which launched in More and more people are now listening to the November last year, was initially free, but charges radio for more than eight hours a day. Since the were introduced in April 2011. beginning of the year the number of such listeners increased by nearly 300,000, which is equivalent to Grzegorz Hajdarowicz, the owner of Gremi Media, almost one fifth of all listeners. has acquired 48.99% of the shares of Presspublica, becoming 100% shareholder; previously, the Among the Polish radio stations, Radio Eska, Eska company took over 51.01% of Presspublica’s shares Rock and Radio ZET have the highest number of from the British fund Mecom. As a result, in one Facebook fans; users of radio fanpages are most capital group there are such titles as Rzeczpospolita, active between 1900 and 2100. Uważam Rze, Przekrój, Sukces, and Gazeta Giełdy Parkiet, as well as internet and tablet versions of Polskie Radio (the national broadcaster) is now these titles.

134 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POLAND

Magazines Other news: Media & Marketing Poland, the oldest magazine devoted to nationwide media, advertising and In August, Facebook finally managed to attract the marketing, is only available as an online version same number of real users as NK, which had been now. The monthly Forbes magazine (published the leader in social media. by Ringier Axel Springer Poland) released a multimedia edition for Samsung’s Galaxy Tab Liberty Direct was the first insurance company tablet. In addition, it is available in versions for in Poland that decided to sell its services and mobile phones, iPads, online, and in audio format. insurances via Groupon. So far, seven Polish magazines are available as iPad applications. The first apps were prepared VOD service iplex.pl is the most popular Polish by Agora and Ringier Axel Springer Poland for application for TV in Europe. It is fifth in the top Wysokie Obcasy Extra! and Newsweek Polska. ten categories for all types of applications, behind giants such as YouTube, Skype and Yahoo!. In November, Ginza Media Group launched the third international magazine for men, Maxim; the TVN, one of the biggest TV broadcasters, has first time this title appeared (2001-2003), it was launched its own VOD channel under the URL published by Hachette Filipacchi Poland. tvnplayer.pl. Before the launch, TVN content was available on the biggest VOD service in Poland - Other launches: VOD Onet. After the launch, however, the license for TVN’s content on VOD Onet was cancelled, Edipresse Poland introduced a new magazine to and though we do not have precise data yet, huge the ‘people’ segment. Biweekly Flash Star & Style decreases in subscribers to VOD Onet are expected. has had record sales. The magazine is based on a 50-50 mix of celebrity information, and articles Chrome has installed more web browsers in Poland about fashion, beauty and health; this is a new than Internet Explorer. This is the second serious format in the Polish press market. threat to Microsoft after Firefox.

In July, Bauer added its first popular science Google+ had its premiere in Poland. However, magazine to its portfolio. The monthly title, Świat although there was big PR and a buzz around the wiedzy, is published under license from German project, it did not gain huge popularity. Currently magazine Welt der Wunder. As in Germany, it in Poland there are only 42,000 active accounts. turned out to be a hit magazine in Poland – so far, the publisher has had to increase the magazine’s According to a mobile trends report from Gemius, circulation twice. iPad is approaching iPhone in terms of mobile page views. Gemius estimates that iPad will ultimately The Polish edition of the magazine Bloomberg win this battle as its platform is more user-friendly Businessweek (published by Platforma Mediowa for web browsing. Point Group) was launched in September. The group estimates that the magazine will reach Outdoor profitability in the first quarter of 2012. In the third quarter of 2011, according to IGRZ, the OOH advertising market gained 12% year-on-year. Internet/digital This was achieved mainly thanks to investment According to the Internet Standard report, mobile from sectors from which stable OOH advertisers smartphone penetration is going to reach 40% by come: retail, food, entertainment & culture, and the end of 2012; estimates are based on growth telecommunications. Additional revenue for between 2010 and 2011 and sales volumes. outdoor advertising came from political election

135 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POLAND

campaigns. IGRZ estimates that frontlight 18m2 and Within the last few months, there have been backlight vehicles (c.a. 50%) generate most revenue. discussions about creating a research standard for digital OOH in Poland. In September 2011, Despite the improvement in the third quarter, the Polish Digital Signage Association decided yearly estimations are not too optimistic. that they will not study this market in the near Advertising spend for 2011 is expected to be down future, because suppliers of digital vehicles are by nearly 3%. 2012 should be better for the OOH not currently ready for such high investments. market, however, thanks to the UEFA European Until a standard appears on the market, Football Championships. suppliers are organizing their own studies to convince advertisers about digital OOH vehicles’ According to a consumer study by GFK Polonia, effectiveness. conducted on behalf of Cityboard Media, the intensity of consumer contact with OOH vehicles Meanwhile, the process of creating a research (frontlight, 18m2) and its effectiveness has grown standard for traditional outdoor effectiveness over the last few years. (Postar) is still ongoing. This is mainly because of European Union procedures on creating One of the biggest outdoor suppliers, Clear partnerships among Polish OOH vendors. First Channel, has expanded its offer by installing new results can be expected by the second quarter of premium vehicles (citylight scrolls) in 20 important 2013 at the earliest. locations in Warsaw.

136 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PORTUGAL

Advertising expenditure in local currency at local prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 970 99 181 519 62 6 99 5 2001 909 89 160 484 61 7 103 5 2002 829 71 145 445 54 6 103 5 2003 847 69 145 464 54 7 105 4 2004 907 71 146 504 57 7 117 4 2005 916 70 148 517 56 7 114 5 2006 906 67 148 512 52 6 114 7 2007 939 67 150 533 51 6 120 13 2008 928 66 143 529 47 5 119 19 2009 806 51 114 466 46 4 105 21 2010 811 46 111 476 46 4 105 25 2011 754 41 95 437 47 4 100 29 2012 765 41 96 442 47 4 101 34 2013 804 42 100 467 48 4 104 39 2014 845 43 104 492 49 4 107 45 Year-on-year % change at current prices 01 v 00 -6.2 -9.8 -11.3 -6.7 -1.1 11.7 4.0 7.1 02 v 01 -8.8 -19.8 -9.5 -8.1 -11.1 -4.6 -0.1 -13.4 03 v 02 2.2 -3.0 0.0 4.2 0.0 3.0 2.0 -10.0 04 v 03 7.0 3.0 1.0 8.7 5.0 0.0 12.0 5.0 05 v 04 1.0 -2.0 1.3 2.6 -2.3 1.5 -3.0 10.2 06 v 05 -1.1 -4.0 -0.3 -0.9 -6.7 -10.6 0.4 42.9 07 v 06 3.6 0.0 1.6 3.9 -2.5 -6.8 5.0 85.0 08 v 07 -1.1 -1.5 -5.0 -0.6 -7.0 -5.0 -1.0 50.0 09 v 08 -13.2 -23.0 -20.0 -12.0 -3.0 -23.0 -12.0 10.0 10 v 09 0.6 -10.0 -3.0 2.2 0.0 -5.0 0.5 15.0 11 v 10 -7.1 -11.0 -14.0 -8.1 3.0 3.0 -5.0 20.0 12 v 11 1.5 0.0 1.0 1.1 1.0 0.0 1.0 15.0 13 v 12 5.0 3.0 4.0 5.5 2.0 0.0 3.0 15.0 14 v 13 5.1 3.0 4.0 5.5 2.0 0.0 3.0 15.0 Year-on-year % change at constant prices 01 v 00 -10.2 -13.6 -15.0 -10.6 -5.3 7.0 -0.4 2.6 02 v 01 -11.9 -22.6 -12.6 -11.3 -14.1 -7.9 -3.6 -16.4 03 v 02 -1.0 -6.0 -3.1 1.0 -3.1 -0.2 -1.2 -12.8 04 v 03 4.5 0.6 -1.4 6.1 2.5 -2.4 9.4 2.5 05 v 04 -1.2 -4.1 -0.9 0.3 -4.5 -0.7 -5.1 7.7 06 v 05 -3.7 -6.6 -2.9 -3.5 -9.2 -13.0 -2.2 39.1 07 v 06 0.7 -2.8 -1.2 1.1 -5.2 -9.3 2.1 79.9 08 v 07 -3.6 -4.0 -7.4 -3.2 -9.4 -7.4 -3.5 46.2 09 v 08 -12.4 -22.4 -19.3 -11.3 -2.2 -22.4 -11.3 10.9 10 v 09 -0.8 -11.2 -4.3 0.8 -1.4 -6.3 -0.9 13.4 11 v 10 -10.2 -13.9 -16.8 -11.1 -0.4 -0.4 -8.1 16.1 12 v 11 -0.5 -2.1 -1.1 -1.0 -1.1 -2.1 -1.1 12.6 13 v 12 3.5 1.5 2.5 4.0 0.5 -1.5 1.5 13.3 14 v 13 3.6 1.5 2.5 4.0 0.5 -1.5 1.5 13.3

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,284 131 239 688 82 8 131 7 2001 1,204 118 212 641 81 9 136 7 2002 1,098 94 192 589 72 8 136 6 2003 1,122 92 192 614 72 9 139 6 2004 1,201 94 194 668 75 9 155 6 2005 1,213 92 197 685 74 9 151 6 2006 1,201 89 196 679 69 8 151 9 2007 1,244 89 199 705 67 7 159 17 2008 1,230 87 189 701 62 7 157 26 2009 1,068 67 151 617 60 5 138 28 2010 1,075 61 147 630 60 5 139 33 2011 998 54 126 579 62 5 132 39 2012 1,013 54 127 586 63 5 134 45 2013 1,064 56 133 618 64 5 138 52 2014 1,119 57 138 652 65 5 142 59

Advertising expenditure in local currency at current prices (€ million) Television Total Free Pay 2005 517 482 36 2006 512 475 37 2007 533 489 44 2008 529 485 44 2009 466 427 39 2010 476 431 44 2011 437 393 45 2012 442 397 46 2013 467 416 50 2014 492 437 55

137 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PORTUGAL

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ at current prices Internet million 3.0% Outdoor Newspapers 2,500 13.0% 5.6%

Cinema Magazines 0.5% 13.7% 2,000

Radio 1,500 1,831

5.6% 1,911 1,810 1,865 1,804 1,865 1,809 1,795 1,768 1,774 1,741 1,638 1,680

1,000 1,529 1,396

500

TV 58.6% 0

Advertising Data: 2000-2007 ZenithOptimedia, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Excludes production costs 3) Includes agency commission 4) Excludes classified advertising 5) Internet includes all advertising formats (banners, pop-ups, interstitials, etc.)

We estimate adspend grew by around 0.6% overall We expect an increase in households switching in 2010, as a number of usually important sectors to digital TV this year, as analogue switch-off is - like telecoms, banking and automotive - started planned for 2012. to return to higher levels of investment after a dreadful 2009. Recent events have meant we have had to adjust our forecasts. The country’s debt was estimated 2010 saw a number of changes in Portugal’s TV by the IMF at around 83% of GDP in 2010, and market: there are now fewer discounts and more Portugal has sought assistance from the IMF. On penalties. The radio, internet and OOH sectors 23 March, Prime Minister Jose Socrates announced also announced the end of agency commission as a his resignation following the rejection of the matter of course. government’s deficit-reduction proposals. A general election was held on 5 June and Pedro During the last year, triple play services (TV, Passos Coelho was named prime minister. We have internet and voice) have continued to attract new adjusted our previous estimate of 5.6% decline in subscribers. The growing availability of optical- adspend to -7.1% for 2011, with print performing fibre-based services has also increased the number worst. of high definition formats offered to consumers.

138 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PUERTO RICO

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor/ Internet Transport 2000 1,638 489 46 978 111 4.0 9 0.6 2001 1,810 478 48 1,119 118 11.1 35 0.7 2002 1,831 508 51 1,104 119 10.8 38 0.9 2003 1,865 549 56 1,109 100 10.1 40 1.2 2004 1,911 572 60 1,122 116 8.0 32 1.4 2005 1,396 435 33 794 95 7.0 30 2.0 2006 1,529 472 44 865 104 8.0 32 4.0 2007 1,865 553 65 1,073 128 8.0 33 5.0 2008 1,741 496 64 968 159 8.0 38 8.0 2009 1,680 423 59 996 145 7.0 40 10.0 2010 1,768 462 55 1,035 155 8.0 41 12.0 2011 1,774 465 56 1,030 158 8.0 42 15.0 2012 1,809 473 57 1,040 165 9.0 45 20.0 2013 1,795 470 55 1,035 160 8.0 40 27.0 2014 1,804 473 53 1,038 162 8.0 42 28.0 Year-on-year % change at current prices 01 v 00 10.5 -2.2 4.3 14.4 6.3 176.8 288.9 16.7 02 v 01 1.2 6.3 6.3 -1.3 0.8 -2.4 7.1 28.6 03 v 02 1.9 8.1 9.8 0.5 -16.0 -6.3 6.7 33.3 04 v 03 2.5 4.2 7.1 1.2 16.0 -21.0 -20.0 16.7 05 v 04 -27.0 -24.0 -45.0 -29.2 -18.1 -12.5 -6.3 42.9 06 v 05 9.5 8.5 33.3 8.9 9.5 14.3 6.7 100.0 07 v 06 22.0 17.2 47.7 24.0 23.1 0.0 3.1 25.0 08 v 07 -6.6 -10.3 -1.5 -9.8 24.2 0.0 15.2 60.0 09 v 08 -3.5 -14.7 -7.8 2.9 -8.8 -12.5 5.3 25.0 10 v 09 5.2 9.2 -6.8 3.9 6.9 14.3 2.5 20.0 11 v 10 0.3 0.6 1.8 -0.5 1.9 0.0 2.4 25.0 12 v 11 2.0 1.7 1.8 1.0 4.4 12.5 7.1 33.3 13 v 12 -0.8 -0.6 -3.5 -0.5 -3.0 -11.1 -11.1 35.0 14 v 13 0.5 0.6 -3.6 0.3 1.3 0.0 5.0 3.7 Year-on-year % change at constant prices 01 v 00 2.1 -9.7 -3.6 5.7 -1.8 155.8 259.4 7.8 02 v 01 -3.2 1.7 1.6 -5.6 -3.5 -6.7 2.5 23.0 03 v 02 -5.7 0.0 1.6 -7.0 -22.2 -13.2 -1.3 23.4 04 v 03 -5.9 -4.3 -1.6 -7.1 6.5 -27.5 -26.6 7.1 05 v 04 -35.7 -33.0 -51.6 -37.7 -27.9 -22.9 -17.4 25.8 06 v 05 -3.5 -4.4 17.5 -4.0 -3.5 0.7 -6.0 76.2 07 v 06 14.6 10.0 38.7 16.5 15.6 -6.1 -3.1 17.4 08 v 07 -12.4 -15.8 -7.6 -15.3 16.6 -6.1 8.1 50.2 09 v 08 -9.4 -19.9 -13.4 -3.4 -14.4 -17.8 -1.2 17.4 10 v 09 -1.2 2.6 -12.5 -2.4 0.4 7.3 -3.7 12.7 11 v 10 -3.5 -3.2 -2.1 -4.3 -2.0 -3.8 -1.5 20.2 12 v 11 -2.1 -2.4 -2.3 -3.1 0.2 8.0 2.8 28.0 13 v 12 -4.6 -4.5 -7.2 -4.3 -6.8 -14.5 -14.5 29.8 14 v 13 0.5 0.6 -3.6 0.3 1.3 0.0 5.0 3.7

Advertising expenditure in local currency at current prices (US$$ million) Television Total Free Pay 2005 794 696 98 2006 865 762 103 2007 1,073 942 131 2008 968 832 136 2009 996 862 134 2010 1,035 900 135 2011 1,030 894 136 2012 1,040 900 140 2013 1,035 898 137 2014 1,038 898 140

139 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PUERTO RICO

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ at current prices million Outdoor/ Transport 2,500 2.3% Cinema Internet Radio 0.5% 0.7% 8.8% 2,000 Newspapers 26.1% 1,500 1,831 1,911 1,810 1,865 1,804 1,865 1,809 1,795 1,768 1,774 1,741 1,638 1,680

1,000 1,529 1,396 Magazines 3.1% 500

TV 0 58.5%

Advertising Data: 2000-2004 AdTrac, MediaFax, 2005-2010 Ibope, AdTrac 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Includes agency commission (15%-20%) 3) Excludes classified advertising 4) Excludes production costs 5) Internet figures exclude display, classified and search

Puerto Rico’s economy has developed sensitivity unemployment benefits; retailing has become a to internal and external shocks and pressures. priority for advertisers. The wholesale and retail The Puerto Rico Indexes of Economic Activity industries have been affected by the slow-down (BPPR-IEA) suggest that year-to-date decline is of the economy and the decline in consumer continuing. However, month-on-month changes confidence. But investors, although cautious, are are showing signs of improvement. For instance, still confident that the local economy is a profitable figures for April showed a year-on-year decrease venture. of 1.9%, but they were up 0.8% compared to March 2011. The BPPR-IEA is estimating a fall in GDP Although the ad market had a poor 2009, our of around 5.6% for the 2010-2011 fiscal year. The estimates indicate 5.2% growth for 2010 as a whole, government has raised tax levels to try to resolve helped in particular by an upturn in the fortunes of a deficit of US$3.2 million, and the cost of living is newspapers, radio and TV. We expect expenditure increasing. The value of local goods and services to remain stagnant in 2011, with just 0.3% growth had dropped by nearly 10% year-on-year by the overall. Online advertising performed well in 2010 end of the 2010 fiscal year. (+20.0%) but it still represents a relatively small proportion of the market (0.7%). By 2014, we expect Consumers are more cautious and have internet advertising to account for 1.6% of total benefited from Federal grants, food stamps and spend.

140 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 QATAR

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Outdoor 2002 72.9 66.5 0.3 6.2 - - 2003 80.6 71.0 0.3 8.7 0.6 - 2004 88.8 81.2 0.0 7.2 0.4 - 2005 52.9 47.7 0.3 3.9 0.6 0.4 2006 96.6 86.5 0.3 6.3 1.7 1.8 2007 106.2 92.8 0.7 9.4 1.3 2.0 2008 121.4 105.5 1.0 11.3 1.1 2.6 2009 103.2 89.6 0.5 9.6 1.1 2.3 2010 110.6 98.6 0.5 7.7 1.2 2.5 2011 87.8 78.9 0.5 5.4 1.2 1.8 2012 79.1 71.0 0.5 4.9 1.2 1.5 2013 75.2 67.4 0.5 4.6 1.2 1.4 2014 75.2 67.4 0.5 4.6 1.2 1.4 Year-on-year % change at current prices 03 v 02 10.5 6.8 -14.1 41.6 - - 04 v 03 10.2 14.4 -88.7 -17.2 -34.9 - 05 v 04 -40.4 -41.2 806.6 -46.1 53.0 - 06 v 05 82.5 81.4 -0.6 62.0 174.3 308.7 07 v 06 9.9 7.3 160.0 49.0 -25.2 10.0 08 v 07 14.4 13.6 43.6 20.7 -12.3 28.2 09 v 08 -15.0 -15.0 -50.0 -15.0 0.0 -10.0 10 v 09 7.2 10.0 10.0 -20.0 10.0 10.0 11 v 10 -20.6 -20.0 0.0 -30.0 0.9 -30.0 12 v 11 -9.9 -10.0 -5.0 -10.0 0.0 -15.0 13 v 12 -5.0 -5.0 0.0 -5.0 0.0 -10.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 03 v 02 8.1 4.5 -16.0 38.6 - - 04 v 03 7.3 11.3 -89.0 -19.4 -36.6 - 05 v 04 -42.4 -43.2 777.0 -47.9 48.0 - 06 v 05 76.9 75.8 -3.7 57.0 165.9 296.1 07 v 06 6.8 4.3 152.7 44.8 -27.3 6.9 08 v 07 10.2 9.4 38.3 16.3 -15.5 23.5 09 v 08 -14.8 -14.7 -49.8 -14.7 0.3 -9.7 10 v 09 5.5 8.2 8.2 -21.3 8.2 8.2 11 v 10 -22.9 -22.3 -2.9 -32.0 -2.0 -32.0 12 v 11 -11.0 -11.1 -6.1 -11.1 -1.2 -16.0 13 v 12 -5.8 -5.8 -0.9 -5.8 -0.9 -10.8 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

141 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 QATAR

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices TV Outdoor 7.0% Radio 2.3% 140.0 1.1% Magazines 0.5% 120.0

100.0 121.4 110.6 106.2 80.0 103.2 96.6 88.8 80.6 60.0 87.8 72.9 75.2 75.2 79.1 40.0 52.9

20.0 Newspapers 89.1% 0.0

Advertising Data: 2002-2004 IPSOS Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts until 2004; after discounts from 2005 3) Excludes agency commission 4) Excludes classified

Qatar’s ad market is dominated by newspapers, channels, and we expect television to attract just 6% which held an 89.1% share of the market in 2010. of expenditure for the rest of our forecast period. TV in Qatar has an extremely small market share compared to most media markets, accounting for Total advertising expenditure increased by 7.2% just 7.0% of ad expenditure in 2010; this is mainly year-on-year in 2010. However, some of the most due to viewers’ preference for Pan Arab satellite important local advertisers have slashed spending channels over local television. Advertisers are this year, and we expect continued decline in 2012 continuing to shift their budgets to the pan-regional and 2013.

142 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ROMANIA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 127.7 20.0 11.0 76.0 4.5 0.2 16.0 0.0 2001 118.3 18.0 11.0 70.0 5.0 0.3 14.0 0.0 2002 125.5 20.0 12.0 75.0 6.0 0.5 12.0 0.0 2003 153.7 22.0 14.0 100.0 6.5 0.7 10.0 0.5 2004 226.0 34.3 26.2 127.9 14.1 1.8 20.1 1.6 2005 308.4 34.4 32.9 188.3 20.0 2.3 27.7 2.8 2006 419.9 37.8 44.1 265.5 28.0 2.9 36.0 5.6 2007 602.9 44.4 58.9 390.0 34.8 3.4 53.9 17.5 2008 795.6 57.1 59.3 515.1 48.4 3.9 83.1 28.7 2009 538.1 28.3 37.6 355.6 33.3 2.6 59.2 21.4 2010 457.8 17.7 21.6 298.1 27.8 2.4 58.4 31.8 2011 439.7 15.0 18.4 286.1 25.9 2.0 52.6 39.7 2012 462.8 15.0 18.4 294.7 27.2 2.0 57.8 47.6 2013 510.1 16.5 20.2 324.2 28.5 2.2 63.6 54.8 2014 556.4 18.2 22.2 356.6 30.0 2.3 66.8 60.3 Year-on-year % change at current prices 01 v 00 -7.4 -10.0 0.0 -7.9 11.1 50.0 -12.5 - 02 v 01 6.1 11.1 9.1 7.1 20.0 66.7 -14.3 - 03 v 02 22.5 10.0 16.7 33.3 8.3 40.0 -16.7 - 04 v 03 47.0 55.9 87.1 27.9 116.9 157.1 101.0 220.0 05 v 04 36.4 0.3 25.6 47.2 41.8 27.8 37.6 75.0 06 v 05 36.2 9.9 34.0 41.0 40.0 26.1 30.0 100.0 07 v 06 43.6 17.5 33.6 46.9 24.3 17.2 50.0 212.0 08 v 07 32.0 28.6 0.6 32.1 39.0 15.3 54.0 64.5 09 v 08 -32.4 -50.4 -36.6 -31.0 -31.1 -32.9 -28.7 -25.5 10 v 09 -14.9 -37.5 -42.5 -16.2 -16.5 -10.0 -1.3 48.4 11 v 10 -3.9 -15.0 -15.0 -4.0 -7.0 -15.5 -10.0 24.8 12 v 11 5.2 0.0 0.0 3.0 5.0 0.0 10.0 20.0 13 v 12 10.2 10.0 10.0 10.0 5.0 10.0 10.0 15.0 14 v 13 9.1 10.0 10.0 10.0 5.0 5.0 5.0 10.0 Year-on-year % change at constant prices 01 v 00 -9.9 -12.5 -2.8 -10.4 8.1 45.9 -14.9 - 02 v 01 4.4 9.3 7.3 5.4 18.1 64.0 -15.7 - 03 v 02 19.8 7.6 14.1 30.4 6.0 37.0 -18.5 - 04 v 03 43.2 51.8 82.2 24.5 111.2 150.4 95.7 211.6 05 v 04 32.0 -3.0 21.5 42.4 37.2 23.6 33.1 69.3 06 v 05 32.0 6.5 29.9 36.7 35.7 22.2 26.0 93.8 07 v 06 39.5 14.1 29.8 42.7 20.8 13.9 45.8 203.2 08 v 07 27.1 23.8 -3.1 27.2 33.9 11.1 48.3 58.5 09 v 08 -32.2 -50.2 -36.5 -30.8 -30.9 -32.7 -28.5 -25.2 10 v 09 -16.3 -38.5 -43.4 -17.5 -17.9 -11.5 -2.9 46.0 11 v 10 -6.7 -17.5 -17.5 -6.8 -9.7 -18.0 -12.6 21.2 12 v 11 4.0 -1.2 -1.2 1.8 3.8 -1.2 8.7 18.6 13 v 12 9.2 9.0 9.0 9.0 4.1 9.0 9.0 14.0 14 v 13 7.9 8.8 8.8 8.8 3.8 3.8 3.8 8.8

Advertising expenditure in US$ million at current prices Newspapers Magazines Total National Regional Total Business Consumer 2003 22.0 17.0 5.0 14.0 3.0 11.0 2004 34.3 32.3 2.0 26.2 1.6 24.6 2005 34.4 32.7 1.7 32.9 2.3 30.6 2006 37.8 35.5 2.3 44.1 3.5 40.6 2007 44.4 41.7 2.7 58.9 4.7 54.2 2008 57.1 52.5 4.6 59.3 5.3 53.9 2009 28.3 26.5 1.8 37.6 2.9 34.6 2010 17.7 16.3 1.4 21.6 1.9 19.7 2011 15.0 13.8 1.2 18.4 1.6 16.7 2012 15.0 13.8 1.2 18.4 1.6 16.7 2013 16.5 15.2 1.3 20.2 1.8 18.4 2014 18.2 16.7 1.5 22.2 2.0 20.2

143 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ROMANIA

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices

Newspapers 900 Internet 3.9% 6.9% Magazines 800 Outdoor 4.7%

12.8% 700 796 600 Cinema 0.5% 500 603 556

Radio 538 6.1% 400 510 463 458 440 300 420

200 308

TV 100 226 154 118 125

65.1% 128 0

Advertising Data: 2000-2010 TNS-AGB (TV), Alfa Cont SRL (print and radio), Agency records (outdoor, cinema and internet), 2011-2014 Agency forecasts Notes: 1) After discounts 2) Excludes classified 3) Excludes production costs 4) Excludes agency commission 5) Internet includes all forms of paid advertising (banners, skyscrapers, etc.)

According to the IMF, GDP fell by 7.1% in 2009, in terms of spend, with 65.1% of share in 2010 – although this eased to -1.3% in 2010. This year faced a 16.2% decrease in advertising expenditure. seems more promising. The Oxford Business Press adspend also continued to decline, suffering a Group stated in its Romania: Year in Review 2010 40% fall. In outdoor, there have been some changes that the ‘tough economic decisions’ taken in in trading from CPT to CPC, from standard banners 2010 had resulted in an effective fiscal deficit (predominantly in 2008) to more creativity in reduction plan, and that 2011 should see a return display advertising and increased search, mobile, to growth. Most analysts have agreed on an and social networks. As a result of this, outdoor overall estimated growth of 1.5% for 2011. Q3 2011 remained more or less stable, with only a minor performed particularly well and was up 4.5% on decrease of 1.3%. Spend in cinema and radio Q3 2010; between January and September, GDP registered falls of 10.0% and 16.5% respectively. rose by 2.6% year-on-year. The European Bank The only medium to grow was internet, enjoying for Reconstruction and Development (EBRD) has a very promising 48.4% increase in advertising increased its 2011 economic growth forecasts for expenditure. Internet penetration has remained South Eastern Europe, even though the region quite stable and investment is expected to grow. is still predicted to fare worse than others. ING expects industrial production to increase by 4.3%, Overall, we expect a 3.9% decline in the ad market and foreign direct investment to rise to 3.6% of for 2011. We estimate a 4% fall in TV budgets, GDP (compared to 2.9% in 2010). In addition, it with prices deflating by 8%. Further reduction is predicts that the consumer price index will end anticipated in press media budgets, with price 2011 at 4.8%, down from 7.9% at the end of 2010 - deflation between 10% and 15%. Radio and cinema and that the unemployment rate will decline from prices are expected to deflate by 5%, and outdoor 8.3% in 2010 to 8.1% in 2011. prices by 10%. Internet is expected to see a growth in spend of around 25% – driven mainly by search 2010 was the second year of crisis in which – with prices remaining stable. advertising budgets continued to decline, even if not as sharply as in 2009. TV – by far the largest medium At the start of September, Ringier took over

144 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ROMANIA

Edipresse Romania, which could bring about expect around 5% growth overall in advertising changes to its sales policies next year. Similar investments in 2012. In particular, we think we changes are expected to be implemented by public shall see faster increases in outdoor and internet TV stations after the termination of their contracts expenditure compared to other media. However, with their current sales house in December. In there is the possibility that new regulations January 2012, Kantar Media will replace GfK as the concerning outdoor advertising will be introduced, television audience data supplier; potentially this which could have an impact on costs and could result in higher ratings and inventory in Q1. investment levels for the medium. The local and parliamentary elections will be held in 2012. We It is thought that 2012 will be the year of economic expect them to bring additional investment to the recovery. In the past, the advertising market market, particularly to print and outdoor. Our has always been ahead of economic forecasts, forecasts suggest that advertising expenditure will with small shifts in GDP leading to significant continue to grow in 2013 and 2014, by 10.2% and changes in advertising expenditure. Therefore, we 9.1% respectively.

145 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 RUSSIA

Advertising expenditure in local currency at current prices (Roubles million) Total NewspapersMagazines TV Radio Cinema/Indoor Outdoor Internet 2000 23,235 6,751 2,813 7,595 1,266 84 4,641 84 2001 38,969 9,042 4,667 14,876 2,042 146 8,021 175 2002 58,937 5,173 8,151 28,841 3,605 282 12,540 345 2003 76,730 5,985 10,742 38,058 4,757 368 16,267 552 2004 98,832 7,203 13,543 48,984 7,204 432 20,458 1,008 2005 126,900 8,200 15,800 65,900 8,500 1,100 25,700 1,700 2006 164,800 9,400 19,200 85,900 12,500 1,800 33,100 2,900 2007 218,600 11,600 23,400 113,200 14,900 2,400 40,400 12,700 2008 231,500 11,100 29,700 117,700 13,100 2,700 42,300 14,900 2009 173,653 7,300 17,100 96,400 9,253 2,200 25,200 16,200 2010 203,100 8,250 18,350 110,800 10,300 3,100 29,700 22,600 2011 248,238 8,830 20,453 133,113 11,536 3,720 36,234 34,352 2012 283,000 9,111 21,861 147,000 12,344 4,278 42,031 46,375 2013 330,531 9,759 24,257 168,121 13,578 5,134 47,075 62,607 2014 382,391 10,540 26,197 191,658 14,664 6,160 51,783 81,388 Year-on-year % change at current prices 01 v 00 67.7 33.9 65.9 95.9 61.3 72.8 72.8 107.4 02 v 01 51.2 -42.8 74.6 93.9 76.6 93.5 56.3 97.0 03 v 02 30.2 15.7 31.8 32.0 32.0 30.5 29.7 60.2 04 v 03 28.8 20.4 26.1 28.7 51.4 17.4 25.8 82.5 05 v 04 28.4 13.8 16.7 34.5 18.0 154.5 25.6 68.6 06 v 05 29.9 14.6 21.5 30.3 47.1 63.6 28.8 70.6 07 v 06 32.6 23.4 21.9 31.8 19.2 33.3 22.1 337.9 08 v 07 5.9 -4.3 26.9 4.0 -12.1 12.5 4.7 17.3 09 v 08 -25.0 -34.2 -42.4 -18.1 -29.4 -18.5 -40.4 8.7 10 v 09 17.0 13.0 7.3 14.9 11.3 40.9 17.9 39.5 11 v 10 22.2 7.0 11.5 20.1 12.0 20.0 22.0 52.0 12 v 11 14.0 3.2 6.9 10.4 7.0 15.0 16.0 35.0 13 v 12 16.8 7.1 11.0 14.4 10.0 20.0 12.0 35.0 14 v 13 15.7 8.0 8.0 14.0 8.0 20.0 10.0 30.0 Year-on-year % change at constant prices 01 v 00 38.0 10.2 36.6 61.2 32.8 42.2 42.2 70.7 02 v 01 30.7 -50.6 50.9 67.5 52.6 67.2 35.1 70.3 03 v 02 14.5 1.7 15.9 16.0 16.0 14.8 14.1 40.9 04 v 03 16.2 8.6 13.8 16.1 36.6 5.9 13.5 64.7 05 v 04 13.9 1.0 3.5 19.4 4.7 125.8 11.5 49.6 06 v 05 18.4 4.5 10.8 18.8 34.0 49.1 17.4 55.5 07 v 06 21.7 13.2 11.8 20.9 9.4 22.3 12.0 301.8 08 v 07 -7.2 -16.1 11.3 -8.8 -22.9 -1.4 -8.2 2.9 09 v 08 -32.8 -41.1 -48.4 -26.6 -36.7 -27.0 -46.6 -2.6 10 v 09 9.4 5.7 0.4 7.5 4.1 31.8 10.3 30.5 11 v 10 12.2 -1.7 2.4 10.3 2.8 10.2 12.0 39.6 12 v 11 6.2 -3.8 -0.4 2.9 -0.3 7.2 8.1 25.8 13 v 12 9.3 0.2 3.8 7.0 2.9 12.3 4.8 26.3 14 v 13 8.5 1.3 1.3 6.9 1.3 12.6 3.2 22.0 Advertising expenditure in US$ million at current prices. All years based on US$1 = Roubles 30.368 Total Newspapers Magazines TV Radio Cinema/Indoor Outdoor Internet 2000 765 222 93 250 42 3 153 3 2001 1,283 298 154 490 67 5 264 6 2002 1,941 170 268 950 119 9 413 11 2003 2,527 197 354 1,253 157 12 536 18 2004 3,254 237 446 1,613 237 14 674 33 2005 4,179 270 520 2,170 280 36 846 56 2006 5,427 310 632 2,829 412 59 1,090 95 2007 7,198 382 771 3,728 491 79 1,330 418 2008 7,623 366 978 3,876 431 89 1,393 491 2009 5,718 240 563 3,174 305 72 830 533 2010 6,688 272 604 3,649 339 102 978 744 2011 8,174 291 673 4,383 380 122 1,193 1,131 2012 9,319 300 720 4,841 406 141 1,384 1,527 2013 10,884 321 799 5,536 447 169 1,550 2,062 2014 12,592 347 863 6,311 483 203 1,705 2,680

Advertising expenditure in local currency at current prices (Roubles million) Print Advertising Total Newspapers Magazines editions 2002 23,669 5,173 8,151 10,345 2003 28,697 5,985 10,742 11,970 2004 34,576 7,203 13,543 13,830 2005 39,300 8,200 15,800 15,300 2006 44,600 9,400 19,200 16,000 2007 51,900 11,600 23,400 16,900 2008 63,800 11,100 29,700 23,000 2009 35,600 7,300 17,100 11,200 2010 38,000 8,250 18,350 11,400 2011 41,040 8,830 20,453 11,757 2012 43,092 9,111 21,861 12,120 2013 46,970 9,759 24,257 12,954 2014 50,728 10,540 26,197 13,991

146 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 RUSSIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 450,000 Newspapers Internet 4.1% 400,000 11.1% Magazines 9.0% 350,000 Outdoor 14.6% 300,000 382,391 250,000 Cinema/Indoor 1.5% 330,531 200,000 Radio 283,000

5.1% 150,000 248,238 231,500 88,700 218,600

100,000 203,100 69,281

TV 38,969 173,653 164,800 54.6% 23,235 50,000 14,095 126,900 0

Advertising Data: 2000-2010 AKAR, RARA (Russian Association of Communication Agencies), 2011-2014 Agency forecasts Notes: 1) Includes agency commission 2) Excludes production costs 3) After discounts 4) Includes VAT until 2007, excludes from 2008 5) Newspapers include special advertising editions from 2002 6) Television includes non-terrestrial advertising from 2007 7) Cinema/Indoor includes only cinema to 2006, both cinema and indoor from 2007 8) Internet includes banners and advertising in newsletter emails, and contextual advertising from 2007

In 2010 GDP increased 4.0% and the IMF expects dramatically as growing demand will still boost it to grow a little faster in 2011, by 4.3%. However, inflation. Russia’s growth prospects will remain dependent on international commodity prices. While oil Provided this climate of stability continues, we prices remain favourable for the country, current expect 2011 to show similar growth rates, with international economic instability could affect digital maintaining its relentless upward trend Russia’s growth. ahead of all other media. Internet spending increased its share of the ad market from 6.4% Although the ad market shrank 25.0% in 2009, it in 2008 to 11.1% in 2010, and we expect it to bounced back in 2010 to rise 17.0%, and is expected reach 21.3% by 2014. Indeed, we expect internet to grow by a further 22.2% in 2011. Advertising advertising expenditure to overtake that for figures for the first half of 2011 show the market outdoor by the end of 2012, making it the second- is still improving and that it is up 28% compared largest medium in terms of spend. However, the to the same period in 2010. Niche television and share of ad expenditure for newspapers, magazines internet expenditure is growing above market and radio is expected to fall slowly over the next rate, which is attributable to the increase in digital few years, from 4.1%, 9.0% and 5.1% respectively in penetration. Outdoor expenditure increased 26% 2010 to 2.8%, 6.9% and 3.8% in 2014. We think both year-on-year during the first half of this year, Q2 and Q3 2011 will have shown slower growth compared to 20% year-on-year growth for Q1 2011. rates compared with the excellent performance of the same quarters in 2010. The forthcoming Duma Demand for ad space is growing. Under new and presidential elections, taking place respectively legislation, advertisers will be able to deal with in December 2011 and March 2012, will probably up to four competing sales houses as opposed to a have some positive effect on outdoor advertising dominant seller. The changes will ensure greater expenditure in particular. competition, but they should not affect prices

147 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SAUDI ARABIA

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Outdoor 2000 377 269 61 20 - 27 2001 417 295 56 25 - 41 2002 423 312 25 43 - 43 2003 476 340 29 38 - 69 2004 605 424 27 76 - 78 2005 528 397 20 43 - 69 2006 684 439 25 45 59 117 2007 740 495 28 41 45 130 2008 809 551 31 46 44 137 2009 646 441 22 32 42 110 2010 635 432 19 29 56 99 2011 596 410 17 23 58 89 2012 569 390 15 22 58 84 2013 569 390 14 22 58 84 2014 569 390 14 22 58 84 Year-on-year % change at current prices 01 v 00 10.6 9.6 -7.2 22.7 - 51.1 02 v 01 1.4 6.0 -56.3 71.1 - 4.9 03 v 02 12.6 8.9 18.3 -10.8 - 58.7 04 v 03 27.1 24.7 -7.7 99.5 - 14.0 05 v 04 -12.7 -6.5 -26.4 -43.7 - -11.7 06 v 05 29.4 10.7 25.5 4.4 - 68.5 07 v 06 56.8 12.7 14.2 -7.2 -23.2 11.5 08 v 07 -24.6 11.4 9.1 10.8 -2.6 5.4 09 v 08 -20.1 -20.0 -30.0 -30.0 -5.0 -20.0 10 v 09 -1.6 -2.0 -10.0 -10.0 35.0 -10.0 11 v 10 -6.1 -5.0 -15.0 -20.0 2.2 -10.0 12 v 11 -4.5 -5.0 -10.0 -5.0 1.4 -5.0 13 v 12 -0.1 0.0 -5.0 0.0 0.0 0.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 7.6 6.6 -9.7 19.3 - 47.0 02 v 01 -0.2 4.3 -57.0 68.4 - 3.2 03 v 02 10.1 6.6 15.7 -12.7 - 55.3 04 v 03 23.8 21.4 -10.1 94.2 - 11.0 05 v 04 -15.6 -9.6 -28.8 -45.6 - -14.6 06 v 05 25.4 7.3 21.6 1.2 - 63.3 07 v 06 5.1 9.5 10.9 -9.8 -25.4 8.4 08 v 07 5.3 7.3 5.1 6.7 -6.2 1.5 09 v 08 -19.9 -19.8 -29.8 -29.8 -4.7 -19.8 10 v 09 -3.2 -3.6 -11.5 -11.5 32.8 -11.5 11 v 10 -8.9 -7.8 -17.5 -22.3 -0.8 -12.6 12 v 11 -5.6 -6.1 -11.1 -6.1 0.2 -6.1 13 v 12 -1.0 -0.9 -5.8 -0.9 -0.9 -0.9 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

148 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SAUDI ARABIA

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices

Outdoor 900 15.5% 800

700 Radio 809

8.9% 600 740 684 646 635

500 605 596 569 569 TV 569 4.6% 400 528 476 423 Magazines 300 417 3.1% Newspapers 377 68.0% 200

100

Advertising Data: 2000-2004 PARC/Ipsos Statex, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Before discounts to 2004, after discounts thereafter 3) Excludes production costs 4) Excludes classified advertising 5) Saudi Arabia has no cinemas 6) Outdoor does not include semi-permanent installations like outsize hoardings and Unipoles 7) Advertising spend on pay-TV is not monitored

Spend on local TV stations are down as advertisers works. Radio, however, is set to grow thanks to the consolidate their budgets. Much television spend launch of several new stations this year. We expect is moving over to Pan Arab stations. Similarly, a 6.1% decline in spend for the market as a whole outdoor expenditure is expected to decline as during 2011, and we do not foresee growth for the a significant number of OOH sites have been remaining forecast period. unavailable in several territories due to renovation

149 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SERBIA

Advertising expenditure in local currency at current prices (RSD million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2003 24,845 904 869 23,071 - - - - 2004 35,016 1,548 1,702 31,766 - - - - 2005 7,753 813 745 4,908 312 - 935 41 2006 9,724 1,160 923 5,950 425 - 1,190 77 2007 13,976 2,138 1,062 8,160 600 40 1,840 136 2008 16,605 2,963 1,411 9,153 729 41 2,106 203 2009 15,134 2,183 1,201 8,930 611 47 1,927 235 2010 18,025 2,751 1,472 10,094 824 52 2,163 670 2011 17,442 2,559 1,317 9,894 816 51 2,040 765 2012 17,493 2,424 1,248 9,996 816 51 2,040 918 2013 17,697 2,356 1,214 10,200 816 51 2,040 1,020 2014 18,615 2,224 1,142 10,914 867 51 2,142 1,275 Year-on-year % change at current prices 04 v 03 40.9 71.2 95.7 37.7 - - - - 05 v 04 -77.7 -47.5 -56.2 -84.6 - - - - 06 v 05 25.3 42.7 23.9 21.2 36.4 - 27.3 86.6 07 v 06 43.1 84.4 15.1 37.1 41.2 - 54.6 77.8 08 v 07 18.8 38.6 32.9 12.2 21.5 1.3 14.5 48.9 09 v 08 -8.9 -26.3 -14.9 -2.4 -16.2 16.0 -8.5 16.0 10 v 09 19.1 26.0 22.6 13.0 34.9 9.6 12.2 184.9 11 v 10 -3.2 -7.0 -10.5 -2.0 -1.0 -1.0 -5.7 14.3 12 v 11 0.3 -5.3 -5.2 1.0 0.0 0.0 0.0 20.0 13 v 12 1.2 -2.8 -2.8 2.0 0.0 0.0 0.0 11.1 14 v 13 5.2 -5.6 -5.9 7.0 6.3 0.0 5.0 25.0 Year-on-year % change at constant prices 04 v 03 27.0 54.3 76.4 24.1 - - - - 05 v 04 -80.8 -54.8 -62.3 -86.7 - - - - 06 v 05 12.2 27.7 10.9 8.5 22.1 - 14.0 67.0 07 v 06 34.4 73.2 8.1 28.8 32.6 - 45.3 67.0 08 v 07 5.7 23.3 18.3 -0.2 8.1 -9.9 1.9 32.5 09 v 08 -15.7 -31.9 -21.3 -9.8 -22.5 7.3 -15.4 7.3 10 v 09 12.3 18.8 15.5 6.5 27.1 3.3 5.8 168.5 11 v 10 -13.1 -16.4 -19.6 -11.9 -11.0 -11.0 -15.3 2.7 12 v 11 -3.8 -9.2 -9.1 -3.1 -4.1 -4.1 -4.1 15.1 13 v 12 -2.4 -6.2 -6.2 -1.6 -3.6 -3.6 -3.6 7.1 14 v 13 1.1 -9.3 -9.5 2.9 2.2 -3.8 1.0 20.2

Advertising expenditure in US$ million at current prices. All years based on US$1=RSD 77.73 Total Newspapers Magazines TV Radio Outdoor Internet 2003 320 12 11 297 - - - - 2004 450 20 22 409 - - - - 2005 100 10 10 63 4 - 12 1 2006 125 15 12 77 5 - 15 1 2007 180 28 14 105 8 1 24 2 2008 214 38 18 118 9 1 27 3 2009 195 28 15 115 8 1 25 3 2010 232 35 19 130 11 1 28 9 2011 224 33 17 127 10 1 26 10 2012 225 31 16 129 10 1 26 12 2013 228 30 16 131 10 1 26 13 2014 239 29 15 140 11 1 28 16

Advertising expenditure in local currency at current prices (RSD million) Magazines Television Total Business Consumer Total Free Pay 2005 745 32 713 4,908 4,908 - 2006 923 40 883 5,950 4,010 1,940 2007 1,062 33 1,029 8,160 5,802 2,358 2008 1,411 44 1,367 9,153 7,753 1,400 2009 1,201 50 1,151 8,930 7,778 1,152 2010 1,472 65 1,407 10,094 8,822 1,272 2011 1,317 61 1,256 9,894 8,657 1,237 2012 1,248 56 1,192 9,996 8,756 1,240 2013 1,214 61 1,153 10,200 8,945 1,255 2014 1,142 57 1,085 10,914 9,572 1,342

150 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SERBIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices

Outdoor Internet Newspapers 40,000 12.0% 3.7% 15.3% 35,000 Cinema 0.3% 30,000 30,444 Radio Magazines 25,000 4.6% 8.2% 20,000 24,845 15,000 18,615 18,025 17,697

10,000 17,493 17,442 16,605 15,134 5,000 13,976 9,724

TV 7,753 56.0% 0

Advertising Data: 2003-2010 Arianna, AGB Nielsen Media Research, AdEx, Strategic Marketing, Agency estimates (radio, cinema, outdoor and internet), 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) Before discounts until 2004, after discounts from 2005 3) Excludes agency commission 4) Excludes classified

It is worth noting that figures from 2005 onwards outdoor performing the worst. The only exception are reported as net, which will account for the is internet, which is set to grow 14.3% in 2011. apparent drop in advertising expenditure that year. Our forecasts indicate that internet advertising expenditure is set to overtake that of radio by the The ad market registered considerable growth end of next year and that of magazines by the end in 2010 – rising by 19.1% – after a difficult 2009, of 2014, bringing its share of the market to 6.8% but is predicted to decline by 3.2% in 2011. This that year. will be a tough year for all media, with print and

151 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SINGAPORE

Advertising expenditure in local currency at current prices (S$ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,500 751 68 504 77 22 78 - 2001 1,541 680 72 557 115 22 96 - 2002 1,686 692 65 696 130 13 90 - 2003 1,766 682 90 724 166 10 94 - 2004 2,033 740 94 889 189 12 110 - 2005 1,864 734 96 725 178 13 118 - 2006 1,940 758 121 764 153 12 132 - 2007 2,000 825 123 683 144 15 178 32 2008 2,147 855 119 734 153 17 219 51 2009 2,072 805 110 707 166 15 202 67 2010 2,304 914 119 744 191 14 221 101 2011 2,473 918 125 820 193 12 230 175 2012 2,462 900 128 810 195 12 230 187 2013 2,585 914 122 835 200 14 250 250 2014 2,625 914 122 815 200 12 300 262 Year-on-year % change at current prices 01 v 00 2.7 -9.4 5.0 10.4 49.9 -0.4 22.3 - 02 v 01 9.4 1.8 -9.3 25.0 13.0 -41.7 -5.9 - 03 v 02 4.7 -1.4 38.5 4.0 27.7 -23.1 4.4 - 04 v 03 15.1 8.5 4.0 22.8 13.8 16.0 16.5 - 05 v 04 -8.3 -0.8 2.6 -18.5 -5.8 12.1 7.8 - 06 v 05 4.1 3.3 26.0 5.4 -14.0 -7.7 11.9 - 07 v 06 3.1 8.8 1.7 -10.6 -5.9 25.0 34.8 - 08 v 07 7.4 3.6 -3.4 7.5 6.0 10.0 23.0 59.4 09 v 08 -3.5 -5.8 -7.4 -3.7 8.8 -9.1 -7.8 31.4 10 v 09 11.2 13.5 8.2 5.2 15.1 -6.7 9.4 50.7 11 v 10 7.3 0.4 5.0 10.2 1.0 -14.3 4.1 73.3 12 v 11 -0.4 -2.0 2.4 -1.2 1.0 0.0 0.0 6.9 13 v 12 5.0 1.6 -4.7 3.1 2.6 16.7 8.7 33.7 14 v 13 1.5 0.0 0.0 -2.4 0.0 -14.3 20.0 4.8 Year-on-year % change at constant prices 01 v 00 1.7 -10.3 4.0 9.4 48.5 -1.4 21.1 - 02 v 01 9.8 2.2 -9.0 25.5 13.5 -41.5 -5.5 - 03 v 02 4.2 -1.9 37.8 3.5 27.1 -23.5 3.9 - 04 v 03 13.2 6.7 2.3 20.8 11.9 14.1 14.5 - 05 v 04 -8.7 -1.2 2.1 -18.8 -6.2 11.6 7.3 - 06 v 05 3.0 2.2 24.8 4.3 -14.9 -8.6 10.8 - 07 v 06 1.0 6.6 -0.4 -12.4 -7.8 22.5 32.1 - 08 v 07 0.7 -2.8 -9.4 0.8 -0.6 3.2 15.4 49.5 09 v 08 -4.0 -6.4 -7.9 -4.2 8.2 -9.6 -8.3 30.7 10 v 09 8.2 10.4 5.2 2.4 11.9 -9.2 6.4 46.6 11 v 10 3.5 -3.1 1.3 6.3 -2.6 -17.3 0.4 67.1 12 v 11 -3.3 -4.7 -0.5 -4.0 -1.8 -2.8 -2.8 3.8 13 v 12 2.5 -0.8 -6.9 0.7 0.2 13.9 6.1 30.6 14 v 13 -0.5 -2.1 -2.1 -4.4 -2.1 -16.0 17.5 2.6 Advertising expenditure in US$ million at current prices. All years based on US$1= S$ 1.36 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,100 550 50 370 56 16 57 - 2001 1,130 499 53 408 84 16 70 - 2002 1,237 508 48 510 95 10 66 - 2003 1,295 500 66 531 122 7 69 - 2004 1,491 543 69 652 139 9 80 - 2005 1,367 538 70 532 131 10 87 - 2006 1,423 556 89 560 112 9 97 - 2007 1,467 605 90 501 106 11 131 23 2008 1,575 627 87 538 112 12 161 37 2009 1,520 590 81 519 122 11 148 49 2010 1,690 670 87 546 140 10 162 74 2011 1,814 673 92 601 142 9 169 128 2012 1,806 660 94 594 143 9 169 137 2013 1,896 670 89 612 147 10 183 183 2014 1,925 670 89 598 147 9 220 192

152 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SINGAPORE

S Share of adspend by medium (%) 2010 Total advertising expenditure in local currency at million current prices 3,000 Internet Outdoor 4.4% 9.6% 2,500 Cinema 2,625 0.6% 2,585

2,000 2,462 2,473

Radio Newspapers 2,304 2,147 2,072

8.3% 39.7% 2,033 1,500 2,000 1,940 1,864 1,766 1,686 1,541

1,000 1,500

500 TV 32.3% Magazines 0 5.2%

Advertising Data: 2000-2004 AC Nielsen, SRS Adex, 2005-2010 Nielsen Media Research, IAB (internet), 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Excludes production costs 3) Includes some classified advertising (‘display classifieds’ for banking/finance, cars, leisure/travel and property) 4) Includes agency commission (15%)

With the US economy still not showing any signs This slowdown will have a definite adverse impact of a sustained recovery, and the eurozone crisis on marketing and advertising in Singapore. threatening to spread to other countries, the Both local and regional advertisers hubbed out trade and export-reliant Singaporean economy of Singapore are expected to be more cautious is showing clear signs of a slowdown. The with their marketing and advertising budgets. Singaporean government is forecasting a growth Traditional media choices will be impacted the of 1%-3% only for next year, a sharp drop from the most, whilst new media, though continuing to previous two years’ growth rate. grow, will certainly experience a slowdown in growth rates.

153 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SLOVAKIA

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 310 29 35 217 18 0.1 9 - 2001 420 37 45 298 25 0.4 15 - 2002 466 39 47 328 32 0.4 18 - 2003 555 49 58 394 37 0.4 16 - 2004 790 59 70 591 50 0.4 20 - 2005 387 46 55 224 40 0.7 22 - 2006 462 45 62 274 43 0.7 28 10 2007 538 51 76 319 42 0.6 34 16 2008 668 47 83 405 47 0.7 63 23 2009 531 46 82 263 55 3.0 59 23 2010 510 61 71 232 59 3.0 60 25 2011 515 60 65 250 56 3.0 56 26 2012 484 49 56 240 53 3.0 56 27 2013 483 46 53 250 52 3.0 53 28 2014 503 42 49 266 54 3.0 55 35 Year-on-year % change at current prices 01 v 00 35.5 27.4 27.4 37.0 33.7 211.1 57.0 - 02 v 01 11.0 5.4 5.4 10.2 30.8 17.9 24.3 - 03 v 02 19.1 23.2 23.2 20.2 13.9 -6.8 -11.3 - 04 v 03 42.5 20.4 20.4 49.9 35.3 0.0 24.4 - 05 v 04 -50.1 -22.0 -22.0 -62.1 -18.6 68.6 7.2 - 06 v 05 17.3 -0.9 12.5 22.5 5.6 6.1 26.8 - 07 v 06 16.5 11.8 23.1 16.3 -1.3 -18.2 22.6 61.9 08 v 07 24.1 -6.6 8.9 26.8 12.2 11.1 86.7 39.2 09 v 08 -20.6 -2.1 -0.8 -35.0 17.2 351.9 -7.5 0.1 10 v 09 -3.8 31.8 -13.7 -11.7 6.3 0.0 2.6 8.7 11 v 10 1.0 -2.3 -7.9 7.5 -4.8 0.0 -6.3 4.0 12 v 11 -6.1 -17.6 -14.0 -3.8 -6.3 0.0 0.0 3.8 13 v 12 -0.1 -7.1 -6.3 4.2 -1.3 0.0 -6.7 3.7 14 v 13 4.1 -7.7 -6.7 6.2 4.1 0.0 4.4 25.0 Year-on-year % change at constant prices 01 v 00 26.2 18.7 18.7 27.6 24.6 189.8 46.3 - 02 v 01 7.4 2.0 2.0 6.7 26.6 14.1 20.3 - 03 v 02 9.7 13.5 13.5 10.8 5.0 -14.1 -18.2 - 04 v 03 32.4 11.9 11.9 39.3 25.8 -7.1 15.6 - 05 v 04 -51.4 -24.0 -24.0 -63.1 -20.8 64.2 4.4 - 06 v 05 12.3 -5.2 7.7 17.2 1.0 1.5 21.3 - 07 v 06 13.4 8.8 19.8 13.2 -3.9 -20.4 19.3 57.5 08 v 07 18.7 -10.7 4.2 21.3 7.3 6.3 78.6 33.2 09 v 08 -21.9 -3.7 -2.4 -36.1 15.3 344.6 -8.9 -1.5 10 v 09 -4.8 30.6 -14.5 -12.6 5.3 -1.0 1.6 7.7 11 v 10 -2.5 -5.7 -11.1 3.8 -8.1 -3.5 -9.5 0.4 12 v 11 -7.8 -19.1 -15.5 -5.5 -7.9 -1.8 -1.8 2.0 13 v 12 -2.9 -9.8 -8.9 1.2 -4.1 -2.8 -9.3 0.8 14 v 13 1.3 -10.2 -9.2 3.3 1.2 -2.7 1.5 21.6

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 410 39 47 288 24 0.2 12 - 2001 556 50 59 394 33 0.5 20 - 2002 617 52 63 434 43 0.6 24 - 2003 735 64 77 522 49 0.5 22 - 2004 1,047 77 93 783 66 0.5 27 - 2005 513 60 73 297 53 0.9 29 - 2006 612 60 82 363 56 1.0 37 13 2007 713 67 100 423 56 0.8 45 22 2008 885 63 109 536 63 0.9 84 30 2009 703 61 108 348 73 4.0 77 30 2010 676 81 94 307 78 4.0 79 33 2011 683 79 86 330 74 4.0 75 34 2012 641 65 74 318 70 4.0 75 36 2013 640 60 70 331 69 4.0 70 37 2014 666 56 65 352 71 4.0 73 46

Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Total National Regional Total Business Consumer 2005 46 39 7 55 5 50 2006 45 38 7 62 6 55 2007 51 42 9 76 8 67 2008 47 40 7 83 9 74 2009 46 36 10 82 8 74 2010 61 39 22 71 8 62 2011 60 36 23 65 9 56 2012 49 30 19 56 8 48 2013 46 28 18 53 8 45 2014 42 26 16 49 8 41

154 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SLOVAKIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency billion at current prices Internet Outdoor Newspapers 90,000 4.9% 11.8% 11.9% 80,000

Cinema 70,000 0.59% Magazines 80,714 13.9% 60,000 Radio

11.5% 50,000 66,024 40,000 55,384

30,000 46,461

20,000 39,070 11,017 14,429 32,118 7,973

TV 28,013

10,000 4,730 5,897

45.5% 19,704 16,702 0 14,429

Advertising Data: 2000-2010 TNS A-Connect, AIM monitor, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes classified advertising 3) Excludes production costs 4) After discounts from 2005

Readers should note that we have now begun to The Slovak economy declined by 4.7% in 2009 report all figures from 2005 after discounts, which which, while unfortunate, was not the disaster will account for the sizeable dip in expenditure we saw unfold in some other markets in Eastern that year. In addition, it is worth noting that the Europe. It then bounced back to grow by 4.0% in apparent drop in TV spend in 2010 is accounted for 2010 according to the IMF, which currently expects by a change in TNS’s measurement methodology, a further 3.3% growth this year. and does not necessarily reflect a continuation of the problems undoubtedly experienced in 2009. The ad market is still recovering and we don’t Indeed, TV still dominates the ad market, attracting expect it to register substantial growth until 2014. 45.5% of total adspend in 2010. Currently, we are estimating 1% growth for 2011 driven mainly by TV and internet.

155 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SLOVENIA

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 185 23 35 119 - - 9 - 2001 201 26 36 128 - - 11 - 2002 226 34 34 146 - - 12 - 2003 253 38 41 159 - - 14 - 2004 313 47 49 189 9 - 15 3 2005 348 72 35 193 18 1.4 24 4 2006 377 85 39 195 19 1.4 30 7 2007 452 101 43 243 20 2.0 32 11 2008 533 109 50 299 20 1.3 36 18 2009 536 95 46 314 23 1.4 37 18 2010 621 88 35 411 21 0.9 40 24 2011 672 89 39 460 23 1.0 29 32 2012 719 91 41 495 25 1.1 30 36 2013 759 92 43 525 27 1.2 32 40 2014 803 93 45 558 28 1.6 33 45 Year-on-year % change at current prices 01 v 00 8.6 15.1 2.5 7.7 - - 28.0 - 02 v 01 12.4 30.5 -5.7 14.3 - - 5.8 - 03 v 02 11.7 12.2 21.6 9.0 - - 16.9 - 04 v 03 23.7 22.8 19.1 18.6 - - 9.2 - 05 v 04 11.5 52.5 -27.7 2.1 94.4 - 62.4 39.3 06 v 05 8.2 18.9 10.7 0.9 4.9 0.0 24.6 58.4 07 v 06 19.8 18.3 9.4 24.9 6.8 42.9 5.1 52.1 08 v 07 18.0 7.5 16.5 22.9 0.2 -34.9 11.8 75.6 09 v 08 0.5 -12.1 -8.0 5.2 13.0 6.0 4.3 0.2 10 v 09 15.8 -7.9 -23.5 30.7 -6.9 -33.9 7.2 31.8 11 v 10 8.3 1.1 10.0 12.0 8.0 5.0 -28.4 30.0 12 v 11 6.9 2.1 5.9 7.6 7.2 14.9 5.1 12.8 13 v 12 5.6 1.1 5.6 6.1 6.8 9.1 5.0 11.2 14 v 13 5.8 1.5 3.9 6.2 5.6 33.3 4.1 13.4 Year-on-year % change at constant prices 01 v 00 0.2 6.2 -5.4 -0.6 - - 18.1 - 02 v 01 4.5 21.4 -12.3 6.4 - - -1.6 - 03 v 02 5.8 6.3 15.2 3.2 - - 10.7 - 04 v 03 19.5 18.6 15.0 14.5 - - 5.4 - 05 v 04 8.8 48.8 -29.5 -0.4 89.6 - 58.4 35.9 06 v 05 5.6 16.1 8.1 -1.5 2.4 -2.4 21.6 54.6 07 v 06 15.6 14.1 5.5 20.4 3.0 37.8 1.4 46.7 08 v 07 11.8 1.8 10.3 16.4 -5.1 -38.3 5.9 66.3 09 v 08 -0.3 -12.8 -8.7 4.3 12.1 5.1 3.5 -0.7 10 v 09 13.7 -9.6 -24.9 28.4 -8.6 -35.1 5.2 29.4 11 v 10 6.4 -0.6 8.1 10.0 6.1 3.1 -29.7 27.7 12 v 11 4.7 0.0 3.7 5.4 5.0 12.6 2.9 10.5 13 v 12 3.3 -1.2 3.2 3.7 4.4 6.6 2.6 8.7 14 v 13 3.5 -0.7 1.7 3.9 3.4 30.5 1.9 10.9

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 245 30 46 157 - - 12 - 2001 266 35 48 170 - - 15 - 2002 299 45 45 194 - - 16 - 2003 335 51 54 211 - - 18 - 2004 414 62 65 250 12 - 20 4 2005 462 95 47 255 24 1.9 32 6 2006 499 113 52 258 25 1.9 40 9 2007 598 134 57 322 27 2.6 42 14 2008 706 144 66 396 27 1.7 47 24 2009 710 126 61 416 31 1.8 49 24 2010 822 116 47 544 28 1.2 53 32 2011 890 118 51 609 31 1.3 38 42 2012 952 120 54 656 33 1.5 40 47 2013 1,006 122 57 696 35 1.6 42 53 2014 1,064 123 60 739 37 2.1 44 60 Advertising expenditure in local currency at current prices (€ million) Newspapers Total National Regional 2005 72 57 15 2006 85 63 22 2007 101 80 21 2008 109 89 20 2009 95 78 17 2010 88 75 13 2011 89 76 13 2012 91 77 14 2013 92 78 14 2014 93 79 14

156 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SLOVENIA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 900 Outdoor Internet 6.4% 3.9% 800 Newspapers Cinema Radio 14.2% 700 3.5% 0.1% 803

Magazines 600 759

5.7% 719

500 672 621 536

400 533

300 452 377 348

200 313 253 226 185 TV 100 201 66.2% 0

Advertising Data: 2000-2009 Mediana IBO, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes classified advertising 3) Excludes production costs 4) Before discounts 5) Newspapers includes local titles from 2005 onwards 6) Internet figure includes display and search, but only for major sites

Advertising expenditure grew by an impressive remarkable pace at which TV spend increased 15.8% in 2010, but we expect it to slow to 8.3% this last year, we estimate that internet adspend year. narrowly outperformed it with 31.8% growth. Online overtook radio in terms of expenditure for Television is the largest medium in Slovenia, the first time last year, and is expected to surpass accounting for 66.2% of total expenditure in outdoor this year. Internet’s share of expenditure is 2010. It grew by 30.7% in 2010, and is expected to expected to reach 5.6% by 2014, compared to 3.9% increase its share of spend to as much as 69.5% in 2010. by 2014 as press continues to shrink. Despite the

157 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SOUTH AFRICA

Advertising expenditure in local currency at current prices (Rand million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 8,878 2,473 1,220 3,567 1,223 69 326 0 2001 9,648 2,520 1,279 4,146 1,206 62 382 53 2002 11,519 3,111 1,441 4,976 1,440 77 428 46 2003 13,060 3,430 1,503 5,762 1,710 87 518 50 2004 15,350 3,936 1,613 6,968 1,933 196 591 113 2005 19,119 4,917 2,141 7,742 2,799 591 789 140 2006 24,478 5,858 2,494 11,384 3,150 393 1,025 174 2007 30,578 6,783 2,728 15,772 3,503 359 1,161 272 2008 33,286 7,597 2,892 16,876 3,853 377 1,242 449 2009 36,125 6,755 2,655 21,249 3,619 304 1,075 468 2010 43,607 7,160 2,708 27,199 4,379 359 1,226 576 2011 47,095 7,912 3,108 28,728 4,804 424 1,413 706 2012 50,863 8,494 3,306 30,772 5,290 458 1,526 1,017 2013 55,950 9,288 3,581 33,625 5,874 504 1,679 1,399 2014 62,104 10,247 3,913 37,076 6,583 559 1,863 1,863 Year-on-year % change at current prices 01 v 00 8.7 1.9 4.8 16.2 -1.4 -10.1 17.2 - 02 v 01 19.4 23.5 12.7 20.0 19.4 24.2 12.0 -13.2 03 v 02 13.4 10.3 4.3 15.8 18.8 13.0 21.0 8.7 04 v 03 17.5 14.8 7.3 20.9 13.0 125.3 14.1 126.0 05 v 04 24.6 24.9 32.7 11.1 44.8 201.5 33.5 23.9 06 v 05 28.0 19.1 16.5 47.0 12.5 -33.5 29.9 24.3 07 v 06 24.9 15.8 9.4 38.5 11.2 -8.7 13.3 56.3 08 v 07 8.9 12.0 6.0 7.0 10.0 5.0 7.0 65.0 09 v 08 8.5 -11.1 -8.2 25.9 -6.1 -19.4 -13.5 4.3 10 v 09 20.7 6.0 2.0 28.0 21.0 18.1 14.0 23.1 11 v 10 8.0 10.5 14.8 5.6 9.7 18.1 15.3 22.6 12 v 11 8.0 7.4 6.4 7.1 10.1 8.0 8.0 44.1 13 v 12 10.0 9.3 8.3 9.3 11.0 10.0 10.0 37.6 14 v 13 11.0 10.3 9.3 10.3 12.1 10.9 11.0 33.2 Year-on-year % change at constant prices 01 v 00 2.8 -3.6 -0.8 10.0 -6.7 -15.0 10.9 - 02 v 01 9.4 13.1 3.2 9.9 9.4 13.8 2.6 -20.5 03 v 02 7.4 4.5 -1.2 9.7 12.5 7.1 14.7 3.0 04 v 03 18.5 15.7 8.2 21.9 14.0 127.2 15.0 127.9 05 v 04 22.0 22.4 30.0 8.9 41.9 195.4 30.8 21.4 06 v 05 22.4 13.9 11.4 40.6 7.6 -36.4 24.2 18.8 07 v 06 16.6 8.0 2.1 29.3 3.8 -14.8 5.7 45.9 08 v 07 -2.4 0.4 -4.9 -4.0 -1.4 -5.8 -4.0 48.0 09 v 08 1.3 -17.0 -14.3 17.5 -12.3 -24.7 -19.2 -2.7 10 v 09 15.8 1.7 -2.2 22.8 16.1 13.3 9.4 18.1 11 v 10 2.0 4.3 8.4 -0.3 3.6 11.5 8.8 15.7 12 v 11 2.9 2.2 1.3 2.0 4.9 2.9 2.9 37.2 13 v 12 4.8 4.1 3.2 4.1 5.8 4.8 4.8 31.0 14 v 13 5.8 5.2 4.2 5.1 6.8 5.7 5.8 26.9

Advertising expenditure in US$ million at current prices. All years based on US$1= Rand 7.32 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,213 338 167 487 167 9 45 0 2001 1,318 344 175 566 165 8 52 7 2002 1,573 425 197 680 197 11 58 6 2003 1,784 469 205 787 234 12 71 7 2004 2,097 538 220 952 264 27 81 15 2005 2,611 672 292 1,057 382 81 108 19 2006 3,343 800 341 1,555 430 54 140 24 2007 4,177 926 373 2,154 478 49 159 37 2008 4,547 1,038 395 2,305 526 51 170 61 2009 4,934 923 363 2,902 494 42 147 64 2010 5,956 978 370 3,715 598 49 167 79 2011 6,433 1,081 425 3,924 656 58 193 96 2012 6,947 1,160 452 4,203 723 63 208 139 2013 7,642 1,269 489 4,593 802 69 229 191 2014 8,483 1,400 534 5,064 899 76 254 254

Advertising expenditure in local currency at current prices (Rand million) Television Total Free Pay 2009 21,249 9,821 11,428 2010 27,199 12,572 14,627 2011 28,728 13,278 15,450 2012 30,772 14,223 16,549 2013 33,625 15,542 18,083 2014 37,076 17,137 19,939

158 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SOUTH AFRICA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor 2.8% Internet 70,000 Cinema 1.3% 0.8% Newspapers 60,000 Radio 16.4% 10.0% 50,000 62,104 Magazines 6.2% 40,000 55,950 50,863

30,000 47,095 43,607

20,000 36,125 33,286 30,578 11,519 8,878 9,648

10,000 24,478 19,119

TV 15,350 62.4% 0 13,060

Advertising Data: 2000-2008 Adindex, Nielsen, 2009-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Includes agency commission (16.5%) 2) Excludes production costs 3) Before discounts

The South African economy contracted by 1.8% brand-building advertising. Fears of a double-dip in 2009, but bounced back in 2010, growing by recession are very real and marketers are being 2.8%. Further growth of 3.4% is expected in 2011. cautious about committing to 2012 budgets. Inflation rose to a 21-month high of 6% in October – the upper limit of the central bank’s target range – Digital is still seen as a tag-on to a traditional media as food and fuel prices grew. Unemployment rates campaign with many marketers and strategists are still an issue currently sitting at around 25%. considering it as a ‘nice to have’. As a result, internet is still allocated small budgets and they Currently, many FMCG companies are looking tend to be the first to be cut. at short-term sales drivers rather than traditional

159 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SOUTH KOREA

Advertising expenditure in local currency at current prices (Won million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 6,809,014 3,391,987 277,106 2,069,864 211,457 25,700 696,900 136,000 2001 6,723,845 3,364,617 291,989 1,964,633 199,106 27,200 748,300 128,000 2002 7,800,544 3,716,092 326,570 2,430,587 230,995 36,700 835,300 224,300 2003 7,675,010 3,709,848 298,221 2,355,327 227,414 42,200 686,100 355,900 2004 7,690,591 3,354,058 272,914 2,659,063 218,656 52,000 650,700 483,200 2005 8,017,605 3,420,451 333,945 2,640,648 224,261 50,000 685,800 662,500 2006 8,622,834 3,504,480 360,974 2,859,642 233,438 72,000 701,600 890,700 2007 9,262,388 3,820,425 400,861 2,902,818 233,404 75,600 561,280 1,268,000 2008 8,816,930 3,445,005 391,891 2,876,042 228,048 76,356 477,088 1,322,500 2009 7,851,794 2,928,254 348,783 2,588,438 205,243 61,085 357,816 1,362,175 2010 8,510,700 3,074,667 373,198 2,847,282 215,505 67,193 393,598 1,539,258 2011 9,427,783 3,197,654 399,322 3,416,738 237,056 70,553 413,277 1,693,184 2012 9,915,566 3,261,607 419,288 3,621,742 246,538 74,081 429,809 1,862,502 2013 10,243,980 3,098,526 440,252 3,875,264 256,400 77,785 447,001 2,048,752 2014 10,602,519 3,021,718 455,908 4,028,957 265,063 84,820 466,511 2,279,542 Year-on-year % change at current prices 01 v 00 -1.3 -0.8 5.4 -5.1 -5.8 5.8 7.4 -5.9 02 v 01 16.0 10.4 11.8 23.7 16.0 34.9 11.6 75.2 03 v 02 -1.6 -0.2 -8.7 -3.1 -1.6 15.0 -17.9 58.7 04 v 03 0.2 -9.6 -8.5 12.9 -3.9 23.2 -5.2 35.8 05 v 04 4.3 2.0 22.4 -0.7 2.6 -3.8 5.4 37.1 06 v 05 7.5 2.5 8.1 8.3 4.1 44.0 2.3 34.4 07 v 06 7.4 9.0 11.0 1.5 0.0 5.0 -20.0 42.4 08 v 07 -4.8 -9.8 -2.2 -0.9 -2.3 1.0 -15.0 4.3 09 v 08 -10.9 -15.0 -11.0 -10.0 -10.0 -20.0 -25.0 3.0 10 v 09 8.4 5.0 7.0 10.0 5.0 10.0 10.0 13.0 11 v 10 10.8 4.0 7.0 20.0 10.0 5.0 5.0 10.0 12 v 11 5.2 2.0 5.0 6.0 4.0 5.0 4.0 10.0 13 v 12 3.3 -5.0 5.0 7.0 4.0 5.0 4.0 10.0 14 v 13 3.5 -2.5 3.6 4.0 3.4 9.0 4.4 11.3 Year-on-year % change at constant prices 01 v 00 -5.1 -4.7 1.2 -8.8 -9.5 1.7 3.1 -9.6 02 v 01 13.0 7.5 8.9 20.5 13.0 31.4 8.7 70.6 03 v 02 -5.0 -3.6 -11.8 -6.4 -4.9 11.1 -20.7 53.2 04 v 03 -3.3 -12.7 -11.7 9.0 -7.2 18.9 -8.5 31.1 05 v 04 1.5 -0.7 19.1 -3.3 -0.1 -6.4 2.6 33.5 06 v 05 5.2 0.2 5.8 6.0 1.8 40.9 0.1 31.5 07 v 06 4.7 6.3 8.3 -1.0 -2.5 2.4 -22.0 38.8 08 v 07 -9.0 -13.8 -6.6 -5.3 -6.6 -3.5 -18.8 -0.3 09 v 08 -13.4 -17.3 -13.4 -12.5 -12.5 -22.2 -27.0 0.2 10 v 09 5.3 2.0 3.9 6.8 2.0 6.8 6.8 9.8 11 v 10 6.0 -0.5 2.4 14.8 5.3 0.5 0.5 5.3 12 v 11 1.6 -1.4 1.4 2.4 0.5 1.4 0.5 6.3 13 v 12 0.3 -7.8 1.9 3.9 1.0 1.9 1.0 6.8 14 v 13 0.5 -5.3 0.5 0.9 0.4 5.9 1.3 8.0

Advertising expenditure in US$ million at current prices. All years based on US$1= Won 1,156 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 5,890 2,934 240 1,790 183 22 603 118 2001 5,816 2,910 253 1,699 172 24 647 111 2002 6,747 3,214 282 2,102 200 32 723 194 2003 6,639 3,209 258 2,037 197 37 593 308 2004 6,652 2,901 236 2,300 189 45 563 418 2005 6,935 2,959 289 2,284 194 43 593 573 2006 7,459 3,031 312 2,474 202 62 607 770 2007 8,012 3,305 347 2,511 202 65 485 1,097 2008 7,626 2,980 339 2,488 197 66 413 1,144 2009 6,792 2,533 302 2,239 178 53 310 1,178 2010 7,362 2,660 323 2,463 186 58 340 1,331 2011 8,155 2,766 345 2,955 205 61 357 1,465 2012 8,577 2,821 363 3,133 213 64 372 1,611 2013 8,861 2,680 381 3,352 222 67 387 1,772 2014 9,171 2,614 394 3,485 229 73 404 1,972

Advertising expenditure in local currency at current prices (Won million) Television Internet Total Free Pay Total Display Search 2003 2,355,327 2,355,327 - 355,900 235,900 120,000 2004 2,659,063 2,223,518 435,545 483,200 267,200 216,000 2005 2,640,648 2,096,518 544,130 662,500 322,300 340,200 2006 2,859,642 2,168,785 690,857 890,700 401,500 489,200 2007 2,902,818 2,087,734 815,084 1,268,000 490,200 777,800 2008 2,876,042 2,023,722 852,320 1,322,500 500,000 822,500 2009 2,588,438 1,811,906 776,531 1,362,175 544,870 817,305 2010 2,847,282 1,993,097 854,184 1,539,258 615,703 923,555 2011 3,416,738 2,391,717 1,025,021 1,693,184 677,273 1,015,910 2012 3,621,742 2,535,220 1,086,523 1,862,502 745,001 1,117,501 2013 3,875,264 2,712,685 1,162,579 2,048,752 819,501 1,229,251 2014 4,028,957 2,820,270 1,208,687 2,279,542 911,817 1,367,725

160 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SOUTH KOREA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 12,000,000 Internet 18.1% 10,000,000 Newspapers Outdoor 36.1% 4.6% 8,000,000 10,243,980 Cinema 10,602,519 0.8% 9,915,566 9,427,783 6,000,000 9,262,388 8,816,930 8,622,834 Radio 8,510,700 8,017,605 7,851,794 7,800,544 7,690,591 2.5% 7,675,010 4,000,000 6,809,014 6,723,845

Magazines 2,000,000 TV 4.4% 33.5% 0

Advertising Data: 2000-2008 KADD, 2004-2007 Ad Journal (pay-TV, outdoor, internet), 2008-2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Before discounts 2) Includes agency commission and classified 3) Includes production costs 4) Internet includes display and search 5) Newspapers include free tabloids from 2005 6) Magazines include membership magazines from 2005 7) Outdoor costs were revised in 2004/2005 to exclude ‘events’, so the figures are not comparable to previous years’

The South Korean advertising market bounced total spend forecast to rise by as much as 10.8%, back in 2010 after two years of decline; we estimate and substantial growth in all media. Newspapers it grew by a healthy 8.4%. Internet advertising grew remain the dominant medium, with a 36.1% share fastest, at around 13% - although TV, cinema and of total adspend in 2010. Not for long, however. outdoor spend all rose ahead of the overall market We forecast that TV spend will overtake that in as well. newspapers by the end of this year, the two media taking a 36.2% and 33.9% share of the market 2011 is expected to be another good year, with respectively.

161 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SPAIN

Advertising expenditure in local currency at current prices (€ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 5,656 1,809 618 2,311 502 55 308 53 2001 5,468 1,705 620 2,151 490 45 407 52 2002 5,423 1,638 590 2,185 485 45 409 72 2003 5,573 1,602 601 2,317 508 48 422 75 2004 6,178 1,694 664 2,670 540 41 474 95 2005 6,720 1,786 675 2,951 610 43 494 162 2006 7,309 1,914 688 3,188 637 43 529 310 2007 7,985 2,028 722 3,469 678 38 568 482 2008 7,103 1,612 617 3,082 642 21 518 610 2009 5,631 1,243 402 2,378 537 15 401 654 2010 5,850 1,197 398 2,472 549 24 421 790 2011 5,555 1,057 374 2,299 527 26 404 868 2012 5,443 985 359 2,207 516 24 396 955 2013 5,662 995 363 2,251 526 24 404 1,099 2014 6,055 1,025 373 2,386 553 27 428 1,263 Year-on-year % change at current prices 01 v 00 -3.3 -5.8 0.2 -6.9 -2.4 -19.2 32.1 -3.4 02 v 01 -0.8 -3.9 -4.8 1.6 -0.9 1.6 0.5 38.8 03 v 02 2.8 -2.2 1.9 6.1 4.8 5.1 3.4 4.2 04 v 03 10.8 5.7 10.5 15.2 6.3 -14.4 12.2 27.3 05 v 04 8.8 5.4 1.5 10.5 12.9 5.3 4.2 70.2 06 v 05 8.8 7.2 2.0 8.0 4.4 0.2 7.1 92.0 07 v 06 9.2 5.9 4.9 8.8 6.5 -10.7 7.4 55.4 08 v 07 -11.0 -20.5 -14.5 -11.1 -5.3 -45.3 -8.8 26.5 09 v 08 -20.7 -22.9 -34.9 -22.9 -16.3 -26.7 -22.6 7.2 10 v 09 3.9 -3.7 -1.0 4.0 2.1 58.4 4.8 20.7 11 v 10 -5.0 -11.6 -6.0 -7.0 -4.0 5.0 -4.0 10.0 12 v 11 -2.0 -6.8 -4.0 -4.0 -2.0 -5.0 -2.0 10.0 13 v 12 4.0 1.0 1.0 2.0 2.0 0.0 2.0 15.0 14 v 13 7.0 3.0 3.0 6.0 5.0 10.0 6.0 15.0 Year-on-year % change at constant prices 01 v 00 -6.7 -9.0 -3.2 -10.1 -5.8 -22.0 27.5 -6.7 02 v 01 -3.8 -6.8 -7.6 -1.4 -3.9 -1.4 -2.5 34.6 03 v 02 -0.3 -5.1 -1.1 2.9 1.7 2.0 0.3 1.1 04 v 03 7.5 2.5 7.2 11.7 3.1 -17.0 8.8 23.5 05 v 04 5.3 2.1 -1.7 7.0 9.3 1.9 0.9 64.8 06 v 05 5.1 3.6 -1.5 4.4 0.9 -3.2 3.5 85.5 07 v 06 6.3 3.1 2.1 5.8 3.6 -13.1 4.5 51.2 08 v 07 -14.5 -23.6 -17.8 -14.6 -9.0 -47.4 -12.3 21.5 09 v 08 -20.4 -22.6 -34.7 -22.6 -16.0 -26.4 -22.3 7.6 10 v 09 1.9 -5.5 -2.9 2.0 0.2 55.5 2.9 18.4 11 v 10 -7.7 -14.1 -8.6 -9.6 -6.7 2.0 -6.7 6.9 12 v 11 -3.5 -8.2 -5.4 -5.4 -3.4 -6.4 -3.4 8.4 13 v 12 2.5 -0.5 -0.5 0.5 0.5 -1.5 0.5 13.3 14 v 13 5.3 1.4 1.4 4.3 3.3 8.3 4.3 13.2

Advertising expenditure in US$ million at current prices. All years based on US$1=€ 0.76 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 7,492 2,396 819 3,061 665 73 408 71 2001 7,242 2,258 821 2,849 648 59 538 68 2002 7,183 2,170 782 2,894 642 60 541 95 2003 7,382 2,122 796 3,069 673 63 560 99 2004 8,183 2,243 880 3,536 715 54 628 126 2005 8,901 2,365 893 3,909 808 57 654 214 2006 9,681 2,535 911 4,223 843 57 701 411 2007 10,576 2,685 956 4,594 898 51 752 639 2008 9,408 2,135 818 4,083 850 28 686 808 2009 7,458 1,646 532 3,149 712 20 532 866 2010 7,748 1,585 527 3,274 726 32 557 1,046 2011 7,357 1,400 495 3,045 697 34 535 1,150 2012 7,209 1,305 475 2,923 683 32 524 1,265 2013 7,499 1,318 480 2,982 697 32 535 1,455 2014 8,021 1,358 495 3,160 732 35 567 1,673 Advertising expenditure in local currency at current prices (€ million) Newspapers Magazines Television Internet Total National Regional Sunday supplements Total Business Consumer Total Free Pay Total Display/classified Search 2003 1,602 586 910 106 601 19 583 2,317 2,300 17 - - - 2004 1,694 648 935 110 664 19 645 2,670 2,644 26 - - - 2005 1,786 714 952 119 675 16 658 2,951 2,934 17 162 100 62 2006 1,914 767 1,023 123 688 16 672 3,188 3,144 45 310 166 145 2007 2,028 812 1,082 134 722 16 706 3,469 3,409 60 482 245 238 2008 1,612 646 862 104 617 16 601 3,082 3,026 56 610 292 318 2009 1,243 505 669 69 402 17 385 2,378 2,328 50 654 298 356 2010 1,197 483 641 72 398 16 382 2,472 2,407 65 790 373 417 2011 1,057 421 569 68 374 16 358 2,299 2,237 62 868 434 434 2012 985 386 534 65 359 15 344 2,207 2,143 64 955 487 468 2013 995 386 544 66 363 15 348 2,251 2,179 72 1,099 571 527 2014 1,025 392 565 68 373 14 359 2,386 2,303 84 1,263 670 594

162 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SPAIN

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 13.5% Newspapers 9,000 Outdoor 20.5% 7.2% 8,000

Cinema 7,000 0.4%

Magazines 6,000 7,985

6.8% 7,309 Radio 5,000 7,103 9.4% 6,720 6,178 6,055

4,000 5,850 5,662 5,656 5,555 5,631 5,573 5,443 5,468 5,423 3,000

TV 2,000 42.3% 1,000

Advertising Data: 2000-2010 Duplo, Nielsen, Infoadex, Agency estimates, 2011-2014 Agency forecasts Notes: 1) After discounts 2) Excludes agency commission 3) Excludes production costs 4) Excludes classified advertising 5) Magazines excludes directories 6) Newspapers includes supplements

The Spanish economy is growing at a very slow Internet continues its positive trend, and we expect rate, the IMF is estimating just 0.8% growth this year expenditure in this medium to rise 10% both in and +1.1% in 2012. As a result, we are expecting 2011 and 2012. However, 2011 is expected to be advertising expenditure to fall by as much as 5.0% a difficult year for all other media with dips of this year and by a further 2.0% during the next. between 4% and 12%. The only exception is cinema, Earlier hopes of an improvement in the economy which is set to increase by a healthy 5%. have evaporated and uncertainty in the outcome of the recent elections has not helped – even if it has brought additional investment to some media.

163 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SWEDEN

Advertising expenditure in local currency at current prices (SKr million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 18,564 9,338 2,636 3,959 592 78 848 1,113 2001 16,537 8,325 2,411 3,509 508 79 742 963 2002 15,884 7,728 2,127 3,446 480 79 797 1,225 2003 15,892 7,774 2,094 3,518 447 70 825 1,164 2004 16,706 7,851 2,177 3,749 491 59 925 1,455 2005 18,291 8,295 2,296 4,143 515 68 1,000 1,974 2006 20,651 8,888 2,427 4,546 643 74 1,068 3,005 2007 22,182 9,116 2,482 4,698 701 91 1,039 4,054 2008 23,025 8,762 2,549 4,971 728 104 1,061 4,850 2009 20,012 7,112 1,821 4,395 628 103 954 4,999 2010 22,644 7,857 1,942 5,198 688 119 1,081 5,759 2011 25,301 8,190 2,423 5,763 945 151 1,363 6,466 2012 26,479 8,354 2,471 5,994 926 151 1,390 7,193 2013 26,897 8,187 2,521 5,994 908 149 1,390 7,749 2014 27,435 8,093 2,606 6,036 905 165 1,399 8,231 Year-on-year % change at current prices 01 v 00 -10.9 -10.8 -8.5 -11.4 -14.3 1.1 -12.6 -13.5 02 v 01 -4.0 -7.2 -11.8 -1.8 -5.4 -0.5 7.5 27.2 03 v 02 0.0 0.6 -1.6 2.1 -6.9 -10.8 3.5 -5.0 04 v 03 5.1 1.0 4.0 6.6 9.8 -16.5 12.1 25.0 05 v 04 9.5 5.7 5.5 10.5 4.8 15.6 8.2 35.7 06 v 05 12.9 7.1 5.7 9.7 24.9 8.7 6.7 52.2 07 v 06 7.4 2.6 2.3 3.3 9.0 22.9 -2.6 34.9 08 v 07 3.8 -3.9 2.7 5.8 3.8 14.2 2.1 19.6 09 v 08 -13.1 -18.8 -28.6 -11.6 -13.7 -0.5 -10.1 3.1 10 v 09 13.2 10.5 6.6 18.3 9.5 15.5 13.3 15.2 11 v 10 11.7 4.2 24.8 10.9 37.4 26.9 26.1 12.3 12 v 11 4.7 2.0 2.0 4.0 -2.0 0.0 2.0 11.2 13 v 12 1.6 -2.0 2.0 0.0 -2.0 -1.0 0.0 7.7 14 v 13 2.0 -1.1 3.4 0.7 -0.3 10.4 0.6 6.2 Year-on-year % change at constant prices 01 v 00 -13.0 -13.0 -10.7 -13.5 -16.3 -1.3 -14.7 -15.6 02 v 01 -5.9 -9.1 -13.6 -3.8 -7.4 -2.6 5.3 24.6 03 v 02 -1.8 -1.3 -3.4 0.2 -8.6 -12.4 1.5 -6.8 04 v 03 4.7 0.6 3.6 6.2 9.4 -16.9 11.7 24.5 05 v 04 9.0 5.2 5.0 10.0 4.3 15.1 7.7 35.1 06 v 05 11.3 5.7 4.3 8.2 23.2 7.2 5.3 50.1 07 v 06 5.1 0.4 0.1 1.1 6.7 20.3 -4.7 32.0 08 v 07 0.3 -7.1 -0.7 2.3 0.4 10.4 -1.3 15.7 09 v 08 -12.8 -18.6 -28.4 -11.3 -13.5 -0.2 -9.8 3.4 10 v 09 11.8 9.1 5.4 16.9 8.2 14.1 12.0 13.8 11 v 10 8.5 1.2 21.1 7.6 33.4 23.2 22.4 9.0 12 v 11 2.1 -0.5 -0.5 1.5 -4.4 -2.4 -0.5 8.5 13 v 12 -0.4 -3.9 0.0 -2.0 -3.9 -2.9 -2.0 5.6 14 v 13 0.0 -3.1 1.3 -1.3 -2.2 8.2 -1.3 4.1

Advertising expenditure in US$ million at current prices. All years based on US$1= SKr 7.38 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 2,576 1,296 366 549 82 11 118 154 2001 2,294 1,155 335 487 70 11 103 134 2002 2,204 1,072 295 478 67 11 111 170 2003 2,205 1,079 290 488 62 10 114 162 2004 2,318 1,089 302 520 68 8 128 202 2005 2,538 1,151 319 575 71 9 139 274 2006 2,865 1,233 337 631 89 10 148 417 2007 3,078 1,265 344 652 97 13 144 562 2008 3,195 1,216 354 690 101 14 147 673 2009 2,777 987 253 610 87 14 132 694 2010 3,142 1,090 269 721 95 17 150 799 2011 3,510 1,136 336 800 131 21 189 897 2012 3,674 1,159 343 832 128 21 193 998 2013 3,732 1,136 350 832 126 21 193 1,075 2014 3,806 1,123 362 837 126 23 194 1,142

Advertising expenditure in local currency at current prices (SKr million) Newspapers Magazines Internet Total National Regional Total Business Consumer Total Display Classified Search Email 2005 8,295 4,034 4,262 2,296 1,563 733 1,974 869 917 157 30 2006 8,888 4,350 4,538 2,427 1,649 778 3,005 1,209 1,131 626 38 2007 9,116 4,449 4,667 2,482 1,678 805 4,054 1,652 1,339 1,012 50 2008 8,762 4,121 4,641 2,549 1,652 897 4,850 1,956 1,533 1,302 59 2009 7,112 3,244 3,868 1,821 1,148 673 4,999 1,879 1,639 1,436 45 2010 7,857 3,656 4,201 1,942 1,213 729 5,759 2,104 1,689 1,925 41 2011 8,190 3,801 4,389 2,423 1,479 944 6,466 2,201 1,767 2,457 41 2012 8,354 3,877 4,477 2,471 1,509 963 7,193 2,311 1,838 2,998 47 2013 8,187 3,799 4,387 2,521 1,539 982 7,749 2,380 1,874 3,447 47 2014 8,093 3,756 4,337 2,606 1,591 1,015 8,231 2,529 1,991 3,662 50

164 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SWEDEN

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

Internet 30,000 25.4%

Newspapers 25,000 34.7% 27,435 26,897 20,000 26,479 Outdoor 25,301 23,025 22,644

4.8% 22,182

15,000 20,651 Cinema 20,012 18,564 0.5% 18,291 16,706 16,537 15,892 10,000 15,884 Radio 3.0% Magazines 8.6% 5,000 TV 23.0% 0

Advertising Data: 2000-2010 University of Gothenburg, Annonsorforeningen, IRM, 2011-2014 Agency forecasts Notes: 1) Includes classified advertising 2) Excludes agency commission 3) Excludes production costs 4) After discounts 5) Magazines includes consumer and trade titles 6) Newspapers includes city, regional and evening titles 7) Includes advertising tax 8) Internet includes display, classified, search and email advertising

The ad market grew by 13.2% overall in 2010, partly investment growth, with a further 28% rise forecast due to the country’s stable economic situation. for 2011 overall. Additionally, we believe that Web We’re also forecasting a good performance this TV will continue to grow and this is categorised as year with adspend growth estimated at around online display. 11.7%, taking expenditure beyond 2008 levels. In the print sector, we foresee further decline Demand for TV spots was strong in 2010 and some in readership affecting both daily press and advertisers reallocated their investments either to magazines. Major players will show more smaller stations or to less expensive day parts in flexibility in terms of their conditions and available order to minimize increases in their ad costs for advertising formats in order to be more attractive 2011. We are expecting another positive year for to advertisers. television advertising expenditure this year. Web radio service Spotify has been really successful In terms of digital, Q3 2010 was a historic quarter; during the past year in terms of attracting listeners for the first time, SEM (Search Engine Marketing) on different media platforms, such as computers became the largest digital marketing area. SEM is and smartphones. We believe that there will be now bigger than both ad partnerships and online competitors within this category and that web directories in terms of net investments. Spending radio will be an important aspect of any campaign in this segment rose 33% during the quarter. We intended to reach younger audiences. expect SEM to remain the driver of much online

165 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SWITZERLAND

Advertising expenditure in local currency at current prices (SF million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 4,354 2,250 783 520 139 45 592 25 2001 4,171 2,150 736 494 129 40 603 19 2002 3,831 1,861 685 527 129 38 571 20 2003 3,596 1,646 656 533 127 38 566 30 2004 3,238 1,134 767 737 129 50 392 29 2005 3,456 1,157 795 810 135 50 402 107 2006 3,790 1,328 808 889 136 50 423 156 2007 4,185 1,415 872 1,054 137 47 437 223 2008 4,371 1,418 879 1,116 154 45 459 300 2009 4,244 1,287 776 1,165 168 30 428 390 2010 4,630 1,352 865 1,313 168 33 447 452 2011 4,899 1,417 900 1,426 178 32 471 475 2012 5,034 1,447 896 1,457 178 31 448 577 2013 5,199 1,477 911 1,497 179 32 463 640 2014 5,416 1,500 925 1,590 180 31 470 720 Year-on-year % change at current prices 01 v 00 -4.2 -4.4 -6.0 -5.0 -7.2 -11.1 1.9 -24.0 02 v 01 -8.2 -13.4 -6.9 6.7 0.0 -5.0 -5.3 5.3 03 v 02 -6.1 -11.6 -4.2 1.1 -1.6 0.0 -0.9 50.0 04 v 03 -10.0 -31.1 16.9 38.3 1.6 31.6 -30.7 -3.3 05 v 04 6.7 2.0 3.7 9.9 4.7 0.0 2.6 269.0 06 v 05 9.7 14.8 1.6 9.8 0.7 0.0 5.2 45.8 07 v 06 10.4 6.6 7.9 18.6 0.7 -6.0 3.3 42.9 08 v 07 4.4 0.2 0.8 5.9 12.4 -4.3 5.0 34.5 09 v 08 -2.9 -9.2 -11.7 4.4 9.1 -33.3 -6.8 30.0 10 v 09 9.1 5.1 11.5 12.7 0.0 10.0 4.4 15.9 11 v 10 5.8 4.8 4.0 8.6 6.0 -3.0 5.4 5.1 12 v 11 2.8 2.1 -0.4 2.2 0.0 -3.1 -4.9 21.5 13 v 12 3.3 2.1 1.7 2.7 0.6 3.2 3.3 10.9 14 v 13 4.2 1.5 1.5 6.2 0.6 -3.1 1.5 12.5 Year-on-year % change at constant prices 01 v 00 -5.1 -5.4 -6.9 -5.9 -8.1 -12.0 0.9 -24.7 02 v 01 -8.8 -14.0 -7.5 6.0 -0.7 -5.6 -5.9 4.6 03 v 02 -6.7 -12.1 -4.9 0.5 -2.2 -0.6 -1.5 49.0 04 v 03 -10.7 -31.7 16.0 37.2 0.8 30.5 -31.3 -4.1 05 v 04 5.5 0.9 2.5 8.7 3.5 -1.1 1.4 264.8 06 v 05 7.1 12.1 -0.7 7.2 -1.6 -2.3 2.8 42.4 07 v 06 7.6 3.8 5.1 15.5 -1.9 -8.4 0.7 39.3 08 v 07 1.1 -3.0 -2.4 2.5 8.8 -7.3 1.6 30.2 09 v 08 1.0 -5.6 -8.2 8.6 13.5 -30.7 -3.0 35.2 10 v 09 8.9 4.8 11.3 12.5 -0.2 9.8 4.2 15.7 11 v 10 5.1 4.1 3.3 7.9 5.2 -3.7 4.6 4.4 12 v 11 1.8 1.2 -1.3 1.3 -0.9 -4.0 -5.7 20.4 13 v 12 2.3 1.1 0.7 1.7 -0.4 2.2 2.3 9.8 14 v 13 3.1 0.5 0.5 5.2 -0.4 -4.1 0.5 11.4

Advertising expenditure in US$ million at current prices. All years based on US$1= SF 1.04 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 4,175 2,157 751 499 133 43 568 24 2001 3,999 2,062 706 474 124 38 578 18 2002 3,673 1,784 657 505 124 36 548 19 2003 3,448 1,578 629 511 122 36 543 29 2004 3,105 1,087 735 707 124 48 376 28 2005 3,314 1,109 762 777 129 48 385 103 2006 3,634 1,273 775 852 130 48 406 150 2007 4,013 1,357 836 1,011 131 45 419 214 2008 4,191 1,360 843 1,070 148 43 440 288 2009 4,069 1,234 744 1,117 161 29 410 374 2010 4,440 1,296 829 1,259 161 32 429 433 2011 4,697 1,359 863 1,367 171 31 452 455 2012 4,827 1,387 859 1,397 171 30 430 553 2013 4,985 1,416 874 1,435 172 31 444 614 2014 5,193 1,438 887 1,525 173 30 451 690

Advertising expenditure in local currency at current prices (SF million) Magazines Internet Total Business Consumer Total Display Classified Search Other 2005 795 175 620 107 36 53 18 - 2006 808 183 625 156 47 77 32 - 2007 872 197 675 223 52 120 51 - 2008 879 199 680 300 86 137 77 - 2009 776 173 603 390 119 136 95 40 2010 865 191 674 452 159 160 125 8 2011 900 196 704 475 155 170 140 10 2012 896 197 699 577 180 175 160 62 2013 911 200 711 640 220 180 180 60 2014 925 199 726 720 260 185 200 75

166 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SWITZERLAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet 9.8% 6,000 Outdoor Newspapers 29.2% 9.7% 5,000 Cinema 5,416

0.7% 4,000 5,199 5,034 4,899 4,630 4,354

Radio 4,371 4,244 4,185

3.6% 3,000 4,171 3,831 3,790 3,596 3,456

2,000 3,238

TV 1,000 28.4% Magazines 18.7% 0

Advertising Data: 2000-2003 Stiftung Werbestatistik Schweiz, except 2003 online figure Agency estimate, 2004-2010 Media Focus, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission to 2003, includes commission 2004 onwards 2) After discounts to 2003, before discounts 2004 onwards 3) Excludes production costs 4) Internet figures include display and estimates for classified, search and affiliates 5) TV figures include Videotex

The Swiss economic recovery has been surprisingly In 2011 we are facing a marketer consolidation for quick. The advertising industry has bounced back TV. The number of important players was reduced much faster than we expected. As the months from three to two as Cinecom shut down in late passed, the 2010 year-to-date data looked better 2010 – this was due to all the TV stations in their and better and - after the massive decline in 2009 portfolio deciding to switch to Goldbach Media. - 2010 turned out to be an excellent year. We are We believe that this will lead to less competition in hopeful that there is no second economic crisis on the TV market - which will result in higher CPPs the horizon for the Swiss market, so we predict and higher total TV advertising sales volumes. further steady advertising market growth for the forecast period. Regarding internet spend, we expect prices to fall back, as they are currently much too high Although the overall economic situation is compared to other media and/or other countries. currently quite good and the unemployment With many big advertisers entering this area of figures are still low, Switzerland’s tourism industry advertising for the first time, negotiating pressure and exports are potentially threatened by an on online advertising sales houses will increase. unsympathetic Swiss Franc exchange rate, and it is likely that this will have an impact on the In 2013 we expect a little push for print consumer unemployment rate in the medium term. media as WEMF (the federation responsible for readership research in Switzerland) plans to Cinema is the only medium showing a decline for introduce a new research methodology in 2012, 2011, while TV and outdoor are the fastest-growing which will hopefully deliver even more reliable media in the Swiss market. Print media are under and more detailed readership data. pressure, but despite ongoing consolidation are fighting back, and new launches (and re-launches) continue.

167 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TAIWAN

Advertising expenditure in local currency at current prices (NT$ million) Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 59,796 18,746 7,200 30,670 2,310 - 870 2001 64,668 21,690 7,071 31,923 3,135 - 850 2002 65,387 14,580 8,210 38,040 3,606 - 952 2003 71,532 13,923 9,441 43,395 3,678 - 1,095 2004 58,406 18,097 6,395 23,882 3,462 4,610 1,960 2005 52,079 15,547 6,545 21,030 3,076 2,833 3,048 2006 51,476 14,771 6,359 19,031 3,966 3,651 3,698 2007 50,326 13,668 6,445 18,142 3,771 3,351 4,950 2008 48,341 11,079 6,050 18,028 3,839 3,370 5,976 2009 48,843 10,009 5,059 20,163 3,761 2,862 6,989 2010 58,299 11,956 5,550 24,469 4,483 3,290 8,551 2011 61,242 12,075 5,605 26,671 4,348 3,307 9,235 2012 58,379 11,230 5,325 24,537 4,131 3,274 9,882 2013 59,094 11,005 5,165 25,028 4,048 3,274 10,573 2014 61,639 10,895 5,062 27,030 3,967 3,372 11,313 Year-on-year % change at current prices 01 v 00 8.1 15.7 -1.8 4.1 35.7 - -2.3 02 v 01 1.1 -32.8 16.1 19.2 15.0 - 12.0 03 v 02 9.4 -4.5 15.0 14.1 2.0 - 15.0 04 v 03 -18.3 30.0 -32.3 -45.0 -5.9 - 79.0 05 v 04 -10.8 -14.1 2.3 -11.9 -11.1 -38.5 55.5 06 v 05 -1.2 -5.0 -2.8 -9.5 28.9 28.9 21.3 07 v 06 -2.2 -7.5 1.3 -4.7 -4.9 -8.2 33.9 08 v 07 -3.9 -18.9 -6.1 -0.6 1.8 0.6 20.7 09 v 08 1.0 -9.7 -16.4 11.8 -2.0 -15.1 17.0 10 v 09 19.4 19.4 9.7 21.4 19.2 15.0 22.3 11 v 10 5.0 1.0 1.0 9.0 -3.0 0.5 8.0 12 v 11 -4.7 -7.0 -5.0 -8.0 -5.0 -1.0 7.0 13 v 12 1.2 -2.0 -3.0 2.0 -2.0 - 7.0 14 v 13 4.3 -1.0 -2.0 8.0 -2.0 3.0 7.0 Year-on-year % change at constant prices 01 v 00 8.1 15.7 -1.8 4.1 35.7 - -2.3 02 v 01 1.3 -32.6 16.3 19.4 15.2 - 12.2 03 v 02 9.7 -4.2 15.3 14.4 2.3 - 15.3 04 v 03 -19.6 27.9 -33.3 -45.8 -7.3 - 76.2 05 v 04 -12.9 -16.1 0.0 -14.0 -13.2 -40.0 51.9 06 v 05 -1.3 -5.1 -2.9 -9.6 28.8 28.7 21.2 07 v 06 -4.4 -9.5 -0.9 -6.8 -7.0 -10.3 30.9 08 v 07 -7.2 -21.7 -9.3 -4.0 -1.7 -2.9 16.6 09 v 08 1.9 -8.9 -15.7 12.8 -1.2 -14.3 18.0 10 v 09 18.2 18.3 8.7 20.2 18.1 13.9 21.2 11 v 10 3.2 -0.8 -0.8 7.1 -4.7 -1.3 6.1 12 v 11 -6.4 -8.6 -6.7 -9.6 -6.7 -2.8 5.1 13 v 12 -0.8 -3.9 -4.9 0.0 -3.9 -2.0 4.9 14 v 13 2.3 -2.9 -3.9 5.9 -3.9 1.0 4.9 Advertising expenditure in US$ million at current prices. All years based on US$1= NT$ 31.6 Total Newspapers Magazines TV Radio Outdoor/ Internet Transport 2000 1,895 594 228 972 73 - 28 2001 2,050 687 224 1,012 99 - 27 2002 2,072 462 260 1,206 114 - 30 2003 2,267 441 299 1,375 117 - 35 2004 1,851 574 203 757 110 146 62 2005 1,651 493 207 667 97 90 97 2006 1,632 468 202 603 126 116 117 2007 1,595 433 204 575 120 106 157 2008 1,532 351 192 571 122 107 189 2009 1,548 317 160 639 119 91 222 2010 1,848 379 176 776 142 104 271 2011 1,941 383 178 845 138 105 293 2012 1,850 356 169 778 131 104 313 2013 1,873 349 164 793 128 104 335 2014 1,954 345 160 857 126 107 359 Advertising expenditure in local currency at current prices (NT$ million) Newspapers Magazines Total National Local Total Business Consumer Other 2004 18,097 17,561 536 6,395 384 3,753 2,258 2005 15,547 15,106 441 6,545 417 3,901 2,227 2006 14,771 14,473 298 6,359 388 3,827 2,144 2007 13,668 13,567 101 6,445 614 2,296 3,535 2008 11,079 10,971 108 6,050 576 3,309 2,165 2009 10,009 9,922 87 5,059 469 2,832 1,758 2010 11,956 11,878 78 5,550 592 2,951 2,007 2011 12,075 11,954 121 5,605 504 3,083 2,018 2012 11,230 11,118 112 5,325 479 2,929 1,917 2013 11,005 10,895 110 5,165 465 2,841 1,860 2014 10,895 10,786 109 5,062 456 2,784 1,822

168 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TAIWAN

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices

Internet 80,000 14.7% Newspapers 20.5% 70,000 Outdoor 5.6% 60,000 71,532

50,000 65,387 64,668

Magazines 61,639 Radio 61,242 59,796 59,094 58,406 58,379 7.7% 9.5% 40,000 58,299 52,079 51,476 50,326 48,843 30,000 48,341

20,000

10,000 TV 42.0% 0

Advertising Data: 2000 National Statistics Bureau, 2002-2003 Rainmaker Research, 2004-2010 AC Nielsen, except internet IAMA, 2011-2014 Agency forecasts Notes: 1) Includes agency commission until 2003, excludes agency commission after 2) Excludes production costs 3) 2000-2003 after discounts; 2004-2013 before discounts, but adjusted by MAA (Media Agency Association) ratio; IAMA (internet) figures after discounts 4) 2000-2003 excludes recruitment, classified, and charity ads; 2004-2014 excludes all classified 5) 2000-2003 radio are ZenithOptimedia estimates 6) 2003 internet is a ZenithOptimedia estimate 7) Internet includes display, classified and search 8) AC Nielsen began monitoring ad expenditure in Taiwan in April 2003 and is now the preferred source of expenditure data for most media agencies. We have decided to use AC Nielsen’s figures from 2004 and base our forecasts upon them. Unfortunately AC Nielsen cannot supply any figures for before April 2003, so we have retained the old figures, despite their obvious discrepancies with AC Nielsen’s.

As the global recovery set in, Taiwan’s economy year (+22.3%) and is currently the third-largest was very healthy in 2010, growing by 11%. medium in terms of advertising expenditure. We However, current global economic uncertainty is expect both internet and TV to contribute the most having an effect on this market and GDP growth to adspend this year, especially thanks to a rise in has been downgraded to 4.6% for 2011. Although investment in the transport and beauty categories. the consumer confidence index remained high in A decline in expenditure from major investors, the first half of 2011, the growing inflation rate has such as construction companies, has resulted in a had a negative effect on domestic consumption. big blow to newspapers and radio. Magazines are The general rise in oil prices has dealt a blow also feeling the pressure and many publishers have to Taiwan as it relies strongly on imported started releasing tablet-compatible versions of their commodities. Indeed, the government is planning titles. Q4 2010 saw the launch of Next TV, the first to tax luxury goods in order to keep rising house digital television station. prices under control. The devastating earthquake that hit Japan caused short-term damage to Big events usually bring growth to the media Taiwan’s imports and exports. However, it has also market and draw advertisers’ sponsorship. brought opportunity for tourism and 3C-related Taiwan’s centenary foundation celebrations industries. this year will no doubt have some impact. The presidential and legislative elections will be held The optimism surrounding the economic climate in January of 2012, which we expect will boost had a positive effect on the media market with media investment in Q4 2011. Furthermore, the spend in all media - except magazines - showing launches of the new MRT line and the start of direct double-digit increases for 2010. We expect adspend flights between Taiwan and Tokyo are expected growth to slow down to 5.0% this year, and to fall to increase OOH spending. New government by 4.7% in 2012 before recovering in 2013. regulations are set to be introduced to reduce restrictions on TV ad placements; we expect this to Internet put in a remarkable performance last encourage further investment from advertisers.

169 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 THAILAND

Advertising expenditure in local currency at current prices (Baht million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 51,289 10,889 2,709 30,472 5,060 325 1,610 225 2001 60,110 16,465 3,111 32,879 5,136 370 1,999 150 2002 67,839 17,583 3,639 37,340 6,170 596 2,351 160 2003 78,140 19,858 4,560 42,290 6,662 896 3,699 175 2004 90,596 24,722 6,122 47,173 6,850 1,334 4,051 344 2005 95,817 24,746 6,775 50,020 7,055 1,723 5,349 150 2006 99,181 23,193 6,748 53,473 7,459 2,163 5,976 170 2007 101,834 23,840 6,650 53,484 7,273 4,391 6,008 187 2008 99,038 22,537 6,575 51,137 7,899 4,252 6,418 221 2009 97,117 19,547 5,936 52,935 6,944 4,947 6,549 259 2010 107,065 19,970 6,249 60,766 6,592 6,040 7,159 290 2011 112,932 20,169 6,484 63,804 6,460 6,946 8,591 478 2012 118,741 20,774 6,678 67,632 6,654 7,432 9,020 550 2013 126,437 21,190 7,012 73,043 6,987 7,804 9,742 660 2014 134,023 21,578 7,237 78,538 7,103 8,309 10,320 938 Year-on-year % change at current prices 01 v 00 17.2 51.2 14.9 7.9 1.5 13.7 24.2 -33.3 02 v 01 12.9 6.8 17.0 13.6 20.1 61.3 17.6 6.7 03 v 02 15.2 12.9 25.3 13.3 8.0 50.3 57.3 9.4 04 v 03 15.9 24.5 34.3 11.5 2.8 48.9 9.5 96.6 05 v 04 5.8 0.1 10.7 6.0 3.0 29.1 32.0 -56.4 06 v 05 3.5 -6.3 -0.4 6.9 5.7 25.5 11.7 13.3 07 v 06 2.7 2.8 -1.4 0.0 -2.5 103.0 0.5 10.0 08 v 07 -2.7 -5.5 -1.1 -4.4 8.6 -3.2 6.8 18.0 09 v 08 -1.9 -13.3 -9.7 3.5 -12.1 16.3 2.0 17.5 10 v 09 10.2 2.2 5.3 14.8 -5.1 22.1 9.3 11.8 11 v 10 5.5 1.0 3.8 5.0 -2.0 15.0 20.0 65.0 12 v 11 5.1 3.0 3.0 6.0 3.0 7.0 5.0 15.0 13 v 12 6.5 2.0 5.0 8.0 5.0 5.0 8.0 20.0 14 v 13 6.0 1.8 3.2 7.5 1.7 6.5 5.9 42.2 Year-on-year % change at constant prices 01 v 00 15.4 48.8 13.0 6.2 -0.1 11.9 22.2 -34.4 02 v 01 12.1 6.1 16.2 12.8 19.3 60.2 16.8 6.0 03 v 02 13.1 10.9 23.0 11.2 6.0 47.6 54.4 7.4 04 v 03 12.8 21.1 30.6 8.5 0.0 44.9 6.6 91.2 05 v 04 1.2 -4.2 5.9 1.5 -1.4 23.6 26.4 -58.3 06 v 05 -1.1 -10.4 -4.8 2.2 1.0 20.0 6.8 8.3 07 v 06 0.4 0.6 -3.6 -2.2 -4.6 98.6 -1.6 7.6 08 v 07 -7.8 -10.4 -6.2 -9.3 3.0 -8.2 1.3 11.9 09 v 08 -1.1 -12.5 -8.9 4.4 -11.3 17.4 3.0 18.5 10 v 09 6.7 -1.1 1.9 11.1 -8.1 18.2 5.8 8.2 11 v 10 1.4 -2.9 -0.2 1.0 -5.8 10.6 15.4 58.7 12 v 11 1.0 -1.1 -1.1 1.8 -1.1 2.8 0.9 10.5 13 v 12 2.2 -2.1 0.8 3.6 0.8 0.8 3.6 15.2 14 v 13 2.4 -1.6 -0.3 3.9 -1.8 2.9 2.4 37.3

Advertising expenditure in US$ million at current prices. All years based on US$1= Baht 31.69 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 1,619 344 85 962 160 10 51 7 2001 1,897 520 98 1,038 162 12 63 5 2002 2,141 555 115 1,178 195 19 74 5 2003 2,466 627 144 1,335 210 28 117 6 2004 2,859 780 193 1,489 216 42 128 11 2005 3,024 781 214 1,579 223 54 169 5 2006 3,130 732 213 1,688 235 68 189 5 2007 3,214 752 210 1,688 230 139 190 6 2008 3,126 711 208 1,614 249 134 203 7 2009 3,065 617 187 1,671 219 156 207 8 2010 3,379 630 197 1,918 208 191 226 9 2011 3,564 637 205 2,014 204 219 271 15 2012 3,747 656 211 2,134 210 235 285 17 2013 3,990 669 221 2,305 220 246 307 21 2014 4,230 681 228 2,479 224 262 326 30

Advertising expenditure in local currency at current prices (Baht million) Newspapers Magazines Total National Regional Total Business Consumer 2005 24,746 20,030 4,717 6,775 316 6,459 2006 23,193 18,709 4,484 6,748 342 6,406 2007 23,840 19,343 4,497 6,651 335 6,316 2008 22,537 18,235 4,302 6,575 318 6,257 2009 19,547 16,352 3,194 5,936 323 5,613 2010 19,970 17,132 2,838 6,249 330 5,919 2011 20,169 17,115 3,054 6,484 313 6,171 2012 20,774 17,971 2,804 6,678 329 6,349 2013 21,190 18,330 2,860 7,012 345 6,667 2014 21,578 18,773 2,805 7,237 347 6,890

170 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 THAILAND

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices 160,000 Outdoor 6.7% Internet 140,000 0.3% Cinema 120,000 5.6% Newspapers 18.7% 100,000 Radio 134,023 6.2% 126,437 Magazines 80,000 118,741 112,932

5.8% 107,065 99,181 99,038 97,117 101,834 95,817

60,000 90,596

40,000 78,140 67,839 60,110

20,000 51,289

0 TV 56.8%

Advertising Data: 2000-2003 Media Focus, 2004-2010 AGB Nielsen (except internet: ZenithOptimedia estimates), 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Before discounts 4) Includes classified 5) Internet includes display only

The Thai ad market had a good year in 2010, rising 56.8% of total spend in 2010; we expect this to rise by as much as 10.2% as it bounced back from two to 58.6% by 2014. Internet will continue its positive years of decline in 2008 and 2009. trend throughout our forecast period, but it will remain a minor medium in this market for some Television is the largest medium, accounting for time.

171 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TURKEY

Advertising expenditure in local currency at current prices (New Turkish Lira million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 669 230 42 285 47 8 57 0 2001 675 252 31 284 45 6 55 1 2002 1,083 363 47 525 54 9 83 2 2003 1,323 422 50 693 60 18 76 4 2004 1,840 615 67 957 75 23 95 8 2005 2,266 805 85 1,140 80 28 110 18 2006 2,786 914 106 1,442 101 33 160 30 2007 3,308 990 123 1,760 111 36 235 53 2008 3,241 952 114 1,687 111 39 242 95 2009 2,767 746 72 1,442 88 39 198 182 2010 3,612 856 86 2,018 103 46 252 251 2011 4,334 950 91 2,515 115 50 300 313 2012 4,941 1,031 96 2,917 129 54 339 376 2013 5,638 1,118 100 3,384 144 57 383 451 2014 6,490 1,208 105 3,993 162 61 429 532 Year-on-year % change at current prices 01 v 00 1.0 10.0 -27.6 -0.1 -4.3 -25.3 -3.1 - 02 v 01 60.4 43.8 53.4 84.5 20.0 46.9 50.5 84.5 03 v 02 22.1 16.3 6.4 32.1 10.3 100.0 -8.4 69.7 04 v 03 39.1 45.7 34.0 38.1 25.0 27.8 25.0 108.5 05 v 04 23.2 30.9 26.9 19.1 6.7 21.7 15.8 125.0 06 v 05 22.9 13.5 24.7 26.5 26.3 17.9 45.5 66.7 07 v 06 18.7 8.3 16.0 22.1 9.9 9.1 46.9 76.7 08 v 07 -2.0 -3.8 -7.7 -4.2 0.4 9.3 3.2 79.1 09 v 08 -14.6 -21.6 -36.6 -14.5 -21.0 -0.9 -18.3 91.8 10 v 09 30.5 14.7 19.9 39.9 17.0 16.7 27.3 37.9 11 v 10 20.0 11.0 5.4 24.6 11.7 9.9 19.0 24.7 12 v 11 14.0 8.5 5.0 16.0 12.0 7.0 13.0 20.0 13 v 12 14.1 8.5 5.0 16.0 12.0 7.0 13.0 20.0 14 v 13 15.1 8.0 5.0 18.0 12.0 7.0 12.0 18.0 Year-on-year % change at constant prices 01 v 00 -34.6 -28.8 -53.1 -35.3 -38.0 -51.6 -37.2 - 02 v 01 10.7 -0.8 5.8 27.3 -17.2 1.3 3.8 27.3 03 v 02 -2.5 -7.2 -15.1 5.4 -12.0 59.6 -26.9 35.5 04 v 03 25.8 31.8 21.2 24.9 13.0 15.5 13.0 88.5 05 v 04 11.8 18.8 15.2 8.1 -3.2 10.5 5.1 104.3 06 v 05 11.3 2.7 12.8 14.5 14.2 6.6 31.6 50.8 07 v 06 9.2 -0.4 6.7 12.2 1.1 0.3 35.1 62.5 08 v 07 -11.3 -12.9 -16.4 -13.2 -9.1 -1.0 -6.6 62.1 09 v 08 -19.6 -26.3 -40.3 -19.6 -25.7 -6.7 -23.1 80.5 10 v 09 20.2 5.7 10.5 28.9 7.8 7.4 17.2 27.0 11 v 10 13.2 4.7 -0.6 17.6 5.3 3.7 12.3 17.6 12 v 11 6.6 1.5 -1.8 8.5 4.8 0.1 5.7 12.3 13 v 12 8.4 3.0 -0.3 10.2 6.4 1.6 7.3 14.0 14 v 13 9.6 2.9 0.0 12.4 6.7 1.9 6.7 12.4

Advertising expenditure in US$ million at current prices. All years based on US$1 = NT Lira 1.50 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 445 153 28 189 32 5 38 0 2001 449 168 20 189 30 4 37 1 2002 721 242 31 349 36 6 55 2 2003 880 281 33 461 40 12 51 3 2004 1,224 409 45 637 50 15 63 5 2005 1,508 536 57 759 53 19 73 12 2006 1,854 608 71 960 67 22 106 20 2007 2,201 659 82 1,171 74 24 156 35 2008 2,156 633 76 1,123 74 26 161 63 2009 1,841 496 48 960 59 26 132 121 2010 2,403 570 57 1,343 69 30 168 167 2011 2,884 632 61 1,674 77 33 200 208 2012 3,288 686 64 1,941 86 36 226 250 2013 3,752 744 67 2,252 96 38 255 300 2014 4,319 804 70 2,657 108 41 285 354

172 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TURKEY

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency billion at current prices Internet 7,000 Outdoor 6.9% 7.0% Cinema Newspapers 6,000 1.3% 23.7% 6,490 5,000 Radio 2.9% 5,638 4,000 Magazines 4,941 2.4% 3,000 4,334 3,612 2,786 2,000 3,241 2,266 2,767 1,840

1,000 669

TV 1,323

55.9% 675 1,083 0 669

Advertising Data: 2000-2010 Turkish Association of Advertising Agencies, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) After discounts 5) In January 2005 the old Turkish Lira was converted to the New Turkish Lira at a rate of 1,000,000:1. All figures have been converted to New Turkish Lira 6) Internet includes display only

Although the advertising market was down by next three years. June’s national elections boosted 14.6% overall in 2009, the continued recovery has Q2 advertising expenditure figures and have also resulted in impressive 30.5% growth in 2010. We played a part in the rise in media inflation. also forecast a 20.0% rise in adspend in 2011. Television is the dominant medium in Turkey, This year media inflation is expected to reach 28%, accounting for 55.9% of all ad expenditure in 2010. mainly due to regulation changes to TV and radio Although it was the medium with the biggest ad length. TV channels are now allowed to air just spend increase in 2010, TV was closely followed 12 minutes of ads per hour, reducing ad duration by internet, which is expected to lead the way this by approximately 25%. These new regulations also year. Indeed, it is set to overtake outdoor as the allow TV product placement, which is expected third largest medium in terms of spend. to account for 5% of television expenditure in the

173 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UKRAINE

Advertising expenditure in US$ million at current prices. Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2002 161 15 14 85 8 - 38 1 2003 259 32 29 130 8 - 60 1 2004 348 30 50 163 14 3 87 2 2005 511 55 76 237 20 5 116 2 2006 709 65 102 350 27 7 152 6 2007 994 84 164 483 42 9 201 11 2008 1,138 181 218 475 40 13 190 21 2009 525 82 93 243 16 4 69 19 2010 700 88 103 356 29 5 93 26 2011 754 81 110 375 34 6 113 36 2012 843 78 120 420 39 6 130 50 2013 930 75 135 462 44 7 140 68 2014 1,052 75 150 531 50 8 150 88 Year-on-year % change at current prices 03 v 02 60.9 103.5 110.8 52.9 0.0 - 57.9 0.0 04 v 03 34.4 -5.8 76.5 25.4 68.8 - 45.0 50.0 05 v 04 46.8 85.3 51.0 45.4 48.1 66.7 33.3 33.3 06 v 05 38.7 18.2 34.2 47.7 35.0 40.0 31.0 200.0 07 v 06 40.2 29.2 60.8 38.0 55.6 28.6 32.2 83.3 08 v 07 14.4 115.0 32.9 -1.7 -4.8 44.4 -5.5 90.9 09 v 08 -53.8 -54.6 -57.6 -48.9 -59.4 -66.3 -63.8 -9.5 10 v 09 33.2 7.2 11.5 46.9 80.0 20.0 34.5 34.9 11 v 10 7.7 -7.5 6.7 5.3 15.4 11.9 21.6 39.0 12 v 11 11.8 -4.0 9.1 12.0 14.8 2.1 15.6 40.4 13 v 12 10.4 -3.8 12.5 10.0 12.9 16.7 7.7 35.0 14 v 13 13.1 0.0 11.1 15.0 14.3 14.3 7.1 30.0 Year-on-year % change at constant prices 03 v 02 57.4 99.1 106.2 49.6 -2.2 - 54.5 -2.2 04 v 03 30.8 -8.2 71.9 22.1 64.3 - 41.2 46.1 05 v 04 42.0 79.2 46.1 40.7 43.3 61.2 29.0 29.0 06 v 05 34.5 14.5 30.1 43.1 30.8 35.7 27.0 190.8 07 v 06 36.2 25.6 56.2 34.1 51.2 24.9 28.5 78.2 08 v 07 10.2 107.1 28.0 -5.3 -8.3 39.1 -9.0 83.9 09 v 08 -53.7 -54.5 -57.4 -48.8 -59.3 -66.2 -63.7 -9.3 10 v 09 31.1 5.4 9.7 44.5 77.1 18.1 32.4 32.7 11 v 10 4.6 -10.2 3.6 2.2 12.0 8.6 18.1 35.0 12 v 11 10.4 -5.1 7.8 10.7 13.5 0.9 14.2 38.7 13 v 12 9.4 -4.7 11.5 9.0 11.9 15.6 6.7 33.8 14 v 13 11.8 -1.1 9.9 13.7 13.0 13.0 6.0 28.6

174 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UKRAINE

Share of adspend by medium (%) 2010 million Total advertising expenditure in US$ at current prices 1,200 Internet Outdoor 3.7% Newspapers 13.2% 12.6% 1,000 1,138

Cinema 1,052 994 0.8% 800

Magazines 930 Radio 14.7% 843

4.2% 600 754 709 700

400 511 525

200 348

TV 259 161 50.9% 0

Advertising Data: 2002-2009 Ukrainian AdCoalition, Cortex, 2010 Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) After discounts 5) Excludes taxes 6) Prices fixed using local currency from 2009

It should be noted that there has been an important likely disguises a drop that is occurring anyway, change in the way the expenditure figures are given the difficult economic environment. reported in the Ukrainian market, which partially accounts for the apparently huge drop in the GDP contracted by 15.1% over 2009 which meant figures in 2009. the ad market was not in a healthy state either. However, according to the IMF, economic growth Traditionally, all prices in Ukraine were in US returned in 2010 to around 4.2% and an additional dollars, but from 2009 onwards all prices have been 4.7% is forecast for 2011. We have estimated a fixed in the local currency, the Hryvna. Partly as 33.2% rise in advertising expenditure for last year a result of this change, budgets have decreased and anticipate further 7.7% growth this year. We by 15% to 30% in local currency, and in addition, expect newspapers to be the only medium to the Hryvna has fallen against the US dollar register a fall in adspend in 2011. considerably of late. Of course, this change most

175 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UNITED ARAB EMIRATES

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor 2000 195 126 33 26 - - 10 2001 243 164 42 28 - - 10 2002 376 260 57 24 - - 35 2003 566 379 76 57 - 7 47 2004 777 524 104 97 - 7 45 2005 498 358 78 24 1 6 31 2006 636 431 93 21 7 10 74 2007 879 569 123 20 20 11 136 2008 1,280 819 148 35 62 17 198 2009 592 369 59 21 69 16 59 2010 629 387 50 27 79 15 71 2011 503 302 35 19 63 13 71 2012 464 272 32 15 63 11 71 2013 461 272 30 14 63 11 71 2014 461 272 30 14 63 11 71 Year-on-year % change at current prices 01 v 00 24.7 30.1 27.6 4.2 - - 1.1 02 v 01 54.9 59.1 36.0 -12.4 - - 258.5 03 v 02 50.5 45.6 33.4 134.1 - - 35.7 04 v 03 37.2 38.2 37.4 71.1 - -7.6 -4.8 05 v 04 -36.0 -31.7 -24.9 -75.4 - -8.6 -31.6 06 v 05 27.8 20.5 19.1 -13.5 1181.1 53.0 140.7 07 v 06 38.3 32.0 32.0 -3.1 177.3 12.6 84.1 08 v 07 45.5 43.9 20.1 72.6 212.6 59.3 45.7 09 v 08 -53.7 -55.0 -60.0 -40.0 10.0 -10.0 -70.0 10 v 09 6.3 5.0 -15.0 30.0 15.0 -5.0 20.0 11 v 10 -20.1 -22.0 -30.0 -30.0 -20.0 -15.0 0.0 12 v 11 -7.7 -10.0 -10.0 -20.0 0.0 -10.0 0.0 13 v 12 -0.8 0.0 -5.0 -10.0 0.0 -5.0 0.0 14 v 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Year-on-year % change at constant prices 01 v 00 21.3 26.5 24.0 1.3 - - -1.6 02 v 01 52.5 56.5 33.9 -13.8 - - 252.8 03 v 02 47.3 42.5 30.5 129.1 - - 32.8 04 v 03 33.6 34.6 33.8 66.6 - -10.0 -7.3 05 v 04 -38.1 -34.0 -27.4 -76.2 - -11.6 -33.8 06 v 05 23.9 16.8 15.5 -16.1 1141.7 48.3 133.3 07 v 06 34.4 28.3 28.3 -5.8 169.4 9.4 78.9 08 v 07 40.2 38.6 15.7 66.2 201.1 53.5 40.3 09 v 08 -53.6 -54.9 -59.9 -39.8 10.3 -9.7 -69.9 10 v 09 4.6 3.3 -16.4 27.9 13.1 -6.5 18.1 11 v 10 -22.4 -24.3 -32.0 -32.0 -22.3 -17.5 -2.9 12 v 11 -8.8 -11.1 -11.1 -20.9 -1.2 -11.1 -1.2 13 v 12 -1.7 -0.9 -5.8 -10.8 -0.9 -5.8 -0.9 14 v 13 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1

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Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Outdoor 11.3% 1,400 Cinema 2.4% 1,200 1,280 Radio 1,000 12.5% 800 879 TV 566 4.3% Newspapers 600 973 61.5% 629 592

Magazines 376 400 503 8.0% 777 464 461 461 243 195 200 243

Advertising Data: 2000-2004 PARC, 2005-2010 Vivaki/Business Compass net estimates based on Ipsos Statex gross data, 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) Excludes production costs 3) Excludes classified advertising 4) Before discounts until 2004; after discounts from 2005 5) TV excludes Pan Arab channels from 2005 onwards 6) Excludes internet 7) Outdoor – no reliable data available for 2007 and 2008

UAE has one of the most open economies in the a fall in investment in the first half of this year region and a high per-capita income. Most of its due to political unrest. So although the ad market wealth comes from natural gas and oil reserves, recovered a little in 2010 to grow around 6.3%, we and the inflow of multinationals making UAE their are estimating an overall drop of 20.1% this year headquarters for the MENA (Middle East and and further decline for the forecast period. There North Africa) region. has been a continuing decrease in advertising activity in print, with expenditure mainly coming One of the UAE’s main objectives is to expand its from luxury, jewellery and watches. Television infrastructure and private sector, since the economy accounts for a very small share in this market due depends mainly on expatriates (who make up to the dominance of pan-Arab satellite television around 80% of the total population). channels, which attract viewers at the expense of national and local stations. As with most of the MENA region, there has been

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Advertising expenditure in local currency at current prices (£ million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 10,549 4,263 1,725 3,327 453 79 593 111 2001 10,095 4,165 1,692 3,010 414 119 575 120 2002 10,119 4,087 1,600 3,144 419 131 596 142 2003 10,410 4,135 1,565 3,173 447 127 668 295 2004 11,378 4,341 1,624 3,392 463 136 721 700 2005 11,811 4,170 1,607 3,455 521 134 762 1,161 2006 11,958 3,992 1,554 3,282 494 131 792 1,713 2007 12,725 3,978 1,494 3,380 509 144 829 2,391 2008 12,334 3,510 1,346 3,211 476 145 798 2,848 2009 10,837 2,757 970 2,858 430 152 665 3,005 2010 11,698 2,744 913 3,258 445 155 748 3,435 2011 11,872 2,576 858 3,258 455 150 741 3,835 2012 12,314 2,581 858 3,290 459 155 780 4,190 2013 12,754 2,583 862 3,356 464 163 788 4,538 2014 13,159 2,583 862 3,423 469 165 796 4,861 Year-on-year % change at current prices 01 v 00 -4.3 -2.3 -1.9 -9.5 -8.6 51.4 -2.9 8.2 02 v 01 0.2 -1.9 -5.4 4.5 1.2 10.1 3.6 18.7 03 v 02 2.9 1.2 -2.2 0.9 6.7 -3.6 12.1 107.3 04 v 03 9.3 5.0 3.8 6.9 3.6 7.6 7.9 137.7 05 v 04 3.8 -3.9 -1.0 1.9 12.6 -1.6 5.7 65.8 06 v 05 1.2 -4.3 -3.3 -5.0 -5.2 -2.2 3.9 47.5 07 v 06 6.4 -0.3 -3.8 3.0 2.9 9.9 4.7 39.5 08 v 07 -3.1 -11.8 -9.9 -5.0 -6.4 0.7 -3.7 19.1 09 v 08 -12.1 -21.4 -28.0 -11.0 -9.7 4.8 -16.7 5.5 10 v 09 7.9 -0.5 -5.9 14.0 3.5 2.0 12.5 14.3 11 v 10 1.5 -6.1 -6.1 0.0 2.3 -3.2 -0.9 11.6 12 v 11 3.7 0.2 0.0 1.0 1.0 3.3 5.3 9.3 13 v 12 3.6 0.1 0.5 2.0 1.0 5.2 1.0 8.3 14 v 13 3.2 0.0 0.0 2.0 1.1 1.2 1.0 7.1 Year-on-year % change at constant prices 01 v 00 -6.0 -4.1 -3.7 -11.2 -10.3 48.7 -4.7 6.3 02 v 01 -1.4 -3.5 -6.9 2.8 -0.4 8.4 1.9 16.8 03 v 02 0.0 -1.6 -4.9 -1.9 3.7 -6.3 9.0 101.5 04 v 03 6.1 1.9 0.7 3.8 0.5 4.4 4.7 130.8 05 v 04 1.0 -6.6 -3.8 -0.9 9.5 -4.3 2.8 61.3 06 v 05 -1.9 -7.2 -6.3 -7.9 -8.1 -5.3 0.7 43.0 07 v 06 2.0 -4.4 -7.8 -1.3 -1.4 5.4 0.4 33.8 08 v 07 -6.8 -15.1 -13.3 -8.6 -9.9 -3.1 -7.4 14.6 09 v 08 -11.7 -21.0 -27.6 -10.5 -9.3 5.4 -16.2 6.1 10 v 09 3.1 -4.9 -10.1 8.9 -1.2 -2.6 7.5 9.2 11 v 10 -2.9 -10.2 -10.1 -4.3 -2.1 -7.4 -5.2 6.8 12 v 11 1.3 -2.1 -2.3 -1.4 -1.4 0.9 2.8 6.7 13 v 12 1.5 -1.9 -1.5 0.0 -1.0 3.1 -1.0 6.2 14 v 13 1.1 -2.0 -2.0 0.0 -0.9 -0.8 -1.0 5.0

Advertising expenditure in US$ million at current prices. All years based on US$1= £ 0.65 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 16,311 6,591 2,667 5,144 700 122 916 171 2001 15,608 6,440 2,616 4,654 640 184 890 185 2002 15,645 6,319 2,474 4,861 648 203 921 220 2003 16,095 6,394 2,420 4,906 691 196 1,033 455 2004 17,591 6,712 2,511 5,244 716 211 1,114 1,083 2005 18,261 6,447 2,485 5,342 806 207 1,178 1,796 2006 18,489 6,171 2,402 5,074 764 203 1,225 2,649 2007 19,673 6,150 2,310 5,226 786 223 1,282 3,696 2008 19,070 5,426 2,082 4,965 736 224 1,234 4,403 2009 16,755 4,263 1,499 4,418 665 235 1,028 4,646 2010 18,086 4,243 1,411 5,037 688 240 1,156 5,311 2011 18,355 3,982 1,326 5,037 703 232 1,146 5,929 2012 19,039 3,991 1,326 5,087 710 240 1,206 6,478 2013 19,720 3,994 1,333 5,189 717 252 1,218 7,016 2014 20,345 3,994 1,333 5,293 725 255 1,231 7,515

Advertising expenditure in local currency at current prices (£ million) Newspapers Magazines Internet Total National Regional Total Business Consumer Total Display Classified Search Email 2000 4,263 1,914 2,349 1,725 1,080 645 - - - - - 2001 4,165 1,756 2,409 1,692 1,022 670 - - - - - 2002 4,087 1,640 2,447 1,600 925 675 - - - - - 2003 4,135 1,617 2,519 1,565 891 675 - - - - - 2004 4,341 1,678 2,663 1,624 920 705 700 198 137 365 - 2005 4,170 1,625 2,545 1,607 904 703 1,161 286 223 653 - 2006 3,992 1,626 2,366 1,554 864 690 1,713 386 322 991 15 2007 3,978 1,643 2,335 1,494 823 672 2,391 503 498 1,376 14 2008 3,510 1,544 1,966 1,346 713 633 2,848 542 608 1,689 9 2009 2,757 1,306 1,452 970 469 501 3,005 603 576 1,826 0 2010 2,744 1,385 1,359 913 401 512 3,435 803 638 1,994 0 2011 2,576 1,311 1,265 858 358 500 3,835 931 651 2,253 0 2012 2,581 1,352 1,230 858 354 504 4,190 1,042 670 2,478 0 2013 2,583 1,365 1,218 862 353 509 4,538 1,115 697 2,726 0 2014 2,583 1,365 1,218 862 353 509 4,861 1,199 738 2,923 0

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Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Internet Newspapers 14,000 29.4% 23.5% 12,000 13,159 12,754 10,000 12,725 12,334 12,314 11,958 11,872 11,811 11,698 11,378

8,000 10,837 10,549

Magazines 10,410 10,119 7.8% 10,095 Outdoor 6,000 6.4% Cinema 4,000 1.3% TV Radio 2,000 3.8% 27.8% 0

Advertising Data: 2000-2010 Advertising Association (internet 2004-2005 IAB, 2006-2010 Agency estimates), 2011-2014 Agency forecasts Notes: 1) Excludes 15% agency commission (10% agency commission for consumer magazine classified) 2) Excludes production costs 3) Includes classified advertising 4) After discounts (except for cinema, which is before discounts) 5) Magazines excludes directories 6) TV sponsorship not included 7) The Advertising Association’s TV revenue differs from the total of our own channel-by-channel estimates which appear in UK TV forecasts. The AA will not itemise the components of its figure. 8) Internet includes display advertising, classified advertising, paid-search listings, affiliate deals and partnerships/tenancies. 9) From 2009 email advertising is included in internet display 10) Radio figures are net and include branded content from 2005

TV BBC and ITV. This event will be key to shaping The advertising rebound experienced in 2010 has the success of 2012 for commercial television, in proven to be a tough base to beat in 2011. We particular ITV. It will also be an ideal vehicle for forecast the overall TV spot revenue in 2011 to Olympic partners to leverage their association with be the same as last year, with Q4 2011 showing a the Olympics prior to the games commencing, as decline of 3% year-on-year. For the most part, Q4 is they won’t be able to advertise on the BBC. expected to be dragged down by December – which is predicted to decrease by as much as 10%. This is The Olympics will run from 27th July to 12th on the back of the strong performances of the past August, and will be broadcast on the BBC and two years. For instance, according to Nielsen, retail Eurosport. The BBC is aiming to deliver 5,000 accounted for 12% of all advertising expenditure hours of coverage across all of its channels and in December 2010 and was up 14% year-on-year. interactive platforms. BBC3 will be devoted to For 2010 as a whole, retail represented 7% of Olympic coverage and will be transmitting content all adspend and was up 9% compared to 2009. throughout the day instead of starting at 7pm. However, so far this year retail has declined by Undoubtedly, the BBC’s Olympic coverage will 9% and accounts for 6.5% of spend. Estimates for take away audience from commercial TV which December 2011 are even more pessimistic. in turn will lead to a reduction in television ad revenue. However, we feel these two outcomes will Looking forward to 2012, two events dominate be mostly in equal measure, helping to offset any the year: the Euro Championships in June and inflation over the period of the games. The other July, and the much-anticipated London Olympics key effect of both the Euro Championships and over July and August. The broadcasting rights for the Olympics will be an increase in spend earlier the Euro Championships will be shared by the in the year as some advertisers actively avoid

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these events. As a result, we expect to see adspend when it closed and there has since been a huge growth in April and May in particular. However, effort from the remaining mid-market and popular current economic uncertainties are expected to titles to attempt to pick up those sales. The results cause a decline in television ad expenditure of 2% so far have been very encouraging for a market during Q1 2012. which has struggled with circulation in recent years. In terms of numbers, the Sunday Mirror has Overall we expect the economic cloud to remain been the biggest winner by picking up 817,000 over the UK for the majority of 2012, restricting copies between June and August, an increase of television expenditure growth to +1%. 74%. The Daily Star Sunday has grown 143% in the same period, and now boasts a circulation of Radio 744,981. The combined circulation of all the titles Radio figures are now reported as net, and we have in the mid-market and popular sectors in August begun to include branded content as it accounts for 2011 stands at 7.06m every Sunday, meaning only around 20% of total radio revenue. 603,000 copy sales have been lost since the News of the World folded. Print It has been another tough year for ad revenue in the According to NMR only one out of the top 10 print sector, and we are now forecasting a fall of ad product categories has posted an increase in 6% for the year. There are three main causes behind expenditure between January and August this this. Firstly, whilst the big supermarkets hugely year. The biggest casualty is the retail sector, which propped up this market in 2009 and 2010, they is down 25% year-on-year. Finance remains the have been unable to maintain those levels of spend biggest category, but it is down 3%. in 2011 and are actually down 4% year-on-year. These advertisers alone represent 6% of total spend Whilst most print media owners have embraced in the print market. Secondly, the COI was the cutting-edge digital offerings, the speed at sixth biggest print advertiser in Q3 2010, but cuts in which they do this is still wildly inconsistent. government spending have meant that investment Recently, The Times announced that advertisers has been reduced dramatically, taking £15m out of booking a colour page on a fixed day will have the market in the process. Thirdly, back in 2010 the the opportunity to replicate it in the iPad edition. FIFA World Cup contributed hugely to advertising Initially there are two options – a free one, and revenue. Obviously the lack of a comparable event one that costs £1,500 – but it seems obvious that as in 2011 has had a knock-on effect. the iPad edition develops and matures, not only will the latter become the only option possible, but Trading conditions are still precarious in Q4 2011. the opportunity will be extended to advertisers While NMR figures suggest that October was outside of those running a colour page. Meanwhile, the best performing month in almost half a year The Guardian launched its iPad edition in October (-6.5%), the year-to-date picture is worse – trading with an entirely different advertising model, one between January and 16th of November was down of sponsorship. It would seem that this is a ‘safety 8.9%. It would appear this will spill into 2012, first’ option and, once the success of the platform but we expect conditions to improve with the has been established, a more aggressive policy will Olympics, UEFA Championships and Diamond be implemented. Jubilee. Consumer magazines National press Hearst’s purchase of Lagardère in the UK was The UK’s second biggest circulating newspaper, finally completed in August when the takeover the News of the World, closed in July 2011 as a direct was sanctioned by the OFT. The newly formed result of the phone hacking scandal that engulfed company – Hearst Magazines UK – promptly its parent company News International. According closed two magazines, She and Cosmo Bride, as it to ABC figures, the title was selling 2.67m copies began implementing its internal restructure.

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NMR has reported slight growth in the two biggest Internet product categories. Cosmetics were up 0.6% The IAB has slightly changed its reporting of online between January and August, while clothing was spend from 2009. Effectively there are two sets of up 3%. However, they were the only categories in numbers, the first including expenditure by all the top five to register growth, with the sector as a media owners that disclosed revenues in 2008 and whole down 7%. 2009, while the second also includes estimates for YouTube and Facebook (which do not disclose Once a sector defined by its numerous launches, revenues). Our figures for 2009-2010 and forecasts the only high profile opening in recent times is that for 2011-2014 follow the second option. The IAB of Marie Claire’s Runway, which will be launched has also stopped reporting email as a separate in January 2012. This would seem to be a blatant category, and from 2009 will include all email attempt to capitalise on the relative success of the advertising in internet display. fashion/luxury category in recent years, and the fact that the sector seems impervious to economic Growth in 2011 will continue to come from VOD instability. Runway – a bi-annual title – aims to activity. Networks, which currently take around be the more accessible face of the sector. Whether 40% of the market, will suffer falling revenues as Marie Claire has the cache to attract the top drawer AOD and the Facebook API tool grow. In 2011, the brands vital for it to be a success remains to be display market is likely to increase by as much as seen, but there is no doubt that Runway has the 16%. right look and pedigree to be a success with the public.

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Gross domestic product in the United States increased at an annual growth rate of 2.5% from the second to the third quarter of 2011, according to the ‘advance’ estimate. Growth was 1.3% during Q2. The increase in GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), federal government spending, exports and nonresidential fixed investment that were partly offset by negative contributions from private inventory investment and local government spending. Overall, the Dow Jones index increased 9.5% and the S&P 500 increased 10.7% in October 2011 from September 2011. The stock market has increased substantially year-over-year, with the DJIA up 7.5% and the S&P up 5.9%.

According to the National Multi Housing Council, powerful demographic trends, changing attitudes about home ownership and tighter mortgage underwriting continue to drive a shift toward renting, which is fueling a ramp up in new construction of multi-family housing. Construction of homes with five or more units rocketed by 53.4% in September versus the month before. That compares with a 1.7% increase in construction of one-unit homes.

In October, the Federal Reserve kept its benchmark interest rate at a target range of 0.0% to 0.25%. The Fed has kept its benchmark interest rate near zero since December 2008, and due to expectations of slow economic growth, there are plans to leave rates low until mid-2013. The Consumer Confidence Index, which had improved slightly in September, plummeted Personal consumption expenditures, which account in October. The Index now stands at 39.8 – its for around two-thirds of total economic activity, lowest level in over two years – down from 46.4 increased 0.6% in September. Advanced estimates in September. Consumers’ assessment of present of US retail and food services sales for September conditions deteriorated further in October. The (adjusted for seasonal variation, holiday and proportion of those who said business conditions trading-day differences, but not for price changes) were ‘bad’ rose to 43.7% from 40.5% the month were $395.5 billion, an increase of 1.1% from before, while those claiming business conditions the previous month and 7.9% above September were ‘good’ decreased to 11.0% from 12.1%. 2010. Gasoline station sales were up 20.3% from September 2010 and nonstore retailers sales were Housing starts in September were at a seasonally up 10.1% from last year. adjusted annual rate of 658,000. This is 15.0% above the revised August estimate of 572,000 and The unemployment rate showed little change for 10.2% above the September 2010 rate of 597,000. the fifth consecutive month. Nonfarm payroll

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employment edged up by a mere 80,000. The but we are predicting a healthy 4.3% growth for Congressional Budget Office is expecting the US 2014. Fortunately, most of the large financial, retail unemployment rate to remain stagnant at 9.0% and automotive spenders have returned to the through 2012. Weak economic growth and the marketplace. We continue to see TV dollars moving now-changed requirements of the job market will from network to cable, and this trend will likely contribute to this stagnation. The unemployment continue as cable networks continue to add quality rate has been above 8.5% for 32 months. In programming to their lineups. Print will also suffer addition, 42.0% of workers who were unemployed on account of digital media, but eReaders and have been out of work for more than 26 weeks tablets have given new life to magazines, and as and about 30.0% have been out of work for a year these devices gain traction, we expect this trend or more. Neither of these situations has been seen to continue as well. Our largest increases in spend since the immediate years following World War II. are in internet (12.6%) and cable TV (12.0%). The media we expect 2011 decreases for are newspapers (-8.5%), business magazines (-4.0%), network TV (-2.0%) and syndication (-4.0%).

Marketing services are expected to grow 1.9% in 2011.

Network TV

Network TV maintains the largest share of national TV dollars in 2010, but we predict that cable will garner a larger share of spend in 2011 and beyond.

Zenith predicts that network TV will end the year down -2.0%. We predict a decrease of -1.0% in 2012, despite the return of the Olympics to NBC. Money supply growth has tapered off, and fears of With the Olympics taking place in London, the deflation may stymie further growth. In September time difference will mean fewer events airing 2011, the seasonally-adjusted money supply (M1), live than there were for the Vancouver Olympics. which includes currency, traveler’s checks, demand NBC Sports Chief Mark Lazarus has already deposits and other checkable deposits, increased promised that more events will be aired live rather 1.2%. Compared to the same time period a year than saving the best for tape-delayed coverage ago, money supply is 20.6% higher. Compared to in primetime, which is what NBC has done in December 2007, when the recession began, money the past. Therefore, more viewers are expected to supply has increased by 55.4%. tune in online to watch their favorite events rather than wait to watch pre-recorded versions. The last Zenith continues to monitor all these changes in Summer Games in Beijing drew an unprecedented the economy and their effect on our advertising amount of online viewing, and this trend is forecasts. expected to continue for the 2012 London Games. Also, with Comcast-owned sports networks Given the current economic conditions, and our now under the NBCU umbrella, more Olympics knowledge of advertiser plans for the upcoming coverage will be airing on cable (especially on season, we are projecting a 2.2% overall increase Versus, which is being rebranded as NBC Sports). for advertising in 2011, unchanged from our October forecast. As we move further past the The 2011/2012 broadcast season officially opened recession, we expect larger increases of 3.5% in on Monday 19th September. With DVR penetration 2012 and 2013. The economy is still recovering, currently at 42.1% – up 4 percentage points

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from year ago levels – the impact on viewing advertisers. According to Kantar Media, cable behavior can already be seen during premiere advertising in the first three quarters of 2011 was week performance versus last year’s benchmarks. 10.6% above the same period in 2010. Computers This season broadcasters were more aggressive and software saw one of the biggest increases in than past years, scheduling stronger head-to- spend, jumping 53.0% above 2010 levels. Other head competition, while also experimenting with large increases occurred in shopping centers expanding genres and relocating popular staples (79.9%), household furnishings (78.2%), and to new nights of the week. During premiere apparel (42.7%). Zenith anticipates strong cable week, 73.0% of all A18-49 broadcast primetime spending in the fourth quarter of 2011, ending viewership was live, compared to year ago’s the year 12.0% above 2010. We expect additional reported 76.0%. Same-day playback was relatively increases of 10.0% in 2012, 10.5% in 2013 and 11.0% steady, up one point from last season, while 1-3 in 2014. days of playback differed by a full three percentage points, likely driven by heavier sampling and more Turner is unveiling their ‘TV Everywhere’ initiative time needed by audiences to catch up with a larger this season. ‘TV Everywhere’ allows current cable volume of DVR content. subscribers to stream full episodes, on PC, tablet or mobile devices, free of charge. To begin, spots In real terms, the broadcast networks are not featuring network stars will inform the viewers of making the same ad dollars as they did several this new concept. Online streams of these telecasts years ago. In an effort to generate new streams of include the same commercials as the original airing. revenue, networks are looking to licensing and Nielsen has incorporated these online streams into retransmission fees. In order to combat online its commercial ratings. viewing of popular programmes, Fox has changed its licensing agreement for non-paying users of WWE’s plans to start a cable network have been Hulu. New episodes of its shows are now available pushed back to mid-2012/early 2013. Proposals for eight days after the telecast’s air date. Following the network are slated to be sent to cable systems in an agreement struck in October, the CW is now early 2012. offering new episodes at a similar delay; prior to this, Hulu directed viewers to the CW’s website. Spot TV Hulu will have exclusive rights to stream new episodes of shows such as Ringer and Hart of Dixie. The 2011 marketplace has seen increases in several CBS remains the only major broadcast network to key categories. Annual increases of 4.0%, 8.0%, not actively participate in Hulu. According to CEO 2.0% and 4.0% are expected for 2011, 2012, 2013 Les Moonves, the company prefers a guaranteed and 2014. The category with the greatest increase revenue stream as opposed to a share of advertising in spend is the apparel category. While there is a dollars. CBS has signed a deal with Amazon to decline in spending for the automotive category, allow streaming of several series, in their entirety. we expect to see some fourth quarter activity This adds to Amazon’s expanding library of over thanks to the markdown of existing 2011 models 8,000 TV programmes and movies. Amazon Prime and sales of 2012 models. subscribers have unlimited access to this library of content, while others can access through Amazon The spot TV marketplace during the first half of On Demand on an à la carte basis. 2011 was robust and strong in many categories. Unfortunately, high gas prices and a decline in Cable TV consumer confidence have resulted in local markets slowing in the flow of business. There is strong Cable networks will continue to build momentum growth, 43%, in the first half of 2011 for medicines – especially those seen as alternatives to broadcast and proprietary remedies, while pharmaceutical prime (USA, TBS, TNT, FX), largely thanks to the houses showed a 74% decrease in spend on Spot return of big-spending automotive and financial TV.

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A number of consolidation deals are taking place slot in many markets and, along with Dr. Phil, it in the local television industry during Q4 2011. draws the highest ratings in syndicated talk shows The Sinclair Broadcast Group bought seven local – but these ratings are still significantly lower than stations from the Four Points Media Group in Oprah’s were. Katie Couric’s syndicated Katie has September, the E. W. Scripps Company bought been sold to 14 of the country’s top 15 TV markets. nine stations from McGraw-Hill in October, and Disney hopes Katie will become the new Oprah Sinclair bought an additional eight stations owned when it debuts in the fall of 2012. Queen Latifah by Freedom Communications in November. will also be the host of her own syndicated talk Sinclair is open to buying more groups of stations show, which is being developed for fall 2013. This in the future in an effort to better compete with will not be the star’s first foray into hosting a talk cable and wireless companies. show; The Queen Latifah Show ran in syndication from 1999 to 2001. With several other groups of local stations currently on the market, the broadcast business As for Live! With Regis and Kelly, Regis Philbin appears to be more attractive to buyers than it has announced he would retire from the series this been since the recession. November after more than 28 years as host. Kelly Ripa, who recently celebrated her tenth anniversary The 2012 spot TV marketplace is expected to be on Live! will have several prospective co-hosts extremely volatile with the Presidential election on the show (similar to when Kathie Lee Gifford at hand. Primaries will be pivotal for candidates departed) leading up to the grand reveal this and, after the billion dollar political spend in January. 2010, stations and marketers are gearing up for a turbulent marketplace. To add to the frenzy will Radio be the Olympics in August, bringing new and returning business to the local markets. Even when Despite recent unenthusiastic reports about the the economy was soft in 2010, political dollars state of our economy, network radio seems to be drove market pricing. holding its own. According to the latest Miller Kaplan report, network radio had a very strong Syndicated TV October – up 6.5% versus a year previously. Retail scatter campaigns promoting multiple sales events Zenith predicts a 4.0% decrease in advertising are the main driver for increased dollars. With a expenditure for syndication in 2011. Spending very strong October and many holiday sales events, in 2012 is expected to decline by 12.0%, followed including scatter campaigns placed for November by a 10.5% decrease in 2013 and 11.0% in 2014. and December, we are revising our previous Comedies constituted the majority of the top prediction of 2011 network radio from 2.0% to twenty syndicated programmes among W25- 3.0%. Other categories contributing to network 54 during the second quarter of the 2010-2011 radio’s Q4 success are finance and insurance. season, with the weekly airing of Two and a Half Men remaining the top-rated series with this As for popular radio formats, live sports, sports demographic as well as with most measured talk and news/talk are reporting strong numbers targets. in latest PPM. The NBA lockout has led to dollars being re-expressed in NCAA football The 25th and final season ofThe Oprah Winfrey and basketball, and NFL. With the Presidential Show concluded in Q2 2011, garnering the largest election being a year away and Republican debates W25-54 viewership across all syndicated talk in full swing, we are also seeing a surge in talk shows. In the six months since its conclusion, many programming. syndicated talk shows have tried to fill the void, but none have succeeded in garnering the same Looking into the 2012 upfront, budgets were ratings. The Dr. Oz Show took over Oprah’s time released later but we are seeing a majority of the

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same advertisers who participated in last year’s the fashion, shelter and business titles. However, upfront. Retail, insurance, lawn care and real the parenting and epicurean categories continue to estate are the lead categories. Streaming audio is have a difficult year. experiencing tremendous growth in listernership and, as a result, is included on most upfront Defining a strong tablet strategy is a constant submissions. Due to the political and Olympic year, priority in the market. About 54.0% of magazines pricing is up 3.0%. have an iPad app, and 59.0% say they have a strategy to capilitize on mobile platforms. The Dial-Global and Westwood One merger Tablet penetration is roughly 11.0% in the US was finalized with Dial-Global being the official and growing. With the Kindle Fire and Barnes company name and listed as DIAL on the NYSE. and Nobles’ NOOK Tablet launching mid For advertisers, this company merger will November, we expect to see a larger migration provide a one stop shop in popular personality in the female category towards these devices. programmes (Dennis Miller, John Tesh), marquee The iOS 5 newsstand represented a huge win for entertainment events (Grammys, ACMs) and publishers, both as a revenue generator and for leading sports events (March Madness, Super Bowl enabling e-issues to quickly scale by providing a and Olympics). The company will now sell its subscription model option. According to recent combined programming starting January 2012. ABC Going Mobile report, 73.0% of magazines say they receive revenue for their iPad content. Consumer Magazines A recent Popular Science study showed that Magazines saw an increase of 2.0% in ratecard- 95.0% of app subscriptions were from new email reported revenue through Q3 2011, according to addresses, suggesting that with a new paid tablet Publishers Information Bureau (PIB). The third subscription model, publishers are enjoying the quarter of this year proved to be a difficult quarter, opportunity to attract new readers to the brand. down 5.6% in paging against the previous year. PIB Other titles, such as those under the Time Inc. saw magazine ad revenue growth in six of the 12 and Condé Nast umbrella, allow existing print major advertising categories during Q3. (Twelve subscribers to authenticate for free. In time, this categories are the most significant contributors to could slowly change the consumption pattern of PIB revenue, comprising more than 85.0% of total traditional readers, which could easily impact advertising spending). Three of these showed titles such as Wired, Fortune, and Time, whose double-digit increases, driven by the following reader demographic aligns closely with the tech- subsectors: savvy tablet audiences. This constant migration to branded content is being reinforced by ABC, which • Toiletries and cosmetics: benefited from is now producing Consolidated Media Reports an influx of ads for perfumes, hair care (CMR) that integrate the title’s multimedia brand products and cosmetics, as well as toiletries extensions on print, digital, mobile, and social aimed at male consumers in particular. platforms. • Apparel and accessories: footwear, jewellery and watches. A logical increase While some publishers see increases in tablet given that the much-anticipated September circulation as a reason to not increase print fashion issues are published within this numbers, others feel that the profit margins for period. printed magazines justify a continued investment • Financial, insurance & real estate: banks, in the printed product. financial consultancies and software, insurance firms. Looking forward to 2012, we think that as digital subscriptions continue to climb, publishers will Within the magazine categories, the Hispanic genre be forced to become more transparent about the is doing extremely well through Q3 2011, as are scale. Ultimately, this could shift pricing to an

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impression-based CPM model. While the business/ Association of America announced that print tech/news category will continue to perform well advertising revenues fell 8.8% from $5.69 billion on tablets, female books will pick up traction with in the second quarter of 2010 to $5.19 billion in the introduction of new devices, especially in Q1 the second quarter of 2011. This marks the lowest 2012 after the holiday season. Publishers will look second quarter revenue since 1983. Losses covered to other organic outlets to monetize tablet content, all of the main advertising categories. Zenith such as brand channels on Flipboard or Yahoo! expects decreases in newspaper ad spend of 8.5% in Livestand. 2011, and 8.0% in each of 2012, 2013 and 2014.

As T-Commerce becomes prevalent, publications Newspaper continues to converge across platforms will continue building this functionality into their as consumer demand for multi-platform content edit, transforming the content into a shoppable rises. Advertising revenue generated online is experience. It is yet to be seen the impact this may becoming significant. In the second quarter of have on ASME guidelines, which could potentially 2011, online newspaper revenue recognized its become violated if revenue share deals are put into highest second quarter revenue to date with $803.4 place. million. This figure represents an 8% gain over the second quarter of 2010. Publishers are beginning Vista Digital, Flurry, Omniture and iMonitor’s to recognize an opportunity to monetize content tracking capabilities will continue to mature as in 2011 as revenues in online print rise. In March the industry puts more pressures on the need for of this year, the New York Times erected a paywall better metrics. Traditional publishers will be held around content on their site. After four months, it accountable for the tracking available on other had garnered 224,000 paying users. digital pure play apps, such as page views, time spent, and CTR. Publishers understand that tablet devices will be a contributing factor towards circulation declines. Zenith predicts flat consumer magazine spending Early adaptors of this technology have created in 2011, followed by a slight decrease of 2.0% in bundled subscription models that packaged both each of 2012 and 2013. the printed paper along with the mobile app in hopes of mitigating the circulation decline. Business-to-Business Publications According to a survey published by the Audit Bureau of Circulations (ABC), 85.0% of magazines B-to-B publications continue to be affected by the and newspapers in the US and Canada currently shift of dollars to online, as well as the postage and offer mobile content for eReaders, smartphones or paper cost increases they face. We are projecting tablets. Just 76.0% of magazines and newspapers a reduction in advertising spend of 4.0% in 2011, offered mobile content last year, according to ABC. followed by annual decreases of 3.0% in 2012, 2013 and 2014. From the user standpoint, digital Tech companies are continually looking for publications are seen as a more convenient, new ways to digitize newspapers. While over environmentally-friendly way to find information, half of all publishers have produced content for specifically with text-based search options. the iPod or iPad, publishers are skeptical of the Specialty print publications are continuing to fold Apple Newsstand – with just 8.0% saying Apple’s and some are moving forward as a digital brand Newsstand approach was favorable to publishers, only, which has also greatly reduced costs and according to a recent ABC survey. Additionally, overhead. 42.0% of respondents said the publishing industry needs to develop an alternative to Apple. Digital Newspapers versions of major newspapers are available on PressReader, an app created by NewspaperDirect. The newspaper industry continued to see declines PressReader allows for both pay-per-download and in the second quarter of 2011. The Newspaper monthly subscription models and is downloadable

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on Blackberrys, Apple devices, Android and Facebook. Microsoft is taking the first steps smartphones/ tablets and Windows 7 tablets/ in enhancing the display ad space as they are eReaders. actively unveiling new tools and partnerships. Microsoft’s partnership with AppNexus Inc. and Internet MediaMath is designed to help customers tailor ads more effectively and measure their impact. Sales Zenith predicts total internet ad spending to grow of graphical display ads, including banners and 12.6%, 16.4%, 17.3% and 17.2% in 2011, 2012, 2013 videos, are poised to climb 25% in the US this year. and 2014 respectively. Mobile marketing will continue to grow, fueled Online ad growth is being driven, in part, by online specifically by ubiquitous apps, user-friendly video, with video ads “becoming the main form of browsers and 3G/4G speeds. Smartphone brand advertising in the digital space”, according ownership now comprises 28% of all cell phone to eMarketer. The company says spending growth ownership, with nearly one million smartphone for online video will run in the 24% to 54% range devices being activated on a daily basis. Publisher between 2009 and 2014 – growing from $1.4 growth is also evident with the Apple’s app store billion in 2010 to $5.2 billion in 2014. The growing having over 400K apps and Android with over numbers of cord cutters – those who unsubscribe 200K. The average number of ads shown per from cable and watch TV solely online – constitute app session is 4.3 and the average session lasts an emerging audience that could create impact just over four minutes – for context, the average with ad spending going forward. Another high session length is just under one minute. Moreover, growth area is streaming video ads. Driven by tools smartphone users now spend more time in to create streaming video ads, the streaming video mobile apps per day than the average internet category will see two out of every five ad dollars user spends online. According to a recent study, coming from local advertisers. Additionally, the nearly 85% of marketers are doing some form of high spending of advertisers such as Tremor Media mobile marketing or advertising, and many (60%) (which invested $37m for acquisitions) further that have near-term mobile marketing plans are reinforces the growing importance of online video paying for the programs out of their online budget. advertising. Unsurprisingly perhaps, recent data Industry experts indicate mobile ads sales will indicates that Google currently dominates the enjoy growth of more than 20 cents of every online online video space. By 2015, nearly $50 billion will ad dollar spent in 2012. be spent on online ads in the US. Of the formats in this category, online video ads continue to be the The big three social platforms (Facebook, Twitter fastest-growing, with an increase of more than 52% and YouTube) are all building platforms that are predicted this year. attractive to small businesses in addition to Fortune 500 companies. Social media are creating a new Classifieds are expected to continue doing well in type of advertiser which did not advertise before, digital media because it is a good way of reaching including individuals and content creators. Social out to potential buyers. This key online ad format media ads are expected to increase in price based is highly influenced by overall economic attitudes on current patterns, the influx of new advertisers, and activity. Classifieds depend on employment new creative formats and improved targeting. and real estate, both of which will likely remain Facebook is already commanding more than 25% soft markets throughout 2011 and into early 2012. of the impressions served of display ads. And 34% Currently the US unemployment rate stands at of digital impressions in the display category are 9.0%, slightly less than this time last year. currently generated by social media sites. If display ad spending growth flattens and social media Online display advertising will continue to grow as impressions continue to grow at even the fraction software makers invest more spend in innovating of its previous rate, then it is safe to say that the display ads to compete with the likes of Google majority of display growth will be attributable to

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social media. YouTube said it now has over 20,000 Traditional Out of Home different advertisers running campaigns, a 100% increase from last year. In addition, 98 out of 100 of Zenith is predicting a 3.0% increase in traditional Ad Age’s top 100 advertisers are now advertising OOH spend for 2011, a slight adjustment over last with YouTube. Twitter has worked with more than quarter’s 4.0% prediction given a softer quarter 600 advertisers on more than 6,000 campaigns. than previously expected. Traditional outdoor And it has started asking advertisers to spend a continues to see signs of recovery over previous minimum of $15,000 over a three-month period. It years. Increases of 3.0%, 5.0% and 5.0% are also plans to offer an automated ad-buying system expected in 2012, 2013 and 2014. for small businesses later this year that should lead to a torrent of new advertising for the platform. Out-of-home advertising revenue grew faster than Placing a promoted trend on Twitter now costs the economy, as well as many other media, in the $120,000 per day, up from $25,000-$30,000 when second quarter, rising 4.5% to just over $1.9 billion, Twitter launched the service in April 2010. The according to the latest figures from the Outdoor introduction of Twitter’s automated platform could Advertising Association of America. The increase is also drive up prices for ads, which are sold on an due, in part, to the expansion of digital out-of-home auction basis similar to Google AdWords. advertising, but OAAA executives also credited the positive impact of new OOH advertising And 2012 should expect an even bigger boost audience measurement, ‘Eyes On’ ratings. These in spending from the Presidential Election. improvements are helping attract new advertisers Republican Tim Pawlenty disclosed his 2012 to the medium, said OAAA president, CEO Nancy presidential aspirations on Facebook. Meanwhile, Fletcher, with 12,000 new advertisers in the second Mitt Romney did it with a tweet and President quarter compared to the first. In terms of categories, Barack Obama kicked off his re-election bid with an earnings announcement from Clear Channel a digital video emailed to his 13 million online Outdoor, the nation’s largest outdoor advertising backers. Facebook is also Sarah Palin’s main tool company, indicated strong growth in banking for communicating with her supporters. In fact, and financial services, telecommunications, health since 2008, most politicians have embraced social care and business services. Competitor Lamar media and expect to use it heavily during the Advertising Co. pointed to strong spending campaign process. Additionally, there is expected increases in the automotive category, continuing to be a significant increase in overall campaign ad into the third quarter, offset somewhat by decreases spending anyway, since political media spending in hospitality and real estate. Outdoor’s strong for the mid-term election broke a number of performance is partly due to rapid expansion of records. The final tally hit an all-time high of $4.55 DOOH displays, with Clear Channel Outdoor billion, surpassing the 2008 presidential election by alone installing 96 new digital billboards in the first 8%. half of the year, bringing the company’s total to 711. We are forecasting a 13.0% growth rate in paid search for 2014 rather than the 15.0% rate that is A year after launching its Move audience forecasted for 2012 and 2013. We expect growth measurement system, the outdoor advertising to slow as the search landscape matures. That industry has reported a significant jump in the said, Google and Microsoft will continue to iterate number of people being exposed to out of home on ad units and targeting techniques through advertising. Data released by the Outdoor Media desktop, mobile and tablet search. That, combined Association showed that overall outdoor audiences with ongoing query growth in mobile search had increased by 13.6% as a result of a combination as smartphones become a ubiqutious part of of refining its methods and an expansion in the participant’s lives, will contribute to the ongoing number of outdoor advertising sites. Population growth of search. growth contributed to 1.5% of the overall growth.

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OMA chief executive Charmaine Moldrich said Networks leading the way in terms of revenue, that the improvement in the measurement system research and accountability include PRN (grocery), in its first year of operation had allowed outdoor Accent Health (healthcare), Adspace (malls), GSTV advertisers to better target audiences. (gas stations) and Captivate (business offices). Almost every major airline is in the process of Non-Traditional Out of Home rolling out a digital OOH network. As they gain scale, we anticipate that they will quickly become Zenith predicts that expenditures for non- leaders in the space. traditional OOH advertising, such as place-based media and experiential media, will grow 7.0% in Cinema 2011. Spending on place-based digital networks in a variety of venues – such as gas stations, malls, Zenith expects cinema advertising expenditures gyms, supermarkets, etc. – will increase as stronger, to see a 3.0% increase in 2011, a slight downgrade better-adapted networks absorb and gain control from our previous forecast of 6.0%. This is largely of the weaker developing networks, promoting on account of a large drop in communications and stability across the marketplace. As this evolution government spending during Q4. We expect a 5.0% continues, early adopters, such as communications, increase for each of 2012, 2013 and 2013. financial (credit cards) and automotive advertisers, who have been testing the medium over the last The National Association of Theatre Owners few years, are now beginning to consider it a part reported that the average ticket price in the third of their core marketing mix. Advertisers that have quarter was down to $7.94, from $8.06 in the been hesitant to commit to the burgeoning medium second quarter. The numbers tend to flucuate are now starting to dip their toes in the water, using from quarter to quarter and are usually dependent the collective learnings of their peers to maximize on whether consumers are willing to pay for the their investments. higher-priced tickets for 3D films. The last quarter was light, although it included Warner Bros’ Harry In October a major partnership was created Potter and the Deathly Hallows: Part 2 and Disney’s between CNBC and Arbitron. CNBC, which has The Lion King 3D. The average ticket price for the long sought to quantify its significant viewing in first nine months of 2011 was $7.96, up 1.0% from offices and on trading floors, has signed a deal with all of 2010 and up 6.0% from 2009. Arbitron to use its out-of-home TV measurement service. The financial news outlet joins a host According to a recent New York Times article, of Turner networks receiving the data, which is the 2011 domestic summer box office earned a drawn from an Arbitron panel of about 70,000 record $4.4 billion between May 6 and Labor Day, people using portable people meters. The service increasing 1.0% over last year’s $4.33 billion. The gives CNBC a chance to quantify a previously summer box office record was driven by increased unmeasured audience of young and affluent ticket prices. With 18 movies released in 3D and viewers who watch CNBC at work. another 12 movies that played in IMAX theaters, audiences paid a lot more for fewer tickets this Measurement and scale continue to hinder the summer. Attendance was actually down over the sector as a whole, but great strides are being made course of the season. An estimated 543 million by industry organizations such as the Digital tickets were sold during the summer, down from Place-Based Advertising Association (DPAA) to the estimated 552 million sold in summer 2010. standardize impression definitions and make the That marks the lowest number of tickets sold since medium more accountable. Consolidation and 1997, when just 540 million tickets were bought aggregation of networks have made the medium by moviegoers, and the fourth summer in a row more advertiser-friendly, bringing order to a during which box office attendance has dropped. chaotic and fragmented marketplace.

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In September, Screenvision increased its national Telemarketing cinema advertising network by acquiring UniqueScreen Media from Cinedigm Digital Telemarketing has been relatively flat from 2000- Cinema. The deal allows Screenvision to expand 2010 and only modest increases had been expected its overall and digital footprints across the country. for the near future. However, with the economic UniqueScreen Media’s strong presence in the downturn and government cutbacks of federally South and Midwest regions will further strengthen funded programmes in the area of social services, Screenvision’s robust national coverage. With we see a resurgence of this marketing technique the addition of UniqueScreen Media’s portfolio, in the area of fundraising, especially with the Screenvision’s overall national cinema advertising Presidential elections in 2012, where the Do Not network will now include 15,266 screens, and its Call restrictions do not apply. As a result, Zenith digital footprint will now include 10,622 screens. forecasts a 2.0% annual growth rate in each of 2011, 2012 and 2013. Direct Mail Summary Zenith is projecting increases in direct mail ad spending of 2.9% in 2011, 2.9% in 2012 and 2.0% Growth in the American economy continues to be in 2013. Direct mail is still considered an effective slow and unemployment remains high. Consumers tool among advertisers using coupons and catalogs. are cautious in their spending, with gasoline and Attempting to stay relevant in an increasingly grocery prices remaining high. Despite this, the digital world, the U.S. Postal Service recently economy is in a much better place than it was introduced Every Door Direct Mail, a service two years ago, and advertising is expected to that allows businesses to market to geographic increase 2.2% in 2011, 3.5% in 2012 and 2013, and areas without paying the fees for mailing lists. 4.3% in 2014. Traditional media are struggling to Every Door Direct Mail uses mail-delivery route reach new consumers and, as a result, are losing information, instead of names and exact addresses. revenue. Print in particular is suffering, with more Another new initiative is called Direct Mail Hub. consumers obtaining their news online. Traditional Being tested in Raleigh, NC and Austin, TX, Direct media are converging into easily-accessible, on- Mail Hub gives direct marketers an opportunity demand forms. New devices such as tablets and to order printing and pay postage after using the eReaders will likely gain traction with newspapers service’s online templates and uploading mailing and magazines, as more consumers adopt these lists. Coupon companies are faring well in 2011. devices. Zenith predicts that the internet and Valpak is set to increase its mailings over last year other emerging media will continue to grow at the by nearly ten million pieces. expense of traditional media.

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices (major media only) Internet 15.2% 200,000 Newspapers Outdoor 19.6% 180,000 4.6% 160,000

Cinema 140,000 177,652 173,434 173,165

0.4% 170,218 166,235 120,000 165,994 161,487 160,333 156,667 Magazines 154,935 152,282 151,665 149,756 148,310 Radio 12.4% 100,000 147,246 10.6% 80,000 60,000 40,000 20,000 TV 37.3% 0

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Year-on-Year % Change

2009 v 2008 2010 v 2009 2011 v 2010 2012 v 2011 2013 v 2012 2014 v 2013 Current Constant Current Constant Current Constant Current Constant Current Constant Current Constant Prices Prices Prices Prices Prices Prices Prices Prices Prices Prices Prices Prices Television Network -8.0 -11.4 5.0 5.3 -2.0 -3.6 -1.0 -3.9 -2.5 -3.7 -3.0 -3.9 National Cable -1.0 -4.6 8.0 8.3 12.0 10.2 10.0 6.8 10.5 9.2 11.0 10.0 Spot -16.0 -19.1 10.0 10.3 4.0 2.3 8.0 4.9 2.0 0.8 4.0 3.1 Syndication -5.0 -8.5 1.0 1.3 -4.0 -5.5 -12.0 -14.6 -10.5 -11.6 -11.0 -11.8 Total TV -9.0 -12.4 7.4 7.7 4.1 2.4 5.1 2.1 3.1 1.9 4.2 3.2

Radio Network radio -11.0 -14.3 4.0 4.3 3.0 1.3 3.0 0.0 2.0 0.8 1.0 0.1 Local radio -14.5 -17.6 -3.0 -2.7 2.0 0.4 2.0 -1.0 3.0 1.8 2.0 1.1 Total radio -14.3 -17.4 -2.6 -2.3 2.1 0.4 2.1 -0.9 2.9 1.7 1.9 1.0

Magazines Consumer magazines -21.0 -23.9 3.0 3.3 0.0 -1.6 -2.0 -4.9 -2.0 -3.2 -3.0 -3.9 Business-to-business magazines -23.0 -25.8 -6.0 -5.7 -4.0 -5.5 -3.0 -5.8 -3.0 -4.2 -3.0 -3.9 Total magazines -21.4 -24.3 1.1 1.4 -0.8 -2.4 -2.2 -5.0 -2.2 -3.3 -3.0 -3.9

Newspapers -25.0 -27.8 -10.0 -9.7 -8.5 -10.0 -8.0 -10.7 -8.0 -9.1 -8.0 -8.8

Outdoor Billboards -13.0 -16.2 2.0 2.3 3.0 1.3 3.0 0.0 5.0 3.8 5.0 4.1 Other out-of-home -1.1 -4.7 3.7 4.0 7.0 5.3 5.0 1.9 5.0 3.8 5.0 4.1 Total outdoor -6.1 -9.5 3.0 3.4 5.5 3.8 4.3 1.2 5.0 3.8 5.0 4.1

Internet Display 3.0 -0.8 7.0 7.3 10.0 8.2 12.0 8.7 13.0 11.7 13.0 12.0 Internet video/rich media 19.0 14.6 24.0 24.4 22.0 20.0 26.0 22.3 27.0 25.5 27.0 25.9 Classified 3.0 -0.8 0.0 0.3 7.0 5.3 6.0 2.9 5.0 3.8 5.0 4.1 Paid search 20.0 15.6 16.0 16.3 10.0 8.2 15.0 11.7 15.0 13.6 13.0 12.0 Internet radio - - 12.0 12.3 11.0 9.2 10.0 6.8 10.0 8.7 10.0 9.0 Podcast 11.9 7.8 10.6 11.0 15.0 13.1 11.0 7.8 11.0 9.7 11.0 10.0 Social media 44.6 39.3 33.4 33.8 31.0 28.9 36.0 32.0 35.0 33.4 35.0 33.8 Mobile 68.5 62.3 47.0 47.5 45.0 42.7 48.0 43.7 50.0 48.2 50.0 48.7 Total internet 14.1 9.9 13.5 13.8 12.6 10.8 16.4 13.0 17.3 15.9 17.2 16.2

Cinema 5.0 1.1 5.0 5.3 3.0 1.3 5.0 1.9 5.0 3.8 5.0 4.1

TOTAL MAJOR MEDIA -12.9 -16.1 2.3 2.6 2.2 0.5 3.5 0.5 3.5 2.3 4.3 3.4

Direct mail Addressed -4.4 -7.9 2.0 2.3 3.0 1.3 3.0 0.0 2.0 0.8 3.0 2.1 Unaddressed -6.0 -9.5 0.0 0.3 2.0 0.4 2.0 -1.0 2.0 0.8 3.0 2.1 Total direct mail -4.6 -8.1 1.7 2.0 2.9 1.2 2.9 -0.1 2.0 0.8 3.0 2.1

Telemarketing 2.0 -1.8 3.0 3.3 2.0 0.4 2.0 -1.0 2.0 0.8 1.0 0.1

Sales promotion Sales promotion (consumer) -4.9 -8.4 1.0 1.3 2.7 1.0 3.9 0.9 3.8 2.6 3.6 2.7 Sales promotion (business) -20.8 -23.7 -11.1 -10.8 -4.1 -5.6 1.8 -1.2 1.8 0.6 1.7 0.8 Total sales promotion -11.2 -14.5 -3.3 -3.0 0.5 -1.1 3.2 0.2 3.2 2.0 3.0 2.1

Public relations -8.3 -11.7 2.6 2.9 4.2 2.5 8.5 5.3 7.0 5.7 9.0 8.0

Event sponsorship -1.1 -4.7 5.1 5.4 8.0 6.3 8.0 4.9 8.5 7.2 9.0 8.0

Directories -7.9 -11.3 -12.5 -12.2 -7.9 -9.4 -9.0 -11.7 -9.0 -10.1 -9.0 -9.8

TOTAL MARKETING SERVICES -5.4 -8.9 -0.2 0.1 1.9 0.2 2.9 -0.1 2.8 1.6 3.0 2.0

GRAND TOTAL -8.8 -12.1 0.9 1.2 2.0 0.4 3.2 0.2 3.1 1.9 3.6 2.6

192 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UNITED STATES OF AMERICA

Advertising Expenditure in US$ million at Current Prices

2000 2001 2002 2003 2004 2005 2006 2007

Television Network 16,380 15,643 15,799 16,273 17,412 17,587 18,202 18,020 National Cable 9,548 9,834 10,129 10,940 11,815 12,878 13,587 14,402 Spot 23,976 22,000 23,430 22,024 23,786 22,359 23,924 23,685 Syndication 2,354 2,236 2,281 2,372 2,491 2,566 2,643 2,616 Total TV 52,258 49,714 51,640 51,610 55,504 55,390 58,355 58,723

Radio Network radio 1,000 1,000 1,000 1,011 1,051 1,083 1,094 1,116 Local radio 19,819 17,800 18,423 18,570 19,313 19,506 19,799 20,095 Total radio 20,819 18,800 19,423 19,581 20,364 20,589 20,892 21,211

Magazines Consumer magazines 17,700 15,930 15,611 16,548 17,541 18,488 19,228 20,112 Business-to-business magazines 6,278 5,610 5,292 5,164 5,216 5,414 5,576 5,576 Total magazines 23,978 21,540 20,903 21,712 22,757 23,902 24,804 25,688

Newspapers 48,700 45,778 45,320 46,227 48,538 50,237 51,493 49,948

Outdoor Billboards 2,320 2,274 2,392 2,476 2,575 2,678 2,839 3,009 Other out-of-home 2,592 2,540 2,553 2,617 2,722 3,048 3,506 4,031 Total outdoor 4,912 4,814 4,945 5,093 5,297 5,726 6,344 7,040

Internet Display ------2,723 3,556 Internet video/rich media ------1,224 1,319 Classified ------1,998 2,719 Paid search ------4,871 6,484 Internet radio ------Podcast ------22 Social media ------215 293 Mobile ------55120 Total internet 6,000 6,600 7,250 7,758 8,688 9,992 11,086 14,513

Cinema -- 275 303 339 400 460 529

TOTAL MAJOR MEDIA 156,667 147,246 149,756 152,282 161,487 166,235 173,434 177,652

Direct mail Addressed 32,705 34,340 33,877 34,894 35,582 36,489 38,575 40,875 Unaddressed 5,324 5,590 6,453 6,646 7,288 8,010 7,348 6,654 Total direct mail 38,029 39,930 40,330 41,540 42,869 44,498 45,922 47,530

Telemarketing 45,300 45,300 45,300 45,300 45,300 45,300 45,300 46,100

Sales promotion Sales promotion (consumer) 39,674 37,961 39,097 39,922 41,399 42,641 44,261 45,811 Sales promotion (business) 40,129 38,161 38,535 27,648 28,450 29,502 30,742 32,340 Total sales promotion 79,803 76,122 77,632 67,570 69,849 72,144 75,003 78,151

Public relations 2,817 2,557 2,575 2,434 2,638 2,876 3,204 3,502

Event sponsorship 8,700 9,301 9,650 12,240 13,819 15,353 17,088 19,172

Directories 13,200 13,600 13,800 14,324 14,238 14,284 14,475 14,254

TOTAL MARKETING SERVICES 187,849 186,810 189,287 183,408 188,714 194,455 200,992 208,708

GRAND TOTAL 344,516 334,056 339,043 335,691 350,201 360,689 374,426 386,361

193 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UNITED STATES OF AMERICA

2008 2009 2010 2011 2012 2013 2014

Television Network 18,020 16,578 17,407 17,059 16,889 16,466 15,972 National Cable 15,266 15,113 16,322 18,281 20,109 22,221 24,665 Spot 21,790 18,304 20,134 20,939 22,615 23,067 23,989 Syndication 2,773 2,634 2,661 2,554 2,248 2,012 1,791 Total TV 57,849 52,630 56,525 58,834 61,860 63,766 66,417

Radio Network radio 1,132 1,008 1,048 1,080 1,112 1,134 1,146 Local radio 18,086 15,463 15,000 15,300 15,606 16,074 16,395 Total radio 19,218 16,471 16,048 16,379 16,718 17,208 17,541

Magazines Consumer magazines 18,503 14,617 15,056 15,056 14,755 14,460 14,026 Business-to-business magazines 5,130 3,950 3,713 3,565 3,458 3,354 3,253 Total magazines 23,633 18,568 18,769 18,621 18,213 17,814 17,279

Newspapers 43,954 32,966 29,669 27,147 24,975 22,977 21,139

Outdoor 2008 2009 2010 2011 2012 2013 2014 Billboards 2,979 2,592 2,644 2,723 2,805 2,945 3,092

TelevisionOther out-of-home 4,152 4,107 4,259 4,557 4,784 5,024 5,275 NetworkTotal outdoor 18,020 16,578 17,4077,131 17,059 6,698 16,889 16,466 6,902 15,972 7,279 7,589 7,968 8,367 National Cable 15,266 15,113 16,322 18,281 20,109 22,221 24,665 Spot 21,790 18,304 20,134 20,939 22,615 23,067 23,989 SyndicationInternet 2,773 2,634 2,661 2,554 2,248 2,012 1,791 Total TV 57,849 52,630 56,525 58,834 61,860 63,766 66,417 Display 4,089 4,212 4,507 4,957 5,552 6,274 7,090 Radio NetworkInternet radio video/rich media 1,132 1,008 1,0481,854 1,080 2,206 1,112 1,134 2,735 1,146 3,337 4,205 5,340 6,782 LocalClassified radio 18,086 15,463 15,0003,127 15,300 3,221 15,606 16,074 3,221 16,395 3,446 3,653 3,836 4,028 Total radio 19,218 16,471 16,048 16,379 16,718 17,208 17,541 Paid search 7,910 9,492 11,011 12,112 13,929 16,019 18,101 MagazinesInternet radio 200 230 258 286 315 347 381 Consumer magazines 18,503 14,617 15,056 15,056 14,755 14,460 14,026 Business-to-businessPodcast magazines 5,130 3,950 3,71325 3,565 3,458 28 3,354 31 3,253 36 40 44 49 TotalSocial magazines media 23,633 18,568 18,769386 18,621 18,213 558 17,814 744 17,279 975 1,326 1,790 2,416 NewspapersMobile 43,954 32,966 29,669232 27,147 24,975 391 22,977 575 21,139 833 1,234 1,850 2,775

OutdoorTotal internet 17,823 20,338 23,082 25,984 30,253 35,499 41,622 Billboards 2,979 2,592 2,644 2,723 2,805 2,945 3,092 Other out-of-home 4,152 4,107 4,259 4,557 4,784 5,024 5,275 TotalCinema outdoor 7,131 6,698 6,902608 7,279 7,589 638 7,968 670 8,367 690 725 761 799

Internet DisplayTOTAL MAJOR MEDIA 4,089 4,212170,218 4,507 4,957 148,310 5,552 6,274 151,665 7,090 154,935 160,333 165,994 173,165 Internet video/rich media 1,854 2,206 2,735 3,337 4,205 5,340 6,782 Classified 3,127 3,221 3,221 3,446 3,653 3,836 4,028 PaidDirect search mail 7,910 9,492 11,011 12,112 13,929 16,019 18,101 Internet radio 200 230 258 286 315 347 381 PodcastAddressed 25 2842,715 31 36 40,835 40 44 41,652 49 42,902 44,189 45,072 46,425 Social media 386 558 744 975 1,326 1,790 2,416 MobileUnaddressed 232 391 5756,395 833 6,011 1,234 1,850 6,011 2,775 6,131 6,254 6,379 6,570 Total internet direct mail 17,823 20,338 23,08249,109 25,984 46,846 30,253 35,499 47,663 41,622 49,033 50,442 51,451 52,995

Cinema 608 638 670 690 725 761 799 Telemarketing 47,022 47,962 49,401 50,389 51,397 52,425 52,949 TOTAL MAJOR MEDIA 170,218 148,310 151,665 154,935 160,333 165,994 173,165

Direct mail AddressedSales promotion 42,715 40,835 41,652 42,902 44,189 45,072 46,425 UnaddressedSales promotion (consumer)6,395 6,011 6,01146,085 6,131 43,827 6,254 6,379 44,266 6,570 45,461 47,234 49,029 50,794 Total direct mail 49,109 46,846 47,663 49,033 50,442 51,451 52,995 Sales promotion (business) 30,303 24,000 21,336 20,461 20,829 21,204 21,565 TelemarketingTotal sales promotion 47,022 47,962 49,40176,388 50,389 67,827 51,397 52,425 65,601 52,949 65,922 68,063 70,233 72,358 Sales promotion Sales promotion (consumer) 46,085 43,827 44,266 45,461 47,234 49,029 50,794 SalesPublic promotion relations (business) 30,303 24,000 21,3363,652 20,461 3,349 20,829 21,204 3,436 21,565 3,581 3,885 4,157 4,531 Total sales promotion 76,388 67,827 65,601 65,922 68,063 70,233 72,358

PublicEvent relations sponsorship 3,652 3,349 3,43621,243 3,581 21,009 3,885 4,157 22,081 4,531 23,847 25,755 27,944 30,459

Event sponsorship 21,243 21,009 22,081 23,847 25,755 27,944 30,459 Directories 13,171 12,130 10,614 9,775 8,896 8,095 7,366 Directories 13,171 12,130 10,614 9,775 8,896 8,095 7,366

TOTAL MARKETING MARKETING SERVICES SERVICES 210,585 199,124 198,797 210,585 202,547 199,124 208,438 214,305 198,797 220,659 202,547 208,438 214,305 220,659

GRAND TOTAL 380,803 347,434 350,462 357,482 368,771 380,299 393,824

AdvertisingGRAND data: TOTAL ZenithOptimedia 380,803 347,434 350,462 357,482 368,771 380,299 393,824 Notes: 1) Excludes agency commission 2)Advertising Excludes production data: costs ZenithOptimedia 3)Notes: Classified advertising is inlcuded in internet and newspapers 4) After discounts 5)1) Includes Excludes national agencyand local media commission 6) Internet includes display, video (rich media), classified, search (paid), internet2) Excludes radio, podcast production and other (online costs video, mobile and widgets/gadgets) 3) Classified advertising is inlcuded in internet and newspapers 4) After discounts 5) Includes national and local media 6) Internet includes display, video (rich media), classified, search (paid), internet radio, podcast and other (online video, mobile and widgets/gadgets)

194 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 URUGUAY

Advertising expenditure in US$ million at current prices Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 149.3 34.0 - 75.0 22.0 - 16.0 2.3 2001 99.1 13.9 0.4 54.0 13.6 - 16.0 1.2 2002 49.5 7.5 1.4 22.6 10.8 - 6.5 0.7 2003 60.5 14.7 1.4 24.1 11.3 - 7.5 1.5 2004 78.3 18.1 2.7 30.8 12.0 1.8 12.0 0.9 2005 87.2 20.0 5.4 37.8 11.2 0.9 10.1 1.8 2006 105.0 20.8 5.9 46.5 15.3 1.1 11.9 3.5 2007 122.7 21.9 7.2 60.4 15.1 2.4 13.3 2.4 2008 146.4 23.8 8.5 77.4 14.8 2.9 16.1 2.9 2009 134.4 21.0 7.3 72.1 12.7 1.4 15.6 4.3 2010 161.2 26.5 9.4 86.9 13.0 1.4 18.0 6.0 2011 147.9 25.0 8.7 80.5 11.4 1.3 16.0 5.0 2012 147.7 24.2 7.5 82.0 11.7 1.3 16.0 5.0 2013 150.0 24.0 8.7 83.0 12.0 1.5 15.5 5.3 2014 166.1 26.0 9.0 94.0 12.2 1.6 16.5 6.8 Year-on-year % change at current prices 01 v 00 -33.6 -59.1 - -28.0 -38.2 - 0.0 -47.8 02 v 01 -50.1 -46.0 250.0 -58.1 -20.6 - -59.4 -41.7 03 v 02 22.2 96.0 0.0 6.6 4.6 - 15.4 114.3 04 v 03 29.4 23.1 92.9 27.8 6.2 - 60.0 -40.0 05 v 04 11.4 10.5 100.0 22.7 -6.7 -50.0 -15.8 100.0 06 v 05 20.4 4.0 9.3 23.0 36.6 22.2 17.8 94.4 07 v 06 16.9 5.3 22.0 29.9 -1.3 118.2 11.8 -31.4 08 v 07 19.3 8.7 18.1 28.1 -2.0 20.8 21.1 20.8 09 v 08 -8.2 -11.8 -14.4 -6.8 -14.3 -50.7 -3.2 48.2 10 v 09 19.9 26.2 29.7 20.5 2.5 -2.1 15.4 39.6 11 v 10 -8.2 -5.6 -7.8 -7.3 -12.3 -7.1 -11.0 -16.7 12 v 11 -0.1 -3.2 -13.8 1.9 2.6 0.0 0.0 0.0 13 v 12 1.6 -0.8 16.0 1.2 2.6 15.4 -3.1 6.0 14 v 13 10.7 8.3 3.4 13.3 1.7 6.7 6.5 28.3 Year-on-year % change at constant prices 01 v 00 -35.5 -60.2 - -30.0 -39.9 - -2.8 -49.3 02 v 01 -50.8 -46.9 244.4 -58.8 -21.9 - -60.0 -42.6 03 v 02 19.6 91.8 -2.2 4.3 2.4 - 12.9 109.6 04 v 03 26.0 19.9 87.8 24.4 3.4 - 55.8 -41.6 05 v 04 7.7 6.9 93.5 18.7 -9.7 -51.6 -18.6 93.5 06 v 05 16.7 0.8 5.9 19.2 32.4 18.5 14.2 88.5 07 v 06 13.6 2.3 18.6 26.2 -4.1 112.0 8.6 -33.4 08 v 07 14.9 4.7 13.7 23.4 -5.6 16.4 16.6 16.4 09 v 08 -7.9 -11.5 -14.1 -6.6 -14.0 -50.5 -2.9 48.7 10 v 09 18.0 24.1 27.6 18.5 0.8 -3.7 13.5 37.3 11 v 10 -10.9 -8.3 -10.5 -10.0 -14.9 -9.8 -13.6 -19.1 12 v 11 -1.3 -4.3 -14.8 0.7 1.4 -1.2 -1.2 -1.2 13 v 12 0.7 -1.7 15.0 0.3 1.6 14.4 -4.0 5.1 14 v 13 9.5 7.1 2.3 12.0 0.5 5.5 5.3 26.9

195 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 URUGUAY

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Internet 180.0 Outdoor 3.7% Newspapers 11.2% 16.4% 160.0 Cinema 140.0 0.9% 166.1

120.0 161.2 149.3

Radio 150.0 146.4 147.7 Magazines 147.9 8.1% 5.9% 100.0 134.4 122.7 80.0 105.0

60.0 99.1 87.2 40.0 78.3 60.5

20.0 49.5 0.0 TV 53.9%

Advertising Data: 2000-2010 Asociación Uruguaya de Agencias de Publicidad, Ibope, Equipos Mori, 2011-2014 Agency forecasts Notes: 1) Excludes production costs (approx. 10%) 2) Excludes classified advertising 3) Includes agency commission 4) Before discounts 5) Magazines included in newspapers until 2004 6) Internet includes display, classified and search

GDP grew by an impressive 8.5% in 2010, and the The ad market did well in 2010, growing by 19.9%, IMF is expecting it to grow by a further 6.0% in but we expect declines across all media this year. 2011. In recent years Uruguay has benefited from The market is forecast to be static in 2012 before increased exports, especially to North America. returning to growth in 2013.

196 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UZBEKISTAN

Advertising expenditure in US$ million at current prices Total Print TV Radio Cinema Outdoor Internet 2002 2.0 - 2.0 - - - - 2003 2.3 - 2.3 - - - - 2004 5.0 - 5.0 - - - - 2005 6.8 1.0 3.7 0.8 - 1.3 - 2006 10.1 1.0 4.7 1.5 - 2.9 - 2007 14.9 1.6 7.1 2.2 - 4.0 - 2008 34.5 2.4 17.3 3.0 0.2 11.5 0.1 2009 36.7 1.8 20.2 2.8 0.1 11.5 0.2 2010 41.4 2.2 22.0 3.0 0.3 13.2 0.7 2011 46.1 2.5 24.6 3.5 0.3 14.1 1.1 2012 51.8 2.7 27.1 4.4 0.3 15.5 1.8 2013 55.1 2.7 29.0 5.0 0.4 15.5 2.5 2014 58.2 2.8 30.8 5.6 0.4 15.1 3.5 Year-on-year % change at current prices 03 v 02 14.4 - 14.4 - - - - 04 v 03 116.5 - 116.5 - - - - 05 v 04 36.6 - -25.6 - - - - 06 v 05 48.3 0.0 26.6 87.5 - 123.1 - 07 v 06 47.7 60.0 51.4 46.7 - 37.9 - 08 v 07 131.3 50.0 143.4 36.4 - 187.0 - 09 v 08 6.4 -23.3 17.1 -7.0 -50.0 0.0 100.0 10 v 09 13.1 21.7 8.7 7.5 200.0 15.0 250.0 11 v 10 11.1 10.7 11.8 15.0 0.0 7.0 57.1 12 v 11 12.5 9.7 10.0 27.5 0.0 10.0 63.6 13 v 12 6.3 0.0 7.2 13.6 16.7 -0.2 38.9 14 v 13 5.7 2.9 6.2 12.0 14.3 -2.6 40.0 Year-on-year % change at constant prices 03 v 02 11.9 - 11.9 - - - - 04 v 03 110.8 - 110.8 - - - - 05 v 04 32.2 - -28.0 - - - - 06 v 05 43.7 -3.1 22.7 81.7 - 116.2 - 07 v 06 43.5 55.5 47.1 42.5 - 34.0 - 08 v 07 122.8 44.5 134.4 31.3 - 176.4 - 09 v 08 6.7 -23.1 17.5 -6.7 -49.8 0.3 100.6 10 v 09 11.2 19.8 6.9 5.8 195.2 13.1 244.4 11 v 10 7.9 7.5 8.6 11.7 -2.9 3.9 52.6 12 v 11 11.2 8.4 8.7 26.0 -1.2 8.7 61.7 13 v 12 5.3 -0.9 6.2 12.6 15.6 -1.1 37.7 14 v 13 4.5 1.8 5.0 10.8 13.0 -3.7 38.5

197 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 UZBEKISTAN

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices 70.0 Internet Print 1.7% 5.4% 60.0

Outdoor 50.0 31.9% 58.2 55.1 40.0 51.8 46.1

30.0 41.4 36.7 34.5 TV Cinema 20.0 0.7% 53.1% Radio

10.0 5.0 7.2% 14.9 2.3 2.0 9.4 0.0 7.4

Advertising Data: 2000-2010 REG Research Agency (TV and outdoor), Agency estimates (all other media), 2011-2014 Agency forecasts Notes: 1) Excludes agency commission 2) After discounts (estimated) 3) Excludes production costs

We are now estimating discounts for the Uzbek into slower growth. The market grew by just 6% market, whereas before our figures were reported in 2009, but it fared considerably better in 2010 gross i.e. before discounts. This has made a (+13%). We are forecasting further steady growth, difference to some of the backdata and particularly with an increase of 11% this year, 13% in 2012 and to the respective shares of spend taken by various 6% in both 2013 and 2014. Television is the leading media. medium in Uzbekistan, accounting for 53.1% of total adspend in 2010, followed by outdoor, which The ad market was enjoying a period of impressive accounted for 31.9%. However, internet is growing expansion in recent years - total expenditure at the fastest rate, with its share of the market increased by 131% in 2008, before settling down jumping from 0.5% in 2009 to 1.7% in 2010.

198 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 VENEZUELA

Advertising expenditure in local currency at current prices (Bolivar Fuerte million) Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 568 82 6 417 16 20 27 0 2001 613 103 8 415 30 24 32 0 2002 800 99 9 600 25 29 38 0 2003 954 88 8 776 20 22 39 0 2004 1,212 183 11 846 58 44 71 0 2005 1,419 212 13 950 91 57 96 0 2006 1,876 314 17 1,272 87 69 118 0 2007 1,964 425 25 1,217 77 76 144 1 2008 2,387 653 34 1,230 134 116 217 1 2009 2,678 689 35 1,405 159 122 266 2 2010 2,997 770 40 1,574 178 136 297 2 2011 3,357 861 45 1,762 199 153 333 4 2012 3,763 965 50 1,974 224 172 374 5 2013 4,328 974 65 2,418 325 195 346 5 2014 4,977 1,120 75 2,781 373 224 398 6 Year-on-year % change at current prices 01 v 00 7.8 25.0 35.6 -0.5 91.4 20.0 20.2 - 02 v 01 30.6 -3.8 18.2 44.4 -15.8 20.0 17.6 - 03 v 02 19.2 -10.8 -18.0 29.4 -19.1 -24.2 4.1 - 04 v 03 27.1 106.8 48.0 9.0 182.6 96.2 81.6 - 05 v 04 17.1 15.9 16.0 12.3 58.4 30.9 34.6 - 06 v 05 32.2 48.4 28.3 33.9 -4.5 20.0 22.5 - 07 v 06 4.7 35.3 47.1 -4.4 -11.3 10.0 22.4 - 08 v 07 21.5 53.8 39.1 1.1 73.9 53.8 50.4 91.0 09 v 08 12.2 5.5 2.8 14.2 18.7 5.0 22.7 19.6 10 v 09 11.9 11.7 14.0 12.0 11.7 11.4 11.7 25.0 11 v 10 12.0 11.8 12.5 11.9 11.8 12.5 12.1 100.0 12 v 11 12.1 12.1 12.0 12.0 12.5 12.2 12.2 12.5 13 v 12 15.0 0.9 28.8 22.5 45.0 13.5 -7.3 15.6 14 v 13 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 Year-on-year % change at constant prices 01 v 00 -4.2 11.1 20.5 -11.5 70.1 6.7 6.9 - 02 v 01 6.7 -21.4 -3.5 17.9 -31.2 -2.0 -4.0 - 03 v 02 -9.2 -32.0 -37.5 -1.4 -38.3 -42.2 -20.6 - 04 v 03 4.4 69.9 21.5 -10.5 132.1 61.2 49.2 - 05 v 04 0.9 0.0 0.0 -3.1 36.6 12.9 16.0 - 06 v 05 16.3 30.5 12.9 17.8 -16.0 5.5 7.7 - 07 v 06 -11.8 14.1 23.9 -19.4 -25.2 -7.3 3.2 - 08 v 07 -7.5 17.0 5.8 -23.1 32.3 17.0 14.5 45.4 09 v 08 -12.7 -18.0 -20.1 -11.2 -7.7 -18.3 -4.6 -7.0 10 v 09 -13.3 -13.4 -11.7 -13.2 -13.4 -13.7 -13.5 -3.2 11 v 10 -11.0 -11.1 -10.6 -11.0 -11.1 -10.6 -10.9 59.0 12 v 11 -9.8 -9.8 -9.9 -9.8 -9.4 -9.7 -9.7 -9.5 13 v 12 -7.2 -18.5 4.0 -1.1 17.0 -8.4 -25.2 -6.7 14 v 13 -6.9 -6.9 -6.9 -6.9 -6.9 -6.9 -6.9 -6.9 Advertising expenditure in US$ million at current prices. All years based on US$1 = BsF 2.147 Total Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 265 38 3 194 7 10 12 0 2001 285 48 4 194 14 11 15 0 2002 373 46 4 279 12 14 18 0 2003 444 41 4 361 9 10 18 0 2004 565 85 5 394 27 20 33 0 2005 661 99 6 442 42 27 45 0 2006 874 146 8 593 41 32 55 0 2007 914 198 11 567 36 35 67 0 2008 1,111 304 16 573 63 54 101 1 2009 1,247 321 16 654 74 57 124 1 2010 1,395 359 19 733 83 63 138 1 2011 1,562 401 21 821 93 71 155 2 2012 1,751 449 23 919 104 80 174 2 2013 2,013 454 30 1,126 151 91 161 2 2014 2,315 522 35 1,295 174 104 185 3

Advertising expenditure in local currency at current prices (BsF million) Newspapers Television Total National Regional Total Free Pay 2005 212 74 138 950 760 190 2006 314 110 204 1,272 1,018 254 2007 425 149 276 1,217 974 243 2008 653 261 392 1,230 923 308 2009 689 241 448 1,405 998 408 2010 770 266 505 1,574 1,117 456 2011 861 293 568 1,762 1,251 511 2012 965 328 637 1,974 1,402 573 2013 974 341 633 2,418 1,642 776 2014 1,120 336 784 2,781 1,947 834

199 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 VENEZUELA

Share of adspend by medium (%) 2010 Total advertising expenditure in local currency million at current prices Outdoor Online 6,000 9.9% 0.1% Cinema Newspapers 4.5% 5,000 25.7% Radio 5.9% 4,000 4,977 4,328 3,000

Magazines 3,763 1.3% 3,357

2,000 2,997 2,678 2,387 459

1,000 1,964 1,876 1,419

TV 954 1,212 800 52.5% 0 613

Advertising data: 2000-2010 IVP, 2011-2014 Agency forecasts Notes: 1) Radio, outdoor and cinema for Caracas only 2) After discounts (estimated by ZenithOptimedia before 2005) 3) Excludes production costs 4) Excludes classified advertising 5) Includes agency commission (20%) 6) Includes display/classified/search in internet figures 7) Venezuela converted to a new currency – the Bolivar Fuerte – at the start of 2008. Each Bolivar Fuerte is worth 1,000 old Bolivars. All figures have been restated in the new currency

In January 2010, President Chávez devalued the RCTV had already lost its ability to broadcast on a bolivar by 17% against the US dollar for ‘priority’ public channel in 2007, but remained available to imports and by 50% for items considered non- cable subscribers through broadcasts from Miami. essential in an effort to boost revenue from oil The Latin American cable television channel, Sony exports. According to the Official Gazette, the Spin, was launched on May 1 2011, replacing the government set a single rate for services in all ports local version of Animax. Western programming has in order to improve and promote port activity. taken over most of Animax’s airtime. Prices at Puerto Cabello, the country’s largest port, will rise on average by 250%, according In August 2009 at least 34 private radio stations in to the port’s chamber of commerce. Venezuela, Venezuela were closed indefinitely, and according which imports about 70% of its food needs, may to a government official, 206 more were at risk of see spiralling inflation as a result of the price being shut down. The stations were closed for a adjustments. Monthly inflation accelerated by 2.5% variety of reasons, including expired permits and between April and May, and by 22.8% year-on- ‘operation by unauthorized personnel’. The latest year, according to the central bank. station to have been taken off air by the National Telecommunications Commission (CONATEL) was The Venezuelan government cut off six cable TV Carabobo Stereo 102.3 FM, in March 2011. stations in January 2010, citing a failure to comply with regulations. These stations included Radio Presidential and regional elections will be held Caracas Television (RCTV), a channel known for in late 2012, and are expected to boost outdoor opposing the administration of Hugo Chávez. advertising.

200 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 VIETNAM

Advertising expenditure in US$ million at current prices Total Print Newspapers Magazines TV Radio Cinema Outdoor Internet 2000 130.7 36.9 - - 70.8 3.0 - 20.0 0.0 2001 147.0 43.0 - - 80.0 2.0 - 22.0 0.0 2002 162.1 48.0 - - 90.0 2.1 - 22.0 0.0 2003 214.7 66.2 - - 131.5 0.7 0.1 16.0 0.3 2004 262.9 - 51.0 26.5 166.4 0.6 0.1 18.0 0.3 2005 248.1 - 43.3 20.9 162.5 0.6 0.2 20.2 0.4 2006 342.6 - 54.0 24.3 239.6 0.7 0.2 23.3 0.5 2007 400.2 - 62.9 27.2 284.4 1.1 0.2 23.9 0.5 2008 461.8 - 66.7 36.3 331.1 1.4 0.2 25.4 0.6 2009 520.9 - 62.1 37.9 398.2 1.6 0.1 20.3 0.8 2010 556.5 - 60.5 37.0 436.0 1.4 0.1 20.0 1.5 2011 594.8 - 60.1 40.6 469.0 1.5 0.1 21.5 2.0 2012 637.4 - 61.0 44.6 505.0 1.6 0.3 22.5 2.5 2013 685.1 - 63.2 48.0 545.0 1.6 0.4 23.5 3.5 2014 737.0 - 73.2 48.0 585.0 1.6 0.4 25.9 3.0 Year-on-year % change at current prices 01 v 00 12.5 16.5 - - 13.0 -33.3 - 10.0 - 02 v 01 10.3 11.6 - - 12.5 5.0 - 0.0 - 03 v 02 32.5 37.8 - - 46.1 -67.0 - -27.3 - 04 v 03 22.4 - - - 26.5 -13.5 0.0 12.5 0.0 05 v 04 -5.6 - -15.2 -21.0 -2.3 -2.0 50.0 12.4 33.3 06 v 05 38.1 - 24.8 16.1 47.4 24.9 13.3 15.1 25.0 07 v 06 16.8 - 16.6 11.8 18.7 44.3 0.0 2.6 0.0 08 v 07 15.4 - 6.0 33.5 16.4 35.5 -7.6 6.1 25.7 09 v 08 12.8 - -6.9 4.4 20.2 9.8 -20.0 -20.0 20.0 10 v 09 6.8 - -2.6 -2.4 9.5 -10.0 -10.0 -1.4 98.8 11 v 10 6.9 - -0.7 9.7 7.6 5.0 -28.9 7.5 33.3 12 v 11 7.2 - 1.5 9.9 7.7 5.0 210.7 4.7 25.0 13 v 12 7.5 - 3.6 7.6 7.9 1.9 40.0 4.4 40.0 14 v 13 7.6 - 15.8 0.0 7.3 0.0 0.0 10.1 -14.3 Year-on-year % change at constant prices 01 v 00 9.4 13.3 - - 9.9 -35.2 - 7.0 - 02 v 01 8.5 9.8 - - 10.7 3.3 - -1.6 - 03 v 02 29.6 34.8 - - 42.9 -67.7 - -28.8 - 04 v 03 19.2 - - - 23.2 -15.8 -2.6 9.5 -2.6 05 v 04 -8.7 - -18.0 -23.6 -5.5 -5.2 45.1 8.8 29.0 06 v 05 33.8 - 21.0 12.6 42.9 21.1 9.8 11.6 21.2 07 v 06 13.5 - 13.3 8.7 15.4 40.2 -2.8 -0.3 -2.8 08 v 07 11.1 - 2.1 28.6 12.1 30.5 -11.0 2.2 21.1 09 v 08 13.1 - -6.6 4.7 20.6 10.1 -19.8 -19.8 20.4 10 v 09 5.1 - -4.2 -3.9 7.7 -11.5 -11.5 -3.0 95.6 11 v 10 3.8 - -3.6 6.5 4.4 1.9 -31.0 4.4 29.4 12 v 11 5.9 - 0.3 8.5 6.4 3.8 207.0 3.4 23.5 13 v 12 6.5 - 2.7 6.7 7.0 1.0 38.8 3.5 38.8 14 v 13 6.4 - 14.5 -1.1 6.2 -1.1 -1.1 8.9 -15.2

Advertising expenditure in US$ million at current prices Newspapers Magazines Total National Local Total Business Consumer 2004 51.0 22.9 28.1 26.5 0.9 25.6 2005 43.3 21.6 21.6 20.9 2.3 18.6 2006 54.0 29.6 24.4 24.3 2.6 21.7 2007 62.9 37.4 25.5 27.2 3.0 24.2 2008 66.7 39.4 27.4 36.3 4.0 32.3 2009 62.1 40.4 21.7 37.9 3.4 34.5 2010 60.5 35.4 25.1 37.0 3.0 34.0 2011 60.1 35.0 25.1 40.6 3.7 36.9 2012 61.0 36.0 25.0 44.6 4.5 40.2 2013 63.2 37.0 26.2 48.0 4.8 43.2 2014 73.2 40.2 32.9 48.0 4.8 43.2

201 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 VIETNAM

Share of adspend by medium (%) 2010 Total advertising expenditure in US$ million at current prices Radio Internet 800 0.3% 0.3% Outdoor 700 Cinema 3.6% Newspapers 0.02% 10.9% 600 737 685

Magazines 637 500 6.6% 595 557

400 521 462

300 400 343 200 263 248 100 215 162

TV 147 78.3% 131 0

Advertising Data: 2000-2010 Taylor Nelson Sofres, Kantar Media, Agency estimates, 2011-2014 Agency forecasts Notes: 1) Excludes production costs 2) After discounts 3) Excludes agency commission 4) Excludes classified advertising 5) TNS changed its reporting methodology in Vietnam from 2005

Vietnam’s economy has become more stable, still recovering. Television, the largest medium in with 6.8% GDP growth in 2010 and a solid Vietnam and accounting for 78.3% of advertising performance expected in 2011 as well. According expenditure in 2010, is expected to grow by 7.6% to GSO Vietnam, retail sales rose by 23.5% in 2010 in 2011, while the still small spend on internet is compared to 2009. expected to increase by 33.3%. Both media are driving expenditure growth and have improved Total ad market growth reached 12.8% in 2009 their audience measurement. but slowed to 6.8% in 2010 as the economy was

202 APPENDICES

ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 EXCHANGE RATES

1US$ = ...... Local Currency 2009/2010 Country Currency 2010 2009 % change

Canada Dollar (C$) 1.03 1.14 -9.9 USA Dollar (US$) 1.00 1.00 0.0

Austria Euro (€) 0.76 0.72 4.9 Belgium Euro (€) 0.76 0.72 4.9 Denmark Krone (DKr) 5.62 5.36 4.9 Finland Euro (€) 0.76 0.72 4.9 France Euro (€) 0.76 0.72 4.9 Germany Euro (€) 0.76 0.72 4.9 Ireland Euro (€) 0.76 0.72 4.9 Italy Euro (€) 0.76 0.72 4.9 Netherlands Euro (€) 0.76 0.72 4.9 Norway Krone (NKr) 6.09 6.29 -3.1 Portugal Euro (€) 0.76 0.72 4.9 Spain Euro (€) 0.76 0.72 4.9 Sweden Krona (SKr) 7.21 7.65 -5.8 Switzerland Franc (SF) 1.04 1.09 -4.2 UK Pound (£) 0.65 0.64 1.2

Armenia Dram (AMD) 373.66 363.28 2.9 Azerbaijan Mnat (AZN) 0.80 0.80 -0.1 Belarus Rouble (BYR) 2,978.5 2,793.0 6.6 Bosnia & Herzegovina 1.48 1.41 4.9 Bulgaria Lev (LV) 1.48 1.41 5.0 Croatia Kuna (KN) 5.50 5.28 4.0 Czech Republic Koruna (Kc) 19.10 19.06 0.2 Estonia Euro (€) 0.76 0.72 4.9 Georgia Lari (GEL) 1.78 1.67 6.7 Greece Euro (€) 0.76 0.72 4.9 Hungary Forint (HUF) 207.94 202.34 2.8 Latvia Lat (LVL) 0.53 0.51 4.8 Lithuania Litai (LTL) 2.61 2.48 4.9 Moldova Leu (MDL) 12.37 11.11 11.3 Poland Zloty (Zl) 3.02 3.12 -3.4 Romania Lei (RON) 3.18 3.05 4.2 Serbia Serbian Dinar (RSD) 77.73 67.58 15.0 Slovakia Euro (€) 0.76 0.72 4.9 Slovenia Euro (€) 0.76 0.72 4.9 Turkey Lira (TL) 1.50 1.55 -3.0 Ukraine Hryvnia (UAH) 7.94 7.79 1.9 Uzbekistan Som (UZS) 1,587.2 1,464.0 8.4

Australia Dollar (A$) 1.09 1.28 -15.0 China Yuan (RMB) 6.77 6.83 -0.9 Hong Kong Dollar (HK$) 7.77 7.75 0.2 India Rupee (R) 45.73 48.41 -5.5 Indonesia Rupiah (R) 9,090.4 10,389.9 -12.5 Japan Yen (¥) 87.78 93.57 -6.2 Malaysia Ringgit (RM) 3.22 3.53 -8.6 New Zealand Dollar (NZ$) 1.39 1.60 -13.3 Pakistan Rupee (Rs) 85.19 81.77 4.2 Philippines Peso (P) 45.11 47.68 -5.4 Singapore Dollar (S$) 1.36 1.45 -6.3 South Korea Won (W) 1,156.1 1,276.9 -9.5 Taiwan Dollar (NT$) 31.55 33.07 -4.6 Thailand Baht (Bt) 31.69 34.29 -7.6

Argentina Peso (P) 3.90 3.71 5.0 Chile Peso (P) 510.25 560.86 -9.0 Costa Rica Colón (CRC) 525.83 573.29 -8.3 Ecuador US dollar (US$) 1.00 1.00 0.0 Mexico Peso (P) 12.64 13.51 -6.5 Panama Balboa (B) 1.00 1.00 0.0 Puerto Rico US dollar (US$) 1.00 1.00 0.0 Venezuela Bolivar (VEB) 2.59 2.15 20.4

Egypt Pound (E£) 5.79 5.48 5.8 Kuwait Dinar (KD) 0.29 0.29 -0.4 UAE Dirham (AED) 3.67 3.67 0.0

Israel New Shekel (NIS) 3.74 3.93 -4.9 South Africa Rand (R) 7.32 8.47 -13.6

Source: IMF

205 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CONSUMER PRICE INDICES

1999 2000 2001 2002 2003 2004 2005 2006

Canada 79.7 81.8 83.9 85.8 88.1 89.8 91.8 93.6 USA 76.4 78.9 81.2 82.5 84.3 86.6 89.5 92.4

Austria 80.6 82.6 84.8 86.3 87.4 89.3 91.3 92.6 Belgium 79.4 81.5 83.5 84.9 86.2 88.0 90.4 92.0 Denmark 79.4 81.7 83.6 85.6 87.4 88.5 90.0 91.7 Finland 83.0 85.8 88.1 89.4 90.2 90.4 91.2 92.6 France 82.9 84.3 85.8 87.3 89.2 91.1 92.8 94.3 Germany 84.5 85.7 87.4 88.6 89.5 91.0 92.4 93.9 Ireland 74.2 78.4 82.2 86.1 89.0 91.0 93.2 96.8 Italy 78.7 80.7 83.0 85.0 87.3 89.2 91.0 92.9 Netherlands 79.6 81.9 85.4 88.2 90.1 91.1 92.7 93.7 Norway 79.5 81.9 84.4 85.4 87.6 88.0 89.4 91.4 Portugal 76.3 78.5 81.9 84.8 87.6 89.7 91.7 94.3 Spain 73.4 75.9 78.6 81.0 83.5 86.1 89.0 92.1 Sweden 85.2 86.0 88.1 89.9 91.6 92.0 92.4 93.7 Switzerland 90.2 91.7 92.5 93.2 93.8 94.5 95.6 97.9 UK 73.9 76.1 77.5 78.8 81.0 83.5 85.8 88.6

Armenia - 65.0 67.0 67.7 71.0 75.9 76.4 78.6 Azerbaijan 48.1 49.0 49.7 51.1 52.2 55.7 61.1 66.2 Belarus 6.0 16.1 25.9 36.9 47.4 56.0 61.8 66.1 Bosnia & Herzegovina 68.5 74.0 77.7 80.4 81.1 82.0 85.0 90.1 Bulgaria 50.8 56.1 78.1 82.6 65.1 69.2 72.7 78.0 Croatia 72.2 75.8 78.7 80.0 81.4 83.0 85.8 88.6 Czech Republic 74.9 77.8 81.5 83.0 83.1 85.4 87.0 89.1 Estonia 63.9 66.5 70.3 72.8 73.8 76.1 79.1 82.6 Georgia 50.8 52.9 55.3 58.4 61.2 64.7 70.0 76.4 Greece 69.9 72.2 74.6 77.4 80.1 82.4 85.3 88.0 Hungary 52.7 57.8 63.2 66.5 69.6 74.3 76.9 79.9 Kazakhstan - 44.0 47.7 50.4 53.7 57.4 61.7 67.0 Latvia 57.6 59.2 60.7 61.8 63.6 67.6 72.2 76.9 Lithuania 73.7 74.4 75.4 75.6 74.8 75.6 77.6 80.5 Moldova 30.5 40.1 44.0 46.3 51.8 58.2 65.2 73.5 Poland 68.9 75.7 79.9 81.4 82.0 85.0 86.8 87.8 Romania 22.0 32.0 43.0 52.7 60.7 68.0 74.1 78.9 Russia 25.5 30.8 37.4 43.2 49.2 54.5 61.4 67.4 Serbia - 19.8 38.5 46.1 50.6 56.1 65.2 72.9 Slovakia 58.3 65.3 70.1 72.4 78.6 84.5 86.8 90.7 Slovenia 61.1 66.5 72.0 77.4 81.8 84.7 86.8 88.9 Turkey 12.3 19.1 29.5 42.8 53.6 59.3 65.3 72.2 Ukraine 27.1 34.8 39.0 39.3 41.3 45.1 51.2 55.8 Uzbekistan - 26.2 33.3 42.4 47.3 50.4 55.4 63.3

Australia 71.2 74.4 77.6 79.9 82.2 84.1 86.4 89.4 China 80.8 79.9 81.5 80.8 81.8 85.0 86.5 87.8 Hong Kong 99.5 95.8 94.2 85.2 83.1 88.7 89.4 91.3 India 52.2 54.4 56.4 58.8 61.1 63.4 66.1 69.9 Indonesia 41.0 42.6 47.5 53.1 56.6 60.1 66.4 75.1 Japan 103.3 102.6 99.6 101.0 100.7 100.7 100.4 100.6 Malaysia 79.2 80.5 81.6 83.1 83.9 85.2 87.7 90.9 New Zealand 75.6 77.6 79.6 81.8 83.2 85.1 87.7 90.5 Pakistan 41.3 43.0 44.4 45.8 47.2 50.7 55.3 59.7 Philippines 57.5 59.8 63.9 65.8 68.0 72.1 77.6 82.5 Singapore 84.2 85.3 86.1 85.8 86.2 87.7 88.0 88.9 South Korea 71.5 73.1 76.1 78.2 80.9 83.9 86.1 88.0 Taiwan 89.9 91.1 91.1 90.9 90.6 92.1 94.3 94.4 Thailand 76.2 77.4 78.6 79.1 80.6 82.9 86.6 90.6 Vietnam 48.9 48.1 47.9 49.8 51.3 55.3 59.9 64.3

Argentina 40.4 40.1 39.6 49.9 56.6 59.1 64.8 71.9 Brazil 49.1 52.6 56.2 60.9 69.9 74.5 79.6 82.9 Chile 70.2 72.9 75.5 77.4 79.5 80.4 82.8 85.6 Colombia 53.3 58.2 62.8 66.8 71.6 75.8 79.7 83.1 Costa Rica 33.7 37.4 41.6 45.4 49.7 55.8 63.5 70.8 Ecuador 23.3 45.7 62.9 70.8 76.4 78.5 80.4 82.8 Mexico 57.9 63.3 67.4 70.8 74.0 77.5 80.5 83.4 Panama 76.4 77.6 77.8 78.6 78.9 79.1 81.6 83.3 Peru 76.3 79.1 80.7 80.8 82.7 85.7 87.1 88.8 Puerto Rico 42.6 45.3 49.0 51.3 55.4 60.3 68.5 77.7 Uruguay 41.5 43.5 45.4 51.7 61.7 67.3 70.5 75.0 Venezuela 11.5 13.3 15.0 18.3 24.1 29.3 34.0 38.6

Bahrain 84.0 83.4 82.4 82.0 83.3 85.2 87.5 89.2 Egypt 43.9 45.1 46.1 47.4 49.5 55.1 57.8 62.2 Kuwait 68.9 70.6 71.6 72.2 72.9 73.8 76.8 79.2 Lebanon 75.5 75.2 74.9 76.3 77.3 78.6 78.0 82.4 Oman 75.7 74.8 74.2 74.0 74.1 74.6 76.0 78.5 Qatar 57.8 58.8 72.1 59.8 61.1 65.3 71.1 79.5 Saudi Arabia 77.5 76.7 75.8 76.0 76.5 76.7 77.2 78.9 UAE 75.1 76.1 78.2 80.7 82.9 86.1 87.7 90.5

Israel 80.0 80.8 81.7 86.4 87.0 86.6 87.8 89.7 South Africa 55.1 58.1 61.4 67.0 70.8 70.2 71.6 74.9

NB: These are the local CPI indices; however, for markets where adspend data are measured in US dollars, we use the USA's CPI index to calculate constant price data

206 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CONSUMER PRICE INDICES

2007 2008 2009 2010 2011 2012 2013 2014

Canada 95.7 97.9 98.2 100.0 102.9 105.1 107.2 109.3 USA 95.1 98.7 98.4 100.0 103.0 104.2 105.2 106.3

Austria 94.7 97.7 98.2 100.0 103.2 105.5 107.5 109.5 Belgium 93.7 97.9 97.8 100.0 103.2 105.3 107.4 109.5 Denmark 93.3 96.4 97.7 100.0 103.2 105.7 108.0 110.2 Finland 94.9 98.8 98.8 100.0 103.1 105.2 107.3 109.4 France 95.7 98.4 98.5 100.0 102.1 103.6 105.3 107.2 Germany 96.0 98.5 98.9 100.0 102.2 103.5 105.2 107.2 Ireland 101.6 105.7 100.9 100.0 101.1 101.7 103.2 104.8 Italy 94.5 97.7 98.5 100.0 102.6 104.2 106.0 107.9 Netherlands 95.3 97.6 98.8 100.0 102.5 104.6 106.6 108.7 Norway 92.1 95.6 97.7 100.0 101.7 103.9 106.5 109.2 Portugal 96.9 99.4 98.6 100.0 103.4 105.6 107.2 108.8 Spain 94.7 98.5 98.1 100.0 102.9 104.4 106.0 107.7 Sweden 95.8 99.1 98.8 100.0 103.0 105.6 107.7 109.8 Switzerland 100.5 103.8 99.8 100.0 100.7 101.6 102.6 103.6 UK 92.4 96.1 95.5 100.0 104.5 107.0 109.1 111.3

Armenia 82.1 89.4 92.4 100.0 108.8 112.4 117.2 122.0 Azerbaijan 77.2 93.3 94.6 100.0 109.3 120.6 130.3 138.5 Belarus 71.6 82.2 92.9 100.0 141.0 191.1 219.5 240.6 Bosnia & Herzegovina 91.5 98.3 98.0 100.0 104.0 106.6 109.3 112.1 Bulgaria 84.6 95.0 97.6 100.0 103.8 106.8 109.9 113.2 Croatia 91.1 96.7 99.0 100.0 103.2 105.7 108.0 110.7 Czech Republic 91.7 97.6 98.6 100.0 101.8 103.8 105.9 108.0 Estonia 88.1 97.3 97.2 100.0 105.1 108.8 111.5 114.3 Georgia 83.5 91.8 93.4 100.0 109.6 115.1 120.8 126.9 Greece 90.6 94.3 95.5 100.0 102.9 103.9 105.0 106.0 Hungary 86.2 91.5 95.3 100.0 103.7 106.8 110.0 113.3 Kazakhstan 74.3 87.0 93.3 100.0 108.9 117.5 126.0 134.3 Latvia 84.6 97.7 101.1 100.0 104.2 106.6 108.9 111.2 Lithuania 85.2 94.5 98.7 100.0 104.2 106.9 109.6 112.3 Moldova 82.6 93.2 93.1 100.0 107.9 116.3 122.5 128.6 Poland 89.8 93.8 97.4 100.0 104.0 106.9 109.6 112.3 Romania 82.8 89.3 94.3 100.0 106.4 111.0 114.5 118.0 Russia 73.5 83.8 93.6 100.0 108.9 116.8 124.9 133.2 Serbia 77.6 87.1 94.3 100.0 111.3 116.1 120.4 125.2 Slovakia 93.2 97.5 99.0 100.0 103.6 105.5 108.5 111.6 Slovenia 92.2 97.4 98.2 100.0 101.8 103.9 106.3 108.7 Turkey 78.5 86.7 92.1 100.0 106.0 113.3 119.3 125.3 Ukraine 63.0 78.9 91.4 100.0 109.3 119.2 128.2 135.0 Uzbekistan 71.1 80.2 91.4 100.0 113.1 126.4 140.4 155.8

Australia 91.5 95.5 97.2 100.0 103.5 106.9 110.7 114.0 China 92.1 97.5 96.8 100.0 105.5 109.0 112.3 115.6 Hong Kong 93.1 97.1 97.7 100.0 105.5 110.2 114.1 117.5 India 74.3 80.5 89.3 100.0 110.6 120.1 128.6 135.5 Indonesia 81.9 91.0 93.6 100.0 105.7 112.6 118.6 124.9 Japan 100.7 102.1 100.7 100.0 99.6 99.1 99.1 99.5 Malaysia 92.7 97.8 98.4 100.0 103.2 105.8 108.3 110.9 New Zealand 92.8 96.4 98.2 100.0 104.4 107.2 109.8 112.4 Pakistan 64.2 77.3 87.8 100.0 113.9 129.8 145.4 160.7 Philippines 84.8 92.7 95.7 100.0 104.5 108.8 113.1 117.7 Singapore 90.8 96.7 97.3 100.0 103.7 106.7 109.3 111.6 South Korea 90.3 94.5 97.1 100.0 104.5 108.2 111.4 114.7 Taiwan 96.5 99.9 99.1 100.0 101.8 103.6 105.7 107.8 Thailand 92.6 97.7 96.8 100.0 104.0 108.3 112.8 116.8 Vietnam 69.7 85.8 91.9 100.0 118.8 133.2 141.2 148.9

Argentina 78.2 85.0 90.3 100.0 111.5 124.7 138.4 153.6 Brazil 85.9 90.8 95.2 100.0 106.6 112.1 116.9 122.1 Chile 89.3 97.2 98.9 100.0 103.1 106.3 109.5 112.8 Colombia 87.7 93.8 97.8 100.0 103.3 106.3 109.6 112.9 Costa Rica 77.4 87.8 94.7 100.0 105.3 112.5 119.8 125.8 Ecuador 84.7 91.8 96.5 100.0 104.4 109.5 114.1 117.9 Mexico 86.7 91.2 96.1 100.0 103.4 106.6 109.8 113.1 Panama 86.8 94.4 96.6 100.0 105.7 109.4 112.7 115.7 Peru 90.4 95.6 98.4 100.0 103.1 105.6 107.9 110.1 Puerto Rico 82.8 88.2 93.9 100.0 104.0 108.4 112.7 112.7 Uruguay 81.1 87.5 93.7 100.0 107.7 114.7 121.6 128.9 Venezuela 45.8 60.2 77.5 100.0 125.8 156.3 193.7 239.2

Bahrain 92.1 95.3 98.0 100.0 101.0 102.8 105.4 108.0 Egypt 68.0 80.4 89.9 100.0 111.1 123.7 137.0 151.1 Kuwait 83.6 92.4 96.1 100.0 106.2 109.8 113.3 116.8 Lebanon 85.8 95.1 96.2 100.0 107.5 116.8 125.9 134.3 Oman 83.2 93.2 96.9 100.0 103.8 107.2 110.4 113.8 Qatar 90.4 104.1 98.9 100.0 102.3 106.5 111.1 115.5 Saudi Arabia 82.2 90.3 94.9 100.0 105.4 111.0 115.8 120.5 UAE 94.4 98.1 99.1 100.0 102.5 105.1 107.7 110.0

Israel 90.1 94.3 97.4 100.0 103.4 105.1 107.2 109.3 South Africa 80.3 89.5 95.9 100.0 105.9 111.2 116.8 122.5

NB: These are the local CPI indices; however, for markets where adspend data are measured in US dollars, we use the USA's CPI index to calculate constant price data

207 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CONSUMER PRICE INFLATION

Year-on-year % change 99v98 00v99 01v00 02v01 03v02 04v03 05v04 06v05

Canada 1.7 2.7 2.5 2.2 2.8 1.9 2.2 2.0 USA 2.1 3.4 2.8 1.6 2.2 2.7 3.4 3.2

Austria 0.5 2.4 2.7 1.7 1.4 2.1 2.3 1.4 Belgium 1.1 2.5 2.5 1.7 1.5 2.1 2.8 1.8 Denmark 2.5 2.9 2.4 2.4 2.1 1.2 1.8 1.9 Finland 1.2 3.4 2.6 1.6 0.9 0.2 0.9 1.6 France 0.5 1.7 1.7 1.8 2.1 2.1 1.9 1.7 Germany 0.6 1.4 2.0 1.4 1.1 1.6 1.6 1.6 Ireland 1.7 5.6 4.9 4.7 3.5 2.2 2.4 3.9 Italy 1.7 2.5 2.8 2.4 2.6 2.3 2.0 2.1 Netherlands 2.2 3.0 4.2 3.3 2.1 1.2 1.7 1.1 Norway 2.3 3.1 3.0 1.3 2.5 0.5 1.6 2.3 Portugal 2.3 2.9 4.4 3.5 3.2 2.4 2.3 2.7 Spain 2.3 3.4 3.6 3.1 3.0 3.1 3.3 3.5 Sweden 0.4 0.9 2.4 2.1 1.9 0.4 0.5 1.4 Switzerland 0.8 1.6 1.0 0.7 0.7 0.8 1.1 2.4 UK 1.5 2.9 1.8 1.6 2.9 3.0 2.8 3.2

Armenia - - 3.1 1.1 4.8 7.0 0.6 2.9 Azerbaijan -8.6 1.9 1.5 2.8 2.2 6.7 9.7 8.4 Belarus 293.7 168.6 61.1 42.5 28.4 18.1 10.3 7.0 Bosnia & Herzegovina 5.0 8.0 5.0 3.5 0.9 1.1 3.6 6.1 Bulgaria 2.5 10.4 39.2 5.8 -21.2 6.4 5.0 7.3 Croatia 3.7 5.0 3.8 1.6 1.8 2.0 3.4 3.2 Czech Republic 2.1 4.0 4.7 1.8 0.1 2.8 1.8 2.5 Estonia 3.3 4.0 5.7 3.6 1.3 3.1 4.0 4.4 Georgia - 4.1 4.6 5.6 4.8 5.7 8.2 9.2 Greece 2.6 3.2 3.4 3.7 3.5 2.9 3.5 3.2 Hungary 10.0 9.8 9.2 5.3 4.7 6.8 3.5 3.9 Kazakhstan - - - 5.8 6.5 6.9 7.6 8.6 Latvia 2.3 2.7 2.5 1.9 3.0 6.2 6.7 6.5 Lithuania 0.7 1.0 1.3 0.3 -1.1 1.1 2.7 3.7 Moldova 39.3 31.2 9.8 5.3 11.8 12.5 12.0 12.8 Poland 7.3 10.0 5.5 1.9 0.7 3.5 2.1 1.1 Romania 45.8 45.7 34.5 22.5 15.2 11.9 9.0 6.6 Russia 85.7 20.7 21.5 15.7 13.7 10.8 12.7 9.7 Serbia - - 95.0 19.5 9.9 10.9 16.2 11.7 Slovakia 10.6 12.0 7.3 3.3 8.5 7.6 2.7 4.5 Slovenia 6.1 8.9 8.4 7.5 5.6 3.6 2.5 2.5 Turkey 64.9 54.9 54.4 45.0 25.3 10.6 10.2 10.5 Ukraine 22.7 28.2 12.0 0.8 5.2 9.1 13.5 9.1 Uzbekistan - - 27.2 27.3 11.6 6.6 10.0 14.2

Australia 1.5 4.5 4.4 3.0 2.8 2.4 2.7 3.5 China -1.4 -1.1 1.9 -0.8 1.2 3.9 1.8 1.5 Hong Kong -4.0 -3.8 -1.6 -9.6 -2.5 6.7 0.9 2.1 India 4.6 4.0 3.7 4.4 3.9 3.8 4.2 5.8 Indonesia 20.5 3.7 11.5 11.8 6.7 6.2 10.4 13.1 Japan -0.3 -0.7 -2.9 1.4 -0.3 0.0 -0.3 0.2 Malaysia 2.7 1.6 1.4 1.9 1.0 1.5 2.9 3.6 New Zealand -0.2 2.7 2.6 2.7 1.7 2.3 3.0 3.2 Pakistan 4.1 4.3 3.1 3.3 2.9 7.5 9.1 7.9 Philippines 5.9 4.0 6.8 3.0 3.5 6.0 7.6 6.2 Singapore 0.1 1.3 1.0 -0.4 0.5 1.7 0.4 1.0 South Korea 0.8 2.3 4.1 2.8 3.5 3.6 2.7 2.2 Taiwan 0.2 1.3 0.0 -0.2 -0.3 1.6 2.4 0.1 Thailand 0.2 1.6 1.6 0.7 1.9 2.8 4.5 4.6 Vietnam 4.0 -1.7 -0.4 3.9 3.2 7.8 8.3 7.4

Argentina -1.2 -0.9 -1.1 25.9 13.5 4.4 9.6 10.9 Brazil 4.8 7.1 6.8 8.5 14.7 6.6 6.8 4.2 Chile 3.3 3.8 3.6 2.5 2.8 1.1 3.0 3.4 Colombia 10.9 9.2 8.0 6.3 7.1 5.9 5.1 4.3 Costa Rica 10.0 11.0 11.2 9.2 9.5 12.3 13.8 11.5 Ecuador 52.2 96.1 37.7 12.5 7.9 2.8 2.4 3.0 Mexico 16.6 9.5 6.4 5.0 4.6 4.7 3.9 3.6 Panama 1.2 1.5 0.3 1.0 0.4 0.2 3.1 2.1 Peru 3.6 3.7 2.0 0.1 2.3 3.6 1.7 2.0 Puerto Rico 5.7 6.4 8.2 4.5 8.0 8.9 13.5 13.5 Uruguay 5.8 4.7 4.4 13.9 19.4 9.2 4.7 6.4 Venezuela 23.6 16.2 12.5 22.4 31.2 21.7 16.0 13.7

Bahrain -1.5 -0.7 -1.2 -0.5 1.6 2.3 2.6 2.0 Egypt 3.2 2.7 2.3 2.8 4.5 11.3 4.8 7.6 Kuwait 2.2 2.6 1.3 0.9 1.0 1.3 4.1 3.1 Lebanon 0.2 -0.4 -0.4 1.8 1.3 1.7 -0.7 5.6 Oman 0.5 -1.2 -0.8 -0.3 0.2 0.7 1.9 3.2 Qatar 2.1 1.7 22.7 -17.1 2.3 6.8 8.8 11.8 Saudi Arabia -1.4 -1.1 -1.1 0.2 0.6 0.3 0.7 2.2 UAE 2.1 1.4 2.8 3.1 2.8 3.8 1.9 3.2

Israel 5.2 1.1 1.1 5.7 0.7 -0.5 1.4 2.1 South Africa 5.1 5.4 5.7 9.2 5.5 -0.8 2.1 4.6

NB: These are the local CPI rates; however, for markets where adspend data are measured in US dollars, we use the USA's CPI index to calculate constant price data

208 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CONSUMER PRICE INFLATION

Year-on-year % change 07v06 08v07 09v08 10v09 11v10 12v11 13v12 14v13

Canada 2.2 2.4 0.3 1.8 2.9 2.1 2.0 2.0 USA 2.9 3.8 -0.3 1.6 3.0 1.2 0.9 1.1

Austria 2.2 3.1 0.4 1.5 3.2 2.2 1.9 1.9 Belgium 1.8 4.5 -0.1 2.2 3.2 2.0 2.0 2.0 Denmark 1.7 3.4 1.3 2.3 3.2 2.4 2.2 2.0 Finland 2.5 4.1 0.0 1.7 3.1 2.0 2.0 2.0 France 1.5 2.8 0.1 1.7 2.1 1.4 1.7 1.8 Germany 2.3 2.6 0.1 1.2 2.2 1.3 1.6 1.9 Ireland 4.9 4.0 -1.7 -1.6 1.1 0.6 1.4 1.6 Italy 1.7 3.4 0.8 1.6 2.6 1.6 1.7 1.8 Netherlands 1.6 2.4 1.2 0.9 2.5 2.0 2.0 1.9 Norway 0.8 3.7 2.2 2.4 1.7 2.2 2.5 2.5 Portugal 2.8 2.6 -0.8 1.4 3.4 2.1 1.5 1.5 Spain 2.8 4.0 -0.4 1.9 2.9 1.5 1.5 1.6 Sweden 2.2 3.4 2.2 1.9 3.0 2.5 2.0 2.0 Switzerland 2.6 3.3 2.2 0.7 0.7 0.9 1.0 1.0 UK 4.3 4.0 -0.5 3.3 4.5 2.4 2.0 2.0

Armenia 4.4 9.0 3.4 8.2 8.8 3.3 4.3 4.1 Azerbaijan 16.6 20.8 1.5 5.5 9.3 10.3 8.1 6.3 Belarus 8.4 14.8 13.0 7.3 41.0 35.5 14.9 9.6 Bosnia & Herzegovina 1.5 7.4 -0.4 2.1 4.0 2.5 2.5 2.6 Bulgaria 8.4 12.3 2.5 3.0 3.8 2.9 2.9 3.0 Croatia 2.9 6.1 2.4 1.0 3.2 2.4 2.2 2.5 Czech Republic 2.9 6.4 1.0 1.5 1.8 2.0 2.0 2.0 Estonia 6.7 10.4 -0.1 2.9 5.1 3.5 2.5 2.5 Georgia 9.3 9.9 1.7 7.1 9.6 5.0 5.0 5.0 Greece 2.9 4.1 1.4 4.7 2.9 1.0 1.0 1.0 Hungary 7.9 6.1 4.2 4.9 3.7 3.0 3.0 3.0 Kazakhstan 10.8 17.1 7.3 7.4 8.9 7.9 7.2 6.6 Latvia 10.1 15.4 3.3 -1.2 4.2 2.3 2.2 2.1 Lithuania 5.8 10.9 4.2 1.2 4.2 2.6 2.5 2.5 Moldova 12.4 12.8 -0.1 7.4 7.9 7.8 5.3 5.0 Poland 2.3 4.4 3.9 2.7 4.0 2.8 2.5 2.5 Romania 4.9 7.8 5.6 6.1 6.4 4.3 3.2 3.0 Russia 9.0 14.1 11.7 6.9 8.9 7.3 6.9 6.6 Serbia 6.4 12.4 8.2 6.1 11.3 4.3 3.7 4.0 Slovakia 2.8 4.6 1.6 1.0 3.6 1.8 2.9 2.8 Slovenia 3.7 5.6 0.8 1.9 1.8 2.1 2.3 2.2 Turkey 8.7 10.4 6.3 8.6 6.0 6.9 5.3 5.0 Ukraine 12.8 25.2 15.9 9.4 9.3 9.1 7.5 5.3 Uzbekistan 12.3 12.7 14.1 9.4 13.1 11.8 11.0 11.0

Australia 2.3 4.4 1.8 3.0 3.5 3.3 3.5 3.0 China 4.8 5.9 -0.7 3.5 5.5 3.3 3.0 3.0 Hong Kong 1.9 4.3 0.6 2.3 5.5 4.5 3.5 3.0 India 6.3 8.4 10.9 12.0 10.6 8.6 7.1 5.4 Indonesia 9.1 11.0 2.8 5.1 5.7 6.5 5.4 5.3 Japan 0.1 1.4 -1.4 -0.7 -0.4 -0.5 0.0 0.3 Malaysia 2.0 5.5 0.6 1.7 3.2 2.5 2.4 2.4 New Zealand 2.6 3.8 1.9 2.3 4.4 2.7 2.4 2.4 Pakistan 7.6 20.3 13.6 13.9 13.9 14.0 12.0 10.5 Philippines 2.8 9.3 3.3 4.5 4.5 4.1 4.0 4.0 Singapore 2.1 6.6 0.5 2.8 3.7 2.9 2.4 2.1 South Korea 2.6 4.6 2.8 3.0 4.5 3.5 3.0 3.0 Taiwan 2.3 3.5 -0.9 1.0 1.8 1.8 2.0 2.0 Thailand 2.2 5.4 -0.8 3.3 4.0 4.1 4.2 3.5 Vietnam 8.3 23.1 6.7 9.2 18.8 12.1 6.0 5.5

Argentina 8.8 8.6 6.3 10.8 11.5 11.8 11.0 11.0 Brazil 3.6 5.6 4.9 5.0 6.6 5.2 4.2 4.5 Chile 4.3 8.8 1.7 1.5 3.1 3.1 3.0 3.0 Colombia 5.6 6.9 4.2 2.3 3.3 2.9 3.1 3.0 Costa Rica 9.3 13.5 7.8 5.6 5.3 6.8 6.5 5.0 Ecuador 2.3 8.3 5.1 3.6 4.4 4.9 4.2 3.3 Mexico 4.0 5.2 5.3 4.2 3.4 3.1 3.0 3.0 Panama 4.2 8.7 2.4 3.5 5.7 3.5 3.0 2.7 Peru 1.8 5.8 2.9 1.6 3.1 2.4 2.2 2.0 Puerto Rico 6.5 6.5 6.5 6.5 4.0 4.2 4.0 0.0 Uruguay 8.1 7.9 7.1 6.7 7.7 6.5 6.0 6.0 Venezuela 18.6 31.4 27.1 28.2 25.8 24.3 23.9 23.5

Bahrain 3.2 3.5 2.8 2.6 1.0 1.8 2.5 2.5 Egypt 9.4 18.2 16.2 11.7 11.1 11.3 10.8 10.3 Kuwait 5.5 10.5 4.7 4.1 6.2 3.4 3.2 3.1 Lebanon 4.1 10.8 1.2 4.5 5.9 5.0 3.6 2.6 Oman 6.0 12.1 3.9 3.2 3.8 3.3 3.0 3.0 Qatar 13.8 15.1 -4.9 1.1 2.3 4.1 4.3 4.0 Saudi Arabia 4.2 9.9 5.1 5.3 5.4 5.3 4.3 4.1 UAE 4.3 4.0 1.0 0.9 2.5 2.5 2.5 2.1

Israel 0.5 4.7 3.3 2.7 3.4 1.6 2.0 2.0 South Africa 7.2 11.5 7.1 4.3 5.9 5.0 5.0 4.9

NB: These are the local CPI rates; however, for markets where adspend data are measured in US dollars, we use the USA's CPI index to calculate constant price data

209 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GROSS DOMESTIC PRODUCT

US$ billion at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 953.6 1,044.0 1,075.0 1,121.1 1,179.0 1,252.4 1,328.6 1,397.1 USA 9,268.4 9,817.0 10,128.0 10,642.3 11,142.2 11,867.8 12,638.4 13,398.9 North America 10,222.0 10,861.0 11,203.0 11,763.4 12,321.2 13,120.2 13,967.0 14,796.0

Austria 264.9 278.7 281.5 289.8 295.8 308.3 322.6 340.4 Belgium 315.2 333.8 343.0 355.0 365.6 385.4 401.3 421.2 Denmark 215.8 230.1 237.5 244.1 249.1 260.7 274.8 290.1 Finland 160.2 175.2 185.3 190.5 192.6 201.5 208.4 219.4 France 1,809.9 1,909.1 1,983.0 2,051.1 2,113.5 2,195.1 2,283.6 2,394.8 Germany 2,664.9 2,731.8 2,798.9 2,838.7 2,869.8 2,918.8 2,964.9 3,082.3 Ireland 120.0 138.6 155.0 172.5 185.4 197.8 215.0 234.9 Italy 1,492.8 1,577.6 1,653.8 1,715.5 1,769.8 1,841.1 1,893.9 1,969.4 Netherlands 511.5 553.6 593.0 616.2 631.7 650.6 680.0 715.5 Norway 202.3 243.1 252.2 251.4 261.5 286.0 319.3 354.4 Portugal 151.2 161.9 171.3 179.4 183.6 197.1 203.6 212.3 Spain 768.2 834.4 902.0 965.6 1,037.1 1,113.9 1,204.0 1,303.3 Sweden 290.9 307.6 322.7 335.9 353.1 369.2 384.2 408.5 Switzerland 381.5 398.4 412.6 416.4 419.7 432.8 444.7 470.3 UK 1,401.6 1,482.6 1,551.2 1,662.9 1,762.2 1,859.9 1,938.9 2,053.8 Western Europe 10,751.2 11,356.6 11,842.9 12,284.9 12,690.3 13,218.3 13,739.2 14,470.6

Armenia - 1.9 2.1 2.4 2.8 3.6 4.9 6.4 Azerbaijan - 5.3 5.7 6.2 7.3 8.7 13.2 21.0 Belarus 1.0 3.1 5.8 8.8 12.3 16.8 21.8 26.6 Bosnia & Herzegovina 6.1 6.8 7.9 8.7 9.8 11.3 12.4 14.5 Bulgaria 13.0 12.6 13.6 15.6 20.0 25.3 28.9 33.2 Croatia 25.8 27.7 30.1 37.9 41.3 44.7 48.1 52.1 Czech Republic 109.0 114.6 123.2 129.0 134.9 147.4 156.2 168.7 Estonia 0.4 8.1 9.2 10.3 11.5 12.8 14.8 17.7 Georgia 3.2 3.4 3.7 4.2 4.8 5.5 6.5 7.7 Greece 149.2 160.9 193.8 207.4 228.3 245.4 258.0 279.9 Hungary 54.8 65.1 73.4 82.8 90.5 100.1 105.7 114.1 Kazakhstan - - 21.4288 23.9 30.3 39.9 52.0 69.6 Latvia 8.0 9.0 9.8 10.9 12.1 14.0 17.1 21.1 Lithuania 10.8 11.4 12.1 14.2 18.6 22.5 26.0 30.1 Moldova 1.0 1.3 1.5 1.8 2.2 2.6 3.0 3.6 Poland 221.0 246.9 258.5 268.2 279.6 306.6 326.1 351.6 Romania 35.6 37.0 40.2 45.8 59.5 75.8 99.2 122.7 Russia 158.8 240.6 294.5 355.0 437.4 563.9 715.8 886.9 Serbia - - 9.1 11.8 14.5 17.8 21.7 25.2 Slovakia 37.1 41.4 44.8 48.8 53.8 59.9 65.3 73.0 Slovenia 21.7 24.1 26.4 29.6 32.1 34.7 36.6 41.1 Turkey 51.5 82.9 159.9 233.2 302.6 372.0 431.8 504.7 Ukraine 31.6 31.3 38.0 42.4 50.1 64.9 86.1 68.6 Uzbekistan - 2.1 3.1 4.7 6.2 7.7 10.0 13.1 Central & Eastern Europe 939.4 1,137.4 1,387.9 1,603.5 1,862.6 2,203.7 2,561.3 2,953.1

Australia 571.0 614.6 652.2 718.6 764.2 821.2 885.9 955.1 China 1,221.1 1,458.6 1,609.6 1,777.4 2,006.2 2,375.1 2,764.0 3,282.6 Hong Kong 163.1 169.3 167.2 164.4 159.0 166.3 178.0 189.9 India 428.4 459.8 498.4 536.8 602.4 709.1 807.5 939.0 Indonesia 121.0 152.9 185.3 200.4 221.5 252.6 305.2 367.3 Japan 5,641.7 5,730.1 5,670.1 5,597.1 5,585.5 5,677.0 5,715.8 5,780.0 Malaysia 93.4 106.6 109.5 119.0 130.0 147.2 162.2 178.3 New Zealand 79.1 83.5 89.8 94.4 95.4 109.6 115.7 121.6 Pakistan 34.5 44.5 49.4 52.3 57.2 66.2 76.3 89.5 Philippines 66.0 74.4 80.5 87.9 95.7 108.0 120.7 133.7 Singapore 102.6 117.2 112.5 116.0 119.2 135.9 153.1 169.1 South Korea 458.0 500.5 538.1 623.2 663.5 715.2 748.4 786.0 Taiwan 305.6 318.0 312.6 323.1 316.5 341.5 365.9 388.1 Thailand 146.3 155.4 162.0 172.0 187.1 205.2 224.2 247.7 Vietnam 20.9 23.1 25.2 28.0 32.1 37.4 43.9 50.9 Asia Pacific 9,452.6 10,008.4 10,262.3 10,610.5 11,035.5 11,867.5 12,666.8 13,678.8

Argentina 72.8 72.9 69.0 80.2 96.5 114.9 136.5 168.0 Brazil 553.6 670.5 740.2 840.1 966.3 1,103.6 1,220.6 1,346.9 Chile 72.8 79.5 85.3 90.8 100.3 114.3 129.7 152.5 Colombia 86.3 83.8 82.0 93.0 91.7 117.1 146.6 162.6 Costa Rica 15.8 15.9 16.4 16.8 17.5 18.6 20.0 22.5 Ecuador 16.7 15.9 21.0 24.9 28.6 32.6 37.2 41.8 Mexico 363.6 434.6 459.8 495.7 598.0 677.5 729.7 818.6 Panama 11.5 11.6 11.8 12.3 12.9 14.2 15.5 17.1 Peru 51.4 53.1 53.7 56.5 60.8 69.7 79.4 92.3 Puerto Rico 57.8 61.7 69.2 71.6 74.8 82.8 86.2 88.4 Uruguay 20.9 20.1 18.6 12.3 11.2 13.2 17.4 19.8 Venezuela 27.6 37.1 41.4 50.2 62.5 99.1 141.6 183.5 Latin America 1,350.8 1,556.8 1,668.4 1,844.5 2,121.1 2,457.6 2,760.3 3,114.1

Bahrain 6.6 8.0 7.9 8.5 9.7 11.2 13.5 15.9 Egypt 53.1 58.7 61.9 65.4 72.1 83.8 93.0 106.6 Kuwait 32.0 40.4 37.3 40.4 49.8 61.1 82.3 102.8 Lebanon 0.0 0.0 0.0 19.2 20.1 21.8 21.9 22.4 Oman 15.7 19.9 19.9 20.0 21.5 24.7 30.9 36.8 Qatar 12.4 17.8 17.5 19.4 23.5 31.7 43.0 60.5 Saudi Arabia 161.0 188.4 183.0 188.6 214.6 250.3 315.6 356.6 UAE 55.2 70.6 69.5 71.7 84.8 102.2 134.9 163.2 Middle East & North Africa 336.0 403.7 397.2 433.2 496.1 586.8 735.0 864.9

Israel 115.2 131.9 133.7 143.2 144.8 152.1 161.1 174.2 South Africa 111.1 126.0 139.3 159.6 172.2 190.6 214.6 241.4

Total 33,278.3 35,581.8 37,034.8 38,842.9 40,843.9 43,796.8 46,805.3 50,293.1

210 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 GROSS DOMESTIC PRODUCT

US$ billion at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 1,486.5 1,555.5 1,482.9 1,574.0 1,653.7 1,720.5 1,798.7 1,880.6 USA 14,061.8 14,369.1 14,119.1 14,660.2 15,326.5 15,789.6 16,330.0 17,020.7 North America 15,548.3 15,924.6 15,602.0 16,234.2 16,980.2 17,510.1 18,128.8 18,901.3

Austria 360.3 375.0 363.3 376.2 401.0 416.4 432.8 449.8 Belgium 443.7 456.6 449.3 466.6 493.1 510.5 529.6 549.9 Denmark 301.4 309.5 294.5 310.8 325.5 338.3 351.6 365.1 Finland 238.0 244.6 226.7 238.8 254.8 265.8 276.8 287.9 France 2,511.3 2,578.7 2,526.1 2,577.5 2,677.6 2,753.1 2,853.0 2,965.4 Germany 3,226.4 3,281.9 3,172.2 3,302.6 3,466.4 3,557.2 3,668.3 3,794.0 Ireland 250.8 238.4 211.5 203.9 207.0 211.4 219.1 228.9 Italy 2,047.8 2,076.3 2,012.2 2,049.8 2,115.7 2,156.0 2,203.6 2,261.2 Netherlands 757.0 789.7 757.6 776.9 809.1 836.0 865.5 896.5 Norway 372.8 413.0 390.7 411.1 425.2 445.4 466.6 488.3 Portugal 223.5 227.8 222.6 228.7 231.3 231.9 238.2 247.7 Spain 1,396.0 1,441.1 1,396.0 1,420.5 1,473.4 1,512.0 1,562.3 1,617.4 Sweden 433.7 444.6 428.6 458.0 492.5 524.0 553.2 581.2 Switzerland 499.7 521.8 513.3 523.7 538.7 551.2 566.7 582.7 UK 2,172.0 2,235.0 2,156.8 2,251.5 2,378.7 2,474.8 2,584.9 2,705.1 Western Europe 15,234.3 15,633.8 15,121.3 15,596.6 16,290.0 16,783.7 17,372.0 18,021.2

Armenia 9.2 11.7 8.5 9.3 10.5 11.4 12.3 13.4 Azerbaijan 33.1 48.8 43.0 47.7 52.3 61.7 68.3 74.3 Belarus 32.6 43.6 45.9 54.7 81.0 111.1 132.5 151.6 Bosnia & Herzegovina 16.7 19.0 18.6 19.1 20.3 21.4 22.8 24.5 Bulgaria 42.1 51.8 48.6 47.7 50.8 53.8 57.4 61.4 Croatia 57.2 62.8 61.0 60.9 63.3 66.0 69.1 72.8 Czech Republic 185.1 193.2 189.9 192.2 199.5 207.2 216.6 227.3 Estonia 21.0 21.3 18.4 19.2 21.5 23.1 24.7 26.3 Georgia 9.5 10.7 10.1 11.5 13.3 14.7 16.2 17.8 Greece 300.8 313.8 311.3 304.9 298.1 295.0 302.4 312.5 Hungary 121.8 128.7 125.3 130.4 137.7 144.2 152.9 162.5 Kazakhstan 85.5 110.7 105.7 121.8 141.3 160.9 182.7 206.7 Latvia 27.9 30.5 24.7 24.0 26.0 27.4 29.1 30.9 Lithuania 39.1 47.3 36.8 36.3 40.1 42.5 45.2 48.0 Moldova 4.3 5.1 4.8 5.5 6.4 7.2 7.9 8.7 Poland 390.3 423.0 445.6 468.5 505.8 535.6 567.6 602.2 Romania 170.6 204.3 163.3 161.6 174.5 188.4 201.8 216.8 Russia 1,082.4 1,375.0 1,297.2 1,441.5 1,637.2 1,828.8 2,035.1 2,256.2 Serbia 29.6 35.0 36.2 38.8 44.0 47.3 51.3 56.0 Slovakia 81.5 89.2 83.6 87.3 100.0 110.1 110.1 110.1 Slovenia 45.8 49.4 46.9 47.8 49.5 51.6 54.1 56.5 Turkey 561.1 632.5 633.9 749.8 847.2 925.6 1,007.8 1,098.4 Ukraine 90.8 119.5 115.3 131.4 150.3 171.9 193.1 211.9 Uzbekistan 17.8 23.8 30.9 39.0 47.2 56.4 66.7 78.9 Central & Eastern Europe 3,455.6 4,050.6 3,905.3 4,250.7 4,717.9 5,163.5 5,627.9 6,125.5

Australia 1,043.1 1,138.0 1,145.1 1,232.5 1,298.6 1,385.8 1,483.0 1,577.9 China 3,926.1 4,638.6 5,035.3 5,878.4 6,790.8 7,646.3 8,623.9 9,726.4 Hong Kong 208.0 215.9 208.8 225.0 251.6 274.2 296.9 319.3 India 1,090.5 1,220.9 1,432.5 1,722.9 2,054.1 2,398.1 2,776.4 3,163.7 Indonesia 434.6 544.4 616.5 706.6 794.6 899.6 1,011.7 1,139.9 Japan 5,872.9 5,754.3 5,402.4 5,576.0 5,525.9 5,624.8 5,739.6 5,874.6 Malaysia 199.3 230.0 211.0 237.8 258.2 278.1 299.3 322.1 New Zealand 131.1 133.3 134.9 140.3 149.4 159.3 168.4 177.0 Pakistan 101.8 120.2 149.5 172.2 201.2 238.1 278.7 323.3 Philippines 147.4 164.3 170.2 188.7 206.5 225.5 246.2 268.9 Singapore 195.4 200.6 194.4 228.8 249.8 268.1 286.1 304.3 South Korea 843.4 887.9 919.5 1,005.0 1,091.2 1,179.1 1,265.4 1,355.5 Taiwan 395.0 436.6 424.4 474.9 508.6 543.6 581.7 622.4 Thailand 269.2 286.4 285.3 318.8 343.2 374.4 408.9 443.9 Vietnam 59.8 77.6 86.7 101.1 127.1 151.4 171.4 193.9 Asia Pacific 14,917.6 16,048.9 16,416.6 18,209.0 19,850.9 21,646.4 23,637.5 25,813.3

Argentina 208.5 266.5 294.0 370.3 445.9 521.4 603.0 696.1 Brazil 1,512.8 1,723.4 1,810.6 2,089.0 2,311.5 2,519.2 2,735.3 2,978.4 Chile 168.3 174.8 178.8 203.4 223.4 241.1 259.5 279.4 Colombia 207.4 243.2 232.3 288.1 312.2 335.7 361.7 389.3 Costa Rica 26.3 29.7 29.3 35.1 38.5 42.8 47.6 52.2 Ecuador 45.8 54.7 57.7 61.9 68.4 74.5 80.2 85.1 Mexico 893.5 963.3 940.8 1,039.8 1,116.1 1,192.1 1,273.3 1,361.3 Panama 19.8 23.0 24.1 26.8 30.4 33.7 37.0 40.3 Peru 107.3 127.6 126.7 153.8 168.5 182.2 197.4 213.4 Puerto Rico 92.9 95.7 98.5 107.7 116.2 125.7 135.9 135.9 Uruguay 24.0 31.2 31.5 41.0 46.8 52.0 57.3 63.2 Venezuela 226.5 311.1 326.1 411.9 532.6 685.6 867.3 1,092.6 Latin America 3,533.1 4,044.2 4,150.3 4,829.0 5,410.4 6,006.0 6,655.6 7,387.2

Bahrain 18.5 21.9 20.6 22.0 22.5 23.8 25.5 27.3 Egypt 128.6 154.6 179.3 210.6 236.8 268.3 309.1 360.7 Kuwait 113.7 139.5 109.9 118.3 132.8 143.5 155.6 168.2 Lebanon 25.1 29.9 34.9 39.2 42.2 45.8 49.4 52.7 Oman 41.9 60.3 46.1 49.6 53.7 57.5 61.4 65.4 Qatar 80.8 110.7 98.3 115.9 140.7 155.3 168.9 182.7 Saudi Arabia 384.9 476.3 372.7 408.8 458.9 500.6 545.4 593.8 UAE 198.7 217.1 213.8 222.7 235.8 250.8 267.4 284.8 Middle East & North Africa 992.0 1,210.4 1,075.7 1,187.0 1,323.4 1,445.6 1,582.8 1,735.6

Israel 184.6 194.1 205.5 217.3 235.5 247.9 262.2 277.3 South Africa 275.4 310.6 327.3 350.7 384.0 417.7 456.2 496.7

Total 54,141.0 57,417.3 56,803.9 60,874.5 65,192.4 69,220.9 73,723.1 78,758.1

211 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POPULATION

Millions

1999 2000 2001 2002 2003 2004 2005 2006 Canada 30.4 30.7 31.0 31.3 31.7 32.0 32.3 32.6 USA 281.3 284.9 287.8 294.0 296.9 299.8 302.7 305.7 North America 311.7 315.6 318.8 325.3 328.6 331.8 335.1 338.3

Austria 8.1 8.1 8.1 8.1 8.1 8.2 8.2 8.3 Belgium 10.3 10.2 10.2 10.3 10.3 10.4 10.4 10.5 Denmark 5.3 5.3 5.4 5.4 5.4 5.4 5.4 5.4 Finland 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.3 France 59.1 59.2 59.5 59.8 60.2 60.6 61.0 61.4 Germany 82.3 82.3 82.4 82.2 82.3 82.4 82.4 82.4 Ireland 3.8 3.8 3.9 3.9 4.0 4.1 4.2 4.3 Italy 57.6 57.7 57.9 57.6 57.9 58.3 58.7 59.0 Netherlands 15.8 15.9 16.0 16.1 16.2 16.2 16.3 16.4 Norway 4.5 4.5 4.5 4.5 4.6 4.6 4.6 4.7 Portugal 10.2 10.2 10.3 10.4 10.4 10.5 10.6 10.6 Spain 40.4 40.2 40.7 41.3 41.9 42.5 43.1 43.6 Sweden 8.9 8.9 8.9 8.9 9.0 9.0 9.1 9.1 Switzerland 7.1 7.3 7.3 7.3 7.3 7.4 7.4 7.5 UK 58.5 58.9 59.1 59.4 59.7 60.0 60.3 60.6 Western Europe 376.9 377.7 379.4 380.3 382.6 384.8 386.9 388.9

Armenia - 3.1 3.1 3.1 3.1 3.1 3.1 3.1 Azerbaijan 8.1 8.1 8.2 8.2 8.3 8.4 8.5 8.5 Belarus 10.1 10.1 10.0 10.0 9.9 9.9 9.8 9.8 Bosnia & Herzegovina 3.8 3.8 3.9 3.8 3.8 3.8 3.8 3.8 Bulgaria 8.1 8.0 8.0 7.9 7.8 7.8 7.7 7.7 Croatia 4.4 4.4 4.5 4.5 4.5 4.5 4.4 4.4 Czech Republic 10.3 10.2 10.2 10.2 10.2 10.2 10.2 10.2 Estonia 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Georgia 4.8 4.7 4.7 4.6 4.6 4.5 4.5 4.4 Greece 10.9 11.0 11.0 11.0 11.0 11.0 11.1 11.1 Hungary 10.3 10.2 10.2 10.2 10.1 10.1 10.1 10.1 Kazakhstan 0.0 0.0 14.9 14.9 15.0 15.1 15.2 15.3 Latvia 2.4 2.4 2.4 2.3 2.3 2.3 2.3 2.3 Lithuania 3.5 3.5 3.5 3.5 3.5 3.4 3.4 3.4 Moldova - - - - 4.0 3.8 3.8 3.7 Poland 38.7 38.4 38.4 38.3 38.3 38.2 38.2 38.2 Romania 22.2 22.1 22.0 21.9 21.8 21.7 21.6 21.5 Russia 147.0 147.4 146.8 145.3 144.6 143.9 143.2 142.5 Serbia - - 10.1 10.0 10.0 9.9 9.9 9.8 Slovakia 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 Slovenia 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Turkey 67.2 68.2 69.2 68.4 69.3 70.3 71.2 72.1 Ukraine 49.7 48.9 48.7 48.0 47.7 47.3 46.9 46.6 Uzbekistan 0.0 24.8 25.1 25.4 25.7 26.0 26.0 26.0 Central & Eastern Europe 410.0 438.0 463.4 460.3 464.1 463.8 463.5 463.3

Australia 18.9 19.1 19.4 19.7 19.9 20.2 20.4 20.6 China 1,264.1 1,270.0 1,279.5 1,286.0 1,294.9 1,303.7 1,312.3 1,320.7 Hong Kong 6.6 6.7 6.8 6.8 6.8 6.9 6.9 6.9 India 1,004.2 1,048.2 1,064.2 1,078.1 1,095.8 1,113.3 1,130.6 1,147.8 Indonesia 206.5 211.7 214.6 210.9 213.7 216.4 219.2 222.0 Japan 126.5 127.0 127.3 127.1 127.3 127.4 127.5 127.5 Malaysia 22.5 23.3 23.8 24.3 24.7 25.2 25.6 26.1 New Zealand 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 Pakistan 139.4 144.4 147.3 155.2 158.6 162.2 165.8 169.5 Philippines 74.3 76.2 77.8 80.8 82.3 83.9 85.5 87.1 Singapore 3.9 4.0 4.1 4.1 4.2 4.2 4.3 4.4 South Korea 46.5 46.8 47.1 47.0 47.2 47.4 47.6 47.8 Taiwan 22.0 22.2 22.3 22.5 22.5 22.6 22.7 22.8 Thailand 60.9 60.7 61.2 63.7 64.5 65.3 66.0 66.5 Vietnam 77.6 79.1 80.3 80.9 82.0 83.0 84.1 85.1 Asia Pacific 3,077.5 3,143.2 3,179.4 3,210.8 3,248.3 3,285.7 3,322.5 3,358.8

Argentina 36.5 36.9 37.3 37.7 38.0 38.4 38.7 39.1 Brazil 171.3 174.2 176.7 179.1 181.5 183.9 186.1 188.2 Chile 15.2 15.4 15.6 15.8 16.0 16.1 16.3 16.5 Colombia 41.4 41.7 42.4 41.1 41.7 42.4 43.1 43.7 Costa Rica 3.8 3.9 4.0 4.1 4.2 4.3 4.3 4.4 Ecuador 12.1 12.3 12.5 12.6 12.8 12.9 13.1 13.2 Mexico 98.6 99.7 100.8 102.0 103.2 104.3 105.3 106.4 Panama 2.9 3.0 3.0 3.1 3.1 3.2 3.2 3.3 Peru 25.5 25.7 26.0 26.8 27.1 27.5 27.8 28.2 Puerto Rico 3.9 3.8 3.8 3.9 3.9 3.9 3.9 3.9 Uruguay 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Venezuela 24.0 24.4 24.9 25.3 25.8 26.3 26.7 27.2 Latin America 438.7 444.3 450.3 454.8 460.6 466.3 471.9 477.4

Bahrain 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Egypt 66.0 66.5 67.8 72.9 74.3 75.7 77.2 78.6 Kuwait 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 Lebanon 3.4 3.8 3.8 3.9 4.0 4.0 4.1 4.1 Oman 2.4 2.4 2.4 2.5 2.5 2.6 2.6 2.7 Qatar 0.6 0.6 0.7 0.7 0.7 0.8 0.9 1.0 Saudi Arabia 20.9 20.8 21.4 21.9 22.5 23.1 23.6 24.2 UAE 3.0 3.3 3.4 3.6 3.8 3.9 4.1 4.2 Middle East & North Africa 99.1 100.3 102.4 108.6 111.0 113.4 115.9 118.3

Israel 6.0 6.1 6.2 6.3 6.5 6.6 6.7 6.8 South Africa 45.0 45.4 46.0 46.2 46.9 47.5 48.1 48.6

Total 4,764.7 4,870.5 4,945.9 4,992.7 5,048.5 5,099.9 5,150.5 5,200.3

212 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 POPULATION

Millions

2007 2008 2009 2010 2011 2012 2013 2014 Canada 33.0 33.3 33.6 34.0 34.3 34.6 34.8 35.1 USA 308.7 311.7 314.7 317.3 320.3 323.4 326.5 329.6 North America 341.6 344.9 348.2 351.3 354.6 357.9 361.3 364.7

Austria 8.3 8.3 8.4 8.4 8.4 8.4 8.5 8.5 Belgium 10.5 10.6 10.7 10.7 10.8 10.9 11.0 11.0 Denmark 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 Finland 5.3 5.3 5.3 5.4 5.4 5.4 5.4 5.5 France 61.7 62.0 62.3 62.7 62.9 63.2 63.5 63.8 Germany 82.3 82.3 82.2 82.0 81.8 81.7 81.5 81.4 Ireland 4.4 4.4 4.5 4.5 4.6 4.6 4.6 4.6 Italy 59.3 59.6 59.9 60.2 60.4 60.7 60.9 61.2 Netherlands 16.5 16.5 16.6 16.7 16.8 16.8 16.9 16.9 Norway 4.7 4.8 4.8 4.9 4.9 5.0 5.0 5.1 Portugal 10.6 10.7 10.7 10.7 10.7 10.8 10.8 10.8 Spain 44.1 44.5 44.9 45.1 45.2 45.3 45.4 45.5 Sweden 9.2 9.2 9.3 9.3 9.3 9.3 9.4 9.4 Switzerland 7.5 7.5 7.6 7.6 7.7 7.7 7.8 7.8 UK 61.0 61.2 61.6 62.0 62.4 62.8 63.3 63.7 Western Europe 390.8 392.5 394.1 395.6 397.0 398.3 399.5 400.7

Armenia 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.2 Azerbaijan 8.6 8.7 8.8 8.9 9.0 9.0 9.1 9.2 Belarus 9.7 9.7 9.6 9.6 9.6 9.5 9.5 9.4 Bosnia & Herzegovina 3.8 3.8 3.8 3.8 3.8 3.8 3.7 3.7 Bulgaria 7.6 7.6 7.6 7.5 7.5 7.4 7.4 7.4 Croatia 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 Czech Republic 10.3 10.3 10.4 10.4 10.4 10.5 10.5 10.5 Estonia 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Georgia 4.4 4.3 4.3 4.3 4.3 4.3 4.3 4.3 Greece 11.1 11.1 11.2 11.2 11.2 11.2 11.2 11.2 Hungary 10.0 10.0 10.0 10.0 9.9 9.9 9.9 9.9 Kazakhstan 15.4 15.5 15.6 15.9 15.9 15.9 15.9 15.9 Latvia 2.3 2.3 2.3 2.2 2.2 2.2 2.2 2.2 Lithuania 3.4 3.3 3.3 3.2 3.2 3.2 3.2 3.2 Moldova 3.7 3.6 3.6 3.6 3.6 3.6 3.6 3.6 Poland 38.1 38.1 38.1 38.1 38.0 38.0 38.0 38.0 Romania 21.5 21.4 21.3 21.2 21.2 21.2 21.1 21.1 Russia 141.9 141.4 140.9 140.8 140.3 139.8 139.3 138.9 Serbia 9.8 9.8 9.9 9.9 9.9 9.9 9.9 9.9 Slovakia 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 Slovenia 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Turkey 73.0 73.9 74.8 75.7 76.5 77.4 78.3 79.2 Ukraine 46.3 46.0 45.7 45.5 45.3 45.1 44.9 44.6 Uzbekistan 26.9 27.4 27.6 27.9 28.3 28.6 29.0 29.3 Central & Eastern Europe 464.0 464.5 464.8 466.0 466.5 467.0 467.5 468.0

Australia 20.9 21.1 21.3 21.6 21.8 22.1 22.4 22.7 China 1,329.1 1,337.4 1,345.8 1,352.5 1,359.3 1,366.1 1,372.9 1,379.8 Hong Kong 7.0 7.0 7.0 7.1 7.1 7.2 7.2 7.3 India 1,164.7 1,181.4 1,198.0 1,214.9 1,231.6 1,248.2 1,264.6 1,281.2 Indonesia 224.7 227.4 230.0 236.2 239.0 241.9 244.8 247.5 Japan 127.4 127.3 127.2 127.2 127.5 127.3 127.1 126.8 Malaysia 26.6 27.0 27.5 27.8 28.3 28.8 29.3 29.8 New Zealand 4.2 4.2 4.3 4.3 4.4 4.4 4.5 4.5 Pakistan 173.2 177.0 180.8 184.6 188.5 192.3 196.2 200.2 Philippines 88.7 90.4 92.0 93.8 95.6 97.4 99.4 101.4 Singapore 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 South Korea 48.0 48.2 48.3 48.5 48.6 48.7 48.8 49.0 Taiwan 22.9 22.9 23.1 23.1 23.3 23.5 23.7 23.9 Thailand 67.0 67.4 67.8 68.1 68.5 69.0 69.4 69.8 Vietnam 86.1 87.1 88.1 89.1 90.2 91.3 92.4 93.5 Asia Pacific 3,394.7 3,430.2 3,465.7 3,503.6 3,538.7 3,573.2 3,607.8 3,642.5

Argentina 39.5 39.9 40.3 40.7 41.0 41.4 41.8 42.2 Brazil 190.1 192.0 193.7 195.5 197.2 198.8 200.4 201.8 Chile 16.6 16.8 17.0 17.2 17.4 17.6 17.8 18.0 Colombia 44.4 45.0 45.7 46.2 46.8 47.3 47.9 48.4 Costa Rica 4.5 4.5 4.6 4.7 4.8 4.9 4.9 5.0 Ecuador 13.3 13.5 13.6 13.8 14.0 14.2 14.4 14.7 Mexico 107.5 108.6 109.6 110.7 111.8 112.9 114.1 115.2 Panama 3.3 3.4 3.5 3.5 3.6 3.6 3.7 3.8 Peru 28.5 28.8 29.2 29.6 30.1 30.5 31.0 31.5 Puerto Rico 3.9 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Uruguay 3.3 3.4 3.4 3.4 3.4 3.4 3.4 3.4 Venezuela 27.7 28.1 28.6 29.2 29.7 30.3 30.9 31.6 Latin America 482.7 487.9 493.0 498.5 503.8 509.1 514.4 519.6

Bahrain 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 Egypt 80.1 81.5 83.0 84.1 85.8 87.5 89.2 91.0 Kuwait 2.9 2.9 3.0 3.1 3.2 3.2 3.3 3.4 Lebanon 4.2 4.2 4.2 4.3 4.3 4.4 4.4 4.5 Oman 2.7 2.8 2.9 2.9 3.0 3.1 3.2 3.3 Qatar 1.1 1.3 1.4 1.5 1.5 1.6 1.6 1.7 Saudi Arabia 24.7 25.2 25.7 26.6 27.2 27.8 28.4 29.0 UAE 4.4 4.5 4.6 4.7 4.9 5.0 5.2 5.3 Middle East & North Africa 120.7 123.2 125.6 128.0 130.7 133.5 136.4 139.2

Israel 6.9 7.1 7.2 7.3 7.5 7.7 7.8 8.0 South Africa 49.2 49.7 50.1 50.6 51.3 51.9 52.5 53.1

Total 5,250.7 5,299.9 5,348.8 5,400.9 5,450.0 5,498.5 5,547.1 5,595.7

213 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 6,347 6,716 6,815 6,979 7,434 7,860 8,321 8,961 USA 139,935 156,667 147,246 149,756 152,282 161,487 166,235 173,434 North America 146,282 163,383 154,061 156,735 159,716 169,347 174,556 182,396

Austria 2,285 2,509 2,532 2,466 2,537 2,682 2,826 2,989 Belgium 2,221 2,412 2,336 2,575 2,858 3,087 3,225 3,840 Denmark 1,919 2,041 1,964 1,842 1,841 1,960 2,087 2,432 Finland 1,382 1,493 1,416 1,395 1,429 1,523 1,576 1,639 France 11,107 12,437 11,660 10,580 10,884 11,476 11,879 12,468 Germany 24,511 26,478 24,460 22,260 21,162 21,436 22,430 23,886 Ireland 754 1,030 1,159 1,371 1,538 1,846 2,041 2,327 Italy 9,265 10,642 10,294 9,956 10,321 11,049 11,316 11,440 Netherlands 4,762 5,134 4,920 4,789 4,573 4,542 4,601 5,347 Norway 1,936 2,138 2,120 2,196 2,522 2,849 3,440 3,800 Portugal 1,152 1,284 1,204 1,098 1,122 1,201 1,213 1,201 Spain 6,683 7,492 7,242 7,183 7,382 8,183 8,901 9,681 Sweden 2,250 2,576 2,294 2,204 2,205 2,318 2,538 2,865 Switzerland 3,833 4,175 3,999 3,673 3,448 3,105 3,314 3,634 UK 14,901 16,311 15,608 15,645 16,095 17,591 18,261 18,489 Western Europe 88,961 98,151 93,208 89,234 89,916 94,848 99,649 106,037

Armenia ------16 31 Azerbaijan - - - 26 29 48 21 30 Belarus - - - - - 39 50 62 Bosnia & Herzegovina - 68 86 98 113 139 167 215 Bulgaria 72 122 175 231 279 324 424 535 Croatia 146 231 337 429 517 584 750 883 Czech Republic 1,267 1,475 1,718 1,698 1,829 2,022 1,217 1,416 Estonia 54 57 64 69 77 84 97 115 Georgia - 12 15 20 22 31 34 54 Greece 1,714 2,016 2,093 2,343 2,481 2,715 2,922 3,160 Hungary 832 1,079 1,283 1,535 1,781 2,129 749 823 Kazakhstan ------474 652 Latvia 53 57 64 76 81 93 113 143 Lithuania 164 146 209 282 308 335 140 165 Moldova ------9 13 Poland 2,263 2,576 3,178 3,323 3,698 4,126 1,743 1,951 Romania 125 128 118 126 154 226 308 420 Russia 464 765 1,283 1,941 2,527 3,254 4,179 5,427 Serbia - - - - 320 450 100 126 Slovakia 354 410 556 617 735 1,047 522 612 Slovenia 226 245 266 299 335 414 462 499 Turkey 262 445 449 721 880 1,224 1,508 1,854 Ukraine - - - 161 259 348 511 709 Uzbekistan - - - 2 2 5 7 10 Central & Eastern Europe 7,997 9,830 11,896 13,997 16,426 19,638 16,523 19,906

Australia 6,762 7,387 6,864 7,046 7,700 8,619 9,263 9,656 China 5,085 5,865 6,338 7,601 9,574 10,695 12,455 14,976 Hong Kong 3,097 1,537 1,625 1,845 1,837 2,297 1,386 1,498 India 1,026 1,220 1,400 1,509 1,891 2,337 2,707 3,267 Indonesia 377 520 649 877 1,212 1,587 1,839 2,167 Japan 48,520 52,241 51,439 47,877 47,838 49,698 54,060 54,658 Malaysia 792 965 993 1,078 1,162 1,406 1,105 1,159 New Zealand 1,023 1,070 1,073 1,128 1,273 1,429 1,542 1,532 Pakistan 73 76 76 86 96 110 131 168 Philippines 1,161 1,362 1,548 1,722 2,092 2,511 794 811 Singapore 892 1,100 1,130 1,237 1,295 1,491 1,367 1,423 South Korea 4,227 5,890 5,816 6,747 6,639 6,652 6,935 7,459 Taiwan 1,881 1,895 2,050 2,072 2,267 1,851 1,651 1,632 Thailand 1,506 1,619 1,897 2,141 2,466 2,859 3,024 3,130 Vietnam 116 131 147 162 215 263 248 343 Asia Pacific 76,537 82,877 83,043 83,128 87,556 93,806 98,506 103,877

Argentina 834 761 659 455 598 751 947 1,218 Brazil 4,491 5,601 5,300 5,477 6,287 7,703 8,842 9,591 Chile 578 614 601 644 676 724 804 869 Colombia 1,024 521 581 558 517 582 699 799 Costa Rica - 103 103 118 113 106 274 310 Ecuador 170 184 275 381 436 480 276 278 Mexico 2,235 2,581 2,633 2,634 2,711 2,990 3,194 3,660 Panama 180 173 152 165 196 223 237 275 Peru 233 198 184 188 223 215 253 291 Puerto Rico 1,563 1,638 1,810 1,831 1,865 1,911 1,824 1,768 Uruguay 171 149 99 50 61 78 87 105 Venezuela 214 265 285 373 444 565 661 874 Latin America 11,694 12,787 12,682 12,874 14,128 16,329 18,100 20,038

Bahrain 34 52 66 89 100 143 80 89 Egypt 235 236 286 331 321 421 134 161 Kuwait 185 216 249 250 276 335 247 299 Lebanon ------110 102 Oman 27 28 32 52 65 76 48 50 Pan Arab 526 612 927 1,084 1,443 1,820 1,005 1,315 Qatar - - - 73 81 89 53 97 Saudi Arabia 319 377 417 423 476 605 528 684 UAE 184 195 243 376 566 777 498 636 Middle East & North Africa 1,511 1,715 2,221 2,679 3,328 4,266 2,703 3,431

Israel 1,134 1,300 961 964 868 919 966 970 South Africa 1,089 1,213 1,318 1,573 1,784 2,097 2,611 3,343

Total 335,204 371,256 359,390 361,184 373,723 401,249 413,613 439,999

214 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 9,448 9,913 9,166 10,041 10,529 11,122 11,749 12,458 USA 177,652 170,218 148,310 151,665 154,935 160,333 165,994 173,165 North America 187,101 180,131 157,475 161,707 165,464 171,455 177,742 185,623

Austria 3,281 3,480 3,475 4,096 4,334 4,562 4,779 5,042 Belgium 4,124 4,199 4,207 4,592 4,745 4,743 4,924 5,119 Denmark 2,574 2,510 2,137 2,149 2,212 2,233 2,230 2,255 Finland 1,742 1,865 1,595 1,693 1,836 1,940 2,008 2,072 France 12,884 12,923 11,703 12,564 12,823 13,011 13,361 13,827 Germany 24,994 24,924 22,806 23,789 24,441 24,967 25,604 26,309 Ireland 2,546 2,566 2,134 985 924 905 942 986 Italy 11,798 11,471 9,920 10,296 10,040 10,125 10,392 10,718 Netherlands 5,697 5,658 4,905 5,043 5,029 5,074 5,149 5,238 Norway 2,455 2,537 2,226 2,407 2,555 2,653 2,730 2,815 Portugal 1,244 1,230 1,068 1,075 998 1,013 1,064 1,119 Spain 10,576 9,408 7,458 7,748 7,357 7,209 7,499 8,021 Sweden 3,078 3,195 2,777 3,142 3,510 3,674 3,732 3,806 Switzerland 4,013 4,191 4,069 4,440 4,697 4,827 4,985 5,193 UK 19,673 19,070 16,755 18,086 18,355 19,039 19,720 20,345 Western Europe 110,677 109,226 97,233 102,105 103,859 105,976 109,119 112,865

Armenia 40 52 69 86 91 100 110 121 Azerbaijan 38 50 61 72 82 94 110 129 Belarus 88 115 88 98 70 60 68 83 Bosnia & Herzegovina 238 325 409 455 502 546 589 636 Bulgaria 664 816 697 677 713 732 751 768 Croatia 988 1,019 1,357 1,775 2,071 2,278 2,506 2,756 Czech Republic 1,506 1,719 1,333 1,362 1,362 1,380 1,430 1,489 Estonia 152 147 94 88 96 101 109 118 Georgia 77 85 108 140 145 146 147 148 Greece 3,571 3,457 2,932 2,487 1,882 1,766 1,766 1,766 Hungary 878 944 801 820 810 829 848 875 Kazakhstan 829 1,308 1,055 731 819 860 903 948 Latvia 177 183 100 87 84 84 88 93 Lithuania 191 208 125 123 123 126 129 132 Moldova 19 30 30 30 33 35 37 39 Poland 2,326 2,571 2,273 2,321 2,378 2,469 2,552 2,692 Romania 603 796 538 458 440 463 510 556 Russia 7,198 7,623 5,718 6,688 8,174 9,319 10,884 12,592 Serbia 180 214 195 232 224 225 228 239 Slovakia 713 885 703 676 683 641 640 666 Slovenia 598 706 710 822 890 952 1,006 1,064 Turkey 2,201 2,156 1,841 2,403 2,884 3,288 3,752 4,319 Ukraine 994 1,138 525 700 754 843 930 1,052 Uzbekistan 15 34 37 41 46 52 55 58 Central & Eastern Europe 24,285 26,584 21,800 23,373 25,355 27,387 30,147 33,340

Australia 10,750 11,127 10,189 11,246 11,417 11,631 12,278 13,035 China 17,081 19,136 20,844 26,122 29,943 34,840 40,135 46,381 Hong Kong 1,639 1,416 1,248 1,775 1,887 1,924 1,978 2,074 India 3,934 4,676 4,724 5,351 5,876 6,277 6,832 7,447 Indonesia 2,580 3,082 3,533 4,298 5,111 6,093 7,263 8,879 Japan 55,063 52,611 46,268 46,153 45,358 46,746 47,630 48,825 Malaysia 1,331 1,491 1,610 1,863 2,056 2,226 2,347 2,545 New Zealand 1,610 1,591 1,394 1,462 1,545 1,545 1,557 1,552 Pakistan 263 332 389 436 442 446 450 453 Philippines 870 960 1,080 1,291 1,356 1,423 1,526 1,582 Singapore 1,467 1,575 1,520 1,690 1,814 1,806 1,896 1,925 South Korea 8,012 7,626 6,792 7,362 8,155 8,577 8,861 9,171 Taiwan 1,595 1,532 1,548 1,848 1,941 1,850 1,873 1,954 Thailand 3,214 3,126 3,065 3,379 3,564 3,747 3,990 4,230 Vietnam 400 462 521 557 595 637 685 737 Asia Pacific 109,809 110,741 104,724 114,832 121,058 129,769 139,302 150,791

Argentina 1,443 1,732 2,061 2,226 2,455 2,750 3,423 4,267 Brazil 10,524 11,926 12,459 14,716 15,470 16,352 17,316 18,442 Chile 973 990 974 1,117 1,220 1,306 1,388 1,472 Colombia 994 1,044 935 1,193 1,252 1,326 1,425 1,532 Costa Rica 356 416 387 464 490 520 553 586 Ecuador 312 343 334 369 400 426 478 526 Mexico 4,318 4,781 4,642 5,578 5,894 6,183 6,561 6,987 Panama 300 336 532 451 473 489 505 520 Peru 344 413 416 514 570 604 661 711 Puerto Rico 1,749 1,841 1,426 1,454 1,484 1,491 1,498 1,498 Uruguay 123 146 134 161 148 148 150 166 Venezuela 915 1,112 1,248 1,396 1,564 1,753 2,016 2,318 Latin America 22,350 25,079 25,547 29,639 31,420 33,348 35,974 39,024

Bahrain 94 107 92 96 33 58 58 58 Egypt 259 440 544 583 361 401 404 404 Kuwait 311 442 370 386 354 333 329 329 Lebanon 114 144 150 181 151 136 135 135 Oman 56 74 59 64 58 56 56 56 Pan Arab 1,856 2,283 2,032 2,259 2,033 2,145 2,257 2,257 Qatar 106 121 103 111 88 79 75 75 Saudi Arabia 1,072 809 646 635 596 569 569 569 UAE 879 1,280 592 629 503 464 461 461 Middle East & North Africa 4,747 5,700 4,589 4,945 4,177 4,242 4,344 4,344

Israel 1,045 1,074 1,026 1,087 1,078 1,107 1,145 1,191 South Africa 4,177 4,547 4,934 5,956 6,433 6,947 7,642 8,483

Total 464,190 463,082 417,328 443,644 458,843 480,231 505,415 535,660

215 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING AS A % OF GDP

1999 2000 2001 2002 2003 2004 2005 2006 % % % % % % % % Canada 0.67 0.64 0.63 0.62 0.63 0.63 0.63 0.64 USA 1.51 1.60 1.45 1.41 1.37 1.36 1.32 1.29 North America 1.43 1.50 1.38 1.33 1.30 1.29 1.25 1.23

Austria 0.86 0.90 0.90 0.85 0.86 0.87 0.88 0.88 Belgium 0.70 0.72 0.68 0.73 0.78 0.80 0.80 0.91 Denmark 0.89 0.89 0.83 0.75 0.74 0.75 0.76 0.84 Finland 0.86 0.85 0.76 0.73 0.74 0.76 0.76 0.75 France 0.61 0.65 0.59 0.52 0.51 0.52 0.52 0.52 Germany 0.92 0.97 0.87 0.78 0.74 0.73 0.76 0.77 Ireland 0.63 0.74 0.75 0.79 0.83 0.93 0.95 0.99 Italy 0.62 0.67 0.62 0.58 0.58 0.60 0.60 0.58 Netherlands 0.93 0.93 0.83 0.78 0.72 0.70 0.68 0.75 Norway 0.96 0.88 0.84 0.87 0.96 1.00 1.08 1.07 Portugal 0.76 0.79 0.70 0.61 0.61 0.61 0.60 0.57 Spain 0.87 0.90 0.80 0.74 0.71 0.73 0.74 0.74 Sweden 0.77 0.84 0.71 0.66 0.62 0.63 0.66 0.70 Switzerland 1.00 1.05 0.97 0.88 0.82 0.72 0.75 0.77 UK 1.06 1.10 1.01 0.94 0.91 0.95 0.94 0.90 Western Europe 0.83 0.86 0.79 0.73 0.71 0.72 0.73 0.73

Armenia ------0.27 0.43 Azerbaijan - - - 0.34 0.33 0.45 0.13 0.13 Belarus - - - - - 0.23 0.23 0.23 Bosnia & Herzegovina - 0.99 1.10 1.13 1.15 1.23 1.35 1.49 Bulgaria 0.45 0.67 0.87 1.06 1.19 1.20 1.38 1.53 Croatia 0.57 0.83 1.12 1.13 1.25 1.31 1.56 1.70 Czech Republic 1.16 1.29 1.40 1.32 1.36 1.37 0.78 0.84 Estonia 0.78 0.71 0.69 0.67 0.67 0.65 0.65 0.65 Georgia - 0.37 0.39 0.47 0.47 0.56 0.53 0.70 Greece 1.15 1.25 1.08 1.13 1.09 1.11 1.13 1.13 Hungary 1.52 1.66 1.75 1.85 1.97 2.13 0.71 0.72 Kazakhstan ------0.91 0.94 Latvia 0.66 0.63 0.66 0.70 0.67 0.66 0.66 0.68 Lithuania 0.99 0.83 1.12 1.41 1.41 1.39 0.50 0.52 Moldova ------0.30 0.36 Poland 1.02 1.04 1.23 1.24 1.32 1.35 0.53 0.56 Romania 0.35 0.34 0.29 0.27 0.26 0.30 0.31 0.34 Russia 0.29 0.32 0.44 0.55 0.58 0.58 0.58 0.61 Serbia - - - - 2.21 2.54 0.46 0.50 Slovakia 0.95 0.99 1.24 1.27 1.37 1.75 0.80 0.84 Slovenia 1.04 1.02 1.01 1.01 1.04 1.19 1.26 1.22 Turkey 0.51 0.54 0.28 0.31 0.29 0.33 0.35 0.37 Ukraine - - - 0.38 0.52 0.54 0.59 1.03 Uzbekistan - - - 0.04 0.04 0.06 0.07 0.08 Central & Eastern Europe 0.85 0.86 0.86 0.87 0.88 0.89 0.65 0.67

Australia 1.18 1.20 1.05 0.98 1.01 1.05 1.05 1.01 China 0.42 0.40 0.39 0.43 0.48 0.45 0.45 0.46 Hong Kong 1.90 0.91 0.97 1.12 1.16 1.38 0.78 0.79 India 0.24 0.27 0.28 0.28 0.31 0.33 0.34 0.35 Indonesia 0.31 0.34 0.35 0.44 0.55 0.63 0.60 0.59 Japan 0.86 0.91 0.91 0.86 0.86 0.88 0.95 0.95 Malaysia 0.85 0.91 0.91 0.91 0.89 0.96 0.68 0.65 New Zealand 1.29 1.28 1.19 1.19 1.33 1.30 1.33 1.26 Pakistan 0.21 0.17 0.15 0.16 0.17 0.17 0.17 0.19 Philippines 1.76 1.83 1.92 1.96 2.19 2.32 0.66 0.61 Singapore 0.87 0.94 1.00 1.07 1.09 1.10 0.89 0.84 South Korea 0.92 1.18 1.08 1.08 1.00 0.93 0.93 0.95 Taiwan 0.62 0.60 0.66 0.64 0.72 0.54 0.45 0.42 Thailand 1.03 1.04 1.17 1.24 1.32 1.39 1.35 1.26 Vietnam 0.55 0.57 0.58 0.58 0.67 0.70 0.57 0.67 Asia Pacific 0.81 0.83 0.81 0.78 0.79 0.79 0.78 0.76

Argentina 1.15 1.04 0.96 0.57 0.62 0.65 0.69 0.73 Brazil 1.43 1.47 1.26 1.15 1.14 1.23 1.27 1.25 Chile 0.79 0.77 0.70 0.71 0.67 0.63 0.62 0.57 Colombia 1.19 0.62 0.71 0.60 0.56 0.50 0.48 0.49 Costa Rica - 0.65 0.63 0.70 0.65 0.57 1.37 1.38 Ecuador 1.02 1.15 1.31 1.53 1.52 1.47 0.74 0.67 Mexico 0.61 0.59 0.57 0.53 0.45 0.44 0.44 0.45 Panama 1.57 1.49 1.29 1.34 1.52 1.57 1.53 1.60 Peru 0.45 0.37 0.34 0.33 0.37 0.31 0.32 0.32 Puerto Rico 2.70 2.65 2.61 2.56 2.49 2.31 1.62 1.73 Uruguay 0.82 0.74 0.53 0.40 0.54 0.59 0.50 0.53 Venezuela 0.77 0.71 0.69 0.74 0.71 0.57 0.47 0.48 Latin America 0.87 0.82 0.76 0.70 0.67 0.66 0.66 0.64

Bahrain 0.52 0.65 0.83 1.05 1.02 1.27 0.60 0.56 Egypt 0.44 0.40 0.46 0.51 0.44 0.50 0.14 0.15 Kuwait 0.58 0.53 0.67 0.62 0.56 0.55 0.30 0.29 Lebanon ------0.50 0.45 Oman 0.17 0.14 0.16 0.26 0.30 0.31 0.16 0.13 Qatar - - - 0.26 0.34 0.28 0.12 0.16 Saudi Arabia 0.20 0.20 0.23 0.22 0.22 0.24 0.17 0.19 UAE 0.33 0.28 0.35 0.52 0.67 0.76 0.37 0.39 Middle East & North Africa 0.45 0.42 0.56 0.62 0.67 0.73 0.37 0.40

Israel 0.98 0.99 0.72 0.67 0.60 0.60 0.60 0.56 South Africa 0.98 0.96 0.95 0.99 1.04 1.10 1.22 1.38

Total 1.01 1.04 0.97 0.93 0.92 0.92 0.88 0.87

216 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING AS A % OF GDP

2007 2008 2009 2010 2011 2012 2013 2014 % % % % % % % % Canada 0.64 0.64 0.62 0.64 0.64 0.65 0.65 0.66 USA 1.26 1.18 1.05 1.03 1.01 1.02 1.02 1.02 North America 1.20 1.13 1.01 1.00 0.97 0.98 0.98 0.98

Austria 0.91 0.93 0.96 1.09 1.08 1.10 1.10 1.12 Belgium 0.93 0.92 0.94 0.98 0.96 0.93 0.93 0.93 Denmark 0.85 0.81 0.73 0.69 0.68 0.66 0.63 0.62 Finland 0.73 0.76 0.70 0.71 0.72 0.73 0.73 0.72 France 0.51 0.50 0.46 0.49 0.48 0.47 0.47 0.47 Germany 0.77 0.76 0.72 0.72 0.71 0.70 0.70 0.69 Ireland 1.01 1.08 1.01 0.48 0.45 0.43 0.43 0.43 Italy 0.58 0.55 0.49 0.50 0.47 0.47 0.47 0.47 Netherlands 0.75 0.72 0.65 0.65 0.62 0.61 0.59 0.58 Norway 0.66 0.61 0.57 0.59 0.60 0.60 0.59 0.58 Portugal 0.56 0.54 0.48 0.47 0.43 0.44 0.45 0.45 Spain 0.76 0.65 0.53 0.55 0.50 0.48 0.48 0.50 Sweden 0.71 0.72 0.65 0.69 0.71 0.70 0.67 0.65 Switzerland 0.80 0.80 0.79 0.85 0.87 0.88 0.88 0.89 UK 0.91 0.85 0.78 0.80 0.77 0.77 0.76 0.75 Western Europe 0.73 0.70 0.64 0.65 0.64 0.63 0.63 0.63

Armenia 0.47 0.55 0.84 0.93 0.87 0.88 0.89 0.91 Azerbaijan 0.11 0.10 0.14 0.15 0.16 0.15 0.16 0.17 Belarus 0.27 0.26 0.19 0.18 0.09 0.05 0.05 0.05 Bosnia & Herzegovina 1.42 1.71 2.20 2.38 2.47 2.55 2.58 2.60 Bulgaria 1.63 1.74 1.51 1.42 1.40 1.36 1.31 1.25 Croatia 1.73 1.62 2.23 2.92 3.27 3.45 3.63 3.79 Czech Republic 0.81 0.89 0.70 0.71 0.68 0.67 0.66 0.66 Estonia 0.72 0.69 0.51 0.46 0.45 0.44 0.44 0.45 Georgia 0.81 0.80 1.07 1.22 1.09 1.00 0.91 0.83 Greece 1.19 1.10 0.94 0.82 0.63 0.60 0.58 0.57 Hungary 0.72 0.73 0.64 0.63 0.59 0.57 0.56 0.54 Kazakhstan 0.97 1.18 1.00 0.60 0.58 0.53 0.49 0.46 Latvia 0.64 0.60 0.40 0.36 0.32 0.31 0.30 0.30 Lithuania 0.50 0.49 0.36 0.34 0.31 0.30 0.28 0.28 Moldova 0.44 0.60 0.62 0.54 0.51 0.49 0.47 0.45 Poland 0.60 0.61 0.51 0.50 0.47 0.46 0.45 0.45 Romania 0.35 0.39 0.33 0.28 0.25 0.25 0.25 0.26 Russia 0.67 0.55 0.44 0.46 0.50 0.51 0.53 0.56 Serbia 0.61 0.61 0.54 0.60 0.51 0.48 0.44 0.43 Slovakia 0.88 0.99 0.84 0.77 0.68 0.58 0.58 0.61 Slovenia 1.31 1.43 1.51 1.72 1.80 1.85 1.86 1.88 Turkey 0.39 0.34 0.29 0.32 0.34 0.36 0.37 0.39 Ukraine 1.09 0.63 0.45 0.53 0.50 0.49 0.48 0.50 Uzbekistan 0.08 0.14 0.12 0.11 0.10 0.09 0.08 0.07 Central & Eastern Europe 0.70 0.66 0.56 0.55 0.54 0.53 0.54 0.54

Australia 1.03 0.98 0.89 0.91 0.88 0.84 0.83 0.83 China 0.44 0.41 0.41 0.44 0.44 0.46 0.47 0.48 Hong Kong 0.79 0.66 0.60 0.79 0.75 0.70 0.67 0.65 India 0.36 0.38 0.33 0.31 0.29 0.26 0.25 0.24 Indonesia 0.59 0.57 0.57 0.61 0.64 0.68 0.72 0.78 Japan 0.94 0.91 0.86 0.83 0.82 0.83 0.83 0.83 Malaysia 0.67 0.65 0.76 0.78 0.80 0.80 0.78 0.79 New Zealand 1.23 1.19 1.03 1.04 1.03 0.97 0.92 0.88 Pakistan 0.26 0.28 0.26 0.25 0.22 0.19 0.16 0.14 Philippines 0.59 0.58 0.63 0.68 0.66 0.63 0.62 0.59 Singapore 0.75 0.78 0.78 0.74 0.73 0.67 0.66 0.63 South Korea 0.95 0.86 0.74 0.73 0.75 0.73 0.70 0.68 Taiwan 0.40 0.35 0.36 0.39 0.38 0.34 0.32 0.31 Thailand 1.19 1.09 1.07 1.06 1.04 1.00 0.98 0.95 Vietnam 0.67 0.59 0.60 0.55 0.47 0.42 0.40 0.38 Asia Pacific 0.74 0.69 0.64 0.63 0.61 0.60 0.59 0.58

Argentina 0.69 0.65 0.70 0.60 0.55 0.53 0.57 0.61 Brazil 1.22 1.22 1.21 1.24 1.18 1.14 1.11 1.09 Chile 0.58 0.57 0.54 0.55 0.55 0.54 0.53 0.53 Colombia 0.48 0.43 0.40 0.41 0.40 0.40 0.39 0.39 Costa Rica 1.35 1.40 1.32 1.32 1.27 1.21 1.16 1.12 Ecuador 0.68 0.63 0.58 0.60 0.58 0.57 0.60 0.62 Mexico 0.48 0.50 0.49 0.54 0.53 0.52 0.52 0.51 Panama 1.52 1.46 2.21 1.68 1.56 1.45 1.36 1.29 Peru 0.32 0.32 0.33 0.33 0.34 0.33 0.33 0.33 Puerto Rico 2.01 1.82 1.71 1.64 1.53 1.44 1.32 1.33 Uruguay 0.51 0.47 0.43 0.39 0.32 0.28 0.26 0.26 Venezuela 0.40 0.36 0.38 0.34 0.29 0.26 0.23 0.21 Latin America 0.63 0.62 0.62 0.61 0.58 0.56 0.54 0.53

Bahrain 0.51 0.49 0.45 0.44 0.15 0.25 0.23 0.21 Egypt 0.20 0.28 0.30 0.28 0.15 0.15 0.13 0.11 Kuwait 0.27 0.32 0.34 0.33 0.27 0.23 0.21 0.20 Lebanon 0.45 0.48 0.43 0.46 0.36 0.30 0.27 0.26 Oman 0.13 0.12 0.13 0.13 0.11 0.10 0.09 0.08 Qatar 0.13 0.11 0.10 0.10 0.06 0.05 0.04 0.04 Saudi Arabia 0.19 0.17 0.17 0.16 0.13 0.11 0.10 0.10 UAE 0.44 0.59 0.28 0.28 0.21 0.19 0.17 0.16 Middle East & North Africa 0.48 0.47 0.43 0.42 0.32 0.29 0.27 0.25

Israel 0.57 0.55 0.50 0.50 0.46 0.45 0.44 0.43 South Africa 1.52 1.46 1.51 1.70 1.68 1.66 1.68 1.71

Total 0.86 0.81 0.73 0.73 0.70 0.69 0.69 0.68

217 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE PER CAPITA

US$ 1999 2000 2001 2002 2003 2004 2005 2006 Canada 208.8 218.8 219.9 222.8 234.9 245.8 257.5 274.6 USA 497.5 550.0 511.6 509.4 512.9 538.6 549.1 567.3 North America 469.3 517.8 483.2 481.8 486.1 510.4 521.0 539.1

Austria 282.4 309.4 311.0 305.2 311.7 327.5 343.4 361.5 Belgium 216.3 236.7 228.3 250.8 277.2 298.0 309.5 366.8 Denmark 360.6 382.2 367.0 342.9 341.5 362.9 385.1 447.9 Finland 267.8 288.1 272.8 268.2 274.3 291.2 300.7 311.6 France 188.1 210.1 196.0 176.8 180.7 189.3 194.7 203.2 Germany 297.9 321.7 296.8 270.7 257.1 260.2 272.2 289.9 Ireland 201.1 271.1 300.2 347.9 382.5 450.3 487.1 545.0 Italy 160.7 184.5 177.9 172.9 178.2 189.6 192.9 194.0 Netherlands 301.2 322.5 307.3 297.8 283.0 279.7 281.9 326.2 Norway 433.1 476.1 469.1 483.7 551.9 619.2 741.3 811.9 Portugal 113.2 125.6 117.1 106.1 107.7 114.5 115.0 113.3 Spain 165.3 186.2 177.8 174.1 176.3 192.6 206.7 222.1 Sweden 254.0 290.4 258.1 247.1 245.8 257.0 279.8 314.5 Switzerland 536.8 575.1 548.6 504.6 469.8 420.1 445.4 485.8 UK 254.9 277.1 264.0 263.4 269.7 293.4 303.0 305.2 Western Europe 236.0 259.9 245.7 234.6 235.0 246.5 257.6 272.7

Armenia ------5.3 10.0 Azerbaijan - - - 3.1 3.5 5.7 2.5 3.5 Belarus - - - - - 3.9 5.1 6.4 Bosnia & Herzegovina - 17.9 22.4 25.9 29.8 36.8 44.2 56.9 Bulgaria 9.0 15.2 22.1 29.3 35.6 41.6 54.7 69.5 Croatia 33.0 51.9 74.8 96.0 115.9 131.2 168.8 198.9 Czech Republic 123.2 144.3 168.3 166.6 179.7 198.6 119.3 138.4 Estonia 39.2 41.7 46.7 50.7 56.9 62.1 71.8 85.0 Georgia - 2.6 3.1 4.2 4.9 6.8 7.7 12.3 Greece 156.8 183.8 190.1 213.0 225.1 245.9 264.2 285.2 Hungary 81.2 105.6 125.9 151.1 175.8 210.8 74.3 81.9 Kazakhstan ------31.2 42.6 Latvia 22.2 23.8 27.3 32.6 34.9 40.1 49.1 62.8 Lithuania 46.6 41.8 60.2 81.1 89.3 97.4 40.8 48.7 Moldova ------2.4 3.5 Poland 58.5 67.0 82.8 86.7 96.6 107.9 45.6 51.1 Romania 5.6 5.8 5.4 5.7 7.0 10.4 14.2 19.5 Russia 3.2 5.2 8.7 13.4 17.5 22.6 29.2 38.1 Serbia - - - - 32.1 45.5 10.2 12.8 Slovakia 65.7 76.1 103.1 114.7 136.5 194.5 96.8 113.6 Slovenia 114.7 123.9 133.9 150.5 168.1 207.0 230.8 248.5 Turkey 3.9 6.5 6.5 10.5 12.7 17.4 21.2 25.7 Ukraine - - - 3.4 5.4 7.4 10.9 15.2 Uzbekistan - - - 0.1 0.1 0.2 0.3 0.4 Central & Eastern Europe 19.5 22.4 25.7 30.4 35.4 42.3 35.6 43.0

Australia 358.7 385.9 354.4 358.6 386.9 427.8 454.1 468.1 China 4.0 4.6 5.0 5.9 7.4 8.2 9.5 11.3 Hong Kong 472.8 230.8 240.7 272.1 269.7 335.4 201.5 216.4 India 1.0 1.2 1.3 1.4 1.7 2.1 2.4 2.8 Indonesia 1.8 2.5 3.0 4.2 5.7 7.3 8.4 9.8 Japan 383.7 411.2 404.2 376.7 375.9 390.2 424.2 428.8 Malaysia 35.2 41.5 41.8 44.4 47.0 55.9 43.1 44.4 New Zealand 270.8 278.0 275.0 284.9 317.4 351.9 375.1 369.1 Pakistan 0.5 0.5 0.5 0.6 0.6 0.7 0.8 1.0 Philippines 15.6 17.9 19.9 21.3 25.4 29.9 9.3 9.3 Singapore 227.5 273.7 275.7 300.1 312.1 355.0 320.2 326.3 South Korea 90.9 125.9 123.6 143.7 140.8 140.4 145.8 156.1 Taiwan 85.4 85.3 91.7 92.3 100.6 81.8 72.7 71.6 Thailand 24.8 26.7 31.0 33.6 38.2 43.8 45.9 47.1 Vietnam 1.5 1.7 1.8 2.0 2.6 3.2 3.0 4.0 Asia Pacific 24.9 26.4 26.1 25.9 27.0 28.6 29.6 30.9

Argentina 22.8 20.6 17.7 12.1 15.7 19.6 24.5 31.2 Brazil 26.2 32.2 30.0 30.6 34.6 41.9 47.5 51.0 Chile 38.0 39.8 38.5 40.8 42.4 44.9 49.3 52.8 Colombia 24.7 12.5 13.7 13.6 12.4 13.7 16.2 18.3 Costa Rica - 26.3 25.8 28.7 27.1 24.8 63.3 70.5 Ecuador 14.0 14.9 22.1 30.2 34.1 37.2 21.1 21.0 Mexico 22.7 25.9 26.1 25.8 26.3 28.7 30.3 34.4 Panama 62.4 58.6 50.5 53.9 62.8 70.1 73.4 83.6 Peru 9.1 7.7 7.1 7.0 8.2 7.8 9.1 10.3 Puerto Rico 402.1 429.8 471.3 473.2 480.8 490.1 466.3 449.8 Uruguay 51.5 45.0 29.8 14.9 18.2 23.6 26.2 31.5 Venezuela 8.9 10.8 11.5 14.7 17.2 21.5 24.7 32.1 Latin America 26.7 28.8 28.2 28.3 30.7 35.0 38.4 42.0

Bahrain 52.2 79.2 99.4 131.3 142.4 200.8 109.8 120.5 Egypt 3.6 3.6 4.2 4.5 4.3 5.6 1.7 2.0 Kuwait 88.1 96.7 106.6 102.4 109.3 127.7 91.5 107.5 Lebanon ------26.9 24.6 Oman 11.4 11.5 13.3 21.2 25.8 29.7 18.4 18.5 Qatar - - - 105.7 110.4 111.0 59.5 96.6 Saudi Arabia 15.3 18.1 19.5 19.3 21.2 26.3 22.4 28.3 UAE 60.4 59.9 71.0 104.8 150.3 197.8 121.7 150.3 Middle East & North Africa 15.3 17.1 21.7 24.7 30.0 37.6 23.3 29.0

Israel 190.6 213.8 154.8 152.3 134.6 140.0 144.4 142.4 South Africa 24.2 26.7 28.6 34.1 38.1 44.2 54.3 68.7

Total 70.4 76.2 72.7 72.3 74.0 78.7 80.3 84.6

218 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE PER CAPITA

US$ 2007 2008 2009 2010 2011 2012 2013 2014 Canada 286.7 298.0 273.0 295.7 307.1 321.8 337.2 355.0 USA 575.5 546.1 471.3 477.9 483.7 495.8 508.5 525.4 North America 547.7 522.2 452.2 460.3 466.6 479.0 492.0 509.0

Austria 394.8 417.3 415.7 488.5 515.1 540.1 563.4 592.0 Belgium 391.6 396.5 395.1 428.1 439.2 435.9 449.3 463.7 Denmark 472.4 459.8 390.7 391.2 402.1 404.8 403.3 406.6 Finland 329.8 351.9 299.3 316.3 341.2 359.0 369.6 379.5 France 208.8 208.3 187.7 200.5 203.7 205.8 210.3 216.7 Germany 303.5 303.0 277.5 290.1 298.6 305.7 314.1 323.4 Ireland 583.9 577.8 472.1 217.4 199.0 195.5 203.2 212.6 Italy 198.9 192.5 165.7 171.1 166.1 166.8 170.5 175.2 Netherlands 346.1 342.3 295.6 302.4 300.2 301.5 305.1 309.7 Norway 520.2 531.8 462.7 493.8 518.4 531.9 541.4 552.3 Portugal 116.9 115.1 99.7 100.2 92.9 94.2 98.8 103.7 Spain 240.1 211.5 166.1 171.8 162.7 159.1 165.1 176.2 Sweden 336.0 346.9 300.2 338.6 377.2 393.6 398.6 405.4 Switzerland 534.3 555.9 537.6 582.9 613.1 626.2 643.0 665.7 UK 322.7 311.4 272.1 291.7 294.1 303.0 311.8 319.5 Western Europe 283.2 278.3 246.7 258.1 261.6 266.1 273.1 281.7

Armenia 13.0 17.0 22.5 27.8 29.0 31.5 34.3 37.4 Azerbaijan 4.4 5.7 6.9 8.1 9.2 10.4 12.0 14.0 Belarus 9.0 11.9 9.2 10.2 7.3 6.3 7.2 8.8 Bosnia & Herzegovina 62.8 86.2 108.4 120.8 133.5 145.5 157.2 170.1 Bulgaria 86.9 107.5 92.3 90.4 95.3 98.3 101.4 104.3 Croatia 223.0 230.6 307.0 402.7 469.9 516.9 568.6 625.5 Czech Republic 146.7 166.6 128.6 130.9 130.6 132.0 136.5 141.9 Estonia 113.3 109.9 70.1 66.2 71.7 76.0 81.6 88.5 Georgia 17.8 19.8 25.3 32.5 33.4 33.9 34.3 34.6 Greece 321.4 310.3 262.8 222.4 168.2 157.6 157.5 157.4 Hungary 87.6 94.3 80.2 82.2 81.4 83.4 85.5 88.3 Kazakhstan 53.8 84.3 67.4 46.1 51.6 54.1 56.7 59.5 Latvia 78.0 81.0 44.3 38.7 37.6 37.7 39.7 41.9 Lithuania 56.8 62.7 37.9 38.0 38.3 39.3 40.3 41.8 Moldova 5.2 8.4 8.3 8.4 9.1 9.7 10.4 11.0 Poland 61.0 67.5 59.7 61.0 62.5 64.9 67.1 70.8 Romania 28.1 37.2 25.3 21.5 20.7 21.9 24.2 26.4 Russia 50.7 53.9 40.6 47.5 58.3 66.7 78.1 90.7 Serbia 18.3 21.7 19.8 23.5 22.7 22.7 22.9 24.1 Slovakia 132.3 163.9 129.9 124.8 125.9 118.1 117.8 122.6 Slovenia 297.7 349.7 351.4 406.6 439.7 469.9 496.2 524.7 Turkey 30.2 29.2 24.6 31.8 37.7 42.5 47.9 54.5 Ukraine 21.5 24.7 11.5 15.4 16.6 18.7 20.7 23.6 Uzbekistan 0.6 1.3 1.3 1.5 1.6 1.8 1.9 2.0 Central & Eastern Europe 52.3 57.2 46.9 50.2 54.4 58.7 64.5 71.2

Australia 515.6 528.1 478.6 521.7 523.1 526.3 548.7 575.4 China 12.9 14.3 15.5 19.3 22.0 25.5 29.2 33.6 Hong Kong 235.9 202.8 177.8 250.8 264.5 267.5 272.8 283.8 India 3.4 4.0 3.9 4.4 4.8 5.0 5.4 5.8 Indonesia 11.5 13.6 15.4 18.2 21.4 25.2 29.7 35.9 Japan 432.2 413.3 363.9 362.8 355.7 367.1 374.8 385.0 Malaysia 50.1 55.2 58.6 67.0 72.7 77.4 80.2 85.5 New Zealand 384.3 376.1 326.5 338.7 354.1 350.4 349.4 344.8 Pakistan 1.5 1.9 2.2 2.4 2.3 2.3 2.3 2.3 Philippines 9.8 10.6 11.7 13.8 14.2 14.6 15.4 15.6 Singapore 326.7 340.8 320.6 350.4 369.7 361.8 373.3 372.6 South Korea 167.1 158.4 140.5 151.9 167.8 176.1 181.4 187.3 Taiwan 69.8 66.8 67.1 80.0 83.3 78.7 78.9 81.6 Thailand 48.0 46.4 45.2 49.6 52.0 54.3 57.5 60.6 Vietnam 4.6 5.3 5.9 6.2 6.6 7.0 7.4 7.9 Asia Pacific 32.3 32.3 30.2 32.8 34.2 36.3 38.6 41.4

Argentina 36.6 43.4 51.2 54.7 59.8 66.4 81.9 101.1 Brazil 55.4 62.1 64.3 75.3 78.4 82.2 86.4 91.4 Chile 58.5 58.9 57.4 65.1 70.2 74.2 78.0 81.9 Colombia 22.4 23.2 20.5 25.8 26.8 28.0 29.8 31.6 Costa Rica 79.7 92.0 84.4 98.3 102.2 107.0 112.3 117.4 Ecuador 23.4 25.4 24.5 26.7 28.5 29.9 33.1 35.9 Mexico 40.2 44.0 42.3 50.4 52.7 54.8 57.5 60.6 Panama 89.8 98.8 154.2 128.4 132.4 134.4 136.4 137.9 Peru 12.1 14.3 14.3 17.4 18.9 19.8 21.3 22.6 Puerto Rico 443.0 464.3 358.1 364.1 370.5 371.1 371.8 371.8 Uruguay 36.7 43.7 40.0 47.8 43.7 43.5 44.0 48.6 Venezuela 33.1 39.5 43.6 47.9 52.6 57.8 65.2 73.5 Latin America 46.3 51.4 51.8 59.5 62.4 65.5 69.9 75.1

Bahrain 123.8 137.2 116.7 113.7 38.9 66.8 65.5 64.2 Egypt 3.2 5.4 6.6 6.9 4.2 4.6 4.5 4.4 Kuwait 109.0 151.3 123.8 125.7 112.1 102.5 98.6 95.9 Lebanon 27.4 34.3 35.6 42.2 34.8 31.0 30.3 29.9 Oman 20.3 26.6 20.8 21.7 18.9 17.7 17.1 16.6 Qatar 93.1 94.9 73.2 75.6 57.7 50.0 45.7 43.9 Saudi Arabia 43.4 32.1 25.1 23.9 21.9 20.5 20.0 19.6 UAE 201.7 285.0 128.7 132.8 103.1 92.4 89.0 86.4 Middle East & North Africa 39.3 46.3 36.5 38.6 31.9 31.8 31.9 31.2

Israel 150.7 152.4 143.1 148.3 143.9 144.6 146.4 148.9 South Africa 84.9 91.5 98.5 117.6 125.5 133.9 145.6 159.7

Total 88.4 87.4 78.0 82.1 84.2 87.3 91.1 95.7

219 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING GROWTH RATES

Year-on-year % change in current prices

99v98 00v99 01v00 02v01 03v02 04v03 05v04 06v05 Canada 3.5 5.8 1.5 2.4 6.5 5.7 5.9 7.7 USA 15.9 12.0 -6.0 1.7 1.7 6.0 2.9 4.3 North America 15.3 11.7 -5.7 1.7 1.9 6.0 3.1 4.5

Austria 15.6 9.8 0.9 -2.6 2.9 5.7 5.4 5.8 Belgium 9.5 8.6 -3.1 10.3 11.0 8.0 4.5 19.1 Denmark -3.6 6.4 -3.8 -6.2 0.0 6.5 6.5 16.5 Finland 7.3 8.0 -5.1 -1.5 2.5 6.6 3.4 4.0 France 10.9 12.0 -6.2 -9.3 2.9 5.4 3.5 5.0 Germany 5.4 8.0 -7.6 -9.0 -4.9 1.3 4.6 6.5 Ireland 13.7 36.6 12.5 18.3 12.2 20.1 10.5 14.0 Italy 12.0 14.9 -3.3 -3.3 3.7 7.1 2.4 1.1 Netherlands 6.6 7.8 -4.2 -2.7 -4.5 -0.7 1.3 16.2 Norway 8.4 10.4 -0.8 3.6 14.9 12.9 20.8 10.5 Portugal 20.6 11.5 -6.2 -8.8 2.2 7.0 1.0 -1.1 Spain 16.2 12.1 -3.3 -0.8 2.8 10.8 8.8 8.8 Sweden 3.1 14.5 -10.9 -4.0 0.0 5.1 9.5 12.9 Switzerland 11.2 8.9 -4.2 -8.2 -6.1 -10.0 6.7 9.7 UK 6.1 9.5 -4.3 0.2 2.9 9.3 3.8 1.2 Western Europe 8.3 10.3 -5.0 -4.3 0.8 5.5 5.1 6.4

Armenia ------87.1 Azerbaijan - - - - 14.5 62.9 -56.2 41.9 Belarus ------28.7 24.4 Bosnia & Herzegovina - - 27.5 13.8 14.9 23.5 20.2 28.6 Bulgaria 52.0 68.6 44.2 32.0 20.5 16.3 30.6 26.2 Croatia 19.4 57.5 46.0 27.5 20.5 12.9 28.4 17.8 Czech Republic 23.0 16.4 16.5 -1.2 7.7 10.5 -39.8 16.4 Estonia -9.8 5.5 11.2 8.4 11.5 9.1 15.5 18.3 Georgia - - 18.2 34.6 14.3 37.5 11.7 57.5 Greece 6.3 17.6 3.8 12.0 5.9 9.5 7.6 8.2 Hungary 19.0 29.7 18.9 19.7 16.0 19.6 -64.8 9.9 Kazakhstan ------37.4 Latvia 13.7 6.8 14.0 18.4 6.2 14.4 21.3 27.3 Lithuania -7.7 -10.8 43.3 34.4 9.4 8.8 -58.4 18.3 Moldova ------44.2 Poland 36.8 13.8 23.4 4.6 11.3 11.6 -57.8 11.9 Romania -41.9 2.0 -7.4 6.1 22.5 47.0 36.4 36.2 Russia 11.7 64.8 67.7 51.2 30.2 28.8 28.4 29.9 Serbia - - - - - 40.9 -77.7 25.3 Slovakia 9.4 15.8 35.5 11.0 19.1 42.5 -50.1 17.3 Slovenia 28.1 8.6 8.6 12.4 11.7 23.7 11.5 8.2 Turkey 63.5 69.7 1.0 60.4 22.1 39.1 23.2 22.9 Ukraine - - - - 60.9 34.4 46.8 38.7 Uzbekistan - - - - 14.4 116.5 36.6 48.3 Central & Eastern Europe 18.6 22.9 21.0 17.7 17.4 19.6 -15.9 20.5

Australia 4.4 9.2 -7.1 2.7 9.3 11.9 7.5 4.2 China 11.9 15.4 8.1 19.9 26.0 11.7 16.5 20.2 Hong Kong 14.0 -50.4 5.7 13.5 -0.4 25.1 -39.7 8.1 India 11.9 18.9 14.8 7.8 25.3 23.6 15.8 20.7 Indonesia 44.1 38.2 24.7 35.2 38.2 31.0 15.9 17.9 Japan -2.0 7.7 -1.5 -6.9 -0.1 3.9 8.8 1.1 Malaysia 16.5 21.7 2.9 8.5 7.8 21.0 -21.4 4.9 New Zealand 4.4 4.6 0.2 5.2 12.8 12.2 7.9 -0.7 Pakistan 9.1 3.8 0.8 12.3 12.3 14.8 18.7 28.3 Philippines 15.2 17.3 13.6 11.3 21.5 20.0 -68.4 2.2 Singapore 2.6 23.4 2.7 9.4 4.7 15.1 -8.3 4.1 South Korea 34.8 39.3 -1.3 16.0 -1.6 0.2 4.3 7.5 Taiwan -8.2 0.8 8.1 1.1 9.4 -18.3 -10.8 -1.2 Thailand 34.5 7.4 17.2 12.9 15.2 15.9 5.8 3.5 Vietnam 6.4 12.7 12.5 10.3 32.5 22.4 -5.6 38.1 Asia Pacific 2.8 8.3 0.2 0.1 5.3 7.1 5.0 5.5

Argentina -9.9 -8.7 -13.4 -31.0 31.5 25.6 26.1 28.6 Brazil 5.8 24.7 -5.4 3.4 14.8 22.5 14.8 8.5 Chile -3.8 6.1 -2.1 7.1 5.0 7.1 11.1 8.1 Colombia -7.8 -49.2 11.6 -3.9 -7.4 12.6 20.1 14.3 Costa Rica - - 0.1 13.7 -3.7 -6.6 159.0 13.2 Ecuador -46.4 8.2 49.5 38.5 14.4 10.1 -42.5 0.6 Mexico 16.2 15.5 2.0 0.0 2.9 10.3 6.8 14.6 Panama 17.8 -4.0 -12.1 8.6 18.8 13.8 6.3 16.0 Peru -20.7 -15.0 -7.1 2.2 18.9 -3.8 17.7 15.0 Puerto Rico 13.9 4.8 10.5 1.2 1.9 2.5 -4.6 -3.1 Uruguay -5.5 -12.7 -33.6 -50.1 22.2 29.4 11.4 20.4 Venezuela 22.8 23.7 7.8 30.6 19.2 27.1 17.1 32.2 Latin America 3.5 9.4 -0.8 1.5 9.7 15.6 10.8 10.7

Bahrain 17.0 49.5 27.4 36.0 11.7 43.0 -43.8 11.3 Egypt 8.9 0.4 20.9 15.8 -3.1 31.3 -68.2 20.3 Kuwait 1.9 16.6 15.7 0.1 10.7 21.1 -26.2 21.1 Lebanon ------7.7 Oman -8.2 1.5 16.7 62.3 24.5 16.6 -36.8 2.7 Pan Arab 16.8 16.5 51.4 16.9 33.1 26.1 -44.8 30.8 Qatar - - - - 10.5 10.2 -40.4 82.5 Saudi Arabia -3.3 18.2 10.6 1.4 12.6 27.1 -12.7 29.4 UAE -0.2 6.0 24.7 54.9 50.5 37.2 -36.0 27.8 Middle East & North Africa 6.3 13.6 29.4 20.6 24.2 28.2 -36.6 26.9

Israel 10.2 14.6 -26.1 0.3 -10.0 5.9 5.1 0.4 South Africa 11.0 11.4 8.7 19.4 13.4 17.5 24.6 28.0

Total 9.9 10.8 -3.2 0.5 3.5 7.4 3.1 6.4

220 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING GROWTH RATES

Year-on-year % change in current prices

07v06 08v07 09v08 10v09 11v10 12v11 13v12 14v13 Canada 5.4 4.9 -7.5 9.6 4.9 5.6 5.6 6.0 USA 2.4 -4.2 -12.9 2.3 2.2 3.5 3.5 4.3 North America 2.6 -3.7 -12.6 2.7 2.3 3.6 3.7 4.4

Austria 9.7 6.1 -0.2 17.9 5.8 5.3 4.7 5.5 Belgium 7.4 1.8 0.2 9.1 3.3 0.0 3.8 4.0 Denmark 5.8 -2.5 -14.9 0.6 2.9 1.0 -0.1 1.1 Finland 6.3 7.1 -14.5 6.2 8.4 5.7 3.5 3.2 France 3.3 0.3 -9.4 7.4 2.1 1.5 2.7 3.5 Germany 4.6 -0.3 -8.5 4.3 2.7 2.2 2.6 2.8 Ireland 9.4 0.8 -16.8 -53.8 -6.2 -2.1 4.1 4.7 Italy 3.1 -2.8 -13.5 3.8 -2.5 0.8 2.6 3.1 Netherlands 6.5 -0.7 -13.3 2.8 -0.3 0.9 1.5 1.7 Norway -35.4 3.3 -12.3 8.2 6.1 3.8 2.9 3.1 Portugal 3.6 -1.1 -13.2 0.6 -7.1 1.5 5.0 5.1 Spain 9.2 -11.0 -20.7 3.9 -5.0 -2.0 4.0 7.0 Sweden 7.4 3.8 -13.1 13.2 11.7 4.7 1.6 2.0 Switzerland 10.4 4.4 -2.9 9.1 5.8 2.8 3.3 4.2 UK 6.4 -3.1 -12.1 7.9 1.5 3.7 3.6 3.2 Western Europe 4.4 -1.3 -11.0 5.0 1.7 2.0 3.0 3.4

Armenia 30.3 30.8 32.6 24.6 5.6 9.6 10.0 10.2 Azerbaijan 27.4 32.0 21.2 18.9 13.6 14.2 17.1 17.3 Belarus 40.7 31.3 -23.2 10.6 -28.6 -13.8 12.6 21.9 Bosnia & Herzegovina 10.5 36.9 25.7 11.2 10.3 8.8 7.9 8.0 Bulgaria 24.2 22.9 -14.6 -2.9 5.3 2.7 2.6 2.3 Croatia 11.8 3.2 33.1 30.8 16.7 10.0 10.0 10.0 Czech Republic 6.4 14.1 -22.5 2.2 0.0 1.3 3.6 4.1 Estonia 32.3 -3.0 -36.2 -5.8 8.2 6.0 7.3 8.4 Georgia 42.7 10.1 26.6 29.5 3.6 1.1 0.6 0.3 Greece 13.0 -3.2 -15.2 -15.2 -24.3 -6.2 0.0 0.0 Hungary 6.7 7.5 -15.1 2.3 -1.2 2.3 2.4 3.2 Kazakhstan 27.2 57.8 -19.3 -30.7 12.0 5.0 5.0 5.0 Latvia 23.6 3.4 -45.5 -13.2 -3.0 0.0 5.0 5.0 Lithuania 15.6 9.1 -40.0 -1.3 0.2 2.0 2.2 3.0 Moldova 46.5 58.5 -1.8 0.7 8.5 6.9 6.6 6.0 Poland 19.2 10.5 -11.6 2.1 2.4 3.8 3.4 5.5 Romania 43.6 32.0 -32.4 -14.9 -3.9 5.2 10.2 9.1 Russia 32.6 5.9 -25.0 17.0 22.2 14.0 16.8 15.7 Serbia 43.1 18.8 -8.9 19.1 -3.2 0.3 1.2 5.2 Slovakia 16.5 24.1 -20.6 -3.8 1.0 -6.1 -0.1 4.1 Slovenia 19.8 18.0 0.5 15.8 8.3 6.9 5.6 5.8 Turkey 18.7 -2.0 -14.6 30.5 20.0 14.0 14.1 15.1 Ukraine 40.2 14.4 -53.8 33.2 7.7 11.8 10.4 13.1 Uzbekistan 47.7 131.3 6.4 13.1 11.1 12.5 6.3 5.7 Central & Eastern Europe 22.0 9.5 -18.0 7.2 8.5 8.0 10.1 10.6

Australia 11.3 3.5 -8.4 10.4 1.5 1.9 5.6 6.2 China 14.1 12.0 8.9 25.3 14.6 16.4 15.2 15.6 Hong Kong 9.4 -13.6 -11.8 42.2 6.3 2.0 2.8 4.9 India 20.4 18.9 1.0 13.3 9.8 6.8 8.8 9.0 Indonesia 19.0 19.5 14.7 21.6 18.9 19.2 19.2 22.2 Japan 0.7 -4.5 -12.1 -0.2 -1.7 3.1 1.9 2.5 Malaysia 14.9 12.1 7.9 15.8 10.4 8.3 5.4 8.4 New Zealand 5.1 -1.2 -12.4 4.9 5.7 0.0 0.7 -0.3 Pakistan 56.6 26.0 17.3 12.1 1.2 1.0 0.9 0.8 Philippines 7.3 10.3 12.5 19.6 5.0 5.0 7.2 3.6 Singapore 3.1 7.4 -3.5 11.2 7.3 -0.4 5.0 1.5 South Korea 7.4 -4.8 -10.9 8.4 10.8 5.2 3.3 3.5 Taiwan -2.2 -3.9 1.0 19.4 5.0 -4.7 1.2 4.3 Thailand 2.7 -2.7 -1.9 10.2 5.5 5.1 6.5 6.0 Vietnam 16.8 15.4 12.8 6.8 6.9 7.2 7.5 7.6 Asia Pacific 5.7 0.8 -5.4 9.7 5.4 7.2 7.3 8.2

Argentina 18.5 20.0 19.0 8.0 10.3 12.0 24.4 24.7 Brazil 9.7 13.3 4.5 18.1 5.1 5.7 5.9 6.5 Chile 12.0 1.7 -1.6 14.7 9.2 7.1 6.3 6.0 Colombia 24.4 5.1 -10.5 27.6 4.9 5.9 7.5 7.5 Costa Rica 14.7 16.9 -7.0 20.2 5.4 6.2 6.5 5.9 Ecuador 12.2 10.0 -2.6 10.4 8.4 6.5 12.1 10.0 Mexico 18.0 10.7 -2.9 20.2 5.7 4.9 6.1 6.5 Panama 9.1 11.9 58.4 -15.3 5.0 3.3 3.3 2.9 Peru 18.2 20.1 0.7 23.6 10.9 6.0 9.4 7.6 Puerto Rico -1.1 5.3 -22.5 2.0 2.1 0.5 0.5 0.0 Uruguay 16.9 19.3 -8.2 19.9 -8.2 -0.1 1.6 10.7 Venezuela 4.7 21.5 12.2 11.9 12.0 12.1 15.0 15.0 Latin America 11.5 12.2 1.9 16.0 6.0 6.1 7.9 8.5

Bahrain 5.6 13.7 -13.8 3.8 -65.1 75.0 0.0 0.0 Egypt 61.2 69.6 23.6 7.2 -38.1 11.1 0.7 0.0 Kuwait 3.9 42.3 -16.3 4.4 -8.4 -6.0 -1.1 0.0 Lebanon 12.2 26.3 4.7 20.0 -16.5 -9.7 -0.9 0.0 Oman 12.2 33.9 -20.2 7.9 -10.1 -3.3 0.0 0.0 Pan Arab 41.2 23.0 -11.0 11.2 -10.0 5.5 5.3 0.0 Qatar 9.9 14.4 -15.0 7.2 -20.6 -9.9 -5.0 0.0 Saudi Arabia 56.8 -24.6 -20.1 -1.6 -6.1 -4.5 -0.1 0.0 UAE 38.3 45.5 -53.7 6.3 -20.1 -7.7 -0.8 0.0 Middle East & North Africa 38.4 20.1 -19.5 7.7 -15.5 1.5 2.4 0.0

Israel 7.8 2.8 -4.5 5.9 -0.8 2.7 3.5 3.9 South Africa 24.9 8.9 8.5 20.7 8.0 8.0 10.0 11.0

Total 5.5 -0.2 -9.9 6.3 3.4 4.7 5.2 6.0

221 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE (CONSTANT PRICES)

US$ million at constant 2010 prices 1999 2000 2001 2002 2003 2004 2005 2006 Canada 7,968 8,207 8,125 8,138 8,434 8,755 9,065 9,572 USA 183,276 198,447 181,376 181,524 180,587 186,468 185,684 187,765 North America 191,244 206,653 189,501 189,662 189,021 195,223 194,749 197,337

Austria 2,833 3,039 2,986 2,859 2,901 3,005 3,095 3,227 Belgium 2,796 2,961 2,798 3,034 3,317 3,509 3,567 4,172 Denmark 2,418 2,499 2,348 2,151 2,105 2,216 2,319 2,652 Finland 1,665 1,739 1,608 1,559 1,584 1,685 1,728 1,770 France 13,398 14,748 13,595 12,113 12,199 12,601 12,805 13,216 Germany 29,023 30,913 27,996 25,133 23,642 23,565 24,270 25,444 Ireland 1,016 1,314 1,410 1,593 1,727 2,029 2,190 2,403 Italy 11,767 13,181 12,403 11,711 11,829 12,385 12,437 12,310 Netherlands 5,985 6,265 5,762 5,432 5,078 4,985 4,965 5,704 Norway 2,437 2,610 2,513 2,571 2,881 3,238 3,849 4,157 Portugal 1,511 1,637 1,470 1,294 1,282 1,339 1,323 1,274 Spain 9,107 9,869 9,209 8,863 8,839 9,501 10,004 10,513 Sweden 2,641 2,996 2,605 2,451 2,406 2,520 2,746 3,057 Switzerland 4,247 4,555 4,322 3,943 3,677 3,285 3,466 3,712 UK 20,152 21,434 20,140 19,864 19,863 21,073 21,274 20,873 Western Europe 110,995 119,758 111,164 104,571 103,329 106,934 110,039 114,484

Armenia ------18 33 Azerbaijan - - - 31 35 55 23 32 Belarus - - - - - 45 56 67 Bosnia & Herzegovina - 91 111 122 139 170 197 238 Bulgaria 94 154 216 281 331 374 473 579 Croatia 203 304 428 537 635 703 873 997 Czech Republic 1,691 1,894 2,108 2,046 2,202 2,368 1,400 1,589 Estonia 85 86 90 95 104 110 123 139 Georgia - 23 26 34 37 48 49 71 Greece 2,450 2,793 2,804 3,028 3,096 3,294 3,424 3,590 Hungary 1,579 1,865 2,031 2,309 2,559 2,865 974 1,030 Kazakhstan ------530 706 Latvia 92 96 106 124 127 137 156 186 Lithuania 222 196 278 372 412 443 180 205 Moldova ------14 18 Poland 3,286 3,400 3,978 4,081 4,508 4,855 2,008 2,223 Romania 164 162 146 152 182 261 344 455 Russia 1,822 2,487 3,434 4,488 5,137 5,971 6,803 8,053 Serbia - - - - 632 802 154 172 Slovakia 608 629 793 852 935 1,238 601 675 Slovenia 370 369 370 387 409 489 532 562 Turkey 2,124 2,327 1,522 1,684 1,642 2,065 2,309 2,568 Ukraine - - - 195 307 402 571 768 Uzbekistan - - - 2 3 6 8 11 Central & Eastern Europe 14,792 16,877 18,441 20,788 23,398 26,647 21,778 24,902

Australia 9,495 9,929 8,841 8,814 9,371 10,244 10,725 10,797 China 6,290 7,336 7,778 9,404 11,701 12,580 14,391 17,049 Hong Kong 3,112 1,605 1,724 2,164 2,210 2,591 1,550 1,640 India 1,963 2,243 2,483 2,566 3,096 3,687 4,098 4,673 Indonesia 918 1,222 1,367 1,652 2,141 2,639 2,769 2,885 Japan 46,948 50,905 51,646 47,411 47,503 49,351 53,844 54,343 Malaysia 1,000 1,199 1,217 1,296 1,384 1,650 1,260 1,275 New Zealand 1,354 1,379 1,347 1,379 1,530 1,678 1,758 1,692 Pakistan 177 176 172 187 204 218 237 282 Philippines 2,018 2,278 2,424 2,618 3,075 3,482 1,023 983 Singapore 1,060 1,290 1,312 1,442 1,503 1,701 1,553 1,600 South Korea 5,912 8,055 7,641 8,631 8,202 7,933 8,052 8,472 Taiwan 2,091 2,081 2,251 2,280 2,502 2,011 1,751 1,729 Thailand 1,978 2,092 2,413 2,706 3,059 3,450 3,493 3,455 Vietnam 152 166 181 196 255 304 277 371 Asia Pacific 84,467 91,956 92,797 92,747 97,735 103,518 106,780 111,247

Brazil 9,149 10,655 9,436 8,990 8,998 10,341 11,113 11,568 Chile 824 842 796 832 850 901 972 1,015 Colombia 1,341 659 715 677 613 673 781 865 Costa Rica - 131 127 142 134 122 306 336 Ecuador - 403 437 538 571 612 343 335 Panama 236 223 195 210 248 282 291 330 Peru 305 251 227 228 265 248 283 315 Puerto Rico 3,667 3,613 3,690 3,572 3,367 3,168 2,038 1,967 Uruguay 224 189 122 60 72 90 97 114 Latin America 15,747 16,965 15,746 15,250 15,119 16,437 16,224 16,846

Bahrain - - - 108 118 165 89 97 Egypt 308 300 352 401 380 486 149 174 Kuwait 242 273 307 303 328 386 276 324 Lebanon ------123 110 Oman 36 35 40 64 78 88 54 54 Qatar - - - 88 96 103 59 105 Saudi Arabia 418 478 514 513 565 699 590 740 UAE 241 247 299 456 672 897 556 689 Middle East & North Africa 1,245 1,332 1,512 1,933 2,236 2,824 1,897 2,291

Israel 1,418 1,608 1,176 1,116 998 1,062 1,100 1,081 South Africa 1,975 2,087 2,146 2,347 2,521 2,987 3,646 4,462

Total 421,882 457,238 432,483 428,412 434,356 455,631 456,212 472,650

222 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING EXPENDITURE (CONSTANT PRICES)

US$ million at constant 2010 prices 2007 2008 2009 2010 2011 2012 2013 2014 Canada 9,876 10,122 9,330 10,041 10,233 10,586 10,964 11,398 USA 186,901 172,489 150,741 151,665 150,422 153,817 157,827 162,825 North America 196,777 182,610 160,071 161,707 160,655 164,404 168,791 174,223

Austria 3,464 3,563 3,540 4,096 4,200 4,326 4,446 4,604 Belgium 4,403 4,288 4,301 4,592 4,598 4,506 4,586 4,674 Denmark 2,760 2,603 2,186 2,149 2,143 2,113 2,065 2,047 Finland 1,835 1,887 1,614 1,693 1,781 1,845 1,872 1,893 France 13,459 13,130 11,878 12,564 12,554 12,562 12,684 12,894 Germany 26,030 25,303 23,062 23,789 23,915 24,116 24,342 24,545 Ireland 2,506 2,428 2,114 985 914 890 913 941 Italy 12,479 11,738 10,076 10,296 9,786 9,713 9,802 9,931 Netherlands 5,979 5,798 4,964 5,043 4,907 4,853 4,828 4,820 Norway 2,665 2,654 2,278 2,407 2,512 2,552 2,563 2,578 Portugal 1,283 1,236 1,083 1,075 965 960 993 1,029 Spain 11,172 9,552 7,600 7,748 7,150 6,902 7,074 7,447 Sweden 3,213 3,224 2,810 3,142 3,408 3,480 3,465 3,465 Switzerland 3,994 4,037 4,077 4,440 4,665 4,751 4,858 5,010 UK 21,295 19,854 17,538 18,086 17,565 17,792 18,067 18,274 Western Europe 116,537 111,295 99,121 102,105 101,062 101,361 102,559 104,154

Armenia 42 53 70 86 89 96 105 114 Azerbaijan 40 51 62 72 80 90 104 121 Belarus 92 116 90 98 68 58 64 78 Bosnia & Herzegovina 260 331 417 455 482 512 539 567 Bulgaria 699 827 708 677 692 702 714 722 Croatia 1,084 1,054 1,371 1,775 2,007 2,156 2,320 2,490 Czech Republic 1,642 1,762 1,352 1,362 1,338 1,329 1,351 1,378 Estonia 172 151 97 88 91 93 98 103 Georgia 93 93 116 140 132 127 122 116 Greece 3,942 3,664 3,071 2,487 1,829 1,699 1,682 1,665 Hungary 1,018 1,032 841 820 781 776 771 772 Kazakhstan 872 1,325 1,072 731 795 825 858 891 Latvia 209 187 99 87 81 79 81 83 Lithuania 224 220 126 123 118 118 117 118 Moldova 23 33 32 30 30 30 30 31 Poland 2,590 2,743 2,334 2,321 2,286 2,309 2,329 2,396 Romania 634 806 547 458 427 444 485 523 Russia 9,800 9,099 6,113 6,688 7,506 7,975 8,713 9,456 Serbia 232 245 207 232 202 194 189 191 Slovakia 765 908 710 676 659 608 590 597 Slovenia 649 725 723 822 875 916 946 979 Turkey 2,804 2,488 1,999 2,403 2,721 2,901 3,144 3,447 Ukraine 1,046 1,153 534 700 732 809 884 989 Uzbekistan 16 35 37 41 45 50 52 55 Central & Eastern Europe 28,866 28,999 22,595 23,214 23,896 24,709 26,081 27,651

Australia 11,747 11,651 10,479 11,246 11,030 10,879 11,095 11,437 China 18,555 19,629 21,531 26,122 28,382 31,968 35,755 40,116 Hong Kong 1,761 1,458 1,278 1,775 1,788 1,745 1,733 1,765 India 5,294 5,807 5,291 5,351 5,313 5,226 5,311 5,494 Indonesia 3,148 3,387 3,776 4,298 4,835 5,412 6,121 7,107 Japan 54,694 51,523 45,954 46,153 45,540 47,170 48,042 49,078 Malaysia 1,435 1,525 1,636 1,863 1,992 2,105 2,167 2,295 New Zealand 1,734 1,650 1,419 1,462 1,480 1,441 1,418 1,380 Pakistan 410 429 443 436 388 344 309 282 Philippines 1,026 1,036 1,128 1,291 1,297 1,308 1,349 1,344 Singapore 1,616 1,628 1,562 1,690 1,749 1,692 1,735 1,726 South Korea 8,872 8,071 6,992 7,362 7,804 7,930 7,954 7,992 Taiwan 1,653 1,533 1,563 1,848 1,907 1,785 1,772 1,812 Thailand 3,470 3,200 3,166 3,379 3,427 3,461 3,537 3,623 Vietnam 421 468 529 557 577 612 651 693 Asia Pacific 115,838 112,997 106,750 114,832 117,510 123,079 128,951 136,144

Brazil 12,247 13,137 13,081 14,716 14,512 14,581 14,819 15,102 Chile 1,090 1,018 985 1,117 1,183 1,229 1,268 1,305 Colombia 1,046 1,058 950 1,193 1,215 1,272 1,355 1,441 Costa Rica 374 421 393 464 475 499 526 551 Ecuador 368 373 346 369 383 389 419 446 Panama 346 356 551 451 448 447 448 449 Peru 362 419 423 514 553 579 628 669 Puerto Rico 2,253 1,975 1,789 1,768 1,706 1,669 1,593 1,601 Uruguay 129 148 137 161 144 142 143 156 Latin America 18,214 18,905 18,655 20,754 20,620 20,807 21,199 21,720

Bahrain 99 108 94 96 32 56 56 55 Egypt 273 446 553 583 351 385 384 380 Kuwait 327 448 376 386 344 319 313 310 Lebanon 120 146 153 181 146 130 128 127 Oman 58 75 60 64 56 53 53 52 Qatar 112 123 105 111 85 76 71 71 Saudi Arabia 778 820 656 635 579 546 541 535 UAE 925 1,297 602 629 488 445 438 433 Middle East & North Africa 2,692 3,463 2,599 2,685 2,082 2,012 1,984 1,962

Israel 1,160 1,139 1,054 1,087 1,042 1,053 1,069 1,089 South Africa 5,201 5,078 5,144 5,956 6,074 6,248 6,546 6,926

Total 485,284 464,485 415,988 432,341 432,941 443,672 457,179 473,869

223 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING GROWTH RATES

Year-on-year % change in constant prices

99v98 00v99 01v00 02v01 03v02 04v03 05v04 06v05 Canada 1.8 3.0 -1.0 0.2 3.6 3.8 3.5 5.6 USA 13.5 8.3 -8.6 0.1 -0.5 3.3 -0.4 1.1 North America 13.0 8.1 -8.3 0.1 -0.3 3.3 -0.2 1.3

Austria 15.1 7.3 -1.8 -4.2 1.5 3.6 3.0 4.3 Belgium 8.2 5.9 -5.5 8.5 9.3 5.8 1.7 17.0 Denmark -5.9 3.4 -6.0 -8.4 -2.1 5.2 4.7 14.3 Finland 6.0 4.4 -7.5 -3.0 1.6 6.4 2.6 2.4 France 10.3 10.1 -7.8 -10.9 0.7 3.3 1.6 3.2 Germany 4.8 6.5 -9.4 -10.2 -5.9 -0.3 3.0 4.8 Ireland 11.8 29.4 7.3 13.0 8.4 17.5 7.9 9.7 Italy 10.2 12.0 -5.9 -5.6 1.0 4.7 0.4 -1.0 Netherlands 4.3 4.7 -8.0 -5.7 -6.5 -1.8 -0.4 14.9 Norway 5.9 7.1 -3.7 2.3 12.1 12.4 18.9 8.0 Portugal 18.0 8.3 -10.2 -11.9 -1.0 4.5 -1.2 -3.7 Spain 13.6 8.4 -6.7 -3.8 -0.3 7.5 5.3 5.1 Sweden 2.7 13.4 -13.0 -5.9 -1.8 4.7 9.0 11.3 Switzerland 10.3 7.3 -5.1 -8.8 -6.7 -10.7 5.5 7.1 UK 4.5 6.4 -6.0 -1.4 0.0 6.1 1.0 -1.9 Western Europe 7.1 7.9 -7.2 -5.9 -1.2 3.5 2.9 4.0

Armenia ------81.3 Azerbaijan - - - - 12.0 58.6 -57.6 37.5 Belarus ------24.5 20.6 Bosnia & Herzegovina - - 21.4 10.0 13.8 22.2 16.0 21.2 Bulgaria 48.8 63.0 40.2 29.9 17.9 13.2 26.4 22.4 Croatia 15.2 50.0 40.6 25.4 18.3 10.7 24.2 14.2 Czech Republic 20.5 12.0 11.3 -2.9 7.6 7.5 -40.9 13.5 Estonia -12.7 1.5 5.2 4.6 10.1 5.9 11.1 13.4 Georgia - - 13.0 27.4 9.1 30.1 3.2 44.2 Greece 3.6 14.0 0.4 8.0 2.3 6.4 4.0 4.8 Hungary 8.2 18.1 8.9 13.7 10.8 11.9 -66.0 5.7 Kazakhstan ------33.2 Latvia 11.1 4.0 11.2 16.3 3.1 7.7 13.7 19.5 Lithuania -8.4 -11.7 41.5 34.1 10.6 7.6 -59.4 14.1 Moldova ------27.9 Poland 27.5 3.5 17.0 2.6 10.5 7.7 -58.6 10.7 Romania -43.1 -1.4 -9.9 4.4 19.8 43.2 32.0 32.0 Russia -39.8 36.5 38.0 30.7 14.5 16.2 13.9 18.4 Serbia - - - - - 27.0 -80.8 12.2 Slovakia -1.1 3.4 26.2 7.4 9.7 32.4 -51.4 12.3 Slovenia 20.7 -0.3 0.2 4.5 5.8 19.5 8.8 5.6 Turkey -0.8 9.6 -34.6 10.7 -2.5 25.8 11.8 11.3 Ukraine - - - - 57.4 30.8 42.0 34.5 Uzbekistan - - - - 11.9 110.8 32.2 43.7 Central & Eastern Europe -0.4 14.1 9.3 12.7 12.6 13.9 -18.3 14.3

Australia 2.8 4.6 -11.0 -0.3 6.3 9.3 4.7 0.7 China 13.5 16.6 6.0 20.9 24.4 7.5 14.4 18.5 Hong Kong 18.7 -48.4 7.4 25.5 2.1 17.2 -40.2 5.8 India 7.0 14.3 10.7 3.3 20.6 19.1 11.2 14.0 Indonesia 19.5 33.2 11.8 20.9 29.5 23.3 4.9 4.2 Japan -1.7 8.4 1.5 -8.2 0.2 3.9 9.1 0.9 Malaysia 13.5 19.9 1.5 6.5 6.8 19.2 -23.7 1.2 New Zealand 4.6 1.9 -2.3 2.4 10.9 9.7 4.7 -3.7 Pakistan 4.8 -0.5 -2.2 8.7 9.2 6.8 8.8 18.9 Philippines 8.7 12.9 6.4 8.0 17.4 13.2 -70.6 -3.8 Singapore 2.5 21.7 1.7 9.8 4.2 13.2 -8.7 3.0 South Korea 33.6 36.2 -5.1 13.0 -5.0 -3.3 1.5 5.2 Taiwan -8.4 -0.5 8.1 1.3 9.7 -19.6 -12.9 -1.3 Thailand 34.2 5.8 15.4 12.1 13.1 12.8 1.2 -1.1 Vietnam 4.2 9.0 9.4 8.5 29.6 19.2 -8.7 33.8 Asia Pacific 3.9 8.9 0.9 -0.1 5.4 5.9 3.2 4.2

Brazil 0.9 16.5 -11.4 -4.7 0.1 14.9 7.5 4.1 Chile -6.9 2.2 -5.4 4.5 2.1 6.0 7.8 4.5 Colombia -9.7 -50.8 8.5 -5.4 -9.4 9.6 16.2 10.8 Costa Rica - - -2.7 11.9 -5.8 -9.0 150.5 9.7 Ecuador - - 8.5 23.2 6.1 7.1 -43.9 -2.3 Panama 16.4 -5.4 -12.4 7.5 18.3 13.6 3.0 13.7 Peru -22.4 -17.8 -9.6 0.5 16.3 -6.3 13.8 11.5 Puerto Rico 7.7 -1.5 2.1 -3.2 -5.7 -5.9 -35.7 -3.5 Uruguay -7.5 -15.6 -35.5 -50.8 19.6 26.0 7.7 16.7 Latin America 0.4 7.7 -7.2 -3.2 -0.9 8.7 -1.3 3.8

Bahrain - - - - 9.3 39.2 -45.6 7.8 Egypt 6.7 -2.9 17.5 13.9 -5.2 27.9 -69.3 16.6 Kuwait -0.2 12.8 12.5 -1.5 8.3 17.9 -28.6 17.3 Lebanon ------10.5 Oman -10.1 -1.9 13.5 59.7 21.8 13.6 -38.8 -0.5 Qatar - - - - 8.1 7.3 -42.4 76.9 Saudi Arabia -5.3 14.3 7.6 -0.2 10.1 23.8 -15.6 25.4 UAE -2.2 2.5 21.3 52.5 47.3 33.6 -38.1 23.9 Middle East & North Africa -1.1 7.0 13.5 27.8 15.7 26.3 -32.9 20.8

Israel 4.7 13.4 -26.9 -5.1 -10.6 6.4 3.6 -1.7 South Africa 5.6 5.7 2.8 9.4 7.4 18.5 22.0 22.4

Total 8.4 8.4 -5.4 -0.9 1.4 4.9 0.1 3.6

224 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 ADVERTISING GROWTH RATES

Year-on-year % change in constant prices

07v06 08v07 09v08 10v09 11v10 12v11 13v12 14v13 Canada 3.2 2.5 -7.8 7.6 1.9 3.5 3.6 4.0 USA -0.5 -7.7 -12.6 0.6 -0.8 2.3 2.6 3.2 North America -0.3 -7.2 -12.3 1.0 -0.7 2.3 2.7 3.2

Austria 7.4 2.8 -0.7 15.7 2.5 3.0 2.8 3.6 Belgium 5.5 -2.6 0.3 6.8 0.1 -2.0 1.8 1.9 Denmark 4.1 -5.7 -16.0 -1.7 -0.3 -1.4 -2.3 -0.9 Finland 3.6 2.9 -14.5 4.9 5.1 3.6 1.5 1.1 France 1.8 -2.4 -9.5 5.8 -0.1 0.1 1.0 1.7 Germany 2.3 -2.8 -8.9 3.2 0.5 0.8 0.9 0.8 Ireland 4.3 -3.1 -12.9 -53.4 -7.3 -2.7 2.6 3.1 Italy 1.4 -5.9 -14.2 2.2 -5.0 -0.7 0.9 1.3 Netherlands 4.8 -3.0 -14.4 1.6 -2.7 -1.1 -0.5 -0.2 Norway -35.9 -0.4 -14.1 5.7 4.4 1.6 0.4 0.6 Portugal 0.7 -3.6 -12.4 -0.8 -10.2 -0.5 3.5 3.6 Spain 6.3 -14.5 -20.4 1.9 -7.7 -3.5 2.5 5.3 Sweden 5.1 0.3 -12.8 11.8 8.5 2.1 -0.4 0.0 Switzerland 7.6 1.1 1.0 8.9 5.1 1.8 2.3 3.1 UK 2.0 -6.8 -11.7 3.1 -2.9 1.3 1.5 1.1 Western Europe 1.8 -4.5 -10.9 3.0 -1.0 0.3 1.2 1.6

Armenia 26.7 26.0 33.0 22.6 2.5 8.3 9.0 8.9 Azerbaijan 23.8 27.2 21.6 17.0 10.3 12.8 16.0 16.0 Belarus 36.7 26.5 -22.9 8.8 -30.7 -14.8 11.6 20.5 Bosnia & Herzegovina 8.9 27.5 26.1 9.0 6.1 6.1 5.3 5.2 Bulgaria 20.7 18.4 -14.4 -4.4 2.2 1.4 1.7 1.2 Croatia 8.7 -2.7 30.0 29.5 13.1 7.4 7.6 7.3 Czech Republic 3.3 7.3 -23.3 0.8 -1.8 -0.6 1.6 2.1 Estonia 24.0 -12.2 -36.1 -8.5 2.9 2.4 4.7 5.7 Georgia 30.6 0.1 24.5 20.9 -5.5 -3.7 -4.2 -4.5 Greece 9.8 -7.0 -16.2 -19.0 -26.5 -7.1 -1.0 -1.0 Hungary -1.1 1.3 -18.6 -2.5 -4.7 -0.7 -0.6 0.1 Kazakhstan 23.6 52.0 -19.1 -31.8 8.7 3.8 4.1 3.8 Latvia 12.2 -10.4 -47.4 -12.3 -6.9 -2.2 2.7 2.9 Lithuania 9.2 -1.7 -42.6 -2.6 -3.9 -0.6 -0.3 0.5 Moldova 30.4 40.5 -1.8 -6.2 0.6 -0.8 1.3 0.9 Poland 16.5 5.9 -14.9 -0.5 -1.5 1.0 0.8 2.9 Romania 39.5 27.1 -32.2 -16.3 -6.7 4.0 9.2 7.9 Russia 21.7 -7.2 -32.8 9.4 12.2 6.2 9.3 8.5 Serbia 34.4 5.7 -15.7 12.3 -13.1 -3.8 -2.4 1.1 Slovakia 13.4 18.7 -21.9 -4.8 -2.5 -7.8 -2.9 1.3 Slovenia 15.6 11.8 -0.3 13.7 6.4 4.7 3.3 3.5 Turkey 9.2 -11.3 -19.6 20.2 13.2 6.6 8.4 9.6 Ukraine 36.2 10.2 -53.7 31.1 4.6 10.4 9.4 11.8 Uzbekistan 43.5 122.8 6.7 11.2 7.9 11.2 5.3 4.5 Central & Eastern Europe 15.9 0.5 -22.1 2.7 2.9 3.4 5.6 6.0

Australia 8.8 -0.8 -10.1 7.3 -1.9 -1.4 2.0 3.1 China 8.8 5.8 9.7 21.3 8.7 12.6 11.8 12.2 Hong Kong 7.4 -17.2 -12.4 38.9 0.8 -2.4 -0.7 1.8 India 13.3 9.7 -8.9 1.1 -0.7 -1.6 1.6 3.4 Indonesia 9.1 7.6 11.5 13.8 12.5 11.9 13.1 16.1 Japan 0.6 -5.8 -10.8 0.4 -1.3 3.6 1.8 2.2 Malaysia 12.6 6.2 7.3 13.9 6.9 5.6 3.0 5.9 New Zealand 2.5 -4.9 -14.0 3.1 1.2 -2.6 -1.6 -2.7 Pakistan 45.6 4.7 3.2 -1.6 -11.1 -11.4 -9.9 -8.8 Philippines 4.3 0.9 8.9 14.4 0.5 0.9 3.1 -0.4 Singapore 1.0 0.7 -4.0 8.2 3.5 -3.3 2.5 -0.5 South Korea 4.7 -9.0 -13.4 5.3 6.0 1.6 0.3 0.5 Taiwan -4.4 -7.2 1.9 18.2 3.2 -6.4 -0.8 2.3 Thailand 0.4 -7.8 -1.1 6.7 1.4 1.0 2.2 2.4 Vietnam 13.5 11.1 13.1 5.1 3.8 5.9 6.5 6.4 Asia Pacific 4.1 -2.5 -5.5 7.6 2.3 4.7 4.8 5.6

Brazil 5.9 7.3 -0.4 12.5 -1.4 0.5 1.6 1.9 Chile 7.4 -6.6 -3.2 13.4 5.9 3.8 3.2 2.9 Colombia 20.8 1.2 -10.2 25.5 1.8 4.7 6.5 6.3 Costa Rica 11.5 12.6 -6.8 18.2 2.3 4.9 5.5 4.7 Ecuador 9.7 1.5 -7.3 6.6 3.8 1.6 7.6 6.5 Panama 4.7 2.9 54.7 -18.1 -0.7 -0.2 0.3 0.2 Peru 14.9 15.6 1.0 21.6 7.7 4.7 8.5 6.4 Puerto Rico 14.6 -12.4 -9.4 -1.2 -3.5 -2.1 -4.6 0.5 Uruguay 13.6 14.9 -7.9 18.0 -10.9 -1.3 0.7 9.5 Latin America 8.1 3.8 -1.3 11.2 -0.6 0.9 1.9 2.5

Bahrain 2.6 9.5 -13.6 2.1 -66.1 72.9 -0.9 -1.1 Egypt 56.6 63.4 24.0 5.5 -39.9 9.8 -0.2 -1.1 Kuwait 1.0 37.0 -16.0 2.8 -11.1 -7.1 -1.9 -1.1 Lebanon 9.0 21.6 5.0 18.1 -19.0 -10.8 -1.8 -1.1 Oman 9.0 29.0 -20.0 6.1 -12.7 -4.5 -0.9 -1.1 Qatar 6.8 10.2 -14.8 5.5 -22.9 -11.0 -5.8 -1.1 Saudi Arabia 5.1 5.3 -19.9 -3.2 -8.9 -5.6 -1.0 -1.1 UAE 34.4 40.2 -53.6 4.6 -22.4 -8.8 -1.7 -1.1 Middle East & North Africa 17.5 28.6 -24.9 3.3 -22.5 -3.4 -1.4 -1.1

Israel 7.3 -1.8 -7.5 3.2 -4.1 1.1 1.5 1.9 South Africa 16.6 -2.4 1.3 15.8 2.0 2.9 4.8 5.8

Total 2.7 -4.3 -10.4 3.9 0.1 2.5 3.0 3.7

225 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PRINT ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 2,803 3,004 2,953 2,978 3,047 3,162 3,238 3,232 USA 64,890 72,678 67,318 66,223 67,939 71,294 74,139 76,297 North America 67,693 75,682 70,271 69,201 70,986 74,457 77,377 79,529

Austria 1,352 1,503 1,523 1,475 1,509 1,571 1,662 1,748 Belgium 852 865 713 868 984 1,077 1,156 1,540 Denmark 1,102 1,121 1,055 964 947 1,008 1,259 1,381 Finland 1,012 1,097 1,037 1,005 1,025 1,082 1,109 1,141 France 5,061 5,607 5,253 4,101 3,996 4,015 3,952 3,946 Germany 16,644 17,849 16,166 14,774 13,868 13,997 14,050 14,352 Ireland 390 591 678 864 1,011 1,228 1,249 1,428 Italy 3,457 3,943 3,837 3,549 3,553 3,594 3,650 3,746 Netherlands 3,404 3,604 3,490 3,293 3,037 2,928 2,930 3,011 Norway 1,115 1,166 1,188 1,236 1,430 1,635 1,822 1,956 Portugal 346 370 330 286 284 288 289 285 Spain 2,921 3,215 3,079 2,951 2,918 3,123 3,259 3,446 Sweden 1,527 1,661 1,490 1,367 1,369 1,391 1,469 1,570 Switzerland 2,718 2,908 2,767 2,441 2,207 1,823 1,872 2,048 UK 8,420 9,258 9,055 8,793 8,814 9,223 8,933 8,574 Western Europe 50,321 54,757 51,661 47,967 46,950 47,983 48,661 50,171

Armenia ------0.1 0.2 Azerbaijan - - - 2 2 5 1 2 Belarus - - - - - 11 13 13 Bosnia & Herzegovina - 5 7 7 5 15 15 19 Bulgaria 28 37 37 68 66 73 91 104 Croatia 37 61 87 106 142 169 188 239 Czech Republic 524 592 611 679 720 813 441 501 Estonia 33 34 39 40 43 47 54 62 Georgia ------Greece 711 872 898 987 1,132 1,342 1,509 1,673 Hungary 268 311 353 377 424 472 317 330 Kazakhstan ------70 96 Latvia 25 25 31 35 37 41 48 57 Lithuania 64 52 56 62 69 81 58 66 Moldova ------2 3 Poland 594 719 775 770 983 1,209 512 528 Romania 26 31 29 32 36 61 67 82 Russia 211 315 451 439 551 683 790 942 Serbia - - - - 23 42 20 27 Slovakia 82 86 109 115 142 170 133 141 Slovenia 66 76 82 90 105 127 142 165 Turkey 110 181 188 273 314 454 592 679 Ukraine - - - 29 60 80 131 167 Uzbekistan ------1 1 Central & Eastern Europe 2,778 3,396 3,752 4,111 4,855 5,893 5,195 5,897

Australia 3,550 3,848 3,579 3,517 3,793 4,128 4,373 4,327 China 1,791 2,331 2,505 3,008 3,949 3,708 4,149 4,973 Hong Kong 1,462 888 912 1,071 991 1,354 722 783 India 519 611 694 733 1,038 1,123 1,271 1,514 Indonesia 124 173 235 312 397 524 603 725 Japan 17,906 19,188 18,532 16,812 16,558 16,552 17,338 16,818 Malaysia 489 620 658 728 784 882 698 689 New Zealand 523 543 556 577 636 730 786 765 Pakistan 21 35 36 39 42 46 53 63 Philippines 182 219 223 202 212 257 166 142 Singapore 493 601 551 555 566 611 609 645 South Korea 2,704 3,174 3,163 3,497 3,467 3,137 3,247 3,344 Taiwan 791 822 912 722 741 776 700 670 Thailand 511 429 618 670 771 973 995 945 Vietnam 37 37 43 48 66 78 64 78 Asia Pacific 31,103 33,518 33,216 32,493 34,012 34,880 35,775 36,480

Argentina 358 315 277 204 264 331 390 482 Brazil 1,465 1,795 1,683 1,624 1,731 1,974 2,277 2,386 Chile 229 243 211 220 217 236 263 280 Colombia 266 118 125 117 114 136 172 191 Costa Rica - 42 39 38 37 35 83 98 Ecuador 46 39 49 67 82 97 101 101 Mexico 677 698 714 670 652 671 695 814 Panama 62 58 50 45 59 59 67 73 Peru 81 71 68 65 84 64 66 76 Puerto Rico 538 535 526 559 605 632 619 620 Uruguay 40 34 14 9 16 21 25 27 Venezuela 34 41 52 50 45 90 105 154 Latin America 3,795 3,989 3,807 3,667 3,905 4,346 4,863 5,303

Bahrain 17 27 34 61 73 97 56 65 Egypt 145 145 186 206 208 280 77 100 Kuwait 159 182 211 209 238 287 196 234 Lebanon ------38 34 Oman 21 23 26 38 46 53 35 39 Pan Arab 63 50 130 107 154 179 131 139 Qatar - - - 67 71 81 48 87 Saudi Arabia 273 329 351 337 369 451 416 464 UAE 138 159 206 317 455 629 436 525 Middle East & North Africa 817 915 1,144 1,343 1,615 2,057 1,433 1,686

Israel 691 817 562 550 463 469 491 472 South Africa 467 504 519 622 674 758 964 1,141

Total 157,666 173,578 164,933 159,953 163,460 170,842 174,758 180,678

226 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 PRINT ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 3,207 3,103 2,559 2,645 2,516 2,478 2,443 2,404 USA 75,636 67,587 51,533 48,438 45,768 43,188 40,791 38,419 North America 78,843 70,690 54,092 51,083 48,284 45,666 43,234 40,823

Austria 1,913 2,020 1,944 2,204 2,308 2,391 2,462 2,545 Belgium 1,592 1,572 1,542 1,597 1,570 1,528 1,546 1,540 Denmark 1,382 1,264 986 942 898 878 854 845 Finland 1,193 1,179 926 944 996 1,003 1,000 1,008 France 3,813 3,706 3,160 3,212 3,115 3,006 2,915 2,846 Germany 14,504 14,149 12,444 12,460 12,354 12,154 12,020 11,846 Ireland 1,487 1,483 1,192 325 284 262 267 275 Italy 3,857 3,563 2,786 2,667 2,598 2,573 2,598 2,629 Netherlands 3,050 2,921 2,324 2,284 2,082 1,982 1,947 1,923 Norway 1,286 1,234 1,010 1,048 1,064 1,068 1,061 1,073 Portugal 288 277 219 207 180 181 188 195 Spain 3,641 2,952 2,179 2,112 1,896 1,781 1,798 1,852 Sweden 1,609 1,569 1,239 1,360 1,472 1,502 1,486 1,484 Switzerland 2,193 2,203 1,978 2,126 2,222 2,247 2,290 2,325 UK 8,461 7,508 5,763 5,654 5,308 5,317 5,326 5,326 Western Europe 50,270 47,600 39,691 39,141 38,346 37,873 37,758 37,715

Armenia 0.6 1.0 1.0 1.2 1.3 1.4 1.5 1.6 Azerbaijan 2 3 3 4 4 5 5 6 Belarus 15 18 14 14 9 8 9 10 Bosnia & Herzegovina 21 24 31 35 36 37 38 38 Bulgaria 119 128 119 107 96 92 89 87 Croatia 273 285 260 251 286 314 346 380 Czech Republic 506 525 388 417 370 348 343 342 Estonia 77 68 38 31 32 34 36 38 Georgia 7 8 9 10 8 7 8 7 Greece 1,826 1,903 1,592 1,417 1,113 1,057 1,057 1,057 Hungary 334 351 289 276 269 263 257 252 Kazakhstan 106 122 87 98 109 115 120 126 Latvia 70 63 25 17 16 16 16 16 Lithuania 72 79 41 36 35 32 30 28 Moldova 3 3 3 3 3 3 3 3 Poland 548 554 451 412 384 360 341 322 Romania 103 116 66 39 33 33 37 40 Russia 1,153 1,344 803 876 964 1,020 1,120 1,210 Serbia 41 56 44 54 50 47 46 43 Slovakia 167 172 170 174 165 139 130 121 Slovenia 191 210 187 163 169 175 179 183 Turkey 741 709 544 627 693 749 811 874 Ukraine 248 399 175 191 191 198 210 225 Uzbekistan 2 2 2 2 2 3 3 3 Central & Eastern Europe 6,625 7,141 5,341 5,256 5,039 5,057 5,235 5,414

Australia 4,687 4,723 3,970 4,161 3,945 3,768 3,754 3,741 China 5,150 5,520 5,921 6,111 6,245 6,481 6,586 6,673 Hong Kong 859 691 591 798 856 871 889 915 India 1,815 2,240 2,202 2,467 2,778 2,945 3,180 3,441 Indonesia 927 1,192 1,440 1,707 2,033 2,423 2,890 3,447 Japan 16,003 14,074 11,134 10,400 9,520 9,429 9,223 9,135 Malaysia 768 827 843 961 1,081 1,167 1,225 1,322 New Zealand 781 727 605 610 610 569 536 505 Pakistan 88 97 102 100 99 98 97 97 Philippines 164 175 166 202 202 195 197 197 Singapore 695 714 671 758 765 754 760 760 South Korea 3,651 3,319 2,835 2,982 3,111 3,184 3,061 3,008 Taiwan 637 543 478 555 560 525 513 506 Thailand 962 919 804 827 841 866 890 909 Vietnam 90 103 100 98 101 106 111 121 Asia Pacific 37,277 35,864 31,862 32,736 32,748 33,381 33,912 34,777

Argentina 533 629 728 766 835 946 1,208 1,545 Brazil 2,681 2,976 2,755 2,961 3,042 3,172 3,290 3,449 Chile 309 313 270 326 357 381 407 433 Colombia 257 247 213 266 291 287 290 294 Costa Rica 122 142 118 142 146 152 159 167 Ecuador 121 129 116 128 118 121 115 121 Mexico 924 984 898 981 1,057 1,081 1,121 1,181 Panama 79 86 100 96 100 105 109 112 Peru 85 96 93 101 111 116 121 124 Puerto Rico 620 635 516 520 530 532 534 534 Uruguay 29 32 28 36 34 32 33 35 Venezuela 209 320 337 377 422 473 484 556 Latin America 5,968 6,589 6,173 6,698 7,043 7,396 7,870 8,550

Bahrain 74 83 71 73 28 47 47 47 Egypt 199 369 406 421 250 278 277 277 Kuwait 261 325 274 282 268 254 254 254 Lebanon 34 40 42 50 41 38 37 37 Oman 46 66 53 58 52 49 49 49 Pan Arab 155 165 116 104 97 87 87 87 Qatar 94 106 90 99 79 71 68 68 Saudi Arabia 523 582 463 452 427 405 404 404 UAE 693 967 428 437 337 303 302 302 Middle East & North Africa 2,077 2,704 1,942 1,977 1,580 1,534 1,525 1,525

Israel 457 432 376 373 362 362 365 362 South Africa 1,299 1,433 1,285 1,348 1,505 1,612 1,758 1,934

Total 182,816 172,452 140,763 138,612 134,908 132,882 131,656 131,100

227 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NEWSPAPER ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 2,357 2,505 2,428 2,436 2,455 2,534 2,581 2,558 USA 43,697 48,700 45,778 45,320 46,227 48,538 50,237 51,493 North America 46,054 51,205 48,206 47,757 48,681 51,072 52,818 54,050

Austria 720 955 943 905 944 1,001 1,103 1,168 Belgium 523 540 372 511 625 703 785 1,160 Denmark 973 992 931 852 837 891 971 1,060 Finland 787 844 793 768 789 837 852 876 France 2,155 2,379 2,131 1,416 1,389 1,429 1,407 1,420 Germany 10,786 11,515 10,290 9,275 8,625 8,832 8,898 9,041 Ireland 363 571 656 832 966 1,185 1,196 1,375 Italy 2,094 2,408 2,261 2,105 2,094 2,128 2,150 2,155 Netherlands 2,238 2,358 2,265 2,121 1,977 1,910 1,897 1,951 Norway 884 912 926 973 1,140 1,318 1,494 1,614 Portugal 121 131 118 94 92 94 92 89 Spain 2,026 2,396 2,258 2,170 2,122 2,243 2,365 2,535 Sweden 1,215 1,296 1,155 1,072 1,079 1,089 1,151 1,233 Switzerland 2,031 2,157 2,062 1,784 1,578 1,087 1,109 1,273 UK 5,880 6,591 6,440 6,319 6,394 6,712 6,447 6,171 Western Europe 32,795 36,043 33,600 31,198 30,652 31,461 31,917 33,121

Armenia ------0.04 0.09 Azerbaijan ------Belarus ------Bosnia & Herzegovina - 3 5 4 4 8 9 12 Bulgaria 22 30 27 41 52 54 58 61 Croatia 23 35 52 57 85 99 107 140 Czech Republic 256 289 286 340 358 409 212 246 Estonia 26 26 31 31 34 37 43 49 Georgia ------Greece 262 311 261 266 315 384 440 499 Hungary 141 159 180 190 213 241 160 158 Kazakhstan ------53 69 Latvia 21 20 24 27 26 28 33 36 Lithuania 50 38 42 45 49 58 41 46 Moldova ------1 2 Poland 273 346 360 356 508 632 235 245 Romania 16 20 18 20 22 34 34 38 Russia 154 222 298 170 197 237 270 310 Serbia - - - - 12 20 10 15 Slovakia 37 39 50 52 64 77 60 60 Slovenia 27 30 35 45 51 62 95 113 Turkey 93 153 168 242 281 409 536 608 Ukraine - - - 15 32 30 55 65 Uzbekistan ------Central & Eastern Europe 1,402 1,722 1,834 1,902 2,303 2,820 2,454 2,771

Australia 2,820 3,081 2,872 2,793 3,040 3,307 3,476 3,415 China 1,659 2,163 2,329 2,784 3,589 3,408 3,782 4,617 Hong Kong 1,108 707 713 851 778 1,048 414 447 India 519 611 562 609 918 1,031 1,166 1,367 Indonesia 109 141 190 257 327 440 510 629 Japan 13,141 14,211 13,770 12,198 11,962 12,029 11,822 11,376 Malaysia 457 579 601 679 734 830 659 651 New Zealand 408 430 437 453 497 569 598 584 Pakistan 17 28 34 36 38 40 45 53 Philippines 182 219 166 159 169 193 133 117 Singapore 447 550 499 508 500 543 538 556 South Korea 2,515 2,934 2,910 3,214 3,209 2,901 2,959 3,031 Taiwan 598 594 687 462 441 574 493 468 Thailand 447 344 520 555 627 780 781 732 Vietnam 37 37 43 48 66 51 43 54 Asia Pacific 24,463 26,628 26,334 25,605 26,895 27,743 27,420 28,097

Argentina 280 229 208 181 231 284 329 418 Brazil 1,018 1,202 1,123 1,091 1,140 1,316 1,479 1,533 Chile 208 212 184 193 191 211 237 254 Colombia 203 93 101 94 91 107 134 148 Costa Rica - 42 39 38 37 35 65 76 Ecuador 41 33 41 56 68 79 86 86 Mexico 397 405 412 418 356 368 376 437 Panama 62 58 50 45 50 50 54 58 Peru 75 66 63 60 78 58 60 68 Puerto Rico 500 489 478 508 549 572 568 562 Uruguay 40 34 14 8 15 18 20 21 Venezuela 32 38 48 46 41 85 99 146 Latin America 2,855 2,901 2,760 2,737 2,848 3,184 3,506 3,806

Bahrain - - - 55 66 90 50 58 Egypt 126 122 161 183 185 248 69 91 Kuwait 121 145 173 183 212 250 171 206 Lebanon ------28 25 Oman 21 23 25 38 45 50 34 38 Pan Arab 14 7 17 39 62 86 58 57 Qatar - - - 66 71 81 48 87 Saudi Arabia 224 269 295 312 340 424 397 439 UAE 105 126 164 260 379 524 358 431 Middle East & North Africa 611 692 834 1,137 1,362 1,753 1,211 1,432

Israel 646 763 506 485 403 408 427 411 South Africa 303 338 344 425 469 538 672 800

Total 109,129 120,292 114,417 111,246 113,613 118,981 120,425 124,488

228 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 NEWSPAPER ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 2,497 2,416 1,970 2,041 1,929 1,876 1,821 1,768 USA 49,948 43,954 32,966 29,669 27,147 24,975 22,977 21,139 North America 52,445 46,370 34,936 31,710 29,076 26,852 24,799 22,908

Austria 1,291 1,350 1,354 1,598 1,678 1,743 1,803 1,870 Belgium 1,194 1,175 1,169 1,204 1,192 1,173 1,173 1,172 Denmark 1,055 940 748 714 687 674 654 647 Finland 914 911 718 740 785 792 792 800 France 1,380 1,368 1,251 1,245 1,207 1,180 1,147 1,124 Germany 9,136 8,919 7,881 7,871 7,734 7,570 7,479 7,363 Ireland 1,433 1,429 1,147 245 213 198 202 209 Italy 2,226 2,052 1,708 1,647 1,589 1,569 1,583 1,600 Netherlands 1,981 1,919 1,568 1,559 1,441 1,384 1,363 1,349 Norway 1,180 1,129 926 959 972 974 966 977 Portugal 89 87 67 61 54 54 56 57 Spain 2,685 2,135 1,646 1,585 1,400 1,305 1,318 1,358 Sweden 1,265 1,216 987 1,090 1,136 1,159 1,136 1,123 Switzerland 1,357 1,360 1,234 1,296 1,359 1,387 1,416 1,438 UK 6,150 5,426 4,263 4,243 3,982 3,991 3,994 3,994 Western Europe 33,337 31,416 26,668 26,058 25,431 25,153 25,082 25,081

Armenia 0.29 0.49 0.50 0.55 0.60 0.65 0.72 0.79 Azerbaijan ------Belarus ------Bosnia & Herzegovina 15 16 20 21 22 22 22 23 Bulgaria 63 62 60 56 54 51 50 49 Croatia 158 166 160 167 184 202 222 244 Czech Republic 228 238 176 198 167 152 147 144 Estonia 61 53 31 25 26 28 29 30 Georgia - - - - - 1 2 3 Greece 575 538 501 501 425 404 404 404 Hungary 158 168 140 136 138 135 132 129 Kazakhstan 75 73 55 64 77 80 84 89 Latvia 39 33 14 10 9 8 8 8 Lithuania 48 52 28 23 22 20 19 18 Moldova 2 2 2 2 2 2 2 2 Poland 252 250 189 172 158 147 136 127 Romania 44 57 28 18 15 15 17 18 Russia 382 366 240 272 291 300 321 347 Serbia 28 38 28 35 33 31 30 29 Slovakia 67 63 61 81 79 65 60 56 Slovenia 134 144 126 116 118 120 122 123 Turkey 659 633 496 570 632 686 744 804 Ukraine 84 181 82 88 81 78 75 75 Uzbekistan ------1 Central & Eastern Europe 3,071 3,133 2,439 2,555 2,533 2,548 2,629 2,724

Australia 3,739 3,776 3,184 3,362 3,194 3,034 3,004 2,974 China 4,759 5,061 5,472 5,635 5,748 5,949 6,038 6,111 Hong Kong 494 424 389 509 535 540 551 567 India 1,650 1,991 2,082 2,329 2,620 2,777 2,999 3,240 Indonesia 822 1,063 1,303 1,555 1,866 2,239 2,687 3,225 Japan 10,779 9,428 7,677 7,286 6,679 6,612 6,489 6,442 Malaysia 728 789 809 924 1,044 1,128 1,184 1,279 New Zealand 595 548 449 452 452 407 378 360 Pakistan 71 79 83 82 81 80 79 79 Philippines 135 144 137 166 166 162 162 162 Singapore 605 627 590 670 673 660 670 670 South Korea 3,305 2,980 2,533 2,660 2,766 2,821 2,680 2,614 Taiwan 433 351 317 379 383 356 349 345 Thailand 752 711 617 630 637 656 669 681 Vietnam 63 67 62 61 60 61 63 73 Asia Pacific 28,931 28,039 25,706 26,700 26,903 27,481 28,003 28,822

Argentina 454 532 610 637 700 799 1,038 1,350 Brazil 1,766 1,939 1,782 1,843 1,874 1,946 2,026 2,121 Chile 278 284 247 302 332 355 380 403 Colombia 200 192 170 214 236 237 242 248 Costa Rica 91 95 81 102 105 109 115 121 Ecuador 93 98 88 98 95 90 88 93 Mexico 499 526 500 546 587 603 628 664 Panama 62 68 81 75 79 82 85 88 Peru 75 85 83 91 100 105 109 111 Puerto Rico 555 570 456 460 470 471 472 472 Uruguay 22 24 21 26 25 24 24 26 Venezuela 198 304 321 359 401 449 454 522 Latin America 4,293 4,716 4,440 4,752 5,004 5,271 5,661 6,218

Bahrain 66 69 59 62 25 46 46 46 Egypt 179 340 375 393 236 262 262 262 Kuwait 227 287 244 257 244 231 231 231 Lebanon 24 28 31 38 30 29 27 27 Oman 44 65 52 57 51 49 49 49 Pan Arab 55 56 39 35 35 31 31 31 Qatar 93 105 90 99 79 71 67 67 Saudi Arabia 495 551 441 432 410 390 390 390 UAE 569 819 369 387 302 272 272 272 Middle East & North Africa 1,752 2,322 1,699 1,759 1,412 1,381 1,376 1,376

Israel 397 376 334 335 328 328 329 328 South Africa 926 1,038 923 978 1,081 1,160 1,269 1,400

Total 125,151 117,410 97,144 94,846 91,767 90,175 89,147 88,857

229 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MAGAZINE ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 447 499 525 542 592 628 657 675 USA 21,193 23,978 21,540 20,903 21,712 22,757 23,902 24,804 North America 21,640 24,477 22,065 21,445 22,304 23,385 24,559 25,479

Austria 632 548 580 571 564 570 559 580 Belgium 329 325 341 357 359 373 371 380 Denmark 129 129 123 111 110 116 287 321 Finland 225 253 244 237 236 245 257 265 France 2,906 3,228 3,122 2,685 2,607 2,585 2,546 2,526 Germany 5,859 6,334 5,875 5,498 5,242 5,166 5,152 5,311 Ireland 26 20 23 32 45 42 53 53 Italy 1,364 1,535 1,576 1,444 1,458 1,466 1,501 1,591 Netherlands 1,166 1,246 1,225 1,172 1,060 1,019 1,033 1,060 Norway 231 254 262 263 290 317 329 342 Portugal 225 239 212 192 192 194 197 196 Spain 895 819 821 782 796 880 893 911 Sweden 312 366 335 295 290 302 319 337 Switzerland 688 751 706 657 629 735 762 775 UK 2,540 2,667 2,616 2,474 2,420 2,511 2,485 2,402 Western Europe 17,526 18,714 18,061 16,769 16,298 16,521 16,744 17,049

Armenia ------0.03 0.07 Azerbaijan ------Belarus ------Bosnia & Herzegovina - 2 2 3 2 6 5 7 Bulgaria 6 7 9 27 14 19 33 43 Croatia 14 27 35 49 56 70 80 100 Czech Republic 268 303 325 339 363 405 229 256 Estonia 7 8 8 9 9 10 11 13 Georgia ------Greece 449 560 637 721 817 958 1,069 1,174 Hungary 127 152 173 187 211 231 157 172 Kazakhstan ------18 27 Latvia 4 5 7 9 11 13 15 21 Lithuania 14 14 15 17 20 22 17 20 Moldova ------1 1.01 Poland 321 373 416 414 475 576 276 283 Romania 10 11 11 12 14 26 33 44 Russia 57 93 154 268 354 446 520 632 Serbia - - - - 11 22 10 12 Slovakia 44 47 59 63 77 93 73 82 Slovenia 38 46 48 45 54 65 47 52 Turkey 17 28 20 31 33 45 57 71 Ukraine - - - 14 29 50 76 102 Uzbekistan ------Central & Eastern Europe 1,376 1,674 1,919 2,207 2,550 3,057 2,726 3,111

Australia 730 767 707 723 754 821 897 912 China 132 167 175 225 360 300 367 356 Hong Kong 355 181 199 220 213 307 308 336 India - - 132 125 121 91 105 147 Indonesia 15 32 45 56 69 85 93 96 Japan 4,765 4,977 4,762 4,615 4,597 4,523 5,516 5,442 Malaysia 32 41 57 49 49 52 39 38 New Zealand 115 113 120 125 140 161 187 181 Pakistan 5 7 3 3 4 5 7 11 Philippines - - 57 43 43 64 33 24 Singapore 46 50 53 48 66 69 70 89 South Korea 189 240 253 282 258 236 289 312 Taiwan 193 228 224 260 299 203 207 202 Thailand 64 85 98 115 144 193 214 213 Vietnam - - - - - 27 21 24 Asia Pacific 6,640 6,889 6,883 6,888 7,117 7,137 8,355 8,383

Argentina 79 85 70 23 33 47 61 64 Brazil 448 593 560 533 591 658 798 854 Chile 21 31 27 27 26 25 26 27 Colombia 63 26 23 22 23 28 38 42 Costa Rica ------18 23 Ecuador 5 6 8 11 14 18 15 15 Mexico 279 293 303 252 295 303 319 377 Panama - - - - 9 9 13 15 Peru 6 5 5 5 5 6 6 8 Puerto Rico 38 46 48 51 56 60 51 58 Uruguay - - 0.4 1.4 1.4 2.7 5.4 5.9 Venezuela 2 3 4 4 4 5 6 8 Latin America 941 1,088 1,048 930 1,057 1,162 1,356 1,497

Bahrain ------6 7 Egypt 19 23 25 24 22 32 8 9 Kuwait 38 37 38 25 26 37 25 28 Lebanon ------10 9 Oman 0.5 0.4 1.6 0.4 1.1 3.1 1.2 0.7 Pan Arab 50 42 113 68 93 93 73 81 Qatar - - - 0.30 0.26 0.03 0.26 0.26 Saudi Arabia 49 61 56 25 29 27 20 25 UAE 33 33 42 57 76 104 78 93 Middle East & North Africa 189 196 276 200 247 296 222 253

Israel 46 53 56 65 60 61 64 62 South Africa 163 167 175 197 205 220 292 341

Total 48,520 53,259 50,482 48,700 49,839 51,839 54,319 56,174

230 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 MAGAZINE ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 710 686 589 604 587 602 621 636 USA 25,688 23,633 18,568 18,769 18,621 18,213 17,814 17,279 North America 26,399 24,320 19,156 19,373 19,208 18,814 18,435 17,915

Austria 621 670 591 605 630 648 659 675 Belgium 398 397 373 393 378 355 373 368 Denmark 327 323 238 228 211 204 200 198 Finland 278 268 208 203 211 211 208 208 France 2,433 2,338 1,909 1,967 1,907 1,826 1,768 1,722 Germany 5,368 5,230 4,562 4,589 4,620 4,584 4,540 4,483 Ireland 54 54 45 80 71 64 65 66 Italy 1,631 1,511 1,078 1,019 1,009 1,004 1,015 1,029 Netherlands 1,069 1,001 756 725 641 599 584 574 Norway 106 105 83 89 92 94 95 96 Portugal 199 189 151 147 126 127 133 138 Spain 956 818 532 527 495 475 480 495 Sweden 344 354 253 269 336 343 350 362 Switzerland 836 843 744 829 863 859 874 887 UK 2,310 2,082 1,499 1,411 1,326 1,326 1,333 1,333 Western Europe 16,932 16,183 13,023 13,083 12,915 12,720 12,676 12,633

Armenia 0.27 0.48 0.50 0.60 0.65 0.70 0.77 0.85 Azerbaijan ------Belarus ------Bosnia & Herzegovina 7 8 11 14 15 15 16 15 Bulgaria 56 66 59 51 42 41 39 39 Croatia 115 118 99 84 102 112 123 136 Czech Republic 278 286 212 219 204 196 196 198 Estonia 16 15 6 6 6 6 7 8 Georgia - - - - - 1 2 3 Greece 1,252 1,366 1,091 917 687 653 653 653 Hungary 175 182 149 140 131 128 125 123 Kazakhstan 31 49 32 33 33 34 36 38 Latvia 31 29 11 8 7 7 7 8 Lithuania 24 27 14 13 13 12 11 10 Moldova 1.26 1.36 1.11 1.01 1.06 1.08 1.12 1.14 Poland 296 304 262 240 226 214 205 196 Romania 59 59 38 22 18 18 20 22 Russia 771 978 563 604 673 720 799 863 Serbia 14 18 15 19 17 16 16 15 Slovakia 100 109 108 94 86 74 70 65 Slovenia 57 66 61 47 51 54 57 60 Turkey 82 76 48 57 61 64 67 70 Ukraine 164 218 93 103 110 120 135 150 Uzbekistan ------Central & Eastern Europe 3,529 3,977 2,874 2,671 2,483 2,487 2,586 2,671

Australia 948 947 786 799 751 734 750 767 China 391 458 449 476 497 532 548 562 Hong Kong 365 267 202 289 322 331 338 348 India 165 250 120 138 158 168 181 201 Indonesia 105 129 138 152 167 184 202 223 Japan 5,223 4,646 3,456 3,113 2,841 2,817 2,734 2,693 Malaysia 40 38 34 37 37 39 41 43 New Zealand 185 179 156 158 158 162 158 144 Pakistan 17 18 19 18 18 18 18 18 Philippines 29 31 29 35 35 33 35 35 Singapore 90 87 81 87 92 94 89 89 South Korea 347 339 302 323 345 363 381 394 Taiwan 204 192 160 176 178 169 164 160 Thailand 210 208 187 197 205 211 221 228 Vietnam 27 36 38 37 41 45 48 48 Asia Pacific 8,347 7,825 6,156 6,036 5,845 5,899 5,909 5,954

Argentina 79 97 118 129 135 147 169 195 Brazil 915 1,037 973 1,118 1,168 1,226 1,264 1,328 Chile 30 29 22 24 25 26 28 29 Colombia 57 55 43 52 55 50 48 46 Costa Rica 31 47 37 40 41 42 44 46 Ecuador 28 32 28 30 23 31 27 29 Mexico 425 458 398 435 470 477 493 517 Panama 17 18 19 21 22 22 23 24 Peru 10 11 10 10 11 11 12 13 Puerto Rico 65 65 60 60 60 61 62 62 Uruguay 7.2 8.5 7.3 9.4 8.7 7.5 8.7 9.0 Venezuela 11 16 16 19 21 23 30 35 Latin America 1,676 1,873 1,733 1,946 2,039 2,126 2,209 2,333

Bahrain 8 14 12 12 4 1 1 1 Egypt 20 28 31 28 14 15 15 15 Kuwait 34 37 30 25 24 23 23 23 Lebanon 10 11 11 13 11 10 10 10 Oman 1.6 1.8 0.9 1.1 1.0 0.9 0.9 0.9 Pan Arab 100 110 77 69 62 56 56 56 Qatar 0.68 0.98 0.49 0.54 0.54 0.51 0.51 0.51 Saudi Arabia 28 31 22 19 17 15 14 14 UAE 123 148 59 50 35 32 30 30 Middle East & North Africa 325 382 243 218 168 153 149 149

Israel 60 56 43 38 35 35 36 35 South Africa 373 395 363 370 425 452 489 534

Total 57,640 55,012 43,591 43,736 43,118 42,686 42,489 42,225

231 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TELEVISION ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 2,317 2,378 2,478 2,517 2,744 2,876 2,926 3,146 USA 47,299 52,258 49,714 51,640 51,610 55,504 55,390 58,355 North America 49,616 54,636 52,192 54,157 54,354 58,381 58,315 61,501

Austria 563 634 615 604 613 658 673 722 Belgium 915 1,036 1,074 1,145 1,252 1,329 1,300 1,419 Denmark 320 324 311 298 343 378 401 439 Finland 272 282 258 266 274 301 306 322 France 3,555 4,033 3,796 3,869 3,754 4,244 4,286 4,547 Germany 5,718 6,237 5,919 5,240 5,048 5,113 5,205 5,449 Ireland 229 264 261 274 258 332 380 432 Italy 4,876 5,475 5,304 5,335 5,597 6,159 6,326 6,231 Netherlands 898 968 921 967 988 1,003 1,017 1,056 Norway 620 760 750 732 807 853 935 972 Portugal 602 688 641 589 614 668 685 679 Spain 2,781 3,061 2,849 2,894 3,069 3,536 3,909 4,223 Sweden 476 549 487 478 488 520 575 631 Switzerland 466 499 474 505 511 707 777 852 UK 4,825 5,144 4,654 4,861 4,906 5,244 5,342 5,074 Western Europe 27,117 29,954 28,313 28,057 28,521 31,044 32,116 33,047

Armenia ------13 23 Azerbaijan - - - 24 27 43 18 24 Belarus - - - - - 18 26 35 Bosnia & Herzegovina - 40 48 60 77 99 132 180 Bulgaria 45 73 121 135 177 220 280 323 Croatia 106 150 224 293 335 372 511 585 Czech Republic 629 760 941 813 883 951 570 632 Estonia 11 13 14 17 20 21 26 31 Georgia - 12 15 20 22 31 33 52 Greece 718 774 774 860 845 906 918 934 Hungary 457 623 767 981 1,167 1,376 291 313 Kazakhstan ------357 494 Latvia 17 19 22 26 27 33 41 51 Lithuania 86 81 142 201 222 233 59 72 Moldova ------4 6 Poland 1,342 1,473 2,005 2,114 2,189 2,275 863 998 Romania 80 76 70 75 100 128 188 266 Russia 154 250 490 950 1,253 1,613 2,170 2,829 Serbia - - - - 297 409 63 77 Slovakia 251 288 394 434 522 783 297 363 Slovenia 126 157 170 194 211 250 255 258 Turkey 110 189 189 349 461 637 759 960 Ukraine - - - 85 130 163 237 350 Uzbekistan - - - 2 2 5 4 5 Central & Eastern Europe 4,131 4,979 6,384 7,632 8,967 10,566 8,116 9,859

Australia 2,251 2,519 2,284 2,439 2,682 2,995 3,097 3,137 China 2,306 2,495 2,649 3,412 3,767 4,306 5,248 5,968 Hong Kong 1,429 471 539 574 671 678 530 582 India 377 446 530 594 665 963 1,147 1,402 Indonesia 209 298 366 507 709 936 1,077 1,249 Japan 21,783 23,688 23,560 22,045 22,192 23,281 23,252 22,968 Malaysia 256 291 273 286 309 437 329 375 New Zealand 351 361 345 372 427 463 480 462 Pakistan 44 34 28 32 39 49 55 74 Philippines 772 903 1,038 1,220 1,516 1,822 443 466 Singapore 300 370 408 510 531 652 532 560 South Korea 1,326 1,790 1,699 2,102 2,037 2,300 2,284 2,474 Taiwan 1,022 972 1,012 1,206 1,375 757 667 603 Thailand 822 962 1,038 1,178 1,335 1,489 1,579 1,688 Vietnam 56 71 80 90 131 166 163 240 Asia Pacific 33,304 35,670 35,850 36,568 38,386 41,296 40,882 42,246

Argentina 357 314 270 191 266 331 448 574 Brazil 2,582 3,242 3,117 3,320 3,818 4,853 5,617 6,187 Chile 253 263 286 319 344 365 396 433 Colombia 592 217 279 264 240 256 302 382 Costa Rica - 39 38 46 42 38 118 129 Ecuador 104 119 198 276 307 333 153 153 Mexico 1,206 1,486 1,554 1,585 1,781 2,013 2,170 2,484 Panama 110 105 95 113 129 154 162 194 Peru 102 85 72 80 101 99 120 136 Puerto Rico 896 978 1,119 1,104 1,109 1,122 1,037 968 Uruguay 88 75 54 23 24 31 38 47 Venezuela 160 194 194 279 361 394 442 593 Latin America 6,450 7,117 7,275 7,600 8,522 9,989 11,003 12,278

Bahrain 18 24 32 23 20 34 16 15 Egypt 90 92 99 125 113 141 57 61 Kuwait 12 13 10 2 7 14 13 17 Lebanon ------31 27 Oman 6 4 6 14 19 24 13 11 Pan Arab 463 563 797 977 1,289 1,641 874 1,176 Qatar - - - 6 9 7 4 6 Saudi Arabia 19 20 25 43 38 76 43 45 UAE 35 26 28 24 57 97 24 21 Middle East & North Africa 643 742 997 1,214 1,551 2,034 1,075 1,378

Israel 279 285 264 279 289 310 293 289 South Africa 452 487 566 680 787 952 1,057 1,555

Total 121,992 133,870 131,842 136,186 141,378 154,571 152,857 162,153

232 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 TELEVISION ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 3,202 3,294 3,011 3,292 3,410 3,529 3,618 3,751 USA 58,723 57,849 52,630 56,525 58,834 61,860 63,766 66,417 North America 61,925 61,143 55,641 59,817 62,244 65,390 67,384 70,168

Austria 789 825 832 894 940 978 1,015 1,058 Belgium 1,538 1,596 1,651 1,873 1,944 1,944 2,022 2,099 Denmark 447 432 366 385 443 452 456 465 Finland 347 355 314 351 383 395 407 419 France 4,711 4,493 4,000 4,448 4,515 4,573 4,688 4,828 Germany 5,504 5,345 4,821 5,237 5,392 5,528 5,691 5,870 Ireland 495 481 413 289 266 258 267 280 Italy 6,306 6,228 5,596 5,931 5,747 5,788 5,903 6,039 Netherlands 1,127 1,132 1,034 1,144 1,252 1,327 1,387 1,456 Norway 500 521 458 502 544 561 578 594 Portugal 705 701 617 630 579 586 618 652 Spain 4,594 4,083 3,149 3,274 3,045 2,923 2,982 3,160 Sweden 652 690 610 721 800 832 832 837 Switzerland 1,011 1,070 1,117 1,259 1,367 1,397 1,435 1,525 UK 5,226 4,965 4,418 5,037 5,037 5,087 5,189 5,293 Western Europe 33,955 32,916 29,396 31,975 32,254 32,628 33,470 34,577

Armenia 29 38 54 69 72 79 87 96 Azerbaijan 28 35 44 53 61 70 84 101 Belarus 53 72 52 59 42 35 40 50 Bosnia & Herzegovina 199 281 352 390 433 474 513 556 Bulgaria 418 535 438 439 474 487 501 514 Croatia 657 674 1,048 1,438 1,714 1,886 2,074 2,282 Czech Republic 651 741 625 608 626 649 676 703 Estonia 41 40 28 29 30 31 33 37 Georgia 61 66 85 109 117 118 119 119 Greece 1,132 1,038 858 690 572 543 543 543 Hungary 337 344 288 280 263 267 277 295 Kazakhstan 644 1,094 901 546 611 642 674 708 Latvia 62 65 39 39 38 39 41 43 Lithuania 87 89 56 59 59 60 62 64 Moldova 8 14 15 16 17 18 19 20 Poland 1,170 1,332 1,181 1,220 1,252 1,298 1,336 1,393 Romania 390 515 356 298 286 295 324 357 Russia 3,728 3,876 3,174 3,649 4,383 4,841 5,536 6,311 Serbia 105 118 115 130 127 129 131 140 Slovakia 423 536 348 307 330 318 331 352 Slovenia 322 396 416 544 609 656 696 739 Turkey 1,171 1,123 960 1,343 1,674 1,941 2,252 2,657 Ukraine 483 475 243 356 375 420 462 531 Uzbekistan 7 17 20 22 25 27 29 31 Central & Eastern Europe 12,205 13,513 11,694 12,693 14,190 15,323 16,841 18,640

Australia 3,440 3,420 3,196 3,567 3,581 3,588 3,696 3,807 China 6,277 7,407 7,920 10,041 11,447 13,107 14,655 16,414 Hong Kong 590 512 400 641 727 734 749 799 India 1,617 1,859 1,966 2,263 2,399 2,543 2,747 2,964 Indonesia 1,396 1,594 1,810 2,281 2,737 3,285 3,942 4,927 Japan 22,763 21,750 19,525 19,732 19,239 19,706 19,948 20,408 Malaysia 449 534 593 698 752 811 852 920 New Zealand 471 466 411 438 459 473 483 490 Pakistan 124 170 218 265 269 272 275 276 Philippines 488 532 621 732 787 831 887 931 Singapore 501 538 519 546 601 594 612 598 South Korea 2,511 2,488 2,239 2,463 2,955 3,133 3,352 3,485 Taiwan 575 571 639 776 845 778 793 857 Thailand 1,688 1,614 1,671 1,918 2,014 2,134 2,305 2,479 Vietnam 284 331 398 436 469 505 545 585 Asia Pacific 43,173 43,788 42,126 46,796 49,282 52,495 55,841 59,940

Argentina 680 816 971 1,048 1,173 1,314 1,643 2,054 Brazil 6,760 7,622 8,181 9,954 10,461 11,070 11,741 12,522 Chile 487 496 522 582 629 666 700 730 Colombia 464 490 434 558 575 595 637 680 Costa Rica 143 167 157 188 200 214 227 240 Ecuador 159 182 173 197 238 255 309 342 Mexico 2,974 3,402 3,370 4,153 4,392 4,652 4,976 5,317 Panama 211 212 387 311 326 336 346 356 Peru 166 205 207 277 300 316 349 378 Puerto Rico 954 1,010 707 720 730 731 732 732 Uruguay 60 77 72 87 81 82 83 94 Venezuela 567 573 654 733 821 919 1,126 1,295 Latin America 13,626 15,252 15,835 18,807 19,925 21,151 22,869 24,740

Bahrain 15 18 16 17 3 9 9 9 Egypt 61 71 82 98 64 73 71 71 Kuwait 12 87 71 78 66 60 57 57 Lebanon 39 56 58 76 59 53 53 53 Oman 10 8 7 6 5 6 6 6 Pan Arab 1,693 2,104 1,893 2,083 1,830 1,914 1,999 1,999 Qatar 9 11 10 8 5 5 5 5 Saudi Arabia 41 46 32 29 23 22 22 22 UAE 20 35 21 27 19 15 14 14 Middle East & North Africa 1,901 2,436 2,189 2,422 2,076 2,157 2,235 2,235

Israel 322 366 360 403 394 397 405 420 South Africa 2,154 2,305 2,902 3,715 3,924 4,203 4,593 5,064

Total 169,261 171,719 160,144 176,627 184,290 193,744 203,637 215,785

233 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 RADIO ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 937 972 1,017 1,048 1,137 1,174 1,277 1,350 USA 18,581 20,819 18,800 19,423 19,581 20,364 20,589 20,892 North America 19,518 21,791 19,817 20,471 20,718 21,538 21,866 22,243

Austria 200 209 215 195 204 226 228 225 Belgium 204 247 268 276 303 335 384 433 Denmark 33 38 42 39 38 38 50 50 Finland 45 50 53 58 64 64 62 62 France 854 947 868 944 985 1,040 1,107 1,118 Germany 916 970 898 788 767 819 879 901 Ireland 65 73 93 86 115 121 140 164 Italy 459 546 496 465 529 636 641 691 Netherlands 257 310 289 297 325 331 317 323 Norway 110 99 82 106 115 154 187 184 Portugal 77 82 81 72 72 75 74 69 Spain 617 665 648 642 673 715 808 843 Sweden 74 82 70 67 62 68 71 89 Switzerland 115 133 124 124 122 124 129 130 UK 611 700 640 648 691 716 806 764 Western Europe 4,638 5,150 4,866 4,807 5,064 5,461 5,883 6,047

Armenia ------3 5 Azerbaijan ------1 2 Belarus - - - - - 3 2 4 Bosnia & Herzegovina - 4 5 7 7 5 7 4 Bulgaria - - - - 5 14 27 39 Croatia ------Czech Republic 60 55 54 89 114 113 94 104 Estonia 6 6 6 7 7 7 8 9 Georgia ------Greece 73 73 78 97 101 121 125 127 Hungary 49 58 63 69 77 128 29 33 Kazakhstan ------18 24 Latvia 8 9 8 10 10 11 13 16 Lithuania 6 6 5 6 7 8 10 11 Moldova ------1 2 Poland 144 160 190 233 289 346 144 160 Romania 4 5 5 6 7 14 20 28 Russia 24 42 67 119 157 237 280 412 Serbia ------4 5 Slovakia 22 24 33 43 49 66 53 56 Slovenia 24 - - - - 12 24 25 Turkey 17 32 30 36 40 50 53 67 Ukraine - - - 8 8 14 20 27 Uzbekistan ------1 2 Central & Eastern Europe 438 473 545 729 876 1,147 937 1,161

Australia 591 627 637 644 676 772 823 848 China 185 232 279 323 378 486 574 845 Hong Kong 118 88 72 89 81 92 37 38 India 20 25 31 35 39 32 45 55 Indonesia 14 20 25 32 38 47 60 65 Japan 2,327 2,359 2,276 2,093 2,059 2,045 2,026 1,987 Malaysia 26 32 37 45 47 52 45 48 New Zealand 128 137 141 146 161 178 185 194 Pakistan 1 2 2 2 2 2 4 4 Philippines 206 240 287 301 364 431 89 93 Singapore 46 56 84 95 122 139 131 112 South Korea 126 183 172 200 197 189 194 202 Taiwan 68 73 99 114 117 110 97 126 Thailand 130 160 162 195 210 216 223 235 Vietnam 4 3 2 2 1 1 1 1 Asia Pacific 3,991 4,237 4,308 4,316 4,491 4,793 4,532 4,854

Argentina 52 60 58 20 21 24 27 32 Brazil 215 274 251 249 285 341 380 413 Chile 56 65 61 61 62 59 66 65 Colombia 166 94 90 95 82 104 133 131 Costa Rica - 14 18 22 22 20 48 55 Ecuador 20 26 28 38 47 50 16 16 Mexico 352 397 365 380 278 306 330 362 Panama 9 10 7 7 8 10 8 8 Peru 25 22 21 21 16 26 30 35 Puerto Rico 116 111 118 119 100 116 120 122 Uruguay 25 22 14 11 11 12 11 15 Venezuela 4 7 14 12 9 27 42 41 Latin America 1,041 1,101 1,045 1,034 942 1,094 1,212 1,295

Bahrain ------Egypt ------Kuwait 3 3 2 3 2 5 5 6 Lebanon ------7 8 Oman ------Pan Arab ------Qatar - - - - 0.6 0.4 0.6 1.7 Saudi Arabia ------59 UAE ------1 7 Middle East & North Africa 3 3 2 3 3 6 13 81

Israel 84 107 66 71 64 62 67 63 South Africa 126 167 165 197 234 264 382 430

Total 29,840 33,029 30,814 31,629 32,391 34,365 34,894 36,174

234 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 RADIO ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 1,425 1,512 1,426 1,473 1,561 1,611 1,699 1,796 USA 21,211 19,218 16,471 16,048 16,379 16,718 17,208 17,541 North America 22,636 20,731 17,897 17,520 17,940 18,329 18,907 19,337

Austria 225 236 228 240 242 244 245 248 Belgium 497 500 474 528 590 578 607 620 Denmark 51 44 39 35 44 46 34 34 Finland 62 68 66 70 87 90 90 94 France 1,062 1,028 936 985 1,000 1,010 1,025 1,046 Germany 985 953 899 917 935 952 968 992 Ireland 185 196 181 135 128 122 129 135 Italy 746 762 704 758 723 724 743 769 Netherlands 340 346 290 305 305 308 311 317 Norway 90 96 83 92 97 100 103 107 Portugal 67 62 60 60 62 63 64 65 Spain 898 850 712 726 697 683 697 732 Sweden 97 101 87 95 131 128 126 126 Switzerland 131 148 161 161 171 171 172 173 UK 786 736 665 688 703 710 717 725 Western Europe 6,224 6,126 5,585 5,797 5,917 5,932 6,031 6,182

Armenia 7 9 9 11 11 12 14 15 Azerbaijan 4 5 5 6 6 6 7 7 Belarus 5 6 5 5 4 4 4 4 Bosnia & Herzegovina 7 8 8 8 8 8 8 9 Bulgaria 42 47 60 57 58 60 60 61 Croatia - - - 18 8 9 10 11 Czech Republic 111 118 76 65 58 58 59 60 Estonia 11 12 9 9 9 10 11 11 Georgia 4 6 8 11.2 11.2 11.2 11.2 11.2 Greece 152 250 195 142 93 72 72 72 Hungary 38 43 40 41 41 42 42 44 Kazakhstan 32 37 25 31 35 37 39 41 Latvia 18 20 12 10 8 8 9 9 Lithuania 13 15 11 10 11 10 11 11 Moldova 2 3 3 3 2 2 2 2 Poland 166 175 150 151 159 163 165 167 Romania 35 48 33 28 26 27 29 30 Russia 491 431 305 339 380 406 447 483 Serbia 8 9 8 11 10 10 10 11 Slovakia 56 63 73 78 74 70 69 71 Slovenia 27 27 31 28 31 33 35 37 Turkey 74 74 59 69 77 86 96 108 Ukraine 42 40 16 29 34 39 44 50 Uzbekistan 2 3 3 3 3 4 5 6 Central & Eastern Europe 1,345 1,450 1,144 1,161 1,158 1,187 1,258 1,331

Australia 903 910 859 918 937 937 974 1,013 China 928 1,009 1,062 1,140 1,288 1,443 1,580 1,722 Hong Kong 44 67 64 64 66 67 68 70 India 115 141 149 168 190 209 241 268 Indonesia 96 119 89 98 97 105 110 119 Japan 1,904 1,765 1,561 1,480 1,425 1,402 1,386 1,383 Malaysia 60 73 91 103 113 124 130 143 New Zealand 197 193 170 174 177 170 174 173 Pakistan 6 12 13 14 15 16 16 17 Philippines 93 111 133 177 166 166 177 177 Singapore 106 112 122 140 142 143 147 147 South Korea 202 197 178 186 205 213 222 229 Taiwan 120 122 119 142 138 131 128 126 Thailand 230 249 219 208 204 210 220 224 Vietnam 1 1 2 1 1 2 2 2 Asia Pacific 5,004 5,081 4,829 5,014 5,164 5,337 5,576 5,813

Argentina 39 43 52 56 58 62 69 75 Brazil 436 513 561 622 625 654 675 701 Chile 68 71 71 76 82 87 91 94 Colombia 166 179 170 206 210 231 220 233 Costa Rica 56 59 56 72 77 82 87 92 Ecuador 20 19 21 17 22 22 21 25 Mexico 419 394 374 444 445 451 464 489 Panama 10 23 26 25 26 27 28 28 Peru 39 47 49 61 66 70 75 78 Puerto Rico 116 125 120 120 120 121 122 122 Uruguay 15 15 13 13 11 12 12 12 Venezuela 36 63 74 83 93 104 151 174 Latin America 1,420 1,551 1,586 1,795 1,835 1,923 2,015 2,124

Bahrain ------Egypt - - 56 64 47 51 56 56 Kuwait 8 8 7 7 7 7 7 7 Lebanon 7 7 7 6 5 5 5 5 Oman ------Pan Arab ------Qatar 1.3 1.1 1.1 1.2 1.2 1.2 1.2 1.2 Saudi Arabia 45 44 42 56 58 58 58 58 UAE 20 62 69 79 63 63 63 63 Middle East & North Africa 81 122 182 213 182 186 191 191

Israel 60 53 48 51 52 53 54 55 South Africa 478 526 494 598 656 723 802 899

Total 37,249 35,641 31,765 32,150 32,903 33,670 34,834 35,932

235 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CINEMA ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada ------USA - - - 275 303 339 400 460 North America - - - 275 303 339 400 460

Austria 12 15 13 12 15 13 19 20 Belgium 33 33 37 30 33 33 38 39 Denmark 9 8 9 12 10 9 10 10 Finland 3 2 3 3 3 3 2 2 France 90 106 96 98 86 89 103 108 Germany 228 232 225 213 213 195 175 155 Ireland 7 8 9 12 12 13 12 13 Italy 57 67 76 81 93 101 92 85 Netherlands 16 17 12 9 9 8 9 7 Norway 21 20 21 20 23 24 27 28 Portugal 7 8 9 8 9 9 9 8 Spain 56 73 59 60 63 54 57 57 Sweden 10 11 11 11 10 8 9 10 Switzerland 40 43 38 36 36 48 48 48 UK 121 122 184 203 196 211 207 203 Western Europe 709 765 802 810 811 818 817 792

Armenia ------0.02 0.02 Azerbaijan ------Belarus ------Bosnia & Herzegovina ------Bulgaria ------Croatia ------Czech Republic - - 4 3 6 9 5 6 Estonia ------Georgia ------Greece 9 17 17 19 19 19 20 21 Hungary 4 5 6 5 6 6 6 6 Kazakhstan ------Latvia - 0.4 0.4 0.6 0.8 0.8 0.8 0.9 Lithuania - - - - - 0.07 0.04 0.19 Moldova ------0.1 0.1 Poland 5 9 16 15 33 43 18 20 Romania 0.2 0.2 0.3 0.5 0.7 1.8 2.3 2.9 Russia - 3 5 9 12 14 36 59 Serbia ------0.5 0.5 Slovakia 0.1 0.2 0.5 0.6 0.5 0.5 0.9 1.0 Slovenia ------2 2 Turkey 4 5 4 6 12 15 19 22 Ukraine - - - - - 3 5 7 Uzbekistan ------Central & Eastern Europe 22 40 53 59 90 112 114 149

Australia 53 63 59 53 60 68 77 78 China - 8 12 16 18 21 23 25 Hong Kong 3.0 0.6 2.8 3.1 0.8 0.4 0.3 0.3 India 1 2 1 3 3 16 12 20 Indonesia ------1 1 Japan ------Malaysia 3 3 3 3 4 4 4 5 New Zealand 9 9 6 6 9 9 8 7 Pakistan - - - - - 0.1 0.5 0.4 Philippines ------4 4 Singapore 13 16 16 10 7 9 10 9 South Korea - 22 24 32 37 45 43 62 Taiwan ------Thailand 8 10 12 19 28 42 54 68 Vietnam - - - - 0.1 0.1 0.2 0.2 Asia Pacific 90 135 136 143 167 215 237 281

Argentina 14 14 11 8 9 11 15 17 Brazil - - - - - 27 30 35 Chile 3 3 3 2 2 2 3 2 Colombia - 0.3 0.4 0.4 0.5 0.7 0.7 0.8 Costa Rica ------Ecuador ------0.2 0.2 Mexico ------Panama ------Peru ------7 9 Puerto Rico 4 4 11 11 10 8 9 9 Uruguay - - - - - 2 1 1 Venezuela 7 10 11 14 10 20 27 32 Latin America 28 31 37 35 33 71 92 106

Bahrain - - - - 1.5 1.8 1.3 1.3 Egypt ------Kuwait ------Lebanon ------5 5 Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE - - - - 7 7 6 10 Middle East & North Africa - - - - 9 9 13 16

Israel 3 3 3 4 4 3 6 6 South Africa 9 9 8 11 12 27 81 54

Total 861 984 1,040 1,336 1,428 1,593 1,760 1,864

236 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 CINEMA ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada ------USA 529 608 638 670 690 725 761 799 North America 529 608 638 670 690 725 761 799

Austria 20 18 15 19 17 18 18 19 Belgium 34 36 33 34 39 38 38 41 Denmark 10 11 12 12 13 13 14 15 Finland 3 4 3 4 4 4 4 4 France 117 99 101 120 145 156 175 196 Germany 141 102 95 99 105 107 110 113 Ireland 15 13 11 10 9 8 8 9 Italy 78 65 62 70 57 56 57 58 Netherlands 7 7 7 7 7 7 7 8 Norway 21 23 19 23 26 28 29 34 Portugal 7 7 5 5 5 5 5 5 Spain 51 28 20 32 34 32 32 35 Sweden 13 14 14 17 21 21 21 23 Switzerland 45 43 29 32 31 30 31 30 UK 223 224 235 240 232 240 252 255 Western Europe 784 694 661 722 744 764 803 844

Armenia 0.02 0.02 0.02 0.05 0.60 0.70 0.77 0.92 Azerbaijan ------Belarus ------Bosnia & Herzegovina ------Bulgaria ------Croatia ------Czech Republic 6 4 2 5 4 4 4 4 Estonia ------Georgia ------Greece 23 21 20 19 17 16 16 16 Hungary 4 4 4 5 5 5 5 5 Kazakhstan ------Latvia 0.9 1.2 0.7 0.6 0.8 0.8 0.9 0.9 Lithuania 0.19 0.46 0.42 0.35 0.39 0.38 0.38 0.38 Moldova 0.1 0.3 0.4 0.3 0.3 0.4 0.4 0.4 Poland 24 31 31 34 36 38 39 40 Romania 3.4 3.9 2.6 2.4 2.0 2.0 2.2 2.3 Russia 79 89 72 102 122 141 169 203 Serbia 0.5 0.5 0.6 0.7 0.7 0.7 0.7 0.7 Slovakia 0.8 0.9 4.0 4.0 4.0 4.0 4.0 4.0 Slovenia 3 2 2 1 1 1 2 2 Turkey 24 26 26 30 33 36 38 41 Ukraine 9 13 4 5 6 6 7 8 Uzbekistan - 0.2 0.1 0.3 0.3 0.3 0.4 0.4 Central & Eastern Europe 177 198 171 210 234 256 290 329

Australia 85 88 81 85 86 88 91 96 China 29 35 39 43 51 58 66 76 Hong Kong 0.5 0.5 0.4 0.5 0.4 0.4 0.4 0.4 India 28 32 32 33 36 39 44 45 Indonesia 2 2 2 2 2 2 3 3 Japan ------Malaysia 6 6 5 6 6 6 6 7 New Zealand 7 6 4 6 6 6 6 6 Pakistan 11.6 15.7 16.4 16.9 17.6 18.2 18.8 19.4 Philippines 6 7 8 9 8 9 10 10 Singapore 11 12 11 10 9 9 10 9 South Korea 65 66 53 58 61 64 67 73 Taiwan ------Thailand 139 134 156 191 219 235 246 262 Vietnam 0.2 0.2 0.1 0.1 0.1 0.3 0.4 0.4 Asia Pacific 390 405 409 460 501 534 569 605

Argentina 20 23 27 27 27 30 32 36 Brazil 43 50 47 52 53 49 52 55 Chile 3 2 3 4 4 5 6 6 Colombia 0.9 1.1 0.9 1.2 1.3 1.0 1.0 2.0 Costa Rica - - 5 6 6 7 7 6 Ecuador 0.3 0.6 0.6 0.7 0.9 0.9 1.0 1.1 Mexico ------Panama ------Peru 5 6 6 7 8 8 8 9 Puerto Rico 8 8 9 9 9 10 11 11 Uruguay 2 3 1 1 1 1 2 2 Venezuela 35 54 57 63 71 80 91 104 Latin America 117 148 155 172 183 191 210 232

Bahrain 1.3 1.5 1.6 1.8 0.2 0.2 0.2 0.2 Egypt ------Kuwait ------Lebanon 3 5 7 6 12 12 12 12 Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE 11 17 16 15 13 11 11 11 Middle East & North Africa 15 24 25 22 24 23 23 23

Israel 7 7 6 7 7 8 8 8 South Africa 49 51 42 49 58 63 69 76

Total 2,067 2,135 2,106 2,312 2,442 2,564 2,732 2,916

237 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 OUTDOOR ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 236 255 273 265 276 294 334 359 USA 4,565 4,912 4,814 4,945 5,093 5,297 5,726 6,344 North America 4,801 5,167 5,087 5,210 5,369 5,591 6,060 6,703

Austria 158 148 165 180 182 184 208 225 Belgium 210 214 229 242 262 271 284 300 Denmark 48 60 61 60 61 64 68 72 Finland 42 46 45 42 41 44 49 49 France 1,443 1,554 1,495 1,437 1,398 1,434 1,617 1,617 Germany 903 988 1,007 944 940 954 1,019 1,042 Ireland 64 92 114 130 134 140 155 177 Italy 376 421 434 389 405 413 417 414 Netherlands 160 184 181 181 162 184 200 217 Norway 42 43 41 62 94 108 125 147 Portugal 114 131 136 136 139 155 151 151 Spain 288 408 538 541 560 628 654 701 Sweden 94 118 103 111 114 128 139 148 Switzerland 481 568 578 548 543 376 385 406 UK 853 916 890 921 1,033 1,114 1,178 1,225 Western Europe 5,276 5,891 6,018 5,924 6,069 6,198 6,649 6,891

Armenia ------1 3 Azerbaijan ------1 2 Belarus - - - - - 7 8 10 Bosnia & Herzegovina - 19 26 25 24 20 13 12 Bulgaria - 11 18 28 31 16 22 61 Croatia 3 19 26 30 40 43 49 57 Czech Republic 51 62 97 101 88 101 76 98 Estonia 4 3 3 4 5 6 6 7 Georgia ------1 2 Greece 203 281 326 381 384 328 351 405 Hungary 54 81 95 102 108 136 73 91 Kazakhstan ------29 38 Latvia 3 3 3 4 5 6 7 12 Lithuania 7 8 6 12 10 12 10 11 Moldova ------2 3 Poland 178 209 184 180 188 225 157 174 Romania 15 16 14 12 10 20 28 36 Russia 75 153 264 413 536 674 846 1,090 Serbia ------12 15 Slovakia - 12 20 24 22 27 29 37 Slovenia 11 12 15 16 18 20 32 40 Turkey 21 38 37 55 51 63 73 106 Ukraine - - - 38 60 87 116 152 Uzbekistan ------1 3 Central & Eastern Europe 625 926 1,134 1,426 1,578 1,791 1,944 2,465

Australia 285 253 249 239 272 300 325 347 China 802 775 829 751 1,268 1,827 1,860 2,124 Hong Kong 85 89 99 109 93 173 96 95 India 107 131 136 136 138 194 208 230 Indonesia 30 30 22 26 69 80 97 127 Japan 6,229 6,334 6,234 5,964 5,681 5,754 7,142 7,388 Malaysia 18 19 22 16 18 30 24 32 New Zealand 13 20 23 27 34 37 52 57 Pakistan 6 5 9 13 13 13 19 26 Philippines ------86 97 Singapore 40 57 70 66 69 80 87 97 South Korea - 603 647 723 593 563 593 607 Taiwan - - - - - 146 90 116 Thailand 33 51 63 74 117 128 169 189 Vietnam 19 20 22 22 16 18 20 23 Asia Pacific 7,668 8,387 8,425 8,165 8,380 9,342 10,867 11,553

Argentina 52 59 43 30 33 48 60 89 Brazil 228 290 249 285 359 381 387 364 Chile 38 41 40 41 44 55 68 77 Colombia - 91 86 82 80 84 88 89 Costa Rica ------9 10 Ecuador ------6 8 Mexico ------Panama ------Peru 25 20 23 22 23 26 30 35 Puerto Rico 9 9 35 38 40 32 38 45 Uruguay 16 16 16 7 8 12 10 12 Venezuela 9 12 15 18 18 33 45 55 Latin America 377 539 507 521 605 672 741 784

Bahrain - - - 5 5 9 6 8 Egypt ------Kuwait 10 18 26 35 29 29 34 42 Lebanon ------28 27 Oman ------Pan Arab ------Qatar ------0.4 1.8 Saudi Arabia 27 27 41 43 69 78 69 117 UAE 10 10 10 35 47 45 31 74 Middle East & North Africa 48 55 77 119 150 161 169 270

Israel 76 85 57 51 34 39 45 57 South Africa 34 45 52 58 71 81 108 140

Total 18,905 21,095 21,358 21,473 22,256 23,874 26,583 28,863

238 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 OUTDOOR ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 410 449 404 467 466 478 505 534 USA 7,040 7,131 6,698 6,902 7,279 7,589 7,968 8,367 North America 7,450 7,581 7,102 7,370 7,745 8,067 8,473 8,901

Austria 226 238 266 260 266 269 275 281 Belgium 316 330 329 336 355 380 395 409 Denmark 84 92 87 94 97 99 102 106 Finland 56 58 48 52 57 58 58 60 France 1,638 1,675 1,493 1,574 1,613 1,640 1,681 1,732 Germany 1,087 1,067 977 1,015 1,056 1,079 1,060 1,089 Ireland 242 260 188 84 77 72 72 73 Italy 422 410 306 310 268 260 264 272 Netherlands 219 217 197 199 210 218 222 227 Norway 81 88 79 83 88 90 93 93 Portugal 159 157 138 139 132 134 138 142 Spain 752 686 532 557 535 524 535 567 Sweden 144 147 132 150 189 193 193 194 Switzerland 419 440 410 429 452 430 444 451 UK 1,282 1,234 1,028 1,156 1,146 1,206 1,218 1,231 Western Europe 7,127 7,100 6,210 6,438 6,538 6,652 6,750 6,926

Armenia 4 4 5 6 6 6 7 7 Azerbaijan 4 7 8 9 10 11 12 13 Belarus 12 14 11 12 8 8 8 10 Bosnia & Herzegovina 11 12 16 20 22 24 26 28 Bulgaria 73 84 57 50 54 58 60 61 Croatia 50 49 40 39 41 45 49 54 Czech Republic 108 167 76 74 78 76 78 79 Estonia 10 12 8 8 9 10 10 11 Georgia 5 5 6 8 8 8 8 8 Greece 437 244 268 220 87 78 78 78 Hungary 92 98 69 87 90 91 92 95 Kazakhstan 46 55 42 56 63 66 70 73 Latvia 15 18 11 9 8 8 8 8 Lithuania 12 14 9 8 9 9 9 9 Moldova 6 10 9 8 9 9 10 10 Poland 222 235 195 184 179 182 178 172 Romania 54 83 59 58 53 58 64 67 Russia 1,330 1,393 830 978 1,193 1,384 1,550 1,705 Serbia 24 27 25 28 26 26 26 28 Slovakia 45 84 77 79 75 75 70 73 Slovenia 42 47 49 53 38 40 42 44 Turkey 156 161 132 168 200 226 255 285 Ukraine 201 190 69 93 113 130 140 150 Uzbekistan 4 11 11 13 14 16 16 15 Central & Eastern Europe 2,963 3,023 2,081 2,267 2,391 2,642 2,864 3,085

Australia 400 416 367 438 455 474 497 522 China 2,893 2,653 2,839 4,042 4,506 4,912 5,403 5,862 Hong Kong 133 133 176 246 208 210 214 224 India 298 326 276 292 306 326 347 372 Indonesia 158 174 191 208 240 276 317 381 Japan 7,555 7,068 5,996 5,715 5,907 6,241 6,358 6,484 Malaysia 35 36 42 51 51 55 58 63 New Zealand 56 53 49 50 55 54 55 54 Pakistan 33 35 37 37 38 38 38 38 Philippines 106 117 130 143 155 166 177 177 Singapore 131 161 148 162 169 169 183 220 South Korea 485 413 310 340 357 372 387 404 Taiwan 106 107 91 104 105 104 104 107 Thailand 190 203 207 226 271 285 307 326 Vietnam 24 25 20 20 22 23 24 26 Asia Pacific 12,604 11,920 10,877 12,076 12,845 13,703 14,471 15,261

Argentina 138 170 206 223 245 264 317 380 Brazil 305 334 375 435 484 507 554 590 Chile 92 86 73 84 92 99 106 115 Colombia 94 106 93 121 115 124 136 147 Costa Rica 11 17 21 27 29 31 34 37 Ecuador 11 12 24 26 20 26 30 34 Mexico ------Panama - 15 19 20 21 22 23 24 Peru 42 49 47 52 63 65 69 72 Puerto Rico 46 55 60 65 70 71 72 72 Uruguay 13 16 16 18 16 16 16 17 Venezuela 67 101 124 138 155 174 161 185 Latin America 819 961 1,056 1,208 1,310 1,399 1,518 1,673

Bahrain 4 4 4 3 2 2 2 2 Egypt ------Kuwait 29 23 18 19 12 11 11 11 Lebanon 31 36 36 43 34 27 28 28 Oman ------Pan Arab ------Qatar 2.0 2.6 2.3 2.5 1.8 1.5 1.4 1.4 Saudi Arabia 130 137 110 99 89 84 84 84 UAE 136 198 59 71 71 71 71 71 Middle East & North Africa 332 400 229 238 210 198 198 198

Israel 63 63 58 60 59 60 62 63 South Africa 159 170 147 167 193 208 229 254

Total 31,518 31,219 27,760 29,824 31,291 32,929 34,565 36,360

239 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INTERNET ADVERTISING EXPENDITURE

US$ million at current prices

1999 2000 2001 2002 2003 2004 2005 2006 Canada 54 107 94 171 230 353 546 874 USA 4,600 6,000 6,600 7,250 7,758 8,688 9,992 11,086 North America 4,654 6,107 6,694 7,421 7,988 9,042 10,537 11,960

Austria - - - - 14 29 37 49 Belgium 7 17 15 15 24 42 64 109 Denmark - 56 55 74 86 103 132 319 Finland 8 16 20 20 23 30 48 64 France 105 191 152 131 665 655 813 1,132 Germany 102 203 245 301 326 359 1,102 1,987 Ireland - 2 4 5 8 12 105 113 Italy 40 190 146 136 144 146 189 273 Netherlands 26 50 27 42 53 88 128 734 Norway 28 49 39 41 53 75 345 512 Portugal 6 7 7 6 6 6 6 9 Spain 20 71 68 95 99 126 214 411 Sweden 69 154 134 170 162 202 274 417 Switzerland 12 24 18 19 29 28 103 150 UK 71 171 185 220 455 1,083 1,796 2,649 Western Europe 493 1,201 1,115 1,275 2,145 2,984 5,355 8,927

Armenia ------0.01 0.01 Azerbaijan ------Belarus - - - - - 0.4 0.7 1.2 Bosnia & Herzegovina ------0.2 0.3 Bulgaria - - - - - 2 4 8 Croatia ------2 2 Czech Republic 3 5 10 13 18 35 30 74 Estonia 0.4 1.1 1.6 1.7 2.4 2.5 3.4 5.6 Georgia ------Greece ------Hungary - - - - - 12 33 50 Kazakhstan ------Latvia - 0.2 0.6 0.9 1.5 1.7 2.8 6.2 Lithuania - - - - - 2 3 5 Moldova ------0.1 Poland - 6 8 11 17 29 49 71 Romania - - - - 1 2 3 6 Russia 0.4 2.8 5.8 11.4 18.2 33.2 56.0 95.5 Serbia ------1 1 Slovakia ------9 13 Slovenia - - - - - 4 6 9 Turkey - - 1 2 3 5 12 20 Ukraine - - - 1 1 2 2 6 Uzbekistan ------Central & Eastern Europe 3.7 15.3 27.2 40 61 130 216 375

Australia 32 76 56 153 216 356 569 918 China - 24 65 90 193 346 601 1,041 Hong Kong ------India 1 5 8 8 8 9 23 46 Indonesia ------0.4 0.4 Japan 275 672 837 963 1,348 2,067 4,303 5,498 Malaysia ------5 9 New Zealand - - - - 6 11 32 47 Pakistan ------0.2 0.5 Philippines ------4 9 Singapore ------South Korea 70 118 111 194 308 418 573 770 Taiwan - 28 27 30 35 62 97 117 Thailand 3 7 5 5 6 11 5 5 Vietnam - - - - 0.3 0.3 0.4 0.5 Asia Pacific 381 930 1,108 1,443 2,119 3,279 6,212 8,463

Argentina - - - 3 4 6 8 23 Brazil - - - - 94 127 151 205 Chile - - - - 6 7 9 12 Colombia - 0.1 0.2 0.4 0.8 1.8 3.0 5.9 Costa Rica ------Ecuador ------0.08 0.10 Mexico ------Panama ------Peru ------Puerto Rico 0.4 0.6 0.7 0.9 1.2 1.4 1.4 4.0 Uruguay 2 2 1 1 2 1 2 4 Venezuela ------Latin America 2 3 2 5 108 144 175 254

Bahrain ------Egypt ------Kuwait ------Lebanon ------Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE ------Middle East & North Africa ------

Israel - 3 8 10 14 36 64 83 South Africa - - 7 6 7 15 19 24

Total 5,535 8,259 8,962 10,201 12,441 15,630 22,578 30,086

240 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 INTERNET ADVERTISING EXPENDITURE

US$ million at current prices

2007 2008 2009 2010 2011 2012 2013 2014 Canada 1,205 1,555 1,766 2,165 2,577 3,026 3,484 3,973 USA 14,513 17,823 20,338 23,082 25,984 30,253 35,499 41,622 North America 15,718 19,378 22,104 25,247 28,560 33,279 38,983 45,595

Austria 107 143 189 479 560 663 763 893 Belgium 145 165 179 223 247 274 315 409 Denmark 445 520 539 568 602 626 645 655 Finland 81 201 238 273 309 391 449 487 France 1,542 1,921 2,012 2,225 2,436 2,625 2,877 3,179 Germany 2,774 3,309 3,571 4,062 4,600 5,146 5,755 6,399 Ireland 121 132 148 143 162 182 199 214 Italy 390 444 467 560 647 725 826 950 Netherlands 954 1,036 1,053 1,106 1,174 1,231 1,274 1,307 Norway 477 574 577 659 736 806 865 915 Portugal 17 26 28 33 39 45 52 59 Spain 639 808 866 1,046 1,150 1,265 1,455 1,673 Sweden 562 673 694 799 897 998 1,075 1,142 Switzerland 214 288 374 433 455 553 614 690 UK 3,696 4,403 4,646 5,311 5,929 6,478 7,016 7,515 Western Europe 12,163 14,643 15,581 17,921 19,944 22,008 24,181 26,488

Armenia 0.01 0.01 0.12 0.20 0.36 0.45 0.50 0.64 Azerbaijan 0 0.5 0.6 0.8 1.1 1.5 1.8 2.0 Belarus 3.0 5.1 5.9 7.3 6.3 6.0 6.9 8.9 Bosnia & Herzegovina 0.4 0.7 1.1 1.3 2.0 2.7 3.4 5.1 Bulgaria 13 22 23 25 30 35 41 45 Croatia 8 12 10 28 22 24 26 29 Czech Republic 125 164 166 194 226 246 270 300 Estonia 12.6 15.9 12.0 12.8 15.4 16.8 18.4 20.7 Georgia 0.1 0.2 0.4 0.8 0.8 1.0 1.1 1.5 Greece ------Hungary 74 105 112 131 143 161 175 185 Kazakhstan ------Latvia 11.1 16.0 11.3 11.1 12.6 13.4 14.1 15.6 Lithuania 6 12 8 10 10 14 17 20 Moldova 0.1 0.2 0.3 0.6 1.5 2.1 2.6 3.0 Poland 197 245 266 320 369 427 493 597 Romania 17 29 21 32 40 48 55 60 Russia 418 491 533 744 1,131 1,527 2,062 2,680 Serbia 2 3 3 9 10 12 13 16 Slovakia 22 30 30 33 34 36 37 46 Slovenia 14 24 24 32 42 47 53 60 Turkey 35 63 121 167 208 250 300 354 Ukraine 11 21 19 26 36 50 68 88 Uzbekistan - 0.1 0.2 0.7 1.1 1.8 2.5 3.5 Central & Eastern Europe 969 1,258 1,369 1,786 2,343 2,923 3,660 4,541

Australia 1,235 1,569 1,716 2,077 2,413 2,776 3,265 3,856 China 1,805 2,511 3,063 4,745 6,405 8,839 11,844 15,635 Hong Kong 13 13 17 24 30 42 59 64 India 61 77 99 128 166 214 273 357 Indonesia 0.7 0.8 1.0 1.1 1.3 1.5 1.9 2.2 Japan 6,839 7,955 8,053 8,825 9,266 9,968 10,715 11,415 Malaysia 12 15 36 45 53 63 76 91 New Zealand 97 144 154 185 238 274 303 324 Pakistan 1.0 1.6 2.3 2.9 3.5 4.1 4.8 5.6 Philippines 13 18 22 29 38 55 78 89 Singapore 23 37 49 74 128 137 183 192 South Korea 1,097 1,144 1,178 1,331 1,465 1,611 1,772 1,972 Taiwan 157 189 222 271 293 313 335 359 Thailand 6 7 8 9 15 17 21 30 Vietnam 0.5 0.6 0.8 1.5 2.0 2.5 3.5 3.0 Asia Pacific 11,360 13,682 14,621 17,750 20,517 24,319 28,934 34,394

Argentina 34 52 78 107 118 134 154 177 Brazil 300 431 540 691 804 899 1,004 1,125 Chile 16 22 36 46 56 68 78 94 Colombia 12 21 25 41 59 88 141 176 Costa Rica - - 1 2 2 4 7 9 Ecuador 0.16 0.50 0.55 0.70 1.10 1.30 1.50 2.10 Mexico ------Panama ------Peru 7 10 14 16 22 29 39 50 Puerto Rico 5.0 8.0 14.0 20.0 25.0 26.0 27.0 27.0 Uruguay 2 3 4 6 5 5 5 7 Venezuela 0.3 0.6 0.7 0.9 1.9 2.1 2.4 2.8 Latin America 376 548 713 930 1,095 1,256 1,461 1,670

Bahrain ------Egypt ------Kuwait ------Lebanon ------Oman ------Pan Arab 8 14 23 72 105 143 172 172 Qatar ------Saudi Arabia ------UAE ------Middle East & North Africa 8 14 23 72 105 143 172 172

Israel 136 153 178 194 204 227 252 282 South Africa 37 61 64 79 96 139 191 254

Total 40,767 49,738 54,654 63,979 72,864 84,294 97,834 113,396

241 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: PRINT

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 44.2 44.7 43.3 42.7 41.0 40.2 38.9 36.1 USA 46.4 46.4 45.7 44.2 44.6 44.1 44.6 44.0 North America 46.3 46.3 45.6 44.2 44.4 44.0 44.3 43.6

Austria 59.2 59.9 60.2 59.8 59.5 58.6 58.8 58.5 Belgium 38.4 35.9 30.5 33.7 34.4 34.9 35.8 40.1 Denmark 57.4 54.9 53.7 52.3 51.4 51.4 60.3 56.8 Finland 73.2 73.5 73.2 72.1 71.7 71.0 70.4 69.6 France 45.6 45.1 45.1 38.8 36.7 35.0 33.3 31.6 Germany 67.9 67.4 66.1 66.4 65.5 65.3 62.6 60.1 Ireland 51.7 57.3 58.5 63.0 65.7 66.5 61.2 61.4 Italy 37.3 37.1 37.3 35.6 34.4 32.5 32.3 32.7 Netherlands 71.5 70.2 70.9 68.8 66.4 64.5 63.7 56.3 Norway 57.6 54.5 56.0 56.3 56.7 57.4 53.0 51.5 Portugal 30.1 28.8 27.4 26.1 25.3 24.0 23.8 23.7 Spain 43.7 42.9 42.5 41.1 39.5 38.2 36.6 35.6 Sweden 67.9 64.5 64.9 62.0 62.1 60.0 57.9 54.8 Switzerland 70.9 69.7 69.2 66.5 64.0 58.7 56.5 56.4 UK 56.5 56.8 58.0 56.2 54.8 52.4 48.9 46.4 Western Europe 56.6 55.8 55.4 53.8 52.2 50.6 48.8 47.3

Armenia ------0.4 0.5 Azerbaijan - - - 7.8 7.8 9.4 4.8 5.0 Belarus - - - - - 28.3 26.0 20.9 Bosnia & Herzegovina - 7.8 7.7 6.8 4.7 10.5 8.7 8.6 Bulgaria 38.2 30.3 20.8 29.2 23.5 22.4 21.6 19.5 Croatia 25.3 26.7 25.7 24.7 27.4 29.0 25.0 27.1 Czech Republic 41.4 40.2 35.6 40.0 39.4 40.2 36.3 35.4 Estonia 60.4 59.2 61.0 58.5 56.2 56.1 55.7 54.4 Georgia ------Greece 41.5 43.2 42.9 42.1 45.6 49.4 51.6 52.9 Hungary 32.2 28.8 27.5 24.6 23.8 22.1 42.3 40.1 Kazakhstan ------14.8 14.7 Latvia 47.0 44.0 47.4 46.4 45.8 43.7 42.5 39.6 Lithuania 39.3 35.3 26.9 22.1 22.5 24.1 41.3 40.2 Moldova ------19.4 19.2 Poland 26.3 27.9 24.4 23.2 26.6 29.3 29.4 27.1 Romania 20.8 24.3 24.5 25.5 23.4 26.8 21.8 19.5 Russia 45.4 41.2 35.2 22.6 21.8 21.0 18.9 17.4 Serbia - - - - 7.1 9.3 20.0 21.3 Slovakia 23.0 20.8 19.6 18.6 19.3 16.3 25.5 23.1 Slovenia 29.1 31.2 30.9 30.1 31.5 30.7 30.8 33.0 Turkey 41.9 40.6 41.9 37.8 35.7 37.1 39.3 36.6 Ukraine - - - 18.0 23.2 23.0 25.6 23.6 Uzbekistan ------14.7 9.9 Central & Eastern Europe 34.7 34.5 31.5 29.4 29.6 30.0 31.4 29.6

Australia 52.5 52.1 52.1 49.9 49.3 47.9 47.2 44.8 China 35.2 39.7 39.5 39.6 41.3 34.7 33.3 33.2 Hong Kong 47.2 57.8 56.1 58.0 54.0 59.0 52.1 52.3 India 50.6 50.1 49.6 48.6 54.9 48.0 47.0 46.3 Indonesia 32.9 33.2 36.2 35.6 32.7 33.0 32.8 33.4 Japan 36.9 36.7 36.0 35.1 34.6 33.3 32.1 30.8 Malaysia 61.7 64.3 66.3 67.6 67.5 62.7 63.2 59.5 New Zealand 51.1 50.7 51.9 51.2 50.0 51.1 51.0 49.9 Pakistan 29.3 46.5 47.7 45.2 43.9 41.4 40.3 37.7 Philippines 15.7 16.1 14.4 11.7 10.1 10.2 20.9 17.5 Singapore 55.3 54.6 48.8 44.9 43.7 41.0 44.5 45.3 South Korea 64.0 53.9 54.4 51.8 52.2 47.2 46.8 44.8 Taiwan 42.1 43.4 44.5 34.9 32.7 41.9 42.4 41.0 Thailand 33.9 26.5 32.6 31.3 31.2 34.0 32.9 30.2 Vietnam 31.9 28.2 29.3 29.6 30.8 29.5 25.9 22.9 Asia Pacific 40.6 40.4 40.0 39.1 38.8 37.2 36.3 35.1

Argentina 43.0 41.3 42.1 44.7 44.1 44.1 41.2 39.6 Brazil 32.6 32.0 31.7 29.6 27.5 25.6 25.8 24.9 Chile 39.6 39.5 35.1 34.2 32.1 32.6 32.6 32.3 Colombia 26.0 22.8 21.5 20.9 22.0 23.3 24.6 23.9 Costa Rica - 40.8 37.7 32.1 33.0 33.2 30.2 31.7 Ecuador 27.1 21.2 17.8 17.6 18.8 20.2 36.6 36.3 Mexico 30.3 27.1 27.1 25.4 24.0 22.4 21.8 22.2 Panama 34.2 33.5 32.9 27.3 30.1 26.5 28.3 26.5 Peru 34.8 35.9 37.0 34.6 37.4 29.8 26.1 26.1 Puerto Rico 34.4 32.7 29.1 30.5 32.4 33.1 33.9 35.1 Uruguay 23.4 22.8 14.4 18.0 26.6 26.6 29.1 25.4 Venezuela 15.7 15.5 18.1 13.5 10.0 16.0 15.8 17.6 Latin America 32.5 31.2 30.0 28.5 27.6 26.6 26.9 26.5

Bahrain 48.7 53.2 51.3 68.7 73.1 68.4 70.2 72.5 Egypt 61.7 61.2 65.2 62.3 64.8 66.5 57.7 62.3 Kuwait 86.2 84.3 84.6 83.5 86.2 85.6 79.2 78.3 Lebanon ------34.4 33.6 Oman 78.2 84.3 80.8 72.9 70.7 69.0 72.5 78.6 Pan Arab 12.0 8.1 14.0 9.9 10.7 9.8 13.0 10.5 Qatar - - - 91.6 88.4 91.4 90.6 89.8 Saudi Arabia 85.5 87.4 84.1 79.7 77.6 74.5 78.8 67.8 UAE 75.2 81.5 84.7 84.3 80.4 80.9 87.7 82.5 Middle East & North Africa 54.1 53.3 51.5 50.1 48.5 48.2 53.0 49.1

Israel 61.0 62.8 58.5 57.0 53.4 51.0 50.9 48.7 South Africa 42.9 41.6 39.4 39.5 37.8 36.1 36.9 34.1

Total 47.0 46.8 45.9 44.3 43.7 42.6 42.3 41.1

242 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: PRINT

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 33.9 31.3 27.9 26.3 23.9 22.3 20.8 19.3 USA 42.6 39.7 34.7 31.9 29.5 26.9 24.6 22.2 North America 42.1 39.2 34.3 31.6 29.2 26.6 24.3 22.0

Austria 58.3 58.0 56.0 53.8 53.3 52.4 51.5 50.5 Belgium 38.6 37.4 36.7 34.8 33.1 32.2 31.4 30.1 Denmark 53.7 50.3 46.1 43.8 40.6 39.3 38.3 37.5 Finland 68.5 63.2 58.0 55.7 54.3 51.7 49.8 48.7 France 29.6 28.7 27.0 25.6 24.3 23.1 21.8 20.6 Germany 58.0 56.8 54.6 52.4 50.5 48.7 46.9 45.0 Ireland 58.4 57.8 55.9 33.0 30.7 29.0 28.4 27.9 Italy 32.7 31.1 28.1 25.9 25.9 25.4 25.0 24.5 Netherlands 53.5 51.6 47.4 45.3 41.4 39.1 37.8 36.7 Norway 52.4 48.6 45.4 43.5 41.6 40.3 38.9 38.1 Portugal 23.1 22.5 20.5 19.3 18.0 17.9 17.7 17.4 Spain 34.4 31.4 29.2 27.3 25.8 24.7 24.0 23.1 Sweden 52.3 49.1 44.6 43.3 41.9 40.9 39.8 39.0 Switzerland 54.6 52.6 48.6 47.9 47.3 46.5 45.9 44.8 UK 43.0 39.4 34.4 31.3 28.9 27.9 27.0 26.2 Western Europe 45.4 43.6 40.8 38.3 36.9 35.7 34.6 33.4

Armenia 1.4 1.8 1.4 1.3 1.4 1.4 1.4 1.4 Azerbaijan 4.7 5.1 5.1 5.4 5.2 5.4 4.8 4.3 Belarus 17.1 15.7 15.9 14.3 12.9 13.3 12.9 11.5 Bosnia & Herzegovina 8.9 7.3 7.7 7.7 7.3 6.8 6.4 6.0 Bulgaria 17.9 15.7 17.1 15.7 13.5 12.6 11.9 11.4 Croatia 27.6 27.9 19.2 14.1 13.8 13.8 13.8 13.8 Czech Republic 33.6 30.5 29.1 30.6 27.2 25.2 24.0 23.0 Estonia 50.6 45.9 40.1 34.6 33.9 33.4 33.2 32.3 Georgia 8.5 9.6 8.2 7.5 5.2 5.1 5.1 5.0 Greece 51.1 55.1 54.3 57.0 59.1 59.9 59.9 59.9 Hungary 38.0 37.1 36.0 33.7 33.2 31.7 30.3 28.8 Kazakhstan 12.8 9.3 8.2 13.3 13.3 13.3 13.3 13.3 Latvia 39.3 34.2 25.2 20.1 18.5 18.5 18.0 17.5 Lithuania 37.7 37.8 33.2 29.3 28.3 25.2 23.0 21.0 Moldova 16.4 11.2 9.3 8.4 9.7 9.2 9.0 8.8 Poland 23.6 21.5 19.8 17.8 16.1 14.6 13.3 12.0 Romania 17.1 14.6 12.2 8.6 7.6 7.2 7.2 7.3 Russia 16.0 17.6 14.1 13.1 11.8 10.9 10.3 9.6 Serbia 22.9 26.3 22.4 23.4 22.2 21.0 20.2 18.1 Slovakia 23.5 19.4 24.1 25.8 24.2 21.7 20.3 18.1 Slovenia 31.9 29.7 26.4 19.8 19.0 18.3 17.8 17.2 Turkey 33.6 32.9 29.6 26.1 24.0 22.8 21.6 20.2 Ukraine 24.9 35.0 33.2 27.3 25.4 23.5 22.6 21.4 Uzbekistan 10.7 7.0 5.0 5.4 5.4 5.2 4.9 4.8 Central & Eastern Europe 27.3 26.9 24.5 22.5 19.9 18.5 17.4 16.2

Australia 43.6 42.4 39.0 37.0 34.6 32.4 30.6 28.7 China 30.1 28.8 28.4 23.4 20.9 18.6 16.4 14.4 Hong Kong 52.4 48.8 47.4 45.0 45.4 45.3 44.9 44.1 India 46.1 47.9 46.6 46.1 47.3 46.9 46.5 46.2 Indonesia 36.0 38.7 40.8 39.7 39.8 39.8 39.8 38.8 Japan 29.1 26.8 24.1 22.5 21.0 20.2 19.4 18.7 Malaysia 57.7 55.4 52.4 51.6 52.6 52.4 52.2 51.9 New Zealand 48.5 45.7 43.4 41.7 39.5 36.8 34.4 32.5 Pakistan 33.3 29.3 26.3 22.9 22.4 21.9 21.5 21.3 Philippines 18.9 18.2 15.4 15.6 14.9 13.7 12.9 12.5 Singapore 47.4 45.4 44.2 44.8 42.2 41.8 40.1 39.5 South Korea 45.6 43.5 41.7 40.5 38.2 37.1 34.5 32.8 Taiwan 40.0 35.4 30.8 30.0 28.9 28.4 27.4 25.9 Thailand 29.9 29.4 26.2 24.5 23.6 23.1 22.3 21.5 Vietnam 22.5 22.3 19.2 17.5 16.9 16.6 16.2 16.4 Asia Pacific 33.9 32.4 30.4 28.5 27.1 25.7 24.3 23.1

Argentina 36.9 36.3 35.3 34.4 34.0 34.4 35.3 36.2 Brazil 25.5 25.0 22.1 20.1 19.7 19.4 19.0 18.7 Chile 31.7 31.6 27.7 29.1 29.3 29.2 29.3 29.4 Colombia 25.8 23.6 22.8 22.3 23.2 21.6 20.4 19.2 Costa Rica 34.2 34.1 30.5 30.5 29.8 29.2 28.8 28.5 Ecuador 38.8 37.6 34.7 34.6 29.5 28.4 24.1 23.1 Mexico 21.4 20.6 19.4 17.6 17.9 17.5 17.1 16.9 Panama 26.3 25.5 18.8 21.2 21.2 21.4 21.5 21.5 Peru 24.7 23.2 22.4 19.6 19.5 19.2 18.3 17.4 Puerto Rico 35.4 34.5 36.2 35.8 35.7 35.7 35.6 35.6 Uruguay 23.7 22.1 21.0 22.3 22.8 21.5 21.8 21.1 Venezuela 22.9 28.8 27.0 27.0 27.0 27.0 24.0 24.0 Latin America 26.7 26.3 24.2 22.6 22.4 22.2 21.9 21.9

Bahrain 78.3 77.4 77.1 76.7 84.4 80.0 80.0 80.0 Egypt 76.6 83.8 74.6 72.2 69.2 69.2 68.5 68.5 Kuwait 84.0 73.5 74.1 72.9 75.6 76.5 77.3 77.3 Lebanon 29.9 27.6 27.9 27.9 27.2 28.2 27.3 27.3 Oman 82.2 89.2 88.5 90.4 90.5 89.0 89.0 89.0 Pan Arab 8.4 7.2 5.7 4.6 4.8 4.1 3.9 3.9 Qatar 88.1 87.6 87.4 89.6 90.4 90.4 90.4 90.4 Saudi Arabia 48.8 72.0 71.6 71.1 71.6 71.1 71.1 71.1 UAE 78.7 75.6 72.3 69.5 67.0 65.4 65.5 65.5 Middle East & North Africa 43.8 47.4 42.3 40.0 37.8 36.2 35.1 35.1

Israel 43.7 40.3 36.6 34.3 33.6 32.7 31.8 30.4 South Africa 31.1 31.5 26.0 22.6 23.4 23.2 23.0 22.8

Total 39.4 37.2 33.7 31.2 29.4 27.7 26.0 24.5

243 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: NEWSPAPERS

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 37.1 37.3 35.6 34.9 33.0 32.2 31.0 28.5 USA 31.2 31.1 31.1 30.3 30.4 30.1 30.2 29.7 North America 31.5 31.3 31.3 30.5 30.5 30.2 30.3 29.6

Austria 31.5 38.1 37.2 36.7 37.2 37.3 39.0 39.1 Belgium 23.5 22.4 15.9 19.9 21.9 22.8 24.3 30.2 Denmark 50.7 48.6 47.4 46.3 45.5 45.5 46.5 43.6 Finland 56.9 56.5 56.0 55.1 55.2 55.0 54.1 53.4 France 19.4 19.1 18.3 13.4 12.8 12.5 11.8 11.4 Germany 44.0 43.5 42.1 41.7 40.8 41.2 39.7 37.9 Ireland 48.2 55.4 56.6 60.7 62.8 64.2 58.6 59.1 Italy 22.6 22.6 22.0 21.1 20.3 19.3 19.0 18.8 Netherlands 47.0 45.9 46.0 44.3 43.2 42.1 41.2 36.5 Norway 45.6 42.7 43.7 44.3 45.2 46.3 43.4 42.5 Portugal 10.5 10.2 9.8 8.6 8.2 7.9 7.6 7.4 Spain 30.3 32.0 31.2 30.2 28.7 27.4 26.6 26.2 Sweden 54.0 50.3 50.3 48.7 48.9 47.0 45.4 43.0 Switzerland 53.0 51.7 51.5 48.6 45.8 35.0 33.5 35.0 UK 39.5 40.4 41.3 40.4 39.7 38.2 35.3 33.4 Western Europe 36.9 36.7 36.0 35.0 34.1 33.2 32.0 31.2

Armenia ------0.2 0.3 Azerbaijan ------Belarus ------Bosnia & Herzegovina - 4.5 5.4 4.2 3.3 5.9 5.5 5.5 Bulgaria 30.3 24.6 15.4 17.5 18.7 16.6 13.7 11.4 Croatia 15.8 15.1 15.4 13.3 16.5 16.9 14.3 15.8 Czech Republic 20.2 19.6 16.6 20.0 19.6 20.2 17.5 17.3 Estonia 47.8 45.6 48.0 45.2 44.3 44.5 44.0 43.0 Georgia ------Greece 15.3 15.4 12.5 11.4 12.7 14.1 15.0 15.8 Hungary 16.9 14.7 14.0 12.4 12.0 11.3 21.4 19.2 Kazakhstan ------11.1 10.6 Latvia 39.5 36.0 37.1 34.8 32.3 29.9 29.3 24.9 Lithuania 30.7 25.9 19.8 16.1 16.0 17.4 29.2 27.9 Moldova ------11.6 11.5 Poland 12.1 13.4 11.3 10.7 13.7 15.3 13.5 12.5 Romania 12.8 15.7 15.2 15.9 14.3 15.2 11.2 9.0 Russia 33.2 29.1 23.2 8.8 7.8 7.3 6.5 5.7 Serbia - - - - 3.6 4.4 10.4 11.9 Slovakia 10.5 9.5 8.9 8.5 8.8 7.4 11.6 9.8 Slovenia 12.1 12.3 13.0 15.1 15.2 15.1 20.6 22.6 Turkey 35.5 34.3 37.4 33.5 31.9 33.4 35.5 32.8 Ukraine - - - 9.6 12.2 8.5 10.8 9.2 Uzbekistan ------Central & Eastern Europe 17.5 17.5 15.4 13.6 14.0 14.4 14.9 13.9

Australia 41.7 41.7 41.8 39.6 39.5 38.4 37.5 35.4 China 32.6 36.9 36.8 36.6 37.5 31.9 30.4 30.8 Hong Kong 35.8 46.0 43.9 46.1 42.4 45.6 29.9 29.8 India 50.6 50.1 40.2 40.3 48.5 44.1 43.1 41.8 Indonesia 28.9 27.0 29.3 29.3 27.0 27.7 27.7 29.0 Japan 27.1 27.2 26.8 25.5 25.0 24.2 21.9 20.8 Malaysia 57.6 60.1 60.5 63.0 63.2 59.0 59.7 56.2 New Zealand 39.9 40.1 40.7 40.1 39.0 39.9 38.8 38.1 Pakistan 23.0 36.8 44.4 41.6 39.5 36.5 34.7 31.3 Philippines 15.7 16.1 10.8 9.2 8.1 7.7 16.8 14.5 Singapore 50.1 50.0 44.1 41.0 38.6 36.4 39.4 39.1 South Korea 59.5 49.8 50.0 47.6 48.3 43.6 42.7 40.6 Taiwan 31.8 31.3 33.5 22.3 19.5 31.0 29.9 28.7 Thailand 29.7 21.2 27.4 25.9 25.4 27.3 25.8 23.4 Vietnam 31.9 28.2 29.3 29.6 30.8 19.4 17.4 15.8 Asia Pacific 32.0 32.1 31.7 30.8 30.7 29.6 27.8 27.0

Argentina 33.6 30.2 31.5 39.7 38.6 37.9 34.7 34.3 Brazil 22.7 21.5 21.2 19.9 18.1 17.1 16.7 16.0 Chile 36.0 34.5 30.6 30.0 28.3 29.2 29.4 29.2 Colombia 19.8 17.8 17.5 16.9 17.6 18.4 19.2 18.6 Costa Rica - 40.8 37.7 32.1 33.0 33.2 23.8 24.3 Ecuador 24.1 17.9 14.9 14.7 15.6 16.5 31.1 30.9 Mexico 17.8 15.7 15.6 15.9 13.1 12.3 11.8 11.9 Panama 34.2 33.5 32.9 27.3 25.5 22.4 22.8 21.1 Peru 32.2 33.3 34.2 31.9 35.0 27.0 23.7 23.4 Puerto Rico 32.0 29.9 26.4 27.7 29.4 29.9 31.1 31.8 Uruguay 23.4 22.8 14.0 15.2 24.3 23.1 22.9 19.8 Venezuela 14.7 14.5 16.8 12.4 9.3 15.1 14.9 16.7 Latin America 24.4 22.7 21.8 21.3 20.2 19.5 19.4 19.0

Bahrain - - - 62.0 66.6 63.1 62.6 64.6 Egypt 53.7 51.5 56.3 55.2 57.8 59.0 51.4 56.6 Kuwait 65.5 67.3 69.5 73.3 76.7 74.6 69.1 68.9 Lebanon ------25.1 24.9 Oman 76.5 82.7 75.9 72.2 69.1 64.9 70.1 77.2 Pan Arab 2.6 1.2 1.8 3.6 4.3 4.7 5.8 4.4 Qatar - - - 91.2 88.1 91.4 90.1 89.6 Saudi Arabia 70.3 71.2 70.6 73.8 71.4 70.1 75.1 64.2 UAE 57.2 64.6 67.4 69.2 67.0 67.5 71.9 67.8 Middle East & North Africa 40.5 40.3 37.6 42.4 40.9 41.1 44.8 41.7

Israel 56.9 58.7 52.6 50.3 46.5 44.4 44.2 42.3 South Africa 27.9 27.9 26.1 27.0 26.3 25.6 25.7 23.9

Total 32.6 32.4 31.8 30.8 30.4 29.7 29.1 28.3

244 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: NEWSPAPERS

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 26.4 24.4 21.5 20.3 18.3 16.9 15.5 14.2 USA 28.1 25.8 22.2 19.6 17.5 15.6 13.8 12.2 North America 28.0 25.7 22.2 19.6 17.6 15.7 14.0 12.3

Austria 39.4 38.8 39.0 39.0 38.7 38.2 37.7 37.1 Belgium 29.0 28.0 27.8 26.2 25.1 24.7 23.8 22.9 Denmark 41.0 37.5 35.0 33.2 31.1 30.2 29.3 28.7 Finland 52.5 48.9 45.0 43.7 42.8 40.8 39.4 38.6 France 10.7 10.6 10.7 9.9 9.4 9.1 8.6 8.1 Germany 36.6 35.8 34.6 33.1 31.6 30.3 29.2 28.0 Ireland 56.3 55.7 53.8 24.9 23.0 21.9 21.5 21.2 Italy 18.9 17.9 17.2 16.0 15.8 15.5 15.2 14.9 Netherlands 34.8 33.9 32.0 30.9 28.7 27.3 26.5 25.8 Norway 48.1 44.5 41.6 39.8 38.0 36.7 35.4 34.7 Portugal 7.1 7.1 6.3 5.6 5.4 5.3 5.2 5.1 Spain 25.4 22.7 22.1 20.5 19.0 18.1 17.6 16.9 Sweden 41.1 38.1 35.5 34.7 32.4 31.5 30.4 29.5 Switzerland 33.8 32.4 30.3 29.2 28.9 28.7 28.4 27.7 UK 31.3 28.5 25.4 23.5 21.7 21.0 20.3 19.6 Western Europe 30.1 28.8 27.4 25.5 24.5 23.7 23.0 22.2

Armenia 0.7 0.9 0.7 0.6 0.7 0.7 0.7 0.7 Azerbaijan ------Belarus ------Bosnia & Herzegovina 6.1 4.9 4.9 4.7 4.3 4.0 3.8 3.6 Bulgaria 9.5 7.5 8.6 8.2 7.6 7.0 6.7 6.3 Croatia 16.0 16.3 11.8 9.4 8.9 8.9 8.9 8.9 Czech Republic 15.1 13.9 13.2 14.6 12.2 11.0 10.3 9.7 Estonia 40.0 36.0 33.3 28.4 27.5 27.3 26.9 25.8 Georgia - - - - - 0.7 1.4 2.0 Greece 16.1 15.6 17.1 20.1 22.6 22.9 22.9 22.9 Hungary 18.0 17.8 17.5 16.6 17.0 16.3 15.5 14.7 Kazakhstan 9.1 5.6 5.2 8.8 9.4 9.4 9.4 9.4 Latvia 22.0 18.2 14.3 11.2 10.5 10.0 9.5 9.0 Lithuania 24.9 24.9 22.1 18.7 17.8 15.9 14.7 13.5 Moldova 9.8 6.7 5.6 5.0 6.4 6.1 6.0 5.9 Poland 10.8 9.7 8.3 7.4 6.7 5.9 5.3 4.7 Romania 7.4 7.2 5.3 3.9 3.4 3.3 3.2 3.3 Russia 5.3 4.8 4.2 4.1 3.6 3.2 3.0 2.8 Serbia 15.3 17.8 14.4 15.3 14.7 13.9 13.3 11.9 Slovakia 9.4 7.1 8.7 11.9 11.5 10.1 9.4 8.3 Slovenia 22.4 20.4 17.8 14.2 13.2 12.6 12.1 11.6 Turkey 29.9 29.4 27.0 23.7 21.9 20.9 19.8 18.6 Ukraine 8.5 15.9 15.6 12.6 10.8 9.3 8.1 7.1 Uzbekistan ------1.7 Central & Eastern Europe 12.6 11.8 11.2 10.9 10.0 9.3 8.7 8.2

Australia 34.8 33.9 31.3 29.9 28.0 26.1 24.5 22.8 China 27.9 26.4 26.3 21.6 19.2 17.1 15.0 13.2 Hong Kong 30.1 30.0 31.2 28.7 28.3 28.1 27.8 27.4 India 41.9 42.6 44.1 43.5 44.6 44.2 43.9 43.5 Indonesia 31.9 34.5 36.9 36.2 36.5 36.8 37.0 36.3 Japan 19.6 17.9 16.6 15.8 14.7 14.1 13.6 13.2 Malaysia 54.7 52.9 50.3 49.6 50.8 50.7 50.5 50.2 New Zealand 37.0 34.4 32.2 30.9 29.2 26.3 24.3 23.2 Pakistan 26.9 23.7 21.4 18.7 18.3 17.9 17.6 17.5 Philippines 15.5 15.0 12.7 12.9 12.3 11.4 10.6 10.2 Singapore 41.3 39.8 38.9 39.7 37.1 36.6 35.4 34.8 South Korea 41.2 39.1 37.3 36.1 33.9 32.9 30.2 28.5 Taiwan 27.2 22.9 20.5 20.5 19.7 19.2 18.6 17.7 Thailand 23.4 22.8 20.1 18.7 17.9 17.5 16.8 16.1 Vietnam 15.7 14.5 11.9 10.9 10.1 9.6 9.2 9.9 Asia Pacific 26.3 25.3 24.5 23.3 22.2 21.2 20.1 19.1

Argentina 31.5 30.7 29.6 28.6 28.5 29.0 30.3 31.6 Brazil 16.8 16.3 14.3 12.5 12.1 11.9 11.7 11.5 Chile 28.6 28.7 25.4 27.0 27.2 27.2 27.4 27.4 Colombia 20.1 18.4 18.2 18.0 18.8 17.9 17.0 16.2 Costa Rica 25.5 22.8 20.9 22.0 21.5 21.0 20.8 20.6 Ecuador 29.8 28.4 26.3 26.4 23.8 21.1 18.4 17.6 Mexico 11.6 11.0 10.8 9.8 10.0 9.8 9.6 9.5 Panama 20.7 20.1 15.2 16.7 16.7 16.8 16.9 16.9 Peru 21.8 20.6 20.0 17.7 17.5 17.4 16.5 15.6 Puerto Rico 31.7 31.0 32.0 31.6 31.7 31.6 31.5 31.5 Uruguay 17.8 16.3 15.6 16.4 16.9 16.4 16.0 15.7 Venezuela 21.6 27.4 25.7 25.7 25.6 25.6 22.5 22.5 Latin America 19.2 18.8 17.4 16.0 15.9 15.8 15.7 15.9

Bahrain 69.7 64.6 63.7 64.4 73.8 79.1 79.1 79.1 Egypt 69.0 77.4 68.8 67.4 65.3 65.3 64.9 64.9 Kuwait 73.0 65.0 66.0 66.4 68.8 69.6 70.3 70.3 Lebanon 21.5 19.8 20.8 20.8 20.0 21.0 20.1 20.1 Oman 79.4 86.8 87.0 88.7 88.8 87.3 87.3 87.3 Pan Arab 3.0 2.4 1.9 1.6 1.7 1.5 1.4 1.4 Qatar 87.4 86.8 86.9 89.1 89.8 89.7 89.7 89.7 Saudi Arabia 46.1 68.1 68.3 68.0 68.8 68.5 68.6 68.6 UAE 64.7 64.0 62.3 61.5 60.0 58.5 59.0 59.0 Middle East & North Africa 36.9 40.7 37.0 35.6 33.8 32.6 31.7 31.7

Israel 38.0 35.0 32.5 30.8 30.4 29.6 28.7 27.5 South Africa 22.2 22.8 18.7 16.4 16.8 16.7 16.6 16.5

Total 27.0 25.4 23.3 21.4 20.0 18.8 17.6 16.6

245 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: MAGAZINES

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 7.0 7.4 7.7 7.8 8.0 8.0 7.9 7.5 USA 15.1 15.3 14.6 14.0 14.3 14.1 14.4 14.3 North America 14.8 15.0 14.3 13.7 14.0 13.8 14.1 14.0

Austria 27.7 21.9 22.9 23.1 22.2 21.2 19.8 19.4 Belgium 14.8 13.5 14.6 13.9 12.6 12.1 11.5 9.9 Denmark 6.7 6.3 6.3 6.0 6.0 5.9 13.8 13.2 Finland 16.3 16.9 17.2 17.0 16.5 16.1 16.3 16.2 France 26.2 26.0 26.8 25.4 23.9 22.5 21.4 20.3 Germany 23.9 23.9 24.0 24.7 24.8 24.1 23.0 22.2 Ireland 3.5 1.9 1.9 2.3 2.9 2.3 2.6 2.3 Italy 14.7 14.4 15.3 14.5 14.1 13.3 13.3 13.9 Netherlands 24.5 24.3 24.9 24.5 23.2 22.4 22.5 19.8 Norway 11.9 11.9 12.4 12.0 11.5 11.1 9.6 9.0 Portugal 19.5 18.6 17.6 17.5 17.1 16.1 16.2 16.3 Spain 13.4 10.9 11.3 10.9 10.8 10.8 10.0 9.4 Sweden 13.9 14.2 14.6 13.4 13.2 13.0 12.6 11.8 Switzerland 17.9 18.0 17.6 17.9 18.2 23.7 23.0 21.3 UK 17.0 16.4 16.8 15.8 15.0 14.3 13.6 13.0 Western Europe 19.7 19.1 19.4 18.8 18.1 17.4 16.8 16.1

Armenia ------0.2 0.2 Azerbaijan ------Belarus ------Bosnia & Herzegovina - 3.3 2.3 2.6 1.4 4.6 3.2 3.1 Bulgaria 7.9 5.7 5.4 11.7 4.9 5.8 7.8 8.1 Croatia 9.6 11.5 10.3 11.4 10.9 12.0 10.7 11.3 Czech Republic 21.1 20.5 18.9 20.0 19.8 20.0 18.8 18.1 Estonia 12.7 13.6 13.0 13.3 11.9 11.6 11.7 11.4 Georgia ------Greece 26.2 27.8 30.4 30.8 32.9 35.3 36.6 37.1 Hungary 15.2 14.1 13.5 12.2 11.8 10.8 20.9 20.9 Kazakhstan ------3.7 4.1 Latvia 7.5 8.0 10.2 11.6 13.5 13.8 13.2 14.7 Lithuania 8.6 9.3 7.1 6.0 6.4 6.7 12.1 12.3 Moldova ------7.8 7.7 Poland 14.2 14.5 13.1 12.5 12.9 14.0 15.8 14.5 Romania 8.0 8.6 9.3 9.6 9.1 11.6 10.7 10.5 Russia 12.2 12.1 12.0 13.8 14.0 13.7 12.5 11.7 Serbia - - - - 3.5 4.9 9.6 9.4 Slovakia 12.6 11.4 10.7 10.2 10.5 8.9 13.9 13.3 Slovenia 17.0 18.9 17.8 15.0 16.3 15.7 10.2 10.4 Turkey 6.3 6.3 4.5 4.3 3.8 3.6 3.8 3.8 Ukraine - - - 8.4 11.0 14.5 14.9 14.4 Uzbekistan ------Central & Eastern Europe 17.2 17.0 16.1 15.8 15.5 15.6 16.5 15.6

Australia 10.8 10.4 10.3 10.3 9.8 9.5 9.7 9.4 China 2.6 2.9 2.8 3.0 3.8 2.8 2.9 2.4 Hong Kong 11.5 11.8 12.2 11.9 11.6 13.4 22.2 22.4 India - - 9.4 8.3 6.4 3.9 3.9 4.5 Indonesia 4.0 6.1 6.9 6.3 5.7 5.3 5.1 4.4 Japan 9.8 9.5 9.3 9.6 9.6 9.1 10.2 10.0 Malaysia 4.1 4.2 5.7 4.6 4.2 3.7 3.5 3.3 New Zealand 11.2 10.6 11.2 11.1 11.0 11.3 12.2 11.8 Pakistan 6.3 9.8 3.3 3.6 4.4 5.0 5.6 6.4 Philippines - - 3.7 2.5 2.1 2.6 4.2 3.0 Singapore 5.1 4.6 4.7 3.9 5.1 4.6 5.2 6.2 South Korea 4.5 4.1 4.3 4.2 3.9 3.5 4.2 4.2 Taiwan 10.3 12.0 10.9 12.6 13.2 10.9 12.6 12.4 Thailand 4.2 5.3 5.2 5.4 5.8 6.8 7.1 6.8 Vietnam - - - - - 10.1 8.4 7.1 Asia Pacific 8.7 8.3 8.3 8.3 8.1 7.6 8.5 8.1

Argentina 9.4 11.2 10.6 5.0 5.5 6.2 6.4 5.3 Brazil 10.0 10.6 10.6 9.7 9.4 8.5 9.0 8.9 Chile 3.6 5.0 4.5 4.2 3.8 3.4 3.2 3.1 Colombia 6.2 5.0 4.0 4.0 4.4 4.8 5.4 5.3 Costa Rica ------6.4 7.3 Ecuador 2.9 3.3 2.9 2.9 3.2 3.8 5.4 5.4 Mexico 12.5 11.4 11.5 9.6 10.9 10.1 10.0 10.3 Panama - - - - 4.6 4.0 5.5 5.5 Peru 2.6 2.5 2.7 2.7 2.4 2.8 2.4 2.7 Puerto Rico 2.4 2.8 2.7 2.8 3.0 3.1 2.8 3.3 Uruguay - - 0.4 2.8 2.3 3.4 6.2 5.6 Venezuela 0.9 1.0 1.3 1.2 0.8 0.9 0.9 0.9 Latin America 8.0 8.5 8.3 7.2 7.5 7.1 7.5 7.5

Bahrain ------7.6 7.9 Egypt 8.0 9.7 8.9 7.2 6.9 7.5 6.3 5.7 Kuwait 20.8 17.0 15.1 10.2 9.4 11.0 10.1 9.4 Lebanon ------9.3 8.7 Oman 1.7 1.6 4.8 0.7 1.6 4.1 2.5 1.4 Pan Arab 9.4 6.9 12.2 6.3 6.4 5.1 7.2 6.2 Qatar - - - 0.41 0.32 0.03 0.50 0.27 Saudi Arabia 15.3 16.1 13.5 5.8 6.1 4.4 3.7 3.6 UAE 18.0 16.8 17.2 15.1 13.4 13.4 15.7 14.7 Middle East & North Africa 12.5 11.4 12.4 7.4 7.4 6.9 8.2 7.4

Israel 4.0 4.1 5.8 6.7 6.9 6.7 6.6 6.3 South Africa 15.0 13.7 13.3 12.5 11.5 10.5 11.2 10.2

Total 14.5 14.3 14.0 13.5 13.3 12.9 13.1 12.8

246 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: MAGAZINES

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 7.5 6.9 6.4 6.0 5.6 5.4 5.3 5.1 USA 14.5 13.9 12.5 12.4 12.0 11.4 10.7 10.0 North America 14.1 13.5 12.2 12.0 11.6 11.0 10.4 9.7

Austria 18.9 19.3 17.0 14.8 14.5 14.2 13.8 13.4 Belgium 9.7 9.5 8.9 8.6 8.0 7.5 7.6 7.2 Denmark 12.7 12.9 11.1 10.6 9.5 9.2 9.0 8.8 Finland 16.0 14.3 13.0 12.0 11.5 10.9 10.4 10.0 France 18.9 18.1 16.3 15.7 14.9 14.0 13.2 12.5 Germany 21.5 21.0 20.0 19.3 18.9 18.4 17.7 17.0 Ireland 2.1 2.1 2.1 8.1 7.7 7.1 6.9 6.7 Italy 13.8 13.2 10.9 9.9 10.0 9.9 9.8 9.6 Netherlands 18.8 17.7 15.4 14.4 12.7 11.8 11.3 11.0 Norway 4.3 4.2 3.7 3.7 3.6 3.6 3.5 3.4 Portugal 16.0 15.4 14.2 13.7 12.6 12.6 12.5 12.3 Spain 9.0 8.7 7.1 6.8 6.7 6.6 6.4 6.2 Sweden 11.2 11.1 9.1 8.6 9.6 9.3 9.4 9.5 Switzerland 20.8 20.1 18.3 18.7 18.4 17.8 17.5 17.1 UK 11.7 10.9 8.9 7.8 7.2 7.0 6.8 6.5 Western Europe 15.3 14.8 13.4 12.8 12.4 12.0 11.6 11.2

Armenia 0.7 0.9 0.7 0.7 0.7 0.7 0.7 0.7 Azerbaijan ------Belarus ------Bosnia & Herzegovina 2.8 2.4 2.8 3.1 2.9 2.8 2.6 2.4 Bulgaria 8.5 8.1 8.4 7.5 5.9 5.6 5.2 5.0 Croatia 11.7 11.6 7.3 4.7 4.9 4.9 4.9 4.9 Czech Republic 18.5 16.6 15.9 16.1 14.9 14.2 13.7 13.3 Estonia 10.7 9.9 6.8 6.2 6.3 6.1 6.3 6.5 Georgia - - - - - 0.7 1.4 2.0 Greece 35.1 39.5 37.2 36.8 36.5 37.0 37.0 37.0 Hungary 19.9 19.3 18.6 17.0 16.2 15.5 14.8 14.0 Kazakhstan 3.7 3.7 3.1 4.5 4.0 4.0 4.0 4.0 Latvia 17.3 16.0 11.0 8.9 8.0 8.5 8.5 8.6 Lithuania 12.8 12.9 11.1 10.6 10.5 9.2 8.4 7.5 Moldova 6.6 4.5 3.7 3.3 3.2 3.1 3.0 2.9 Poland 12.7 11.8 11.5 10.3 9.5 8.7 8.0 7.3 Romania 9.8 7.5 7.0 4.7 4.2 4.0 4.0 4.0 Russia 10.7 12.8 9.8 9.0 8.2 7.7 7.3 6.9 Serbia 7.6 8.5 7.9 8.2 7.6 7.1 6.9 6.1 Slovakia 14.1 12.4 15.4 13.9 12.6 11.6 10.9 9.7 Slovenia 9.5 9.4 8.6 5.7 5.8 5.7 5.7 5.6 Turkey 3.7 3.5 2.6 2.4 2.1 1.9 1.8 1.6 Ukraine 16.5 19.2 17.6 14.7 14.6 14.2 14.5 14.3 Uzbekistan ------Central & Eastern Europe 14.5 15.0 13.2 11.4 9.8 9.1 8.6 8.0

Australia 8.8 8.5 7.7 7.1 6.6 6.3 6.1 5.9 China 2.3 2.4 2.2 1.8 1.7 1.5 1.4 1.2 Hong Kong 22.2 18.9 16.2 16.3 17.0 17.2 17.1 16.8 India 4.2 5.3 2.5 2.6 2.7 2.7 2.7 2.7 Indonesia 4.1 4.2 3.9 3.5 3.3 3.0 2.8 2.5 Japan 9.5 8.8 7.5 6.7 6.3 6.0 5.7 5.5 Malaysia 3.0 2.5 2.1 2.0 1.8 1.7 1.7 1.7 New Zealand 11.5 11.3 11.2 10.8 10.2 10.5 10.1 9.3 Pakistan 6.3 5.6 4.9 4.2 4.1 4.0 3.9 3.9 Philippines 3.3 3.2 2.7 2.7 2.6 2.3 2.3 2.2 Singapore 6.2 5.5 5.3 5.2 5.1 5.2 4.7 4.6 South Korea 4.3 4.4 4.4 4.4 4.2 4.2 4.3 4.3 Taiwan 12.8 12.5 10.4 9.5 9.2 9.1 8.7 8.2 Thailand 6.5 6.6 6.1 5.8 5.7 5.6 5.5 5.4 Vietnam 6.8 7.9 7.3 6.6 6.8 7.0 7.0 6.5 Asia Pacific 7.6 7.1 5.9 5.3 4.8 4.5 4.2 3.9

Argentina 5.5 5.6 5.7 5.8 5.5 5.4 4.9 4.6 Brazil 8.7 8.7 7.8 7.6 7.6 7.5 7.3 7.2 Chile 3.1 2.9 2.3 2.2 2.1 2.0 2.0 2.0 Colombia 5.8 5.3 4.6 4.3 4.4 3.8 3.4 3.0 Costa Rica 8.7 11.3 9.7 8.5 8.3 8.1 8.0 7.8 Ecuador 9.0 9.2 8.5 8.2 5.8 7.3 5.6 5.5 Mexico 9.8 9.6 8.6 7.8 8.0 7.7 7.5 7.4 Panama 5.7 5.4 3.6 4.5 4.5 4.6 4.6 4.6 Peru 2.9 2.7 2.4 1.9 1.9 1.8 1.8 1.8 Puerto Rico 3.7 3.5 4.2 4.1 4.0 4.1 4.1 4.1 Uruguay 5.9 5.8 5.4 5.9 5.9 5.1 5.8 5.4 Venezuela 1.3 1.4 1.3 1.3 1.3 1.3 1.5 1.5 Latin America 7.5 7.5 6.8 6.6 6.5 6.4 6.1 6.0

Bahrain 8.6 12.9 13.5 12.3 10.6 0.9 0.9 0.9 Egypt 7.7 6.4 5.7 4.8 3.9 3.8 3.6 3.6 Kuwait 11.0 8.4 8.1 6.6 6.8 6.9 7.0 7.0 Lebanon 8.4 7.8 7.1 7.1 7.2 7.2 7.2 7.2 Oman 2.9 2.5 1.5 1.7 1.7 1.7 1.7 1.7 Pan Arab 5.4 4.8 3.8 3.1 3.1 2.6 2.5 2.5 Qatar 0.64 0.80 0.47 0.48 0.61 0.64 0.68 0.68 Saudi Arabia 2.6 3.8 3.4 3.1 2.8 2.6 2.5 2.5 UAE 14.0 11.6 10.0 8.0 7.0 6.8 6.5 6.5 Middle East & North Africa 6.9 6.7 5.3 4.4 4.0 3.6 3.4 3.4

Israel 5.7 5.3 4.1 3.5 3.2 3.1 3.1 2.9 South Africa 8.9 8.7 7.3 6.2 6.6 6.5 6.4 6.3

Total 12.4 11.9 10.4 9.9 9.4 8.9 8.4 7.9

247 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: TELEVISION

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 36.5 35.4 36.4 36.1 36.9 36.6 35.2 35.1 USA 33.8 33.4 33.8 34.5 33.9 34.4 33.3 33.6 North America 33.9 33.4 33.9 34.6 34.0 34.5 33.4 33.7

Austria 24.6 25.3 24.3 24.5 24.2 24.5 23.8 24.1 Belgium 41.2 43.0 46.0 44.5 43.8 43.1 40.3 36.9 Denmark 16.7 15.9 15.8 16.2 18.6 19.3 19.2 18.1 Finland 19.7 18.9 18.2 19.1 19.2 19.7 19.4 19.6 France 32.0 32.4 32.6 36.6 34.5 37.0 36.1 36.5 Germany 23.3 23.6 24.2 23.5 23.9 23.9 23.2 22.8 Ireland 30.4 25.7 22.5 20.0 16.8 18.0 18.6 18.6 Italy 52.6 51.4 51.5 53.6 54.2 55.7 55.9 54.5 Netherlands 18.9 18.9 18.7 20.2 21.6 22.1 22.1 19.7 Norway 32.0 35.5 35.4 33.3 32.0 29.9 27.2 25.6 Portugal 52.3 53.5 53.3 53.7 54.7 55.6 56.4 56.5 Spain 41.6 40.9 39.3 40.3 41.6 43.2 43.9 43.6 Sweden 21.2 21.3 21.2 21.7 22.1 22.4 22.7 22.0 Switzerland 12.2 11.9 11.8 13.8 14.8 22.8 23.4 23.5 UK 32.4 31.5 29.8 31.1 30.5 29.8 29.3 27.4 Western Europe 30.5 30.5 30.4 31.4 31.7 32.7 32.2 31.2

Armenia ------77.4 75.0 Azerbaijan - - - 92.2 92.2 90.6 85.7 81.5 Belarus - - - - - 46.3 52.0 56.3 Bosnia & Herzegovina - 58.8 55.4 60.8 68.2 71.4 79.3 83.8 Bulgaria 61.8 60.3 69.1 58.5 63.3 67.9 66.0 60.4 Croatia 72.7 65.2 66.5 68.3 64.8 63.7 68.2 66.3 Czech Republic 49.6 51.5 54.8 47.9 48.3 47.0 46.8 44.7 Estonia 20.4 23.0 22.0 24.0 25.6 25.5 27.1 26.8 Georgia - 100.0 100.0 100.0 100.0 100.0 96.2 95.4 Greece 41.9 38.4 37.0 36.7 34.1 33.4 31.4 29.5 Hungary 54.9 57.8 59.8 63.9 65.5 64.6 38.8 38.0 Kazakhstan ------75.3 75.8 Latvia 31.7 33.7 33.6 33.6 33.5 35.2 36.3 35.7 Lithuania 52.6 55.3 67.6 71.4 71.9 69.4 42.6 43.5 Moldova ------42.0 43.9 Poland 59.3 57.2 63.1 63.6 59.2 55.1 49.5 51.2 Romania 63.9 59.5 59.2 59.8 65.1 56.6 61.1 63.2 Russia 33.2 32.7 38.2 48.9 49.6 49.6 51.9 52.1 Serbia - - - - 92.9 90.7 63.0 60.9 Slovakia 70.8 70.1 70.9 70.4 71.1 74.8 56.8 59.3 Slovenia 55.5 64.1 63.6 64.7 63.1 60.5 55.4 51.6 Turkey 42.1 42.5 42.1 48.4 52.4 52.0 50.3 51.8 Ukraine - - - 52.8 50.2 46.8 46.4 49.4 Uzbekistan - - - 100.0 100.0 100.0 54.4 46.5 Central & Eastern Europe 51.7 50.7 53.7 54.5 54.6 53.8 49.1 49.5

Australia 33.3 34.1 33.3 34.6 34.8 34.8 33.4 32.5 China 45.4 42.5 41.8 44.9 39.3 40.3 42.1 39.8 Hong Kong 46.1 30.6 33.2 31.1 36.6 29.5 38.3 38.8 India 36.8 36.6 37.9 39.4 35.2 41.2 42.4 42.9 Indonesia 55.4 57.4 56.5 57.8 58.5 59.0 58.5 57.6 Japan 44.9 45.3 45.8 46.0 46.4 46.8 43.0 42.0 Malaysia 32.2 30.1 27.5 26.5 26.6 31.1 29.8 32.4 New Zealand 34.3 33.7 32.2 33.0 33.5 32.4 31.1 30.2 Pakistan 60.2 44.6 36.9 37.0 40.2 44.6 42.1 44.0 Philippines 66.5 66.3 67.1 70.8 72.5 72.6 55.9 57.4 Singapore 33.7 33.6 36.1 41.3 41.0 43.7 38.9 39.4 South Korea 31.4 30.4 29.2 31.2 30.7 34.6 32.9 33.2 Taiwan 54.3 51.3 49.4 58.2 60.7 40.9 40.4 37.0 Thailand 54.6 59.4 54.7 55.0 54.1 52.1 52.2 53.9 Vietnam 48.3 54.2 54.4 55.5 61.2 63.3 65.5 69.9 Asia Pacific 43.5 43.0 43.2 44.0 43.8 44.0 41.5 40.7

Argentina 42.8 41.2 40.9 41.9 44.5 44.0 47.3 47.1 Brazil 57.5 57.9 58.8 60.6 60.7 63.0 63.5 64.5 Chile 43.7 42.8 47.6 49.6 50.8 50.4 49.3 49.8 Colombia 57.8 41.7 48.1 47.3 46.4 44.0 43.2 47.7 Costa Rica - 37.7 36.8 39.2 36.8 36.1 43.2 41.5 Ecuador 61.2 64.7 72.0 72.4 70.4 69.4 55.3 54.9 Mexico 54.0 57.6 59.0 60.2 65.7 67.3 67.9 67.9 Panama 61.0 60.7 62.5 68.5 65.8 69.1 68.4 70.5 Peru 43.8 42.9 39.1 42.6 45.1 46.0 47.4 46.7 Puerto Rico 57.3 59.7 61.8 60.3 59.5 58.7 56.8 54.8 Uruguay 51.5 50.2 54.5 45.7 39.8 39.3 43.3 44.3 Venezuela 74.6 73.5 67.8 74.9 81.4 69.8 66.9 67.8 Latin America 55.2 55.7 57.4 59.0 60.3 61.2 60.8 61.3

Bahrain 51.3 46.8 48.3 25.3 20.2 24.2 20.3 17.1 Egypt 38.3 38.8 34.8 37.7 35.2 33.5 42.3 37.7 Kuwait 6.4 5.8 3.9 1.0 2.5 4.2 5.1 5.7 Lebanon ------28.6 26.1 Oman 21.8 15.7 19.2 27.1 29.3 31.0 27.5 21.4 Pan Arab 88.0 91.9 86.0 90.1 89.3 90.2 87.0 89.5 Qatar - - - 8.4 10.8 8.1 7.3 6.5 Saudi Arabia 6.1 5.4 6.0 10.1 8.0 12.6 8.1 6.5 UAE 19.1 13.6 11.4 6.4 10.0 12.5 4.8 3.2 Middle East & North Africa 42.6 43.3 44.9 45.3 46.6 47.7 39.8 40.2

Israel 24.6 21.9 27.5 28.9 33.3 33.7 30.3 29.8 South Africa 41.5 40.2 43.0 43.2 44.1 45.4 40.5 46.5

Total 36.4 36.1 36.7 37.7 37.8 38.5 37.0 36.9

248 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: TELEVISION

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 33.9 33.2 32.9 32.8 32.4 31.7 30.8 30.1 USA 33.1 34.0 35.5 37.3 38.0 38.6 38.4 38.4 North America 33.1 33.9 35.3 37.0 37.6 38.1 37.9 37.8

Austria 24.1 23.7 23.9 21.8 21.7 21.4 21.2 21.0 Belgium 37.3 38.0 39.2 40.8 41.0 41.0 41.1 41.0 Denmark 17.4 17.2 17.1 17.9 20.0 20.2 20.5 20.6 Finland 19.9 19.0 19.7 20.8 20.9 20.3 20.3 20.2 France 36.6 34.8 34.2 35.4 35.2 35.1 35.1 34.9 Germany 22.0 21.4 21.1 22.0 22.1 22.1 22.2 22.3 Ireland 19.5 18.7 19.4 29.3 28.7 28.5 28.3 28.4 Italy 53.4 54.3 56.4 57.6 57.2 57.2 56.8 56.3 Netherlands 19.8 20.0 21.1 22.7 24.9 26.2 26.9 27.8 Norway 20.4 20.5 20.6 20.9 21.3 21.1 21.2 21.1 Portugal 56.7 57.0 57.8 58.6 58.0 57.8 58.1 58.3 Spain 43.4 43.4 42.2 42.3 41.4 40.5 39.8 39.4 Sweden 21.2 21.6 22.0 23.0 22.8 22.6 22.3 22.0 Switzerland 25.2 25.5 27.5 28.4 29.1 28.9 28.8 29.4 UK 26.6 26.0 26.4 27.8 27.4 26.7 26.3 26.0 Western Europe 30.7 30.1 30.2 31.3 31.1 30.8 30.7 30.6

Armenia 72.5 72.7 77.9 79.9 78.9 79.1 79.1 78.9 Azerbaijan 73.7 69.8 71.9 73.3 74.2 74.8 76.6 78.4 Belarus 60.6 62.7 58.9 60.4 60.3 58.2 59.1 60.6 Bosnia & Herzegovina 83.6 86.4 86.2 85.9 86.3 86.9 87.2 87.4 Bulgaria 62.9 65.6 62.9 64.8 66.5 66.6 66.7 67.0 Croatia 66.5 66.1 77.2 81.0 82.8 82.8 82.8 82.8 Czech Republic 43.2 43.1 46.9 44.6 46.0 47.0 47.3 47.2 Estonia 26.7 27.0 29.3 32.7 31.1 30.8 30.7 31.1 Georgia 79.4 77.6 78.3 78.0 80.7 80.8 80.7 80.7 Greece 31.7 30.0 29.3 27.7 30.4 30.8 30.8 30.8 Hungary 38.4 36.4 36.0 34.2 32.4 32.2 32.6 33.7 Kazakhstan 77.7 83.7 85.4 74.7 74.7 74.7 74.7 74.7 Latvia 34.9 35.7 39.2 44.7 45.5 46.0 46.0 46.0 Lithuania 45.7 42.6 44.6 47.7 47.5 47.9 48.3 48.5 Moldova 41.3 45.9 50.5 53.1 50.8 51.0 51.0 51.0 Poland 50.3 51.8 52.0 52.5 52.6 52.6 52.3 51.7 Romania 64.7 64.7 66.1 65.1 65.1 63.7 63.6 64.1 Russia 51.8 50.8 55.5 54.6 53.6 51.9 50.9 50.1 Serbia 58.4 55.1 59.0 56.0 56.7 57.1 57.6 58.6 Slovakia 59.3 60.5 49.5 45.5 48.4 49.6 51.7 52.8 Slovenia 53.8 56.0 58.6 66.2 68.4 68.9 69.2 69.4 Turkey 53.2 52.1 52.1 55.9 58.0 59.0 60.0 61.5 Ukraine 48.6 41.8 46.2 50.9 49.7 49.8 49.7 50.5 Uzbekistan 47.7 50.1 55.2 53.1 53.4 52.2 52.7 52.9 Central & Eastern Europe 50.3 50.8 53.6 54.3 56.0 55.9 55.9 55.9

Australia 32.0 30.7 31.4 31.7 31.4 30.9 30.1 29.2 China 36.7 38.7 38.0 38.4 38.2 37.6 36.5 35.4 Hong Kong 36.0 36.1 32.1 36.1 38.5 38.1 37.8 38.5 India 41.1 39.8 41.6 42.3 40.8 40.5 40.2 39.8 Indonesia 54.1 51.7 51.2 53.1 53.6 53.9 54.3 55.5 Japan 41.3 41.3 42.2 42.8 42.4 42.2 41.9 41.8 Malaysia 33.8 35.8 36.8 37.4 36.6 36.4 36.3 36.2 New Zealand 29.3 29.3 29.5 29.9 29.7 30.6 31.0 31.6 Pakistan 47.0 51.4 56.1 60.8 60.9 61.0 61.1 61.0 Philippines 56.1 55.4 57.5 56.7 58.1 58.4 58.1 58.9 Singapore 34.2 34.2 34.1 32.3 33.2 32.9 32.3 31.0 South Korea 31.3 32.6 33.0 33.5 36.2 36.5 37.8 38.0 Taiwan 36.0 37.3 41.3 42.0 43.6 42.0 42.4 43.9 Thailand 52.5 51.6 54.5 56.8 56.5 57.0 57.8 58.6 Vietnam 71.1 71.7 76.4 78.3 78.9 79.2 79.5 79.4 Asia Pacific 39.3 39.5 40.2 40.8 40.7 40.5 40.1 39.8

Argentina 47.1 47.1 47.1 47.1 47.8 47.8 48.0 48.1 Brazil 64.2 63.9 65.7 67.6 67.6 67.7 67.8 67.9 Chile 50.0 50.1 53.6 52.1 51.5 51.0 50.4 49.6 Colombia 46.6 46.9 46.4 46.8 45.9 44.9 44.7 44.4 Costa Rica 40.3 40.3 40.7 40.4 40.9 41.2 41.0 41.0 Ecuador 51.1 52.9 51.6 53.3 59.5 59.8 64.7 65.0 Mexico 68.9 71.2 72.6 74.4 74.5 75.2 75.8 76.1 Panama 70.3 63.1 72.7 68.9 68.9 68.7 68.5 68.5 Peru 48.3 49.6 49.8 53.9 52.6 52.3 52.8 53.2 Puerto Rico 54.5 54.9 49.6 49.5 49.2 49.0 48.9 48.9 Uruguay 49.2 52.9 53.7 53.9 54.4 55.5 55.3 56.6 Venezuela 62.0 51.6 52.5 52.5 52.5 52.5 55.9 55.9 Latin America 61.0 60.8 62.0 63.5 63.4 63.4 63.6 63.4

Bahrain 15.8 17.3 17.0 18.0 10.3 15.8 15.8 15.8 Egypt 23.4 16.2 15.1 16.8 17.8 18.1 17.6 17.6 Kuwait 4.0 19.6 19.2 20.2 18.8 18.0 17.3 17.3 Lebanon 34.2 39.0 38.6 41.8 39.1 39.2 39.5 39.5 Oman 17.8 10.8 11.5 9.6 9.5 11.0 11.0 11.0 Pan Arab 91.2 92.2 93.2 92.2 90.0 89.3 88.5 88.5 Qatar 8.8 9.3 9.3 7.0 6.1 6.1 6.1 6.1 Saudi Arabia 3.9 5.7 5.0 4.6 3.9 3.9 3.9 3.9 UAE 2.3 2.7 3.5 4.3 3.7 3.2 2.9 2.9 Middle East & North Africa 40.0 42.7 47.7 49.0 49.7 50.9 51.5 51.5

Israel 30.8 34.0 35.1 37.0 36.6 35.9 35.3 35.3 South Africa 51.6 50.7 58.8 62.4 61.0 60.5 60.1 59.7

Total 36.5 37.1 38.4 39.8 40.2 40.3 40.3 40.3

249 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: RADIO

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 14.8 14.5 14.9 15.0 15.3 14.9 15.4 15.1 USA 13.3 13.3 12.8 13.0 12.9 12.6 12.4 12.0 North America 13.3 13.3 12.9 13.1 13.0 12.7 12.5 12.2

Austria 8.8 8.3 8.5 7.9 8.0 8.4 8.1 7.5 Belgium 9.2 10.2 11.5 10.7 10.6 10.8 11.9 11.3 Denmark 1.7 1.9 2.1 2.1 2.1 1.9 2.4 2.0 Finland 3.3 3.3 3.7 4.2 4.4 4.2 4.0 3.8 France 7.7 7.6 7.4 8.9 9.1 9.1 9.3 9.0 Germany 3.7 3.7 3.7 3.5 3.6 3.8 3.9 3.8 Ireland 8.6 7.1 8.0 6.3 7.5 6.5 6.9 7.1 Italy 5.0 5.1 4.8 4.7 5.1 5.8 5.7 6.0 Netherlands 5.4 6.0 5.9 6.2 7.1 7.3 6.9 6.0 Norway 5.7 4.6 3.9 4.8 4.5 5.4 5.4 4.9 Portugal 6.7 6.3 6.7 6.5 6.4 6.3 6.1 5.7 Spain 9.2 8.9 9.0 8.9 9.1 8.7 9.1 8.7 Sweden 3.3 3.2 3.1 3.0 2.8 2.9 2.8 3.1 Switzerland 3.0 3.2 3.1 3.4 3.5 4.0 3.9 3.6 UK 4.1 4.3 4.1 4.1 4.3 4.1 4.4 4.1 Western Europe 5.2 5.2 5.2 5.4 5.6 5.8 5.9 5.7

Armenia ------15.2 15.0 Azerbaijan ------4.8 6.7 Belarus - - - - - 6.4 4.0 5.6 Bosnia & Herzegovina - 5.9 6.2 6.8 5.9 3.8 4.0 1.8 Bulgaria - - - - 1.9 4.2 6.4 7.3 Croatia ------Czech Republic 4.7 3.7 3.2 5.2 6.2 5.6 7.7 7.3 Estonia 12.0 11.3 10.0 9.7 8.9 8.8 7.9 7.7 Georgia ------Greece 4.3 3.6 3.7 4.1 4.1 4.4 4.3 4.0 Hungary 5.9 5.4 4.9 4.5 4.3 6.0 3.9 4.0 Kazakhstan ------3.8 3.7 Latvia 15.7 16.3 12.6 12.6 12.3 12.0 11.7 11.2 Lithuania 3.8 3.8 2.5 2.2 2.3 2.3 7.0 6.5 Moldova ------16.3 16.3 Poland 6.4 6.2 6.0 7.0 7.8 8.4 8.3 8.2 Romania 3.2 3.5 4.2 4.8 4.2 6.2 6.5 6.7 Russia 5.2 5.4 5.2 6.1 6.2 7.3 6.7 7.6 Serbia ------4.0 4.4 Slovakia 6.1 5.9 5.9 6.9 6.6 6.3 10.2 9.2 Slovenia 10.5 - - - - 3.0 5.2 5.1 Turkey 6.5 7.1 6.7 5.0 4.5 4.1 3.5 3.6 Ukraine - - - 5.0 3.1 3.9 3.9 3.8 Uzbekistan ------11.8 14.9 Central & Eastern Europe 5.5 4.8 4.6 5.2 5.3 5.8 5.7 5.8

Australia 8.7 8.5 9.3 9.1 8.8 9.0 8.9 8.8 China 3.6 4.0 4.4 4.3 3.9 4.5 4.6 5.6 Hong Kong 3.8 5.7 4.4 4.8 4.4 4.0 2.7 2.6 India 2.0 2.0 2.2 2.3 2.1 1.4 1.7 1.7 Indonesia 3.8 3.8 3.9 3.6 3.1 3.0 3.3 3.0 Japan 4.8 4.5 4.4 4.4 4.3 4.1 3.7 3.6 Malaysia 3.3 3.3 3.8 4.1 4.1 3.7 4.0 4.2 New Zealand 12.5 12.8 13.2 13.0 12.7 12.5 12.0 12.7 Pakistan 2.0 2.7 3.1 2.7 2.4 2.1 2.7 2.4 Philippines 17.8 17.6 18.5 17.5 17.4 17.2 11.2 11.5 Singapore 5.1 5.1 7.5 7.7 9.4 9.3 9.5 7.9 South Korea 3.0 3.1 3.0 3.0 3.0 2.8 2.8 2.7 Taiwan 3.6 3.9 4.8 5.5 5.1 5.9 5.9 7.7 Thailand 8.6 9.9 8.5 9.1 8.5 7.6 7.4 7.5 Vietnam 3.4 2.3 1.4 1.3 0.3 0.2 0.2 0.2 Asia Pacific 5.2 5.1 5.2 5.2 5.1 5.1 4.6 4.7

Argentina 6.3 7.8 8.8 4.4 3.6 3.2 2.8 2.7 Brazil 4.8 4.9 4.7 4.5 4.5 4.4 4.3 4.3 Chile 9.8 10.5 10.2 9.5 9.2 8.2 8.3 7.5 Colombia 16.2 18.1 15.5 17.0 15.9 17.8 19.0 16.4 Costa Rica - 13.8 17.0 18.3 19.2 18.6 17.7 17.6 Ecuador 11.8 14.1 10.2 10.0 10.8 10.4 5.9 5.8 Mexico 15.8 15.4 13.9 14.4 10.2 10.2 10.3 9.9 Panama 4.7 5.8 4.6 4.2 4.1 4.5 3.4 2.9 Peru 10.7 11.1 11.4 11.2 7.4 12.1 11.9 12.0 Puerto Rico 7.4 6.8 6.5 6.5 5.4 6.1 6.6 6.9 Uruguay 14.6 14.7 13.7 21.8 18.7 15.3 12.8 14.6 Venezuela 1.9 2.7 4.9 3.1 2.1 4.7 6.4 4.6 Latin America 8.9 8.6 8.2 8.0 6.7 6.7 6.7 6.5

Bahrain ------Egypt ------Kuwait 1.7 1.5 1.0 1.4 0.8 1.6 1.9 1.9 Lebanon ------6.6 7.9 Oman ------Pan Arab ------Qatar - - - - 0.8 0.5 1.2 1.8 Saudi Arabia ------8.6 UAE ------0.1 1.1 Middle East & North Africa 0.2 0.2 0.1 0.1 0.1 0.1 0.5 2.4

Israel 7.4 8.2 6.9 7.4 7.4 6.8 7.0 6.5 South Africa 11.6 13.8 12.5 12.5 13.1 12.6 14.6 12.9

Total 8.9 8.9 8.6 8.8 8.7 8.6 8.4 8.2

250 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: RADIO

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 15.1 15.3 15.6 14.7 14.8 14.5 14.5 14.4 USA 11.9 11.3 11.1 10.6 10.6 10.4 10.4 10.1 North America 12.1 11.5 11.4 10.8 10.8 10.7 10.6 10.4

Austria 6.9 6.8 6.6 5.9 5.6 5.3 5.1 4.9 Belgium 12.1 11.9 11.3 11.5 12.4 12.2 12.3 12.1 Denmark 2.0 1.8 1.8 1.6 2.0 2.1 1.5 1.5 Finland 3.6 3.6 4.2 4.1 4.8 4.6 4.5 4.5 France 8.2 8.0 8.0 7.8 7.8 7.8 7.7 7.6 Germany 3.9 3.8 3.9 3.9 3.8 3.8 3.8 3.8 Ireland 7.3 7.6 8.5 13.7 13.8 13.5 13.7 13.7 Italy 6.3 6.6 7.1 7.4 7.2 7.2 7.1 7.2 Netherlands 6.0 6.1 5.9 6.0 6.1 6.1 6.0 6.1 Norway 3.7 3.8 3.7 3.8 3.8 3.8 3.8 3.8 Portugal 5.4 5.1 5.7 5.6 6.2 6.2 6.0 5.8 Spain 8.5 9.0 9.5 9.4 9.5 9.5 9.3 9.1 Sweden 3.2 3.2 3.1 3.0 3.7 3.5 3.4 3.3 Switzerland 3.3 3.5 4.0 3.6 3.6 3.5 3.4 3.3 UK 4.0 3.9 4.0 3.8 3.8 3.7 3.6 3.6 Western Europe 5.6 5.6 5.7 5.7 5.7 5.6 5.5 5.5

Armenia 17.0 17.0 13.0 12.2 12.3 12.3 12.3 12.3 Azerbaijan 10.5 10.1 8.8 7.7 7.2 6.6 6.0 5.5 Belarus 5.1 5.2 6.1 5.5 5.7 6.0 5.8 5.2 Bosnia & Herzegovina 2.8 2.4 1.9 1.7 1.6 1.5 1.4 1.4 Bulgaria 6.3 5.8 8.7 8.4 8.2 8.1 8.0 7.9 Croatia - - - 1.0 0.4 0.4 0.4 0.4 Czech Republic 7.3 6.9 5.7 4.7 4.3 4.2 4.1 4.1 Estonia 7.5 8.5 9.8 9.7 9.9 9.8 9.6 9.3 Georgia 5.4 6.7 7.3 8.0 7.7 7.7 7.6 7.6 Greece 4.3 7.2 6.6 5.7 4.9 4.1 4.1 4.1 Hungary 4.3 4.5 4.9 5.0 5.1 5.0 5.0 5.0 Kazakhstan 3.9 2.8 2.4 4.3 4.3 4.3 4.3 4.3 Latvia 10.4 10.9 12.3 11.5 10.0 9.0 10.0 10.0 Lithuania 6.8 7.2 8.6 8.1 8.5 8.2 8.2 8.2 Moldova 11.6 8.3 8.4 8.4 6.4 6.1 5.8 5.6 Poland 7.1 6.8 6.6 6.5 6.7 6.6 6.5 6.2 Romania 5.8 6.1 6.2 6.1 5.9 5.9 5.6 5.4 Russia 6.8 5.7 5.3 5.1 4.6 4.4 4.1 3.8 Serbia 4.3 4.4 4.0 4.6 4.7 4.7 4.6 4.7 Slovakia 7.8 7.1 10.4 11.5 10.9 10.9 10.7 10.7 Slovenia 4.5 3.8 4.3 3.5 3.5 3.5 3.5 3.5 Turkey 3.4 3.4 3.2 2.9 2.7 2.6 2.6 2.5 Ukraine 4.2 3.5 3.1 4.2 4.5 4.6 4.7 4.8 Uzbekistan 14.8 8.7 7.6 7.2 7.5 8.5 9.1 9.6 Central & Eastern Europe 5.5 5.5 5.2 5.0 4.6 4.3 4.2 4.0

Australia 8.4 8.2 8.4 8.2 8.2 8.1 7.9 7.8 China 5.4 5.3 5.1 4.4 4.3 4.1 3.9 3.7 Hong Kong 2.7 4.7 5.1 3.6 3.5 3.5 3.4 3.4 India 2.9 3.0 3.2 3.1 3.2 3.3 3.5 3.6 Indonesia 3.7 3.9 2.5 2.3 1.9 1.7 1.5 1.3 Japan 3.5 3.4 3.4 3.2 3.1 3.0 2.9 2.8 Malaysia 4.5 4.9 5.6 5.5 5.5 5.6 5.6 5.6 New Zealand 12.3 12.1 12.2 11.9 11.5 11.0 11.2 11.1 Pakistan 2.5 3.5 3.3 3.2 3.4 3.5 3.7 3.8 Philippines 10.7 11.5 12.3 13.7 12.3 11.7 11.6 11.2 Singapore 7.2 7.1 8.0 8.3 7.8 7.9 7.7 7.6 South Korea 2.5 2.6 2.6 2.5 2.5 2.5 2.5 2.5 Taiwan 7.5 7.9 7.7 7.7 7.1 7.1 6.9 6.4 Thailand 7.1 8.0 7.2 6.2 5.7 5.6 5.5 5.3 Vietnam 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 Asia Pacific 4.6 4.6 4.6 4.4 4.3 4.1 4.0 3.9

Argentina 2.7 2.5 2.5 2.5 2.4 2.3 2.0 1.8 Brazil 4.1 4.3 4.5 4.2 4.0 4.0 3.9 3.8 Chile 6.9 7.2 7.3 6.8 6.7 6.6 6.5 6.4 Colombia 16.7 17.2 18.1 17.2 16.8 17.4 15.4 15.2 Costa Rica 15.7 14.3 14.5 15.5 15.6 15.8 15.7 15.7 Ecuador 6.4 5.6 6.2 4.6 5.5 5.2 4.4 4.8 Mexico 9.7 8.2 8.0 8.0 7.6 7.3 7.1 7.0 Panama 3.3 6.8 4.9 5.5 5.5 5.5 5.5 5.4 Peru 11.3 11.4 11.8 11.9 11.6 11.6 11.3 11.0 Puerto Rico 6.6 6.8 8.4 8.3 8.1 8.1 8.1 8.1 Uruguay 12.3 10.1 9.4 8.1 7.7 7.9 8.0 7.3 Venezuela 3.9 5.6 5.9 5.9 5.9 6.0 7.5 7.5 Latin America 6.4 6.2 6.2 6.1 5.8 5.8 5.6 5.4

Bahrain ------Egypt - - 10.4 10.9 13.0 12.7 13.9 13.9 Kuwait 2.7 1.8 1.8 1.9 2.1 2.2 2.2 2.2 Lebanon 6.0 5.0 4.8 3.2 3.6 4.0 4.0 4.0 Oman ------Pan Arab ------Qatar 1.2 0.9 1.1 1.1 1.4 1.6 1.7 1.7 Saudi Arabia 4.2 5.4 6.5 8.9 9.6 10.2 10.3 10.3 UAE 2.3 4.9 11.6 12.5 12.5 13.6 13.7 13.7 Middle East & North Africa 1.7 2.1 4.0 4.3 4.3 4.4 4.4 4.4

Israel 5.7 4.9 4.7 4.7 4.8 4.8 4.7 4.6 South Africa 11.5 11.6 10.0 10.0 10.2 10.4 10.5 10.6

Total 8.0 7.7 7.6 7.2 7.2 7.0 6.9 6.7

251 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: CINEMA

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada ------USA - - - 0.2 0.2 0.2 0.2 0.3 North America - - - 0.2 0.2 0.2 0.2 0.3

Austria 0.5 0.6 0.5 0.5 0.6 0.5 0.7 0.7 Belgium 1.5 1.4 1.6 1.2 1.2 1.1 1.2 1.0 Denmark 0.4 0.4 0.5 0.7 0.5 0.5 0.5 0.4 Finland 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 France 0.8 0.9 0.8 0.9 0.8 0.8 0.9 0.9 Germany 0.9 0.9 0.9 1.0 1.0 0.9 0.8 0.6 Ireland 0.9 0.8 0.8 0.9 0.8 0.7 0.6 0.6 Italy 0.6 0.6 0.7 0.8 0.9 0.9 0.8 0.7 Netherlands 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.1 Norway 1.1 1.0 1.0 0.9 0.9 0.8 0.8 0.7 Portugal 0.6 0.6 0.7 0.8 0.8 0.7 0.7 0.7 Spain 0.8 1.0 0.8 0.8 0.9 0.7 0.6 0.6 Sweden 0.4 0.4 0.5 0.5 0.4 0.4 0.4 0.4 Switzerland 1.1 1.0 1.0 1.0 1.1 1.5 1.4 1.3 UK 0.8 0.7 1.2 1.3 1.2 1.2 1.1 1.1 Western Europe 0.8 0.8 0.9 0.9 0.9 0.9 0.8 0.7

Armenia ------0.09 0.05 Azerbaijan ------Belarus ------Bosnia & Herzegovina ------Bulgaria ------Croatia ------Czech Republic - - 0.2 0.2 0.3 0.4 0.4 0.4 Estonia ------Georgia ------Greece 0.5 0.9 0.8 0.8 0.7 0.7 0.7 0.7 Hungary 0.5 0.5 0.4 0.3 0.4 0.3 0.8 0.7 Kazakhstan ------Latvia - 0.7 0.6 0.7 0.9 0.8 0.7 0.6 Lithuania - - - - - 0.02 0.03 0.12 Moldova ------0.9 0.8 Poland 0.2 0.4 0.5 0.4 0.9 1.0 1.0 1.0 Romania 0.2 0.2 0.3 0.4 0.5 0.8 0.7 0.7 Russia - 0.4 0.4 0.5 0.5 0.4 0.9 1.1 Serbia ------0.5 0.4 Slovakia 0.04 0.04 0.09 0.09 0.07 0.05 0.17 0.16 Slovenia ------0.4 0.4 Turkey 1.4 1.2 0.9 0.8 1.4 1.3 1.2 1.2 Ukraine - - - - - 0.9 1.0 1.0 Uzbekistan ------Central & Eastern Europe 0.3 0.4 0.4 0.4 0.5 0.6 0.7 0.7

Australia 0.8 0.9 0.9 0.8 0.8 0.8 0.8 0.8 China - 0.1 0.2 0.2 0.2 0.2 0.2 0.2 Hong Kong 0.10 0.04 0.17 0.17 0.04 0.02 0.02 0.02 India 0.11 0.13 0.10 0.18 0.16 0.69 0.44 0.60 Indonesia ------0.07 0.06 Japan ------Malaysia 0.4 0.3 0.3 0.3 0.3 0.3 0.4 0.4 New Zealand 0.8 0.9 0.6 0.5 0.7 0.7 0.5 0.5 Pakistan - - - - - 0.1 0.4 0.2 Philippines ------0.6 0.5 Singapore 1.4 1.5 1.4 0.8 0.6 0.6 0.7 0.6 South Korea - 0.4 0.4 0.5 0.5 0.7 0.6 0.8 Taiwan ------Thailand 0.5 0.6 0.6 0.9 1.1 1.5 1.8 2.2 Vietnam - - - - 0.05 0.04 0.06 0.05 Asia Pacific 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3

Argentina 1.7 1.9 1.7 1.7 1.6 1.5 1.5 1.4 Brazil - - - - - 0.3 0.3 0.4 Chile 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 Colombia - 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Costa Rica ------Ecuador ------0.1 0.1 Mexico ------Panama ------Peru ------2.8 3.1 Puerto Rico 0.3 0.2 0.6 0.6 0.5 0.4 0.5 0.5 Uruguay - - - - - 2.3 1.0 1.0 Venezuela 3.4 3.6 4.0 3.7 2.3 3.6 4.0 3.7 Latin America 0.2 0.2 0.3 0.3 0.2 0.4 0.5 0.5

Bahrain - - - - 1.5 1.2 1.7 1.5 Egypt ------Kuwait ------Lebanon ------4.6 5.4 Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE - - - - 1.3 0.9 1.3 1.5 Middle East & North Africa - - - - 0.3 0.2 0.5 0.5

Israel 0.3 0.3 0.4 0.4 0.4 0.4 0.6 0.6 South Africa 0.8 0.8 0.6 0.7 0.7 1.3 3.1 1.6

Total 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4

252 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: CINEMA

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada ------USA 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 North America 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4

Austria 0.6 0.5 0.4 0.5 0.4 0.4 0.4 0.4 Belgium 0.8 0.8 0.8 0.7 0.8 0.8 0.8 0.8 Denmark 0.4 0.4 0.5 0.6 0.6 0.6 0.6 0.6 Finland 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 France 0.9 0.8 0.9 1.0 1.1 1.2 1.3 1.4 Germany 0.6 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Ireland 0.6 0.5 0.5 1.0 1.0 0.9 0.9 0.9 Italy 0.7 0.6 0.6 0.7 0.6 0.5 0.6 0.5 Netherlands 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Norway 0.8 0.9 0.8 0.9 1.0 1.1 1.1 1.2 Portugal 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 Spain 0.5 0.3 0.3 0.4 0.5 0.4 0.4 0.4 Sweden 0.4 0.4 0.5 0.5 0.6 0.6 0.6 0.6 Switzerland 1.1 1.0 0.7 0.7 0.7 0.6 0.6 0.6 UK 1.1 1.2 1.4 1.3 1.3 1.3 1.3 1.3 Western Europe 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7

Armenia 0.05 0.04 0.03 0.06 0.66 0.70 0.70 0.76 Azerbaijan ------Belarus ------Bosnia & Herzegovina ------Bulgaria ------Croatia ------Czech Republic 0.4 0.3 0.2 0.4 0.3 0.3 0.3 0.3 Estonia ------Georgia ------Greece 0.6 0.6 0.7 0.7 0.9 0.9 0.9 0.9 Hungary 0.5 0.4 0.5 0.6 0.6 0.6 0.6 0.6 Kazakhstan ------Latvia 0.5 0.7 0.7 0.7 1.0 1.0 1.0 1.0 Lithuania 0.10 0.22 0.34 0.28 0.32 0.31 0.30 0.29 Moldova 0.6 1.0 1.2 1.1 1.1 1.0 1.0 1.0 Poland 1.0 1.2 1.4 1.5 1.5 1.5 1.5 1.5 Romania 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.4 Russia 1.1 1.2 1.3 1.5 1.5 1.5 1.6 1.6 Serbia 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 Slovakia 0.11 0.10 0.57 0.59 0.58 0.62 0.62 0.60 Slovenia 0.4 0.2 0.3 0.1 0.1 0.2 0.2 0.2 Turkey 1.1 1.2 1.4 1.3 1.2 1.1 1.0 0.9 Ukraine 0.9 1.1 0.8 0.8 0.8 0.7 0.8 0.8 Uzbekistan - 0.6 0.3 0.7 0.7 0.6 0.6 0.7 Central & Eastern Europe 0.7 0.7 0.8 0.9 0.9 0.9 1.0 1.0

Australia 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 China 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Hong Kong 0.03 0.04 0.03 0.03 0.02 0.02 0.02 0.02 India 0.70 0.68 0.67 0.61 0.61 0.63 0.65 0.60 Indonesia 0.07 0.06 0.05 0.05 0.04 0.04 0.03 0.03 Japan ------Malaysia 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 New Zealand 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 Pakistan 4.4 4.7 4.2 3.9 4.0 4.1 4.2 4.3 Philippines 0.6 0.7 0.7 0.7 0.6 0.6 0.7 0.6 Singapore 0.8 0.8 0.7 0.6 0.5 0.5 0.5 0.5 South Korea 0.8 0.9 0.8 0.8 0.7 0.7 0.8 0.8 Taiwan ------Thailand 4.3 4.3 5.1 5.6 6.2 6.3 6.2 6.2 Vietnam 0.04 0.03 0.02 0.02 0.01 0.04 0.05 0.05 Asia Pacific 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4

Argentina 1.4 1.3 1.3 1.2 1.1 1.1 0.9 0.8 Brazil 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 Chile 0.3 0.2 0.3 0.3 0.4 0.4 0.4 0.4 Colombia 0.09 0.10 0.10 0.10 0.10 0.08 0.07 0.13 Costa Rica - - 1.2 1.4 1.3 1.3 1.2 1.0 Ecuador 0.10 0.17 0.18 0.19 0.23 0.21 0.21 0.21 Mexico ------Panama ------Peru 1.5 1.5 1.4 1.4 1.4 1.3 1.2 1.3 Puerto Rico 0.5 0.4 0.6 0.6 0.6 0.7 0.7 0.7 Uruguay 2.0 2.0 1.1 0.9 0.9 0.9 1.0 1.0 Venezuela 3.8 4.9 4.6 4.5 4.6 4.6 4.5 4.5 Latin America 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6

Bahrain 1.4 1.4 1.8 1.9 0.5 0.3 0.3 0.3 Egypt ------Kuwait ------Lebanon 2.7 3.4 4.8 3.2 7.7 8.6 8.6 8.6 Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE 1.2 1.4 2.6 2.4 2.5 2.4 2.3 2.3 Middle East & North Africa 0.3 0.4 0.5 0.5 0.6 0.5 0.5 0.5

Israel 0.7 0.6 0.6 0.6 0.6 0.7 0.7 0.7 South Africa 1.2 1.1 0.8 0.8 0.9 0.9 0.9 0.9

Total 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5

253 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: OUTDOOR

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 3.7 3.8 4.0 3.8 3.7 3.7 4.0 4.0 USA 3.3 3.1 3.3 3.3 3.3 3.3 3.4 3.7 North America 3.3 3.2 3.3 3.3 3.4 3.3 3.5 3.7

Austria 6.9 5.9 6.5 7.3 7.2 6.9 7.4 7.5 Belgium 9.5 8.9 9.8 9.4 9.2 8.8 8.8 7.8 Denmark 2.5 2.9 3.1 3.2 3.3 3.3 3.3 3.0 Finland 3.0 3.1 3.2 3.0 2.9 2.9 3.1 3.0 France 13.0 12.5 12.8 13.6 12.8 12.5 13.6 13.0 Germany 3.7 3.7 4.1 4.2 4.4 4.4 4.5 4.4 Ireland 8.5 8.9 9.8 9.5 8.7 7.6 7.6 7.6 Italy 4.1 4.0 4.2 3.9 3.9 3.7 3.7 3.6 Netherlands 3.4 3.6 3.7 3.8 3.5 4.1 4.3 4.1 Norway 2.2 2.0 1.9 2.8 3.7 3.8 3.6 3.9 Portugal 9.9 10.2 11.3 12.4 12.4 12.9 12.4 12.6 Spain 4.3 5.4 7.4 7.5 7.6 7.7 7.3 7.2 Sweden 4.2 4.6 4.5 5.0 5.2 5.5 5.5 5.2 Switzerland 12.6 13.6 14.5 14.9 15.7 12.1 11.6 11.2 UK 5.7 5.6 5.7 5.9 6.4 6.3 6.5 6.6 Western Europe 5.9 6.0 6.5 6.6 6.7 6.5 6.7 6.5

Armenia ------6.8 9.5 Azerbaijan ------4.8 6.7 Belarus - - - - - 18.0 16.6 15.3 Bosnia & Herzegovina - 27.5 30.8 25.7 21.2 14.3 7.9 5.5 Bulgaria - 9.4 10.0 12.3 11.2 4.9 5.1 11.4 Croatia 2.0 8.1 7.8 6.9 7.8 7.3 6.6 6.4 Czech Republic 4.0 4.2 5.7 6.0 4.8 5.0 6.3 6.9 Estonia 6.5 4.6 4.5 5.4 6.3 6.6 5.9 6.2 Georgia ------3.8 4.6 Greece 11.8 13.9 15.6 16.3 15.5 12.1 12.0 12.8 Hungary 6.5 7.5 7.4 6.7 6.0 6.4 9.8 11.1 Kazakhstan ------6.0 5.8 Latvia 5.7 5.0 5.0 5.4 5.6 6.5 6.2 8.6 Lithuania 4.4 5.6 3.0 4.2 3.2 3.6 6.9 6.9 Moldova ------21.5 19.2 Poland 7.9 8.1 5.8 5.4 5.1 5.4 9.0 8.9 Romania 12.0 12.5 11.8 9.6 6.5 8.9 9.0 8.6 Russia 16.1 20.0 20.6 21.3 21.2 20.7 20.3 20.1 Serbia ------12.0 12.2 Slovakia - 3.0 3.5 4.0 2.9 2.6 5.5 6.0 Slovenia 4.9 4.7 5.5 5.2 5.5 4.8 7.0 8.1 Turkey 8.1 8.5 8.2 7.7 5.7 5.2 4.9 5.7 Ukraine - - - 23.6 23.2 25.0 22.7 21.4 Uzbekistan ------19.1 28.7 Central & Eastern Europe 7.8 9.4 9.5 10.2 9.6 9.1 11.8 12.4

Australia 4.2 3.4 3.6 3.4 3.5 3.5 3.5 3.6 China 15.8 13.2 13.1 9.9 13.2 17.1 14.9 14.2 Hong Kong 2.7 5.8 6.1 5.9 5.0 7.5 7.0 6.3 India 10.4 10.8 9.7 9.0 7.3 8.3 7.7 7.0 Indonesia 7.9 5.7 3.4 2.9 5.7 5.0 5.3 5.8 Japan 12.8 12.1 12.1 12.5 11.9 11.6 13.2 13.5 Malaysia 2.3 2.0 2.2 1.4 1.5 2.2 2.2 2.8 New Zealand 1.3 1.9 2.2 2.4 2.7 2.6 3.4 3.7 Pakistan 8.5 6.2 12.3 15.1 13.4 11.7 14.3 15.4 Philippines ------10.9 12.0 Singapore 4.5 5.2 6.2 5.3 5.3 5.4 6.3 6.8 South Korea - 10.2 11.1 10.7 8.9 8.5 8.6 8.1 Taiwan - - - - - 7.9 5.4 7.1 Thailand 2.2 3.1 3.3 3.5 4.7 4.5 5.6 6.0 Vietnam 16.4 15.3 15.0 13.6 7.5 6.8 8.2 6.8 Asia Pacific 10.0 10.1 10.1 9.8 9.6 10.0 11.0 11.1

Argentina 6.3 7.7 6.5 6.5 5.5 6.4 6.3 7.3 Brazil 5.1 5.2 4.7 5.2 5.7 5.0 4.4 3.8 Chile 6.5 6.7 6.7 6.4 6.6 7.6 8.4 8.8 Colombia - 17.4 14.8 14.7 15.5 14.5 12.6 11.2 Costa Rica ------3.4 3.4 Ecuador ------2.2 2.8 Mexico ------Panama ------Peru 10.7 10.1 12.5 11.7 10.1 12.1 11.9 12.0 Puerto Rico 0.6 0.5 1.9 2.0 2.1 1.7 2.1 2.5 Uruguay 9.4 10.7 16.1 13.1 12.4 15.3 11.6 11.3 Venezuela 4.4 4.7 5.2 4.7 4.1 5.9 6.8 6.3 Latin America 3.2 4.2 4.0 4.0 4.3 4.1 4.1 3.9

Bahrain - - - 6.0 5.2 6.2 7.8 8.8 Egypt ------Kuwait 5.7 8.4 10.5 14.1 10.6 8.6 13.8 14.1 Lebanon ------25.8 27.0 Oman ------Pan Arab ------Qatar ------0.8 1.9 Saudi Arabia 8.4 7.2 9.9 10.2 14.4 12.9 13.1 17.0 UAE 5.6 4.9 4.0 9.2 8.3 5.8 6.2 11.6 Middle East & North Africa 3.2 3.2 3.5 4.4 4.5 3.8 6.3 7.9

Israel 6.7 6.5 6.0 5.2 3.9 4.2 4.6 5.8 South Africa 3.1 3.7 4.0 3.7 4.0 3.9 4.1 4.2

Total 5.6 5.7 5.9 5.9 6.0 5.9 6.4 6.6

254 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: OUTDOOR

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 4.3 4.5 4.4 4.7 4.4 4.3 4.3 4.3 USA 4.0 4.2 4.5 4.6 4.7 4.7 4.8 4.8 North America 4.0 4.2 4.5 4.6 4.7 4.7 4.8 4.8

Austria 6.9 6.9 7.7 6.3 6.1 5.9 5.8 5.6 Belgium 7.7 7.9 7.8 7.3 7.5 8.0 8.0 8.0 Denmark 3.3 3.7 4.1 4.4 4.4 4.4 4.6 4.7 Finland 3.2 3.1 3.0 3.1 3.1 3.0 2.9 2.9 France 12.7 13.0 12.8 12.5 12.6 12.6 12.6 12.5 Germany 4.3 4.3 4.3 4.3 4.3 4.3 4.1 4.1 Ireland 9.5 10.1 8.8 8.5 8.3 8.0 7.6 7.4 Italy 3.6 3.6 3.1 3.0 2.7 2.6 2.5 2.5 Netherlands 3.8 3.8 4.0 3.9 4.2 4.3 4.3 4.3 Norway 3.3 3.5 3.5 3.4 3.4 3.4 3.4 3.3 Portugal 12.8 12.8 13.0 13.0 13.2 13.2 12.9 12.7 Spain 7.1 7.3 7.1 7.2 7.3 7.3 7.1 7.1 Sweden 4.7 4.6 4.8 4.8 5.4 5.3 5.2 5.1 Switzerland 10.4 10.5 10.1 9.7 9.6 8.9 8.9 8.7 UK 6.5 6.5 6.1 6.4 6.2 6.3 6.2 6.0 Western Europe 6.4 6.5 6.4 6.3 6.3 6.3 6.2 6.1

Armenia 9.0 8.4 7.5 6.4 6.4 6.1 6.1 6.1 Azerbaijan 10.5 14.0 13.2 12.5 12.1 11.6 10.9 10.2 Belarus 13.7 12.0 12.5 12.3 12.1 12.5 12.1 11.9 Bosnia & Herzegovina 4.5 3.7 3.9 4.4 4.4 4.3 4.4 4.4 Bulgaria 10.9 10.3 8.2 7.4 7.6 7.9 7.9 7.9 Croatia 5.1 4.8 2.9 2.2 2.0 2.0 2.0 2.0 Czech Republic 7.2 9.7 5.7 5.4 5.7 5.5 5.4 5.3 Estonia 6.9 7.9 8.0 8.6 9.1 9.5 9.6 9.7 Georgia 6.6 5.9 5.8 5.9 5.8 5.7 5.8 5.7 Greece 12.2 7.0 9.1 8.8 4.6 4.4 4.4 4.4 Hungary 10.5 10.4 8.6 10.6 11.1 11.0 10.8 10.8 Kazakhstan 5.6 4.2 4.0 7.7 7.7 7.7 7.7 7.7 Latvia 8.6 9.8 11.1 10.0 10.0 9.5 9.0 8.6 Lithuania 6.4 6.6 7.1 6.9 7.0 7.3 7.0 7.0 Moldova 29.5 33.1 29.5 27.0 27.4 26.6 26.2 25.9 Poland 9.5 9.1 8.6 7.9 7.5 7.4 7.0 6.4 Romania 8.9 10.4 11.0 12.8 12.0 12.5 12.5 12.0 Russia 18.5 18.3 14.5 14.6 14.6 14.9 14.2 13.5 Serbia 13.2 12.7 12.7 12.0 11.7 11.7 11.5 11.5 Slovakia 6.3 9.5 11.0 11.8 10.9 11.6 10.9 10.9 Slovenia 7.1 6.7 7.0 6.4 4.3 4.2 4.2 4.1 Turkey 7.1 7.5 7.2 7.0 6.9 6.9 6.8 6.6 Ukraine 20.2 16.7 13.1 13.2 14.9 15.4 15.0 14.3 Uzbekistan 26.8 33.3 31.3 31.9 30.7 30.0 28.1 25.9 Central & Eastern Europe 12.2 11.4 9.5 9.7 9.4 9.6 9.5 9.3

Australia 3.7 3.7 3.6 3.9 4.0 4.1 4.1 4.0 China 16.9 13.9 13.6 15.5 15.1 14.1 13.5 12.6 Hong Kong 8.1 9.4 14.1 13.9 11.0 10.9 10.8 10.8 India 7.6 7.0 5.8 5.5 5.2 5.2 5.1 5.0 Indonesia 6.1 5.6 5.4 4.9 4.7 4.5 4.4 4.3 Japan 13.7 13.4 13.0 12.4 13.0 13.3 13.3 13.3 Malaysia 2.6 2.4 2.6 2.8 2.5 2.5 2.5 2.5 New Zealand 3.5 3.4 3.5 3.4 3.6 3.5 3.6 3.5 Pakistan 12.5 10.6 9.4 8.5 8.5 8.5 8.5 8.4 Philippines 12.2 12.2 12.0 11.1 11.4 11.7 11.6 11.2 Singapore 8.9 10.2 9.7 9.6 9.3 9.3 9.7 11.4 South Korea 6.1 5.4 4.6 4.6 4.4 4.3 4.4 4.4 Taiwan 6.7 7.0 5.9 5.6 5.4 5.6 5.5 5.5 Thailand 5.9 6.5 6.7 6.7 7.6 7.6 7.7 7.7 Vietnam 6.0 5.5 3.9 3.6 3.6 3.5 3.4 3.5 Asia Pacific 11.5 10.8 10.4 10.5 10.6 10.6 10.4 10.1

Argentina 9.6 9.8 10.0 10.0 10.0 9.6 9.3 8.9 Brazil 2.9 2.8 3.0 3.0 3.1 3.1 3.2 3.2 Chile 9.5 8.7 7.5 7.5 7.5 7.6 7.7 7.8 Colombia 9.4 10.2 9.9 10.2 9.2 9.4 9.5 9.6 Costa Rica 3.1 4.2 5.4 5.7 5.8 6.0 6.2 6.3 Ecuador 3.5 3.5 7.1 7.0 5.0 6.1 6.3 6.5 Mexico ------Panama - 4.5 3.6 4.4 4.4 4.4 4.5 4.6 Peru 12.2 11.9 11.3 10.1 11.1 10.8 10.4 10.1 Puerto Rico 2.6 3.0 4.2 4.5 4.7 4.8 4.8 4.8 Uruguay 10.8 11.0 11.6 11.2 10.8 10.8 10.3 9.9 Venezuela 7.3 9.1 9.9 9.9 9.9 9.9 8.0 8.0 Latin America 3.7 3.8 4.1 4.1 4.2 4.2 4.2 4.3

Bahrain 4.5 3.9 4.1 3.3 4.8 3.9 3.9 3.9 Egypt ------Kuwait 9.4 5.1 4.9 4.9 3.5 3.3 3.2 3.2 Lebanon 27.2 25.0 23.9 23.9 22.4 20.1 20.5 20.5 Oman ------Pan Arab ------Qatar 1.9 2.1 2.2 2.3 2.0 1.9 1.8 1.8 Saudi Arabia 12.1 16.9 17.0 15.5 14.9 14.8 14.8 14.8 UAE 15.5 15.5 10.0 11.3 14.2 15.4 15.5 15.5 Middle East & North Africa 7.0 7.0 5.0 4.8 5.0 4.7 4.5 4.5

Israel 6.1 5.9 5.6 5.5 5.4 5.4 5.4 5.3 South Africa 3.8 3.7 3.0 2.8 3.0 3.0 3.0 3.0

Total 6.8 6.7 6.7 6.7 6.8 6.9 6.8 6.8

255 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: INTERNET

% 1999 2000 2001 2002 2003 2004 2005 2006 Canada 0.9 1.6 1.4 2.4 3.1 4.5 6.6 9.7 USA 3.3 3.8 4.5 4.8 5.1 5.4 6.0 6.4 North America 3.2 3.7 4.3 4.7 5.0 5.3 6.0 6.6

Austria - - - - 0.5 1.1 1.3 1.6 Belgium 0.3 0.7 0.6 0.6 0.8 1.4 2.0 2.8 Denmark - 2.8 2.8 4.0 4.7 5.3 6.3 13.1 Finland 0.6 1.0 1.4 1.4 1.6 2.0 3.0 3.9 France 0.9 1.5 1.3 1.2 6.1 5.7 6.8 9.1 Germany 0.4 0.8 1.0 1.4 1.5 1.7 4.9 8.3 Ireland - 0.2 0.3 0.4 0.5 0.6 5.1 4.8 Italy 0.4 1.8 1.4 1.4 1.4 1.3 1.7 2.4 Netherlands 0.6 1.0 0.6 0.9 1.1 1.9 2.8 13.7 Norway 1.4 2.3 1.8 1.9 2.1 2.6 10.0 13.5 Portugal 0.5 0.5 0.6 0.6 0.5 0.5 0.5 0.8 Spain 0.3 0.9 0.9 1.3 1.3 1.5 2.4 4.2 Sweden 3.1 6.0 5.8 7.7 7.3 8.7 10.8 14.5 Switzerland 0.3 0.6 0.5 0.5 0.8 0.9 3.1 4.1 UK 0.5 1.0 1.2 1.4 2.8 6.2 9.8 14.3 Western Europe 0.6 1.2 1.2 1.4 2.4 3.1 5.4 8.4

Armenia ------0.04 0.02 Azerbaijan ------Belarus - - - - - 0.9 1.4 1.9 Bosnia & Herzegovina ------0.1 0.2 Bulgaria - - - - - 0.6 0.9 1.5 Croatia ------0.2 0.2 Czech Republic 0.2 0.4 0.6 0.7 1.0 1.7 2.5 5.2 Estonia 0.7 1.9 2.5 2.4 3.1 3.0 3.5 4.9 Georgia ------Greece ------Hungary - - - - - 0.6 4.4 6.1 Kazakhstan ------Latvia - 0.3 0.9 1.2 1.9 1.8 2.5 4.3 Lithuania - - - - - 0.6 2.2 2.8 Moldova ------0.7 Poland - 0.2 0.3 0.3 0.4 0.7 2.8 3.7 Romania - - - - 0.3 0.7 0.9 1.3 Russia 0.1 0.4 0.4 0.6 0.7 1.0 1.3 1.8 Serbia ------0.5 0.8 Slovakia ------1.7 2.2 Slovenia - - - - - 1.0 1.3 1.8 Turkey - - 0.2 0.2 0.3 0.4 0.8 1.1 Ukraine - - - 0.6 0.4 0.4 0.4 0.8 Uzbekistan ------Central & Eastern Europe 0.05 0.2 0.2 0.3 0.4 0.7 1.3 1.9

Australia 0.5 1.0 0.8 2.2 2.8 4.1 6.1 9.5 China - 0.4 1.0 1.2 2.0 3.2 4.8 7.0 Hong Kong ------India 0.1 0.5 0.5 0.5 0.4 0.4 0.9 1.4 Indonesia ------0.0 0.02 Japan 0.6 1.3 1.6 2.0 2.8 4.2 8.0 10.1 Malaysia ------0.4 0.8 New Zealand - - - - 0.5 0.8 2.1 3.1 Pakistan ------0.2 0.3 Philippines ------0.6 1.1 Singapore ------South Korea 1.7 2.0 1.9 2.9 4.6 6.3 8.3 10.3 Taiwan - 1.5 1.3 1.5 1.5 3.4 5.9 7.2 Thailand 0.2 0.4 0.2 0.2 0.2 0.4 0.2 0.2 Vietnam - - - - 0.1 0.1 0.2 0.1 Asia Pacific 0.5 1.1 1.3 1.7 2.4 3.5 6.3 8.1

Argentina - - - 0.7 0.7 0.8 0.9 1.9 Brazil - - - - 1.5 1.6 1.7 2.1 Chile - - - - 0.9 0.9 1.1 1.4 Colombia - 0.02 0.03 0.07 0.15 0.31 0.43 0.73 Costa Rica ------Ecuador ------0.03 0.04 Mexico ------Panama ------Peru ------Puerto Rico 0.03 0.04 0.04 0.05 0.06 0.07 0.08 0.23 Uruguay 1.2 1.5 1.2 1.4 2.5 1.1 2.1 3.3 Venezuela ------Latin America 0.02 0.02 0.02 0.04 0.76 0.88 0.96 1.27

Bahrain ------Egypt ------Kuwait ------Lebanon ------Oman ------Pan Arab ------Qatar ------Saudi Arabia ------UAE ------Middle East & North Africa ------

Israel - 0.3 0.8 1.1 1.7 3.9 6.6 8.6 South Africa - - 0.5 0.4 0.4 0.7 0.7 0.7

Total 1.7 2.2 2.5 2.8 3.3 3.9 5.5 6.8

256 ADVERTISING EXPENDITURE FORECASTS - DECEMBER 2011 SHARE OF ADSPEND: INTERNET

% 2007 2008 2009 2010 2011 2012 2013 2014 Canada 12.7 15.7 19.3 21.6 24.5 27.2 29.7 31.9 USA 8.2 10.5 13.7 15.2 16.8 18.9 21.4 24.0 North America 8.4 10.8 14.0 15.6 17.3 19.4 21.9 24.6

Austria 3.3 4.1 5.5 11.7 12.9 14.5 16.0 17.7 Belgium 3.5 3.9 4.3 4.9 5.2 5.8 6.4 8.0 Denmark 17.3 20.7 25.2 26.4 27.2 28.0 28.9 29.0 Finland 4.6 10.8 14.9 16.1 16.8 20.1 22.4 23.5 France 12.0 14.9 17.2 17.7 19.0 20.2 21.5 23.0 Germany 11.1 13.3 15.7 17.1 18.8 20.6 22.5 24.3 Ireland 4.7 5.2 7.0 14.5 17.5 20.2 21.1 21.7 Italy 3.3 3.9 4.7 5.4 6.4 7.2 8.0 8.9 Netherlands 16.7 18.3 21.5 21.9 23.3 24.3 24.8 24.9 Norway 19.4 22.6 25.9 27.4 28.8 30.4 31.7 32.5 Portugal 1.4 2.1 2.7 3.0 3.9 4.4 4.9 5.3 Spain 6.0 8.6 11.6 13.5 15.6 17.6 19.4 20.9 Sweden 18.3 21.1 25.0 25.4 25.6 27.2 28.8 30.0 Switzerland 5.3 6.9 9.2 9.8 9.7 11.5 12.3 13.3 UK 18.8 23.1 27.7 29.4 32.3 34.0 35.6 36.9 Western Europe 11.0 13.4 16.0 17.6 19.2 20.8 22.2 23.5

Armenia 0.02 0.02 0.17 0.23 0.39 0.45 0.45 0.53 Azerbaijan 0.5 1.0 1.0 1.1 1.3 1.6 1.6 1.6 Belarus 3.4 4.4 6.7 7.4 9.0 10.0 10.2 10.8 Bosnia & Herzegovina 0.2 0.2 0.3 0.3 0.4 0.5 0.6 0.8 Bulgaria 2.0 2.7 3.3 3.7 4.3 4.8 5.4 5.8 Croatia 0.8 1.2 0.7 1.6 1.1 1.1 1.1 1.1 Czech Republic 8.3 9.5 12.5 14.2 16.6 17.8 18.9 20.2 Estonia 8.3 10.8 12.8 14.5 16.1 16.5 16.9 17.5 Georgia 0.1 0.2 0.4 0.5 0.6 0.7 0.8 1.0 Greece ------Hungary 8.4 11.1 14.0 16.0 17.6 19.4 20.6 21.2 Kazakhstan ------Latvia 6.3 8.7 11.4 12.9 15.0 16.0 16.0 16.9 Lithuania 3.2 5.5 6.2 7.8 8.4 11.1 13.2 15.0 Moldova 0.7 0.6 1.1 2.1 4.7 6.0 7.0 7.7 Poland 8.5 9.5 11.7 13.8 15.5 17.3 19.3 22.2 Romania 2.9 3.6 4.0 6.9 9.0 10.3 10.7 10.8 Russia 5.8 6.4 9.3 11.1 13.8 16.4 18.9 21.3 Serbia 1.0 1.2 1.6 3.7 4.4 5.2 5.8 6.8 Slovakia 3.1 3.4 4.3 4.9 5.0 5.6 5.8 7.0 Slovenia 2.3 3.5 3.4 3.9 4.7 5.0 5.2 5.6 Turkey 1.6 2.9 6.6 6.9 7.2 7.6 8.0 8.2 Ukraine 1.1 1.8 3.6 3.7 4.7 5.9 7.3 8.3 Uzbekistan - 0.3 0.5 1.7 2.4 3.5 4.5 6.0 Central & Eastern Europe 4.0 4.7 6.3 7.6 9.2 10.7 12.1 13.6

Australia 11.5 14.1 16.8 18.5 21.1 23.9 26.6 29.6 China 10.6 13.1 14.7 18.2 21.4 25.4 29.5 33.7 Hong Kong 0.8 0.9 1.3 1.4 1.6 2.2 3.0 3.1 India 1.6 1.6 2.1 2.4 2.8 3.4 4.0 4.8 Indonesia 0.03 0.03 0.03 0.03 0.02 0.02 0.03 0.03 Japan 12.4 15.1 17.4 19.1 20.4 21.3 22.5 23.4 Malaysia 0.9 1.0 2.2 2.4 2.6 2.8 3.2 3.6 New Zealand 6.0 9.1 11.1 12.7 15.4 17.7 19.4 20.9 Pakistan 0.4 0.5 0.6 0.7 0.8 0.9 1.1 1.2 Philippines 1.5 1.8 2.1 2.2 2.8 3.9 5.1 5.6 Singapore 1.6 2.4 3.2 4.4 7.1 7.6 9.7 10.0 South Korea 13.7 15.0 17.3 18.1 18.0 18.8 20.0 21.5 Taiwan 9.8 12.4 14.3 14.7 15.1 16.9 17.9 18.4 Thailand 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.7 Vietnam 0.1 0.1 0.1 0.3 0.3 0.4 0.5 0.4 Asia Pacific 10.3 12.4 14.0 15.5 16.9 18.7 20.8 22.8

Argentina 2.3 3.0 3.8 4.8 4.8 4.9 4.5 4.2 Brazil 2.8 3.6 4.3 4.7 5.2 5.5 5.8 6.1 Chile 1.6 2.3 3.7 4.1 4.6 5.2 5.7 6.4 Colombia 1.25 1.98 2.62 3.44 4.75 6.64 9.89 11.49 Costa Rica - - 0.3 0.3 0.5 0.8 1.3 1.5 Ecuador 0.05 0.15 0.16 0.19 0.28 0.31 0.31 0.40 Mexico ------Panama ------Peru 2.0 2.4 3.4 3.1 3.9 4.8 5.9 7.0 Puerto Rico 0.29 0.43 0.98 1.38 1.68 1.74 1.80 1.80 Uruguay 2.0 2.0 3.2 3.7 3.4 3.4 3.5 4.1 Venezuela 0.04 0.06 0.06 0.07 0.12 0.12 0.12 0.12 Latin America 1.68 2.19 2.79 3.14 3.49 3.77 4.06 4.28

Bahrain ------Egypt ------Kuwait ------Lebanon ------Oman ------Pan Arab 0.4 0.6 1.1 3.2 5.2 6.7 7.6 7.6 Qatar ------Saudi Arabia ------UAE ------Middle East & North Africa 0.2 0.2 0.5 1.5 2.5 3.4 4.0 4.0

Israel 13.0 14.2 17.4 17.9 18.9 20.5 22.0 23.7 South Africa 0.9 1.3 1.3 1.3 1.5 2.0 2.5 3.0

Total 8.8 10.7 13.1 14.4 15.9 17.6 19.4 21.2

257