1

Fred Seegal Vice Chairman

212.508.1626 (w) 917.992.5027 (m) fseegal@pjsc.com

Rich Brail Managing Director 212.508.1628 (w) 646.458.1570 (m)

rbrail@pjsc.com

Juan Mejia Director

212.508.1659 (w) 917.716.8143 (m)

jmejia@pjsc.com

Mark Boidman Director

212.508.1661 (w) 917.526.1092 (m) mboidman@pjsc.com

Media, Entertainment, Communications & Technology

Joe Stein Managing Director 212.508.1662 (w) 203.550.2184 (m)

jstein@pjsc.com

Capital Markets

INVESTMENT BANKING

Report Summarizing Advertising Market

Activity

JUNE 2013

THE ADVERTISING MARKET– AT A GLANCE

www.pjsolomon.com

Economic News Overview

Economic recovery continues at a slow pace – Q1’13 GDP grew 2.4%, driven by a 3.4% increase in private consumption – GDP grew 0.4% in Q4’12, driven by a 2.1% increase in private consumption offset by declining defense

spending U.S. added 175,000 jobs in May

– Unemployment rate increased slightly to 7.6% from 7.5% as more individuals seek jobs Slight improvement in personal income (0.1% decrease in personal income in March; 1% increase in

February) Durable Orders rose 3.3% in April

– Bounced back from 5.9% decline in March May home sales rose 4.2%, highest level since November 2009

– Total housing inventory at end of May was up 3.3% – The annual sales rate rose 2.3% in April to 454,000

Housing supply is still low – Total supply at the March sales rate is 5.1 months, down from 5.2 months in April

Source: U.S. Bureau of Labor Statistics, Bloomberg, and Wall Street Research.

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The Advertising Market – At a Glance

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Source: Company filings and website, Capital IQ, Bloomberg and Wall Street research.

Market Indicators

Share Price Performance

Performance% of 52 1- Day 1-Week 1-Month YTDWeek % % % %

6/21/13 High Change Change Change ChangeNasdaq Composite 3,357 96% (0.2%) (2%) (3%) 8%Dow Jones Industrial 14,799 96% 0.3% (2%) (3%) 10%S&P 500 1,592 95% 0.3% (2%) (4%) 9%

Bloomberg Economic ForecastCurrent 2Q13E 3Q13E 4Q13E 1Q14E

Real GDP 2.40 1.70 2.30 2.60 2.80Core CPI 1.70 1.40 1.50 1.50 1.70Fed Funds 0.25% 0.25% 0.25% 0.25% 0.25%3 Mo. LIBOR 0.37% 0.37% 0.48% 0.56% 0.63%10 Yr Treasury 1.85 2.13 2.21 2.38 2.57Unemployment 7.73 7.50 7.40 7.35 7.20

Stock Price 1-Week % 1 - Month % YTD % Stock Price 1-Week % 1 - Month % YTD % Out-of-Home 6/21/13 Change Change Change Radio 6/21/13 Change Change ChangeAPG|SGA CHF 219.90 0% (9%) 7% Beasley Broadcast Group $7.64 2% 2% 53%AirMedia Group $1.73 (2.3%) (11%) (15%) CC Media 5.50 (4%) 5% 62%Clear Channel Outdoor 7.40 0% (14%) 5% Cumulus Media 3.35 (1%) (9%) 26%Clear Media HK$5.70 4% -- 33% Emmis Communications 1.68 (1%) 5% (15%)JCDecaux SA €19.86 (1%) (5%) 9% Entercom Communications 9.20 (6%) (2%) 27%Lamar $42.24 (1%) (12%) 6% Radio One 2.33 2% (2%) 210%Mood Media 1.03 1% (7%) (46%) Saga Communications 46.89 1% 4% 34%National CineMedia 15.95 (6%) (7%) 5% Salem Communications 7.20 (6%) (4%) 32%RMG Networks 11.93 (0%) 7% 20% Sirius XM Radio 3.15 (4%) (11%) 4%Ströer €7.85 1% (10%) 16% Spanish Broadcasting System 3.53 (1%) (19%) 39%VisionChina Media 2.30 -- (6%) (34%)

Out-of-Home Median -- (7%) 6% Radio Median (1%) (2%) 33%Out-of-Home Mean (0%) (7%) 1% Radio Mean (2%) (3%) 47%

BroadcastingBelo $14.02 0% 25% 76% Advertising/MarketingEntravision 6.25 15% 41% 265% Dentsu ¥3,395.00 4% (10%) 47%Fisher Communications 41.08 0% (0%) 48% Havas €4.79 2% (4%) 11%Gray Television 7.16 10% 27% 213% Interpublic $14.27 (2%) (1%) 23%LIN TV 14.22 3% 20% 73% Omnicom 62.03 (1%) (0%) 21%Media General 9.36 3% 15% 110% Publicis €53.51 (2%) (6%) 16%Nexstar Broadcasting Group 33.82 10% 25% 197% WPP £10.89 (3%) (8%) 18%Sinclair Broadcast Group 28.43 4% 8% 115%

Broadcasting Median 3% 22% 112% Advertising/Marketing Median (1%) (5%) 19%Broadcasting Mean 6% 20% 137% Advertising/Marketing Mean (0%) (5%) 23%

Diversified MediaCBS $46.89 (2%) (9%) 19%Discovery 75.42 (1%) (5%) 15%Disney 62.73 (2%) (4%) 23%News Corp. 31.42 0% (5%) 18%Scripps 66.04 (1%) (3%) 11%Time Warner 56.81 (1%) (5%) 14%Viacom 65.72 (2%) (6%) 17%

Diversified Media Median (1%) (5%) 17%Diversified Media Mean (1%) (5%) 17%

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The Advertising Market – At a Glance

www.pjsolomon.com

Sector News

Other Key Media, Entertainment, Tech Headlines (May-June)

Out-Of-Home Radio Broadcasting / Distribution 6/20: CBS Outdoor International

announced it has signed onto Ayuda Platform

6/7: Bus shelters in Montreal will be installed with digital displays equipped with gesture recognition technology in connection with deal between Quebecor Media and Société de transport de Montréal

6/6: IRS is forming an internal group to examine the legal status of "real estate" for REIT conversions. This new IRS group will likely impact the IRS' ability to provide a timely response to companies with similar REIT-conversion requests, including those in the billboard space

6/6: eBay announced it will launch four interactive storefronts in Manhattan which will appear on front windows of closed stores where shoppers will be able to order merchandise through a touch screen and schedule a free, one-hour delivery

5/30: ABC Regional Sports & Entertainment Sales and Branded Cities Network have signed an exclusive sales and marketing agreement to build digital out of home LED network in major cities across the country

5/29: JCDecaux unvelied its largest digital advertising sign at JFK and announced rollout of its Prestige Digital Network of 70” HD screens at Newark Liberty International Airport

5/28: oOh! Media, Australia’s largest owner of digital out-of-home advertising environments, has completed conversion of its digital signs to BroadSignX

6/26: CNN shuttered last vestige of its audio offerings, more than a year after it exited the over-the-air broadcast business

6/25: Radio spending slipped 1.7% in Q1 according to Kantar Media

6/12: Pandora Media acquires KXMZ-FM radio station to cut royalty payments

6/12: Clear Channel inks revenue-sharing deal with band Fleetwood Mac, the first of its kind between a radio station and a music act

6/10: Apple announces iTunes Radio, to be launched this fall

6/4: FCC hired new Enforcement Bureau chief

5/31: Community Broadcasters acquiring seven radio stations in New York state markets

5/15: Google announced several new software features including a new music streaming service

5/13: Woodward Communications announced the acquisition of four Bahakel’s radio stations in Cedar Falls, Iowa

5/8: New Triton Digital listening data confirmed that more than half of internet radio listening (56%) occurred on mobile devices in March

5/8: Bloomberg radio launched in Boston

5/7: Pandora stated that it was successful in capping the amount of listeners it had in March with its first trial of the 40-hour monthly listening limit

6/25: Fisher Communications has set up special shareholder meeting for August 6 to vote on sale to Sinclair

6/18: Intermountain West Communications is selling a pair of TV stations to Idaho Broadcast Partners

6/18: DirecTV is rumored to be in lead to acquire Hulu

6/13: Gannett announced it will acquire outstanding Belo shares for $1.5 billion

6/11: Time Warner Cable announced it will begin testing its cloud-based video guide in New York City, Los Angeles and Syracuse this September

6/7: Google’s Motorola Mobility Holdings settled patent-infringement dispute with TiVo for a reported $490 million

6/6: Redbox’s instant move-streaming service will be available on Roku’s platform this summer

6/6: Media General and Young Broadcasting Holding Company announced definitive agreement to combine the two companies in an all-stock merger transaction

6/5: Vubiquity and TiVo have inked a deal to integrate Vubiquity’s AnyVU streaming service with TiVO broadband-connected DVRs

6/5: Sinclair Broadcast acquires four TV stations owned by TTBS for $115 million

6/4: Liberty Global named Dana Strong as COO of Virgin Media

6/3: CBS announced it will acquire remaining 50% stake in TV Guide Digital from Lionsgate

5/20: Liberty Global has put Chellomedia television-channel business up for sale

Google earned more than half of the $8.8 billion advertisers worldwide spent on mobile internet ads in 2012, according to eMarketer Yahoo! Announced it is acquiring Rondee, a conference calling service, and Ghostbird Software, a photo app maker for Apple’s iOS Google announced that it is acquiring mobile satellite navigation startup Waze for $1.1 billion Koch Industries hired services of a financial adviser to explore profitable media investments Tremor Video files for IPO worth $86.25 million

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The Advertising Market – At a Glance

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“We initiate coverage on Lamar with a Buy rating and a $45 target (20% upside potential) based on a view that Lamar converts to a REIT. We expect Lamar’s recent outperformance to continue as the current valuation does not appear to price in the full upside from conversion to a REIT, which we view as likely in 2014, including the digital displays business. While uncertainties remain regarding timing and qualification of income, we see attractive probability weighted upside/downside risk.” – October 3, 2012

“CBS announced two initiatives for its Outdoor division that we believe will unlock significant value for shareholders…REIT conversion would imply significant upside to the implicit valuation for Outdoor…we are raising our valuation for CBS outdoor from $4bn to $6-7bn.” – January 17, 2013

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

$50.00

$55.00

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13

Lamar CBS

Up until June 6 announcement regarding “Working Group,” markets had responded favorably to REIT conversion announcements

Source: Wall Street Research.

Stock Price Performance and Volume

Analyst Perspectives at Announcement

Lamar and CBS Outdoor REIT Conversion Update

Analyst Perspectives Today

“Formation of IRS “Working Group” adds some uncertainty to REIT process with IRS. LAMR indicated it has no reason to conclude that it will not be in a position to complete REIT conversion by Jan 1, 2014.”

“IRM is not an outdoor advertising business, read-across to LAMR/CBS is unclear. While this working group may suggest greater scrutiny of REIT applications, we do not interpret the “tentatively adverse” view of IRM’s PLR as relevant to either LAMR or CBS Outdoor.”

“LAMR - $3 down, $12 up: In the event of an adverse opinion, we see non-REIT support for OW rated LAMR shares around $39 (~10% downside from after market trading level), or 10x fwd EBITDA. If ultimately its application is approved we continue to view our $54 price target as realistic (and have a $63 bull case if the local ad market improves).” – June 7, 2013

8/8/2012: LAMR Conversion

Announcement

CBS: 35mm Volume spike

1/16/2013: CBS Conversion

Announcement

6/6/13: Formation of IRS “Working Group”

Summary Stats - Conversion AnnouncementsLAMR CBS

Avg. Daily Volume 3 Months Prior 742,880 6,385,553Daily Volume Spike - Announcement 7,319,295 35,081,5001-Day Performance - Announcement 9.2% 7.9%

Summary Stats - IRS "Working Group" Formation (a)LAMR CBS

Avg. Daily Volume 3 Months Prior 837,770 6,139,669Daily Volume Spike - Announcement 7,696,900 10,329,5101-Day Performance - Announcement (4.2%) (1.7%)

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The Advertising Market – At a Glance

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Companies like Walmart and eBay are using DOOH to reshape how consumers think about mobile shopping

Source: News articles.

Developments in DOOH-Based m-Commerce

With the help of DOOH, advertising is being transformed into a full, end-to-end shopping experience

– Purchase, payment and delivery are a fully-closed loop

Walmart and Proctor & Gamble launched 50 “mobile stores” inside various Toronto bus shelters starting the week of June 6, 2013

– Consumers can scan QR codes from mobile devices in order to purchase advertised items, including Pampers diapers, Tide detergent and Crest toothpaste

– Products are then delivered to their homes free-of-charge

On June 5, eBay and retailer Kate Spade announced a similar plan to launch four interactive storefronts in Manhattan

– 24-hour “Window Shops” will appear on the front windows of Kate Spade stores, even when the brick-and-mortar stores are closed

– Shoppers will be able to order merchandise through a touch screen

– Purchases will be delivered to customers’ doors within one hour, and payment will be made through mobile PayPal service at the point of delivery

– Could be a model for companies with large brick-and-mortar store fleets to successfully integrate m-commerce into their retailing strategy

Digital-Out-Of-Home is Facilitating the Shift from e-Commerce to m-Commerce

Illustrative Interactive Advertisements

6

The Advertising Market – At a Glance

www.pjsolomon.com

Source: Wall Street Research

Provides contextually relevant content to the time and location New technology provides interactivity and flexibility to installations

– More flexible and dynamic than traditional OOH – Faster launch times and streaming content – Rich engagement – Mobile wallet

Digital-Out-Of-Home Network Categories

Digital-Out-Of-Home Growth Opportunities

Digital place-based

networks

Both digital networks and/or digital

signage

Network Category

Locations Leading Providers

Cinema Movie screens

Office Elevators, lobbies and convention halls

Fitness / personal care

Fitness centers, salons and spas

Healthcare

Doctor and dentist offices, hospitals and pharmacies

Hospitality

Hotels, resorts, restaurants, clubs and tourist attractions

Transit

Airports, bus and train stations, taxis and gas stations

Entertainment

Casinos, stadiums concert halls and restaurants

Retail

Malls, groceries, food courts, convenience halls and restaurants

Technology

QSR, malls, office buildings, other

7

The Advertising Market – At a Glance

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12.6 x 11.9 x 10.3 x 10.1 x 9.4 x 9.2 x 9.0 x

--

5.0 x

10.0 x

15.0 x

Discovery Scripps Walt Disney News Corp. Time Warner Viacom CBS

19.1 x 11.5 x 11.4 x

9.3 x 9.2 x 9.0 x 8.7 x 8.6 x

--

8.0 x

16.0 x

24.0 x

Sirius Nexstar CC Media Cumulus Belo Salem LIN TV Entercom

11.5 x 10.4 x 7.5 x 6.2 x

--

5.0 x

10.0 x

15.0 x

Lamar Clear Channel Outdoor JCDecaux Stroer

$5.7B

Out-of-Home Sector Recent Trading Performance

Source: Capital IQ and Wall Street Research. * Broadcasting 2013E is 2012-2013E.

EV / 2013E EBITDA

Market Cap Enterprise Value

Out-of-Home

$4.0B $6.1B

$2.7B $7.3B

$5.8B $0.5B $0.9B

Diversified Media

Market Cap Enterprise Value

$26.5B $30.5B

$9.7B $11.1B

$72.9B $83.9B

$53.0B $69.9B

$113.0B $128.0B

$29.8B $35.9B

$31.9B $39.8B

Market Cap Enterprise Value

$20.1B $22.3B

$0.5B $20.5B

$0.2B $0.5B

$0.7B $1.7B

$1.0B $1.9B

$0.6B $3.3B

$0.3B $0.9B

Radio and Broadcasting

2%

(23%)

(4%)

65%

49%

$1.5B $2.2B

Relative Stock Price PerformanceClear Channel

NCMI Outdoor JCDecaux Lamar S&P 5001 Month (4%) (13%) (3%) (13%) (3%)3 Month 6% (1%) (4%) (12%) 2%6 Month 19% 7% 15% 12% 14%1 Year 18% 22% 23% 58% 21%3 Year (4%) (23%) 2% 65% 49%

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

100%

Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13

NCMI CCO JC Decaux Lamar S&P 500

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The Advertising Market – At a Glance

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Source: Capital IQ. * Broadcasting 2013E is 2012-2013E and 2014 is 2013E -2014 E.

Valuation Metrics 96.762829 Valuation Multiples Growth

Stock Price 52-Week 52-Week Equity Enterprise EV / Revenue EV / EBITDA '12A - '14E CAGROut-of-Home 6/21/13 Low High Value Value 2013 E 2014E 2013E 2014E Revenue EBITDAClear Channel Outdoor USD $7.40 4.48 8.75 2,648 7,285 2.4 x 2.4 x 10.4 x 9.7 x 1% 4%JCDecaux SA EUR €19.86 15.75 22.20 4,412 4,341 1.6 x 1.5 x 7.5 x 6.9 x 2% 6%Lamar USD $42.24 26.21 49.61 3,983 6,062 4.9 x 4.7 x 11.5 x 10.9 x 3% 4%National CineMedia USD 15.95 13.06 19.00 1,543 2,443 5.3 x 5.0 x 10.7 x 10.0 x 3% 7%Global / U.S. Median 3.7 x 3.5 x 10.5 x 9.8 x 3% 5%Global / U.S. Mean 3.5 x 3.4 x 10.0 x 9.4 x 2% 5%

APG|SGA CHF $219.90 161.00 242.50 647 565 1.7 x 1.7 x 7.2 x 6.9 x 2% (15%)Ströer EUR €7.85 6.36 9.71 384 696 1.2 x 1.1 x 6.2 x 5.6 x 6% 11%Europe Median 1.4 x 1.4 x 6.7 x 6.2 x 4% (1%)Europe Mean 1.4 x 1.4 x 6.7 x 6.2 x 4% (1%)

AirMedia Group USD $1.73 1.33 2.77 105 (10) NM NM NM NM 2% 4%Clear Media HKD HK$5.70 3.82 5.90 3,015 1,828 NA NA NA NA NA NAVisionChina Media USD 2.30 2.00 19.40 12 (2) NM NM NM NM (7%) NMChina Median NM NM NM NM (3%) 4%China Mean NM NM NM NM (3%) 4%

Mood Media USD $1.03 0.90 3.19 177 736 1.3 x 1.3 x 6.3 x 5.5 x 9% 7%

Total Out-of-Home Advertising Median 1.7 x 1.7 x 7.4 x 6.9 x 3% 5%Total Out-of-Home Advertising Mean 2.6 x 2.5 x 8.5 x 7.9 x 2% 4%

RadioBeasley Broadcast Group USD $7.64 3.53 9.14 175 276 NA NA NA NA NA NACC Media USD 5.80 1.20 6.98 476 20,527 3.3 x 3.2 x 11.4 x 10.5 x 1% 1%Cumulus Media USD 3.35 2.09 3.89 589 3,278 3.0 x 2.9 x 9.3 x 8.2 x 2% 4%Emmis Communications USD 1.68 1.43 2.57 69 251 NA NA NA NA NA NAEntercom Communications USD 9.20 5.25 10.13 342 898 2.3 x 2.3 x 8.6 x 7.7 x 1% 2%Radio One USD 2.33 0.68 2.66 115 1,104 NA NA NA NA NA NASaga Communications USD 46.89 25.31 51.61 266 300 2.4 x 2.3 x 8.4 x 7.7 x 1% 0%Salem Communications USD 7.20 4.62 10.14 178 484 2.1 x 2.0 x 9.0 x 8.3 x 2% 5%Sirius XM Radio USD 3.15 1.80 3.63 20,104 22,285 5.9 x 5.4 x 19.1 x 15.6 x 7% 8%Spanish Broadcasting System USD 3.53 2.02 4.97 26 361 NA NA NA NA NA NA

Radio Median 2.7 x 2.6 x 9.1 x 8.3 x 1% 3%Radio Mean 3.2 x 3.0 x 10.9 x 9.7 x 2% 3%

BroadcastingBelo USD $14.02 5.88 14.24 1,455 2,169 3.2 x 2.9 x 9.2 x 9.2 x 2% 1%Entravision USD 6.25 1.10 6.25 542 850 3.9 x 3.6 x 12.1 x 12.0 x 2% 1%Fisher Communications USD 41.08 22.76 41.82 364 345 2.2 x 1.9 x 12.8 x 11.6 x 3% 8%Gray Television USD 7.16 1.35 7.42 412 1,224 3.6 x 3.0 x 9.2 x 9.4 x 1% (2%)LIN TV USD 14.22 2.82 15.29 770 1,702 2.6 x 2.2 x 8.7 x 7.8 x 11% 9%Media General USD 9.36 3.70 10.17 261 796 2.4 x 2.1 x 8.0 x 8.0 x 2% 0%Nexstar Broadcasting Group USD 33.82 6.00 34.43 993 1,898 3.7 x 2.9 x 11.5 x 8.4 x 21% 23%Sinclair Broadcast Group USD 28.43 8.26 29.67 2,839 5,092 3.7 x 2.8 x 11.3 x 9.0 x 19% 17%

Broadcasting Median 3.4 x 2.8 x 10.2 x 9.1 x 2.8% 4.5%Broadcasting Mean 3.2 x 2.7 x 10.4 x 9.4 x 7.6% 7.2%

Advertising/MarketingHavas EUR €4.79 3.48 5.26 1,862 2,135 1.2 x 1.1 x 7.4 x 7.0 x 2% 3%WPP GBP £10.89 7.39 11.92 15,053 18,123 1.6 x 1.6 x 9.6 x 8.9 x 4% 5%Publicis EUR €53.51 35.11 57.64 11,238 11,080 1.6 x 1.5 x 8.6 x 8.0 x 4% 3%Interpublic USD $14.27 9.04 14.99 6,114 7,186 1.0 x 1.0 x 7.8 x 7.1 x 2% 7%Omnicom USD 62.03 45.11 64.29 16,040 19,084 1.3 x 1.2 x 8.9 x 8.4 x 3% 3%Dentsu JPY ¥3,395.00 1,747.00 3,920.00 845,861 877,379 NA NA NA NA NA NA

Advertising/Marketing Median 1.3 x 1.2 x 8.6 x 8.0 x 2.7% 3.2%Advertising/Marketing Mean 1.3 x 1.3 x 8.5 x 7.9 x 2.9% 4.1%

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The Advertising Market – At a Glance

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63 71

18

33 3

12

14

15

19

13

13

9

15

16

7

9 23

14 $177 $175 $182 $184

$194 $196

--

$40

$80

$120

$160

$200

2012E 2013E 2014E 2015E 2016E 2017E

$6.7 $6.9 $7.3

$7.7 $8.1

$8.6

--

$2

$4

$6

$8

$10

2012E 2013E 2014E 2015E 2016E 2017E

Emerging OOH Traditional OOH

Source: MagnaGlobal.

U.S. Out-of-Home Media Forecast

U.S. Advertising Spending Forecast

(Amounts in billions)

(Amounts in billions)

Directories / Direct Mail

Television Paid Search Online Video Mobile

Display Internet Newspapers Magazines Radio

Out-of-Home

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The Advertising Market – At a Glance

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Source: Capital IQ and Wall Street Research.

Out-of-Home Valuation Trends (EV/LTM EBITDA)

Historical Out-of-Home EBITDA

(Amounts in millions)

6.9 x

12.9 x

10.6 x

7.4 x 7.3 x 6.7 x

12.0 x 11.1 x

8.7 x 10.0 x

7.7 x

9.9 x

11.6 x

9.8 x 10.0 x

--

2.0 x

4.0 x

6.0 x

8.0 x

10.0 x

12.0 x

14.0 x

2008 2009 2010 2011 2012

JCDecaux Clear Channel Outdoor Lamar

$481

$187

$289

$380 $378

$746

$536

$647

$745 $697

$521

$448 $465 $487 $514

--

$100

$200

$300

$400

$500

$600

$700

$800

2008 2009 2010 2011 2012

CBS Outdoor Clear Channel Outdoor Lamar

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The Advertising Market – At a Glance

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Source: Wall Street Research and SNL Kagan.

Changing Composition of TV Station Revenues

Radio Station Ad Revenue Growth Projections by Region (2011A-2016E CAGR)

Pacific 3.98%

Mountain 2.94%

Upper Midwest

2.44%

Great Lakes 1.78%

Central Gulf

3.49%

Central South 2.27%

South Atlantic 2.74%

Mid Atlantic 3.59%

New England

2.71%

Ad Revenue 84%

Online7%

Retrans9%

Ad Revenue 74%

Online7%

Retrans19%

2006A 2013E 2018E

Ad Revenue 97%

Online2%

Retrans1%

12

The Advertising Market – At a Glance

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Upcoming Events

Dates Name Location Description

June 25-26, 2013 The TV of Tomorrow Show 2013 San Francisco, CA

Conference for pay-TV operators, consumer electronics manufacturers and technologists to engage in interactive and productive exchange of ideas

June 25-27, 2013 European Sign Expo London, United Kingdom

Demonstration of latest developments in visual communications channels including conventional signage, digital signage and out-of-home media

July 14-16, 2013 ANA Digital & Social Media Conference

Dana Point, CA Conference about social media, content marketing and “big data”

July 17-18, 2013 Ad:tech Melbourne Melbourne, Australia

Interactive advertising and technology conference and exhibition

July 22, 2013 CMO Strategy Summit Chicago, IL Exploration of innovative and creative tactics that allow marketers to get the most out of their budgets

September 4-6, 2013

Shanghai International Digital Signage & Touch Technology Show

Shanghai, China Platform of showcasing, networking, idea sharing and market trend understanding of digital signage world

September 9-12, 2013

Content Marketing World 2013 Cleveland, OH Focus on managing content marketing and ROI of content marketing

September 11-12, 2013

Ad:tech London London, United Kingdom

Interactive advertising and technology conference and exhibition

September 18-20, 2013

RadioShow Orlando, FL Conference organized by National Association of Broadcasters and Radio Advertising Bureau about radio’s future and new technologies affecting radio industry

September 18-19, 2013

7th Sigital Signage Conference 2013 Munich, Germany

Exploring various outdoor signage installations

September 23-27, 2013

Advertising Week New York, NY Over 200 distinct events that gather the world’s premier marketing and communications leaders

September 24-26, 2013

Outdoor Writers Association of America Conference

Lake Placid, NY Networking and informative event for outdoor communicators and outdoor groups

September 25-27, 2013

PNA Advertising Conference Seven Springs, PA

Information sessions concerning optimal online sales efficiency and incorporating social media into advertising plan

13

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Upcoming Events (cont’d)

Dates Name Location Description

September 26-28, 2013

NAB Small Market Television Exchange

Phoenix, AZ Leadership and sales training strategies for television industry

October 3-6, 2013

ANA Masters of Marketing Annual Conference

Phoenix, AZ Conference focused on learning and engaging with leaders of the marketing community

October 21, 2013 Billboards Unplugged New York, NY Conversation regarding future of billboards

October 22-25, 2013

Online Marketing Summit Silicon Valley, CA

Direct, hands-on training workshops about online marketing

October 23-24, 2013

DailyDOOH Investor Conference New York, NY Showcase of key technologies that are enabling new markets and impacting global display ecosystem

November 4, 2013

Ad Operations: IAB Summit New York, NY Conference exploring challenges and solutions in a multiscreen world

November 4-7, 2013

SES Chicago Chicago, IL Expo providing marketing professionals, brand advertisers, agencies and business leaders with knowledge and tools to deal with dynamic digital landscape

November 6-7, 2013

Ad:tech New York New York, NY Interactive advertising and technology conference and exhibition

If you wish to subscribe/unsubscribe to The Advertising Market – At a Glance, please contact: Jason Liao

Analyst 646.708.8460 jliao@pjsc.com

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PJSC Overview

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Providing Sound, Unbiased Advice to Clients for 25 Years

Focused advisory business, providing high-quality advice and execution, free from conflicts of interest

Founded in 1989, Peter J. Solomon Company (PJSC) is one of the original independent investment banks and financial advisory firms with approximately 75 professionals

PJSC is a trusted advisor to chief executives, principal shareholders, Boards of Directors and Special Committees

PJSC develops long-term client relationships based on trust and independent advice

Our senior bankers bring knowledge and experience to each client matter and are involved in each engagement

PJSC is at the forefront of media, technology and retailing, with a focus on distribution of

goods and services, via both traditional and online channels

PJSC has completed over $175 billion of M&A,

restructuring and financing advisory assignments

PJSC is a truly independent advisor and does not

underwrite or trade securities, publish research, manage or

invest capital

PJSC focuses on a diverse set of industry verticals including

Media / Technology, Retail / Distribution, Consumer

products and Healthcare

Mergers & Acquisitions

Financial Opinion Practice

Restructuring / Recapitalization

Financing and Capitalization

Advisory

Special Committee

Practice

Family Business Advice

PJSC