16th edition Media pocket guide 2016 A gateway to the Belgian Media Landscape

The data compiled in this book were collected in February-March 2016. They may therefore be subject to modifications. Furthermore, Initiative nor UM shall not in any circumstances be held responsible for any errors or omissions which the reader may notice. All rights reserved. Introduction Futures, the research and consumer insight division of the 2 Belgian IPG Mediabrands (Initiative and UM) is proud to present the 16th edition of its Media pocket guide, the ultimate source of information concerning the Belgian media landscape. This publication is issued once a year, in June. We hope this Media pocket guide will help you in finding your way in an ever evolving market.. 1

Table of contents Key Facts Dailies Magazines Free Sheets Out of Home Television IDTV Cinema Radio Digital Search Social Programmatic Media Surveys Lexicon 5 21 37 55 61 77 103 113 131 147 157 169 176 191 209 3

1 . Basic data - Key facts Demography Total population* In Flanders* In Wallonia* In Brussels (Capital Region)* Number of households Number of persons per household* Total population aged 12 & over (CIM) In Flanders In Wallonia In Brussels (Nielsen III) Nielsen Regions I II III IV V 11 209 044 inhabitants 6 444 127 inhabitants (57.5 %) 3 589 744 inhabitants (32.0 %) 1 175 173 inhabitants (10.5 %) 4 828 576 households 2.32 persons / household 9 614 003 individuals 5 385 976 individuals (56.0 %) 3 074 483 individuals (32.0 %) 1 153 544 individuals (12.0 %) Population 12+ 2 307 772 3 078 204 1 153 544 1 480 295 1 594 188 in % 24.0 % 32.0 % 12.0 % 15.4 % 16.6 % Source : statbel.fgov.be - CIM 2014-2015(1) *2016 Data 5

1 . Basic data - Key facts Profile of the Population – Total 12+ Total population Belgium 9 576 187 Sex (in %) Male Female PRP Age (in %) 12-20 21-34 35-44 45-54 55-64 65+ Social groups (in %) 1+2 3+4 5+6 7+8 6 48.8 % 51.2 % 63.0 % 11,7% 20,8% 15,5% 16,8% 14,5% 20,7% 28.6 % 22.4 % 24.5 % 23.9 % Flanders 5 366 382 49.2 % 50.8 % 62.9 % 11.2 % 19.8 % 15.0 % 17.2 % 14.9 % 21.9 % 28.7 % 22.4 % 25.2 % 23.3 % Wallonia 3 061 426 48.3 % 51.7 % 60.4 % 12.5 % 20.5 % 15.4 % 16.6 % 14.9 % 20.0 % 25.2 % 22.9 % 24.8 % 26.4 % Brussels 1 148 379 48.3 % 51.7 % 63.3 % 12.0 % 25.8 % 18.1 % 15.5 % 11.9 % 16.7 % 37.8 % 21.4 % 20.2 % 20.1 % Source : CIM 2014-2015(1) 1 . Basic data - Key facts Main Belgian Economic Indicators Indexes (previous year = 100) Rise of the PIB (in %) Rise of private consumption (in %) Inflation (in %) Unemployment rate (in %) 2012 2013 2014 2015p 2016p 0,2 0,6 2,6 7,6 0,0 0,9 1,2 8,4 1,3 0,4 0,5 8,5 1,4 1,4 0,6 8,4 1,3 1,2 1,9 8,3 Age Group (in %) 0-19 20-59 60+ Evolution Population : 2000 – 2060 2000 18 66 16 2014 17 65 18 2020 17 64 19 2040 17 59 24 2060 17 58 25 7 Source : BNB - BFP

1 . Basic data - Key facts Media Spendings : Share in Household Spendings Share of average annual spendings for Telecom & Leisure – by household 11,1% 8,0% 7,9% 3,2% 1155 3,5% 1373 2000 8 2005 2,9% 1047 2014 Telecom & Equipment Total Telecom & Leisure Source : Statbel 2015 1 . Basic data - Key facts Household equipment - Total 12+ Printer, scanner or all-in-one printer DVD / Blu-ray reader set Videorecorder / hard disk recorder Portable GPS (not on a GSM) Hi-fi set Multimedia console type Wii, Xbox, PSPlayStation Non-portable CD player MP3 player, iPod, etc. (music, audiovisual) Video camera External hard drive (NAS) 37,7 35,6 32,1 25,4 24,6 Source : CIM TGM 2013-2014-2015 9 69 58,7 54,9 46,8 44,3

2 . Media Profile - Key facts Media Coverage : Maximum Reach – Total 12+ 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 89,9% 85,8% 84,6% 86,9% 77,2% 59,0% 48,8% 50,9% 6,1% 10 Source : CIM Crossmedia 2015 2 . Media Profile - Key facts Media Mapping : Profile Heavy Users 75 Young & Upscale 65 H Dailies H (Two-)Monthlies 55 H Weeklies H Radio 45 H Free Press H Television 35 Average pop. 12+ H Internet H Outdoor H Cinema 35+ & Downscale 25 10 20 30 40 % less than 35 years Source : CIM Crossmedia 2015 50 60 70 11 Average pop. 12+ % social groups 1 to 4

2 . Media Profile - Key facts Multi-Media Usage – Total 18+ 70% 60% 50% 40% Early 30% 20% 10% 0% 12 Morning Radio + OOH Day Radio + internet evening Radio + OOH Evening TV + internet /social net. Radio TV Movings Dailies Internet Magazine Free sheets Cinema Social network Online video Source : Ebuzz 2013 (Mediabrands survey) “What did a typical day of last week look like ?” Base = 18-74 yo Before 6h00 6h--6h30 6h30--7h 7h--7h30 7h30--8h 8h--8h30 8h30--9h 9h--9h30 9h30--10h 10h--10h30 10h30--11h 11h--11h30 11h30--12h 12h--12h30 12h30--13h 13h--13h30 13h30--14h 14h--14h30 14h30--15h 15h--15h30 15h30--16h 16h--16h30 16h30--17h 17h--17h30 17h30--18h 18h--18h30 18h30--19h 19h--19h30 19h30--20h 20h--20h30 20h30--21h 21h--21h30 21h30--22h 22h--22h30 22h30--23h 23h--23h30 23h30--24h After24h 3. Advertising Investments - Key Facts Total Evolution : 1998 – 2015 In Million Euros 3565.8 3466.5 3104.3 North South 2387.4 2297.5 2137.5 1933.4 1806.8 1673.7 1530 1751.9 2863.9 3164.4 3169.5 3603.6 3704.5 3759.4 3824.3 As from 2001 : incomplete data (no figures for free sheets), change of methodology As from 2006 : free sheets and internet added to the CIM MDB Source : MediaMark / CIM MDB / MediaXim 13

3. Advertising Investments - Key Facts Evolution Investments by Media: 2005-2015 500 € 1.000 € 1.500 € 2.000 € 2.500 € 3.000 € 3.500 € 4.000 € 4.500 € 0 € 2005 14 Source : MediaXim 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 141 € 168 € 154 € 175 € 47 € 215 € 280 € 289 € 747 € 737 € 730 € 701 € 593 € 982 € 1.071 € 1.161 € 1.205 € 1.247 € 1.414 € 1.454 € 1.446 € 1.460 € 1.450 € 1.577 € 227 € 287 € 327 € 150 € 152 € 85 € 119 € 129 € 239 € 249 € 248 € 301 € 300 € 282 € 376 € 377 € 358 € 255 € 297 € 141 € 143 € 189 € 201 € 294 € 313 € 274 € 263 € 399 € 445 € 466 € 124 € 224 € 111 € 237 € 314 € 325 € 258 € 257 € 485 € 524 € 768 € 761 € 745 € 803 € 825 € 90 € 215 € 331 € CINEMA 292 € 514 € 767 € FREE SHEETS INTERNET OUTDOOR MAGAZINES RADIO DAILIES TELEVISION Millions Market Share by Medium : 2015 3. Advertising Investments - Key Facts Source : MediaXim 15

3. Advertising Investments - Key Facts Market Share by Economic Group : 2015 Health-Wellbeing 2,3% Services 10,8% Clothing 1,5% Home-Office Equipment 4,6% House & Office Maintenance 2,4% Distribution 17,5% Energy-Fuel 1,0% 16 Telecom 5,0% Transport 10,0% Food 12,9% Others 0,5% Beauty-Hygiene 6,5% Culture, Tourism, Leisure, Sports 25,0% Source : MediaXim Top Advertiser Groups : 2015 3. Advertising Investments - Key Facts Top 10 PROCTER & GAMBLE BENELUX UNILEVER D’IETEREN GROUP RECKITT & BENCKISER COCA-COLA COMPANY COLRUYT GROUP MEDIALAAN MEDIAHUIS PROXIMUS GROUP L’OREAL GROUP 1000 101 235 79 528 74 015 69 681 60 424 55 259 52 404 50 941 49 485 45 710 17 Source : MediaXim

4. Media Cost – Key Facts Average Campaign Costs 2016 Television – Cinema – Radio MEDIUM Television North : VTM + 2BE + VIER + VIJF + Vitaya South : La Une + La Deux + RTL-TVI + Club RTL + Plug RTL + AB3 Cinema 1 week - 30" Radio North : Radio 1 + Radio 2 + Studio Brussel + MNM + JOE FM + Q-Music + Nostalgie South : La Première + Classic 21 + VivaCité + Bel RTL + Contact + Nostalgie + NRJ + Fun + Pure fm one week - spots 30" 94 230 61,5 % X 6,0 OTH = 368GRP (CIM Radio Wave 2015 1-3 – Tot.15+) one month / 300 GRP - spot 30" - 12h-24h Total National Ciné Parc one week - spots 30" 199 200 75,5 % X 4,0 OTS = 300 GRP (Audimetrie/IMProve - Tot. 15+) 38 950 6,4 % X 1,0 OTS = 6,62 GRP (CIM 15 - Tot. 15+) 83 712 71,5 % X 5,6 OTH = 399 GRP one month / 300 GRP - spot 30" - 12h-24h 255 600 72,8 % X 4,1 OTS = 300 GRP Description Cost 2016 ( in ) Performances 18 4. Media Cost – Key Facts Average Campaign Costs 2016 Dailies – Magazines – Free Sheets – Outdoor MEDIUM Dailies Magazines Monthlies Weeklies Free Sheets Outdoor JCD Superstar 48 More O'Ferrall 36 m Clear Channel 16 m JCD Booster 2m Adshel Maximum 2m 645 panels 20 & 8 m - 14 days 100 panels - 14 days 425 panels - 14 days 2 550 panels - 7 days 3 010 panels - 7 days 369 408 75,5% X 28,3 OTS = 2136,1 GRP 263 665 43,0% X 12,4 OTS = 532,8 GRP 369 340 68,3% X 17,6 OTS = 1201,4 GRP 285 965 70,9% X 34,9 OTS = 2473,1 GRP 303 000 70,3% X 35,2 OTS = 2473,9 GRP (CIM Affichage 2016- 1 - Tot. 15+) Description 1/1 P FC national selection (NP1) 1/1 P FC 30 insertions in a selection of NL / FR magazines 35 insertions in all measured NL / FR magazines 1/1 P FC (Vlan + Streekkrantgroep) 172 635 51,8% X 1,9 OTS = 98,3 GRP (CIM 15 - Tot. 15+) 249 871 70,6% X 2,2 OTS = 152,1 GRP (CIM 15 - Tot. 15+) 130 086 50,5% X 1,2 OTS = 59,2 GRP (CIM 15 - Tot. 15+) Cost 2016 (in ) Performances 126 000 44,2% X 1,3 OTS = 55,6 GRP (CIM 15 - Tot. 15+) 19

4. Media Cost – Key Facts Evolution CPM: 2010 – 2017p 190 TV Newspaper Outdoor Cinema 170 2010 = 100 150 Radio Magazines Internet** 130 110 90 2010 20 2011 2012 2013 2014 2015 2016p 2017p Source : UMA – Magna Global ** Internet- Display only Media Inflation 1. Market Overview – Dailies Main Characteristics Dailies Particular features – Regional orientation – Use of national selection to obtain national coverage Advantages – Regional selectivity – Fast action – High reader loyalty – Qualitative news context – Top Topical : event related advertising Evolution – Growing importance of digital online readership with cannibalisation on offline (cfr. National Newspublishers Survey) – Saleshouses develop off/onlinepackages – Ratecards are extended with mobile advertising (applications for iPhone, iPad) and website 21

1. Market Overview – Dailies Overview Dailies - Total 12+ : Paper + digital version CIM 2015 PQ NL DAGBL PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen CIM 2014 (2) CIM 2015 (1) Evol. 2933 2933 3076 1220 1018 400 369 349 361 244 119 376 2972 2972 3110 1279 1014 420 386 338 362 230 103 377 101 101 101 105 100 105 105 97 100 94 87 100 Reach N (%) 54 0 54,0 56,2 23,2 18,5 7,7 7,2 5,8 6,4 0,3 1,8 6,9 Reach S (%) 18 1,8 2,2 0,8 0,5 0,2 0,1 0,6 0,4 0,3 0,1 0,2 45 900 41 250 22 535 20 740 14 675 27 500 15 900 22 225 10 637 35,9 40,7 53,7 53,7 43,5 76,1 69,1 216,2 28,2 282 917 273 508 250 255 243 730 88 815 90 041 89 062 89 760 107 231 103161 90 777 48 106 27 829 88 196 43 103 27 424 69 560 67 669 97 97 100 100 96 97 90 99 97 4,7 4,2 4,7 4,3 3,3 4,1 5,3 3,7 5,6 Cost (in ) 1/1 Page Cost/ 1000 Paid Circulation 7/13-6/14 7/14-6/15 Evol. Index Read./ copy CIM 2015 Cost (in ) CIM 2014 (2) CIM 2015 (1) Evol. PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir DH L'Avenir Libre Belgique Echo 1607 1884 606 486 399 420 426 167 62 1662 1960 609 514 442 436 429 175 70 112 111 114 112 129 100 131 114 n.a. Reach N (%) 0,7 0,9 0,1 0,3 0,3 0,1 0,1 0,2 0,1 Reach S (%) 38,3 45,1 14,2 11,7 10,1 10,2 10,0 3,9 1,6 23 850 19 025 27 000 20 500 19 900 12 900 14 250 39,2 37,0 61,1 47,0 46,4 73,6 202,5 94 026 98 325 65 724 48 101 83 479 35 469 11 868 89.196 97732 61.388 43.535 80.511 34.126 10.517 95 99 93 91 96 96 89 6,8 5,3 7,2 10,0 5,3 5,1 6,7 1/1 Page Cost/ 1000 Paid Circulation 7/13-6/14 7/14-6/15 Evol. Index Read./ copy 22 Source : CIM 2015 (1) Overview Dailies - Total 12+ : Comparison 1. Market Overview – Dailies CIM 2015-1 PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen Paper 2722 2880 1061 928 380 358 335 305 196 93 368 Paper PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir DH L'Avenir Libre Belgique Echo 1583 1891 574 511 407 402 408 161 63 Paper+Digital 2972 3110 1279 1014 420 386 338 362 230 103 377 Paper+Digital 1662 1960 609 514 442 436 429 175 70 Index vs Paper 109 108 121 109 110 108 101 118 117 111 102 CIM 2015-1 Index vs Paper 105 104 106 101 109 108 105 109 112 Total Brand 2009 2262 761 524 574 591 572 253 100 Index vs Paper 127 120 133 102 141 147 140 157 159 Source : CIM 2015 (1) 23 Total Brand 3620 3710 1846 1372 538 478 345 553 375 177 419 Index vs Paper 133 129 174 148 142 134 103 181 191 192 114

2. Media Profile - Dailies Mapping Titles - North 90 Standaard (paper) Tijd(paper + digital) 80 Tijd (Paper) Standaard (Paper + Digital) Morgen (Paper) Morgen (Paper + Digital) Young & upscale Young & Upscale 70 Metro NL (Paper + Digital) Metro NL (Paper) 60 Nieuwsblad BVL(Paper + digital) 50 BVL(Paper) 40 GVA (Paper) GVA (Paper + Digital) Laatste Nieuws +Nieuwe Gazet (Paper) Groep Krant van WV (Paper + Digital) Groep Krant van WV (Paper) 35+ & Downscale 30 20 24 25 30 35 % less than 35 years Source : CIM 2015 40 45 50 Laatste Nieuws+Nieuwe Gazet (Paper + Digital) +Gentenaar (Paper) Nieuwsblad+Gentenaar (Paper + Digital) Average pop. 12+ Average pop. 12+ % Social groups 1 to 4 2. Media Profile - Dailies Mapping Titles - South 35 40 45 50 55 60 65 70 75 80 85 15 Echo (Paper) Libre Belgique (Paper) Soir (Paper) Soir (Paper + Digital Versions) Echo (Paper + Digital Versions) Libre Belgique (Paper + Digital Versions) Young & upscale Metro FR Sudpresse (Paper) (Paper + Digital Versions) Dernière Heure_ Les Sports (Paper) Average pop. 12+ Dernière Heure_ Les Sports (Paper + Digital Versions) Avenir (Paper) Avenir (Paper + Digital Versions) Sudpresse 35+ & Downscale 20 25 Sudpresse (Paper) 30 35 % less than 35 years Source : CIM 2015 25 (Paper + Digital Versions) 40 45 50 55 Average pop. 12+ % Social groups 1 to 4

2. Media Profile - Dailies Coverage by Province - All Titles - Total 12+ North : 52.3% (+4,1%) South : 44,3% (+1.6%) Nationa l : 48.8% (+3,0%) Province %paper (+ %digital) 26 Source : CIM 2015-1 Coverage Dutch Speaking Dailies - Total 12+ 2. Media Profile - Dailies Coverage (%) RLP - CIM 2015-1 Het Belang van Limburg Gazet van Antwerpen Het Laatste Nieuws / De Nieuwe Gazet De Morgen De Standaard Het Nieuwsblad / De Gentenaar Metro Nl De Tijd Net coverage 1 insertion CIM 2015-1 CIM 2014-2 Index 2015-1 vs 2014-2 Antwerpen WestVlaand. 0,9 23,0 19,6 4,6 6,8 10,4 5,7 2,0 52,8 47,6 111 0,3 0,5 29,2 3,7 6,3 26,1 4,8 1,9 57,0 53,0 107 OostVlaand. 0,3 2,7 26,2 3,8 6,8 27,4 7,0 1,9 58,7 55,4 106 Limburg 46,8 0,9 9,8 2,3 3,3 5,1 3,1 0,9 56,4 52,6 107 Vlaams Brabant 1,3 1,3 24,2 4,7 6,7 18,4 6,6 1,6 56,1 52,2 107 Bxl Brussel 0,0 0,1 2,0 0,4 1,1 0,8 1,5 0,3 53,6 47,9 112 27 Source : CIM 2015

2. Media Profile - Dailies Coverage French Speaking Dailies - Total 12+ Coverage (%) RLP - CIM 2015-1 La Dernière Heure / Les Sports La Libre Belgique / Gazette de Liège Le Soir Metro Fr Sud Presse L'Avenir L'Echo Net coverage 1 insertion CIM 2015-1 CIM 2014-2 Index 2015-1 vs 2014-2 Bxl 14,9 6,7 18,5 23,5 4,0 1,2 2,6 53,6 47,9 112 Brabant Brussel Wallon 10,5 5,9 12,0 12,1 2,2 6,7 2,4 41,6 34,0 122 9,3 1,9 6,4 8,7 22,6 8,0 1,2 43,1 39,4 109 7,3 2,3 6,2 5,1 23,4 9,2 0,8 40,4 37,5 108 Hainaut Liège Luxembourg 7,4 2,3 5,5 4,8 11,5 39,1 1,0 53,1 47,8 111 Namur 7,8 2,7 7,0 8,1 9,4 28,0 1,4 48,9 50,3 97 28 Source : CIM 2015 2. Media Profile - Dailies Accumulation Coverage Dailies (paper) Total 12+ 90 80 73 72 69 70 62 60 52 50 40 1 2 3 4 6 number of insertions in all dailies (Metro included) Source : CIM 2015 29 9 12 49 44 59 56 62 66 64 66 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 68 70 73 78 76 75 77 75 coverage (%)

2. Media Profile - Dailies Accumulation Coverage Dailies (paper) Total 12+ 90 80 73 72 69 70 62 60 52 50 40 1 30 2 3 4 6 9 12 Source : CIM 2015 49 44 59 56 62 66 64 66 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 68 70 73 78 76 75 77 75 coverage (%) Evolution Paid Circulation – North (1988 – 2015) 3. Market Shares - Dailies 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Standaard Nieuwsblad Het Volk Het Belang van Limburg Het Laatste Nieuws De Tijd Gazet Van Antwerpen De Morgen Source : CIM Authentification 31

Evolution Paid Circulation – South (1988 – 2015) 3. Market Shares - Dailies 100 000 120 000 140 000 160 000 180 000 20 000 40 000 60 000 80 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Le Soir L'Avenir La Dernière Heure 32 La Libre Belgique La Meuse/Lanterne Gr. Nord Eclair Sud Presse L'Echo Source : CIM Authentification Nouvelle Gazette 4. Advertising Investments - Dailies Evolution 1998 – 2015 In Million Euros 100 200 300 400 500 600 700 800 900 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Regional insertions included in data since 2002. 825,0 802,6 764,3 736,7 730,3 701,5 592,4 531,1 471,7 386,1 300,1 311,4 239,7 280,7 767,8 761,2 745,1 767,5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 15.7% 17.9% 17.2% 16.0% 20.0% 22.1% 23.1% 24.8% 24.5% 24.6% 23.3% 23.0% 22.1% 21.3% 20.7% 21.7% 21.9% 20.1% Source : MediaMark / CIM MDB / MediaXim 33 SHR % of total media

Top Advertiser Groups Dailies : 2015 4. Advertising Investments - Dailies Top 10 MEDIAHUIS COLRUYT GROUP D’IETEREN GROUP ALDI PROXIMUS GROUP DE PERSGROEP MEDIALAAN BMW GROUP BELGIUM LIDL & CO IPM GROUP 1000 34 531 26 846 17 073 16 594 14 881 14 199 13 532 12 252 9 233 8 659 34 Source : MediaXim 5. Media Cost - Dailies Main Buying Conditions 2016 Tariff base = modules – Articles : 1000 (1/1 P) – 750 (3/4 P) - 500 (1/2 P) – 250 (1/4 P) - Pano (2/1 P) – Accolades : e.g. 100 (100mm*width), 94 (height*94mm) – Apostrophes : e.g. 200 (100*94mm), 400 (100*191mm) Commercial policies – National « NP » offer : promo for 1 insertion to 3 or 5 insertions in the total selection of De Persgroep + Rossel Advertising + Mediahuis + IPM – PNU deals (Premium Newsmedia United): promo for 3, 5, 7 or 9 insertions in all titles of De Persgroep + Rossel Advertising – Offer : Tango (Mediahuis + IPM) or Touchpoint (Rossel + De Persgroep) – Offer : Print - Tablet - Phone – Website : several formats and frequency possible Main buying conditions – Extra charge for preferential position : +20% or +25% (p1x5; p3x2) – Top Topical : -25% (predictable event) or -50% (unpredictable) 35

1. Market Overview - Magazines Main Characteristics Magazines Particular features – Important overlap from France – almost no overlap from the Netherlands Advantages – Socio-demographic selectivity – High life expectancy of commercial message – Good reproduction quality – Strong reader involvement – Optimal editorial context Evolution – Loss of market share due to heavy competition from other media 37

1. Market Overview - Magazines Overview Dutch Speaking Magazines - Total 12+ (Paper + Digital) (p g) CIM 2015 D All Dag Allemaal+Expres HUMO l E Story Nieuwsblad Magazine Bond Knack VAB-Magazine Knack Weekend Tv Familie+Blik Touring Magazine NL Standaard Magazine DS Weekblad TeVe-Blad P-magazine Primo Sjiek Knack Focus Morgen Magazine Citta Autogids Autowereld MO* Mondiaal Magazine Motoren & Toerisme CIM 2014 (2) CIM 2015 (1) Evol. 13601360 591 579 571 429 480 509 375 321 339 333 311 311 247 263 265 275 252 187 181 172 150 99 13111311 590 532 549 471 523 513 388 284 377 318 292 359 n.a. 293 255 281 238 207 166 167 176 n.a. 96 96 100 85 97 106 119 107 114 80 110 95 98 127 n.a. 121 94 116 98 118 100 110 120 n.a. Reach N (%) ( ) 24 124,1 10,8 9,8 10,2 8,7 9,4 9,4 7,0 5,2 6,7 5,8 5,4 6,6 n.a. 5,4 4,7 5,1 4,3 3,8 2,9 3,0 3,2 n.a. Reach S (%) ( ) 04 0,4 0,3 0,1 0,1 0,1 0,4 0,2 0,3 0,1 0,4 0,1 0,1 0,1 n.a. 0,1 0,0 0,1 0,2 0,0 0,2 0,1 0,1 n.a. Cost (in ) 1/1 Page 14 900 14 900 11 420 6 000 9 100 10 900 12 200 7 350 12 200 4 250 5 315 8 900 8 400 3 600 3 995 3 800 4 985 6 300 7 300 6 500 4 190 3 820 4 000 4 000 Cost/ 1000 11 411,4 19,4 11,3 16,6 23,2 23,3 14,3 31,5 15,0 14,1 28,0 28,8 10,0 n.a. 13,0 19,6 22,5 30,6 31,4 25,2 22,9 22,7 n.a. Paid Circulation 7/13-6/14 7/14-6/15 314 2 2 291 1 8 314 272 291 178 122 984 108 145 117 743 90 222 268 671 262 671 274 118 269 100 96 079 96 657 297 210 299 804 96 079 79 677 49 040 74 774 182 362 180 228 111 376 109 654 110 019 109 229 127 270 198 602 31 464 26 156 110 319 115 250 100 339 99 362 99 685 100 209 71 291 67 759 100 267 100 943 16 129 13 866 3 654 11 295 15 137 13 862 3 548 n.a. Evol. Index 93 93 88 77 98 98 101 101 51 94 99 98 99 156 83 104 99 101 95 101 94 100 97 n.a. Read./ copy 4 py 4,5 5,5 5,9 2,1 1,7 5,4 1,7 7,9 3,8 2,1 2,9 2,7 1,8 n.a. 2,5 2,6 2,8 3,5 2,0 11,0 12,0 49,7 n.a. 38 Source : CIM 2015-1 1. Market Overview - Magazines Overview Dutch Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Libelle Flair NL Nina Libelle Lekker Goed Gevoel Feeling Vitaya Vrouwen Met Vaart Elle België Femma Psychologies Magazine NL Marie Claire Belgische Editie 921 540 538 510 473 267 205 146 125 120 103 86 912 535 554 496 495 264 203 155 133 115 93 82 99 96 105 101 112 103 111 97 98 86 105 95 Reach N (%) 16,8 9,7 10,2 9,1 9,1 4,8 3,7 2,9 2,3 2,1 1,6 1,4 Reach S (%) 0,2 0,3 0,1 0,2 0,2 0,1 0,2 0,0 0,2 0,1 0,1 0,2 Cost (in ) 1/1 Page 12 950 10 900 9 100 4 150 9 400 9 800 6 000 3 395 8 200 3 200 6 600 5 000 Cost/ 1000 14,2 20,4 16,4 8,4 19,0 37,1 29,6 22,0 61,6 27,9 71,1 61,2 Paid Circulation 7/13-6/14 7/14-6/15 202 008 194 534 79 140 65 511 311 467 296 096 36 494 67 148 55 048 48 617 94 861 18 326 61 628 6 708 11 837 34 029 69 418 52 379 42 875 92 367 17 027 57 575 5 517 12 390 Evol. Index 96 83 95 93 103 95 88 97 93 93 82 105 Read./ copy 4,7 8,2 1,9 14,6 7,1 5,0 4,7 1,7 7,8 2,0 16,8 6,6 CIM 2015 Cost (in ) CIM 2014 (2) CIM 2015 (1) Evol. Kerk+Leven Eos Magazine OKRA magazine Joepie Brieven aan Jonge Ouders Ché Pasar Landbouwleven Boer & Tuinder 578 260 303 198 194 126 109 86 64 558 249 294 191 244 n.a. 109 109 70 98 89 101 83 136 n.a. 91 132 114 Reach N (%) 10,3 4,5 5,4 3,4 4,5 n.a. 2,0 2,0 1,3 Reach S (%) 0,1 0,1 0,0 0,2 0,1 n.a. 0,0 0,1 0,0 1/1 Page 7 520 5 250 4 810 5 600 8 750 4 750 2 650 3 085 2 120 Cost/ 1000 13,5 21,1 16,4 29,4 35,9 n.a. 24,3 28,2 30,4 Paid Circulation 7/13-6/14 7/14-6/15 270 053 249 950 26 918 22 892 147 313 143 907 38 313 50 127 15 582 32 905 25 094 17 262 25 645 50 991 n.a. 31 331 24 295 16 867 Evol. Index 93 85 98 67 102 n.a. 95 97 98 Read./ copy 2,2 10,9 2,0 7,4 4,8 n.a. 3,5 4,5 4,1 Source : CIM 2015-1 39

1. Market Overview - Magazines Overview French Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Ciné Télé Revue Télépro Be TV Moustique Paris Match Vif L'Express Touring Magazine FR Télé Star Soir Magazine Vif Weekend TV News Moniteur Automobile Victoire Deuzio Focus Vif Point de Vue Ligueur des parents Télé Pocket Moto & Loisirs 1279 424 380 287 378 398 405 352 352 221 183 243 127 151 137 135 124 102 95 1302 428 345 296 401 404 437 359 365 213 208 232 144 160 126 141 113 89 n.a. 100 106 96 93 107 106 116 102 104 99 119 115 103 106 95 96 97 85 n.a. Reach N (%) 0,3 0,1 0,1 0,1 0,3 0,2 0,1 0,1 0,2 0,1 0,0 0,1 0,0 0,0 0,1 0,2 0,1 0,0 n.a. Reach S (%) 30,4 10,0 8,0 6,9 9,1 9,3 10,1 8,4 8,4 4,8 4,9 5,4 3,4 3,7 2,9 3,1 5,4 2,1 n.a. Cost (in ) 1/1 Page 14 250 4 500 4 200 5 000 5 500 9 000 6 320 4 650 4 995 9 000 4 900 6 010 7 500 4 240 4 800 4 075 4 950 1 475 2 550 Cost/ 1000 10,9 10,5 12,2 16,9 13,7 22,3 14,5 12,9 13,7 42,3 23,6 25,9 52,2 26,4 38,0 28,9 44,0 16,5 n.a. Paid Circulation 7/13-6/14 7/14-6/15 248 849 228 094 113 808 111 756 95 771 65 383 43 972 62 213 90 107 60 261 41 574 62 051 206 410 203 164 65 894 55 842 62 213 62 475 54 342 62 051 175 419 163 894 19 624 75 640 89 087 63 563 27 104 37 517 34 870 2 687 18 382 69 679 86 113 63 158 25 588 35 969 30 913 n.a. Evol. Index 92 98 94 92 95 100 98 95 97 100 93 94 92 n.a. 99 94 96 89 n.a. Read./ copy 5,7 3,8 3,8 4,9 9,7 6,5 2,2 5,7 6,7 3,4 1,3 12,6 2,1 1,9 2,0 5,5 3,1 2,9 n.a. 40 Source : CIM 2015-1 1. Market Overview - Magazines Overview French Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Femmes d'Aujourd'Hui Top Santé Flair FR Gael Public Elle Belgique Marie Claire Edition Belge Psychologies Magazine FR Parents Art et Décoration Elle Décoration 509 562 344 224 150 191 195 167 60 159 98 518 538 360 219 142 226 201 185 68 161 102 103 101 111 92 88 128 107 113 114 92 100 Reach N (%) 0,1 0,1 0,2 0,1 0,0 0,2 0,2 0,1 0,0 0,1 0,1 CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Sillon Belge Dimanche 80 67 83 67 113 85 Reach N (%) 0,0 0,0 Reach S (%) 2,0 1,5 Reach S (%) 12,1 12,5 8,3 5,1 3,3 5,1 4,5 4,3 1,6 3,6 2,3 Cost (in ) 1/1 Page 5 950 8 750 5 100 6 700 2 600 8 200 6 000 6 600 2 275 4 150 2 590 Cost/ 1000 11,5 16,3 14,2 30,6 18,4 36,3 29,8 35,7 33,2 25,8 25,5 Cost (in ) 1/1 Page 3 085 2 592 Cost/ 1000 37,3 38,9 17 582 33 238 86 434 43 306 33 049 24 069 16 003 16 824 15 002 11 875 2 658 5 407 3 349 Paid Circulation 7/13-6/14 7/14-6/15 82 229 42 085 28 711 22 200 12 363 16 769 13 044 9 628 2 320 4 510 3 393 Evol. Index 95 97 87 92 77 100 87 81 87 83 101 Read./ copy 6,3 12,8 12,5 9,9 11,5 13,5 15,4 19,2 29,5 35,6 29,9 Paid Circulation 7/13-6/14 7/14-6/15 17 112 17 388 Evol. Index 97 52 Read./ copy 4,8 3,8 Source : CIM 2015-1 41

Overview D+F Speaking Magazines - Total 12+ 1. Market Overview - Magazines CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Plus Magazine NL+FR Royals NL+FR Sport-Voetbal Magazine NL+FR Sabato NL+FR Feeling Wonen+Gael Maison Je vais construire & Rénover+Ik ga bouwen & Renoveren Actief Wonen+Déco Idées Nest NL+FR Trends NL+FR Ambiance Culinaire+Culinaire Ambiance Netto+Mon Argent Data News NL+FR 357 138 552 86 246 318 191 500 237 116 107 48 372 139 604 100 254 303 192 488 242 n.a. 123 55 109 89 117 104 113 151 99 97 110 n.a. 112 121 Reach N (%) 4,1 1,5 5,4 1,3 2,7 2,9 1,7 7,5 2,2 n.a. 1,4 0,6 Reach S (%) 3,6 1,3 7,3 0,7 2,6 3,5 2,4 2,0 2,9 n.a. 1,2 0,6 Cost (in ) 1/1 Page 8 100 4 975 7 000 12 100 5 100 4 800 4 750 6 700 10 100 5 250 12 100 8 500 Cost/ 1000 21,8 35,7 11,6 121,2 20,1 15,9 24,7 13,7 41,7 n.a. 98,6 153,8 Paid Circulation 7/13-6/14 7/14-6/15 102 545 99 967 25 848 44 156 62 098 22 025 40 803 60 719 26 445 13 328 26 010 97 952 38 361 19 675 66 431 2 803 26 446 9 638 23 022 83 195 37 822 16 773 65 317 2 868 Evol. Index 97 85 92 98 100 72 89 85 99 85 98 102 Read./ copy 3,7 6,3 14,8 1,6 9,6 31,4 8,4 5,9 6,4 n.a. 1,9 19,3 42 Source : CIM 2015-1 2. Media Profile - Magazines Coverage Magazines : Top 20 – North Titles 1 Zondag 2 Dag Allemaal+Expres 3 Delhaize Magazine 4 Libelle 5 HUMO 6 Kerk+Leven 7 Story 8 Flair NL 9 VAB-Magazine 10 Knack 11 Libelle Lekker 12 Goed Gevoel 13 Steps NL 14 Bond 15 Knack Weekend 16 Touring Magazine NL 17 TeVe-Blad 18 OKRA magazine 19 Primo 20 Tv Familie+Blik Paper 28,4 24,0 19,0 16,7 10,5 10,3 9,8 9,5 9,3 9,1 8,8 8,9 8,7 8,7 6,9 6,6 6,6 5,4 5,3 5,2 28,5 24,1 19,1 16,8 10,8 10,3 9,8 9,7 9,4 9,4 9,1 9,1 8,7 8,7 7,0 6,7 6,6 5,4 5,4 5,2 % coverage - Total 12+ North Paper+Digital Total brand 28,7 24,3 19,7 17,4 11,9 10,3 10,1 10,4 10,3 11,1 10,9 9,9 8,9 8,7 7,7 7,3 6,9 5,4 5,6 5,3 Source : CIM 2015 43

2. Media Profile - Magazines Mapping Top 20 Titles – North 90 Young & Upscale Young & upscale 80 OKRA magazine Tv Familie+Blik 70 VAB-Magazine Flair NL Libelle Lekker 60 Story 50 Delhaise Magazine FR + NL libelle Zondag kerk+leven 40 35+ & Downscale 30 0 44 10 20 30 % Less than 35 years Source : CIM 2015 40 50 60 knack Humo Dag Allemaal + Express Primo Bond Touring Magazine NL Knack Weekend Steps NL Average pop. 12+ Goed Gevoel TeVe-+Blad Average pop. 12+ % Social groups 1 to 4 2. Media Profile - Magazines Coverage Magazines : Top 20 – South Titles 1 Ciné Télé Revue 2 Delhaize Magazine 3 7 Dimanche 4 Top Santé 5 Femmes d'Aujourd'Hui 6 Télépro 7 Touring Magazine FR 8 Paris Match 9 Vif L'Express 10 Télé Star 11 Soir Magazine 12 Flair FR 13 Be TV 14 Moustique 15 Moniteur Automobile 16 Gael 17 Elle Belgique 18 Vif Weekend 19 Marie Claire Edition Belge 20 Psychologies Magazine FR Paper 30,0 26,8 16,0 12,1 12,0 10,0 9,9 9,0 8,6 8,3 8,1 8,1 7,6 6,7 5,1 5,0 4,7 4,6 4,3 4,0 30,4 27,0 16,1 12,5 12,1 10,0 10,1 9,1 9,3 8,4 8,4 8,3 8,0 6,9 5,4 5,1 5,1 4,8 4,5 4,3 % coverage - Total 12+ South Paper+Digital Total brand 31,8 27,8 16,2 14,3 12,6 10,3 11,1 9,8 11,1 8,8 9,5 8,9 9,9 7,5 7,1 5,6 5,9 5,3 5,1 5,1 Source : CIM 2015 45

2. Media Profile - Magazines Mapping Top 20 Titles – South 35 40 45 50 55 60 65 70 75 80 15 46 Moniteur Automobile Psychologies Magazine FR Paris Match Elle Belgique Touring Explorer FR Soir Magazine Be TV Public Gael Vif L'Express Femmes d'Aujourd'Hui Top Santé Télépro Moustique Ciné Télé Revue Vif Weekend Flair FR Logic Immo FR Average pop. 12+ Marie Claire Edition Belge Young & Upscale Young & upscale Télé Star 35+ & Downscale 20 25 30 35 40 % Less than 35 years Source : CIM 2015 45 50 55 60 Average pop. 12+ % Social groups 1 to 4 3. Market Shares - Magazines Evolution Paid Circulation – North (1988 – 2015) Main Family - TV – News Magazines 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Dag Allemaal (+Expres) Humo Knack Magazine Telepro NL P-Magazine Trends - (Tr.-Tend.) Source : CIM Authentification 47 TV Blad Expres Story Het Beste

3. Market Shares - Magazines Evolution Paid Circulation – North (1988 – 2015) Main Women Magazines 250 000 200 000 150 000 100 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Libelle NL Flair NL Goed Gevoel 48 Weekend Knack Feeling Marie-Claire NL Elga Elle NL Source : CIM Authentification Vitaya 3. Market Shares - Magazines Evolution Paid Circulation – South (1988 – 2015) Main Family - TV – News Magazines 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Ciné-Télé-Revue Soir Mag. Téléstar Vif/L'Express Moustique Point de vue Télépro Paris Match Source : CIM Authentification 49 Sélection

3. Market Shares - Magazines Evolution Paid Circulation – South (1988 – 2015) Main Women Magazines 160 000 140 000 120 000 100 000 80 000 60 000 40 000 20 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Femmes d'auj. Flair Fr Parents 50 Weekend Vif Gael Top Santé Marie Claire Fr Madame Figaro Source : CIM Authentification 4. Advertising Investments - Magazines Evolution 1998 – 2015 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Reduced number of magazines in MDB since 2001. 299,8 299,9 269,3 268,7 237,7 248,2 245,6 257,6 281,9 280,4 286,6 281,7 296,6 273,7 262,6 258,0 256,5 291,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 15.5% 14.8% 13.6% 14.7% 13.9% 12.6% 12.3% 11.8% 10.0% 9.7% 9.5% 8.9% 8.6% 7.7% 7.3% 7.0% 6,8% 7,6% Source : MediaMark / CIM MDB / MediaXim 51

Top 10 Top Advertiser Groups Magazines : 2015 4. Advertising Investments - Magazines 1000 ROULARTA MEDIA GROUP SANOMA MAGAZINES FINLAND DE PERSGROEP L’OREAL GROUP MEDIALAAN MEDIAHUIS D’IETEREN GROUP VRT LVMH (LOUIS VUITTON MOET HENNESSY) SBS BELGIUM 21 007 10 272 6 909 6 176 4 996 4 716 3 350 3 131 3 129 3 009 52 Source : MediaXim 5. Media Cost - Magazines Main Buying Conditions 2016 Commercial policies – By main sales houses : Roularta Media, Sanoma Media, de Persgroep Advertising, IP Press,… – Several formats : from to double page full quadri & covers – Numerous creative formulas (inserts, samples, scentstrips…) – Several community marketing possibilities Main buying conditions – Guaranteed position : +10% to 25% – ‘Prima posta’ (right or first advertisement) : +20% to 42% – Advertisement on cover : +10% to 50% – Combination of titles discounts – Seasonal conditions on weeklies : End December/Mi February : 3 ins + 1 free ins, July/August : 2 ins 1 free ins – Seasonal on monthlies : 2nd ad at 50% – Big Wrap: possibility and new method in print to by a cost guaranty of GRP in 6 different package of titles from the most important sales houses 53

1. Market Overview – Free Sheets Main Characteristics Free Sheets Particular features – High coverage – Main groups in control: Rossel & L’Avenir (South), Roularta & L’Avenir (North) Advantages – High regional selectivity – Low costs – Promotional force Evolution – Commercial offer based on volume discounts for standardized formats – Improvement of the print/editorial quality – Interesting commercial opportunities to win the dispensation of leaflets in the free sheets because of the rising municipal taxes 55

Overview Free Sheets - Total 12+ 2. Media Profile – Free Sheets CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL 2735 1962 1550 633 505 2751 2002 1545 686 474 101 104 96 111 90 Reach N (%) 50,1 0,3 28,5 0,1 8,7 Reach S (%) 1,5 46,8 0,4 16,1 0,1 Cost (in ) 1/1 Page 54 550 50 576 25 000 15 520 16 000 Cost/ 1000 19,8 25,3 16,2 22,6 33,7 CIM 2015-1 Paper Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL 2747 1995 1540 684 470 Paper+Digital 2751 2002 1545 686 474 Index vs Paper 100 100 100 100 101 Total Brand 2781 2036 1561 690 486 Index vs Paper 101 102 101 101 104 56 Source : CIM 2015 Media Mapping: Free Sheets (paper + digital) 2. Media Profile – Free Sheets 40 45 50 55 60 65 70 75 80 85 15 Young & upscale DM City Steps NL 7 Dimanche Zondag Streekkrantgroep 35+ & Downscale 20 25 % Less than 35 years Source : CIM 2015 57 30 35 40 Vlan Average pop. 12+ Average pop. 12+ % Social groups 1 to 4

2. Media Profile – Free Sheets Accumulation Coverage Free Sheets 60 62 64 66 68 70 72 74 76 78 80 77,4 76,6 75,4 74,4 72,4 71,1 71,1 69,5 67,2 66,2 64,8 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 1 2 3 4 6 9 number of insertions in all free sheets (De Zondag included) 12 73,8 72,9 72,6 71,8 73,0 73,2 74,8 75,4 75,8 77,8 58 Source : CIM 2015 coverage (%) 4. Advertising Investments – Free Sheets Top Advertiser Groups Free Sheets : 2015 Top 10 ACTION NON FOOD METRO GROUPE THYSSENKRUPP GROUPE ITEK STEYLAERTS NETHYS GROUPE TREVI THOMAS & PIRON VAN CALSTER AS WATSON 1000 7 023 1 613 2 678 1 357 910 764 743 655 559 514 59 Source : MediaXim

1. Market Overview – Out of Home Main Characteristics Outdoor Particular features – Belgian market is one of the most mature in Europe – High number of panels : +/- 64.000 – Numerous formats & buying possibilities Advantages – Regional selectivity – High national coverage & frequency – Large visibility Evolution – Development of digital & interactive products (Street, metro, stations & malls,…) – Ongoing investments in qualitative equipment and locations (ex: Backlights Prestige and 36m ) – More precise targetted offer and geographic segmentation – Development of modules and interchangeable mix 61

1. Market Overview – Out of Home Main Outdoor Types – Supersite (38 m - 36 m - 21m - 16 m ) – 20 m in network – 20 m line-by-line – Street furniture (2 m ) – Small formats (i.e. Insert networks) – Big urban furniture (8 m ) – Digital metros & stations – Others (Guidooh) – Points of sale – Tram, buses, metros, stations – Mobile 62 1. Market Overview – Out of Home Main Outdoor Owners CLEAR CHANNEL BELGIUM ADSHEL Optimum XL 2m Maximum XL 2m Adshel BeSST MORE O'FERRALL 16m 36m Supermix-Maximix TRANSIT Trams & busses (TEC) Stations (Trains) PLAY DNN DHST DL URBAN MEDIA BANNERS CREATE JCDECAUX JCDECAUX Booster 2 m Authentic 2 m Taste Metro, Trams and Busses in BXL JCDECAUX BILLBOARD Prestige Senior Superstar 645-785 Brussels 8 m JCDECAUX AIRPORT Indoor & Outdoor Charleroi and Brussels Airports INSERT Time Corner Full Monty Smarties BELGIAN POSTERS 20 m & 10 m & 8 m line by line 4 m line by line Belgium 800 - Cover 600 - Access 500 Moving 400 - Contact 350 Grand Slam Source : Outdoor Services 63

1. Market Overview – Out of Home Main Outdoor Owners Others BlowUp Media Media Trader DOOH TV MediaGeuzen Mobilad Guidooh Publilux Freemobility Brightfish Media Expo Mediafield IP Lux Pop Media Spicymotion HighCo Euromobile Lijncom Rapid Affichage Alvern Media etc… 64 Source : Outdoor Services 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ JCDecaux Billboard (commercial offer 2016) NETWORK Brussels 8 Prestige Senior SuperStar 48 SuperStar National SELECTION FORMAT-PERIOD Brussels 8m - 14 days 5 MC* 8m + 21m + 38m - 21 days 48 UC 20m & 8m - 14 days National 20m & 8m - 14 days * 5 main cities ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS 2016 50 134 645 785 COV. 18,3 47,9 75,3 77,0 OTS GRP RATE CARD** C/GRP*** (in ) (in ) 14,0 17,9 257 859 28,1 2 115 28,0 2 153 37 958 251 809 369 408 411 144 153,60 293,04 172,22 154,72 Source : Outdoor Services 65 JCDecaux Billboard

1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Clear Channel (commercial offer 2016) NETWORK 16m + Mega 16m MOF 36m B2B- 80 pan. MOF 36m - 100 pan. Super Mix 440 MaxiMix 520 SELECTION 24 UC 48 UC 5 MC 5 MC 48 UC 24 UC FORMAT-PERIOD 16m & led - 14 days 16m & led - 14 days 16m & led - 14 days 36m - 14 days 16+36m & led - 14days 16+36m & led - 14days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2016 (in ) 425 765 80 100 480 520 68,0 17,5 1 194 75,5 27,8 2 099 39,1 11,8 42,7 12,3 461 526 71,8 19,3 1 388 69,8 24,6 1 719 369 340 531 250 220 955 263 665 516 846 548 100 (in ) 299,87 247,47 449,34 476,20 362,28 298,61 66 Source : Outdoor Services CLEAR CHANNEL 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Belgian Posters (commercial offer 2016) NETWORK Access 500 Cover 600 Belgium 800 Moving 400 Contact 350 SELECTION 24 UC 48 UC National Inter city Axes FORMAT-PERIOD 20m + 10m + 8m - 14 days 20m + 10m + 8m - 14 days 20m + 10m + 8m - 14 days Inter city axes + Commercial poles 20m - 14 days 20m - 14 days ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2016 (in ) 500 600 800 400 350 70,2 22,4 1 576 73,5 22,9 1 686 78,8 25,6 2 019 n.a. n.a. n.a. n.a. n.a. n.a. 301 000 363 000 407 000 165 000 133 000 (in ) 190,23 200,95 177,39 n.a. n.a. Source : Outdoor Services 67 Belgian Posters

1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ MediaGeuzen (commercial offer 2016) NETWORK Premium 24 Premium 48 SELECTION North + Brussels North + Brussels FORMAT-PERIOD 20m + 8m - 14 days 20m + 8m - 14 days # PANELS 2016 135 193 COV. OTS GRP RATE CARD** C/GRP*** (in ) n.a n.a n.a n.a n.a n.a 92 900 127 800 (in ) n.a n.a ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 68 Source : Outdoor Services MediaGeuzen 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Urban Furniture (commercial offer 2016) NETWORK Adshel Maximum XL Adshel Maximum XXL Adshel Optimum XL Adshel BeSST XL (Optimium + Stations) Adshel Antwerp+ Adshel Ghent ADSHEL Adshel Brussels 350 Adshel Brussels Premium Adshel Brussels Center Adshel Brussels 300 Adshel Stations JCDecaux Booster JCDecaux Taste JCDECAUX JCDecaux Authentic Lady JCDecaux Authentic Young JCDecaux Conso F1/F2 JCDecaux Local Brussels JCDecaux Brussels to Business JCDecaux Brussels Event JCDecaux Brussels Place2Be JCDecaux Liège SELECTION National National National National Antwerp Ghent Brussels Brussels Brussels Brussels National National National National Brussels Brussels Brussels Brussels Liège FORMAT-PERIOD # PANELS COV. OTS 2016 urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days National Proximity POS lady urban furn.-7 days National Proximity POS young urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 Source : Outdoor Services 69 3 010 3 200 2 650 3 230 350 250 350 150 200 300 580 2 725 2 125 2 425 2 425 600 300 150 150 150 250 70,0 70,2 69,1 70,3 13,2 8,1 75,7 50,6 66,1 74,9 8,8 70,8 68,8 69,4 70,6 54,6 85,1 15,8 16,0 15,4 6,7 35,2 36,5 31,9 32,0 32,9 27,3 23,3 14,4 12,9 22,2 5,1 34,8 28,7 32,1 31,5 9,1 21,9 9,0 8,5 8,8 22,1 GRP RATE CARD* C/GRP** (in ) (in ) 2 465 2 561 2 206 2 250 433 222 1 763 729 853 1 663 45 2 463 1 976 2 224 2 221 498 1 865 142 136 136 148 303 000 316 000 280 000 326 000 39 550 30 650 43 400 21 900 27 000 37 200 73 223 285 965 233 666 264 854 264 854 76 385 37 521 21 399 21 399 21 399 31 859 116,80 110,28 120,65 151,75 91,34 138,06 17,58 50,07 39,57 18,64 1.467,27 107,88 110,18 110,94 110,64 141,62 20,12 150,70 157,35 157,35 215,26

2. Media Profile – Out of Home Coverage (in %) by Main Outdoor Type - Total 12+ 100 10 20 30 40 50 60 70 80 90 0 77,0 68,0 47,9 39,1 42,7 69,8 71,8 70,2 78,8 73,5 70,8 70,0 70 Source : CIM Traffic Study Wave 1/2016 2. Media Profile – Out of Home Performances by Major City - Total 12+ # GRP (Total 12+) COVERAGE OTS GRP Total GRP 5 MC National National National Brussels Liège Charleroi JCDecaux Billboard Superstar National 77,0 17,9 859 Antwerpen 2094 Gent 1246 1881 1807 2465 28,0 2 153 2649 2306 4363 4161 4571 MOF Prestige Senior 47,9 16+ 68,0 17,5 1 194 1327 2180 1558 3042 3187 36m B2B 36m Maximix 520 Supermix 440 16+36 m 71,8 80 p. 39,1 11,8 461 100 p. 16+36m 42,7 12,3 69,8 24,6 1389 1879 1514 1309 764 824 810 1169 1166 1129 526 1 719 3207 3489 2368 4211 4315 19,3 1 388 2305 3368 1834 2775 3773 Access 500 70,2 22,4 BELGIAN POSTERS Urban Furniture Decaux Adshel Cover 600 73,5 22,9 3366 2315 3098 2900 2738 Belgium 800 78,8 25,6 3278 3331 3437 3383 3776 Booster Maximum XL 70,8 34,8 70,0 35,2 1 576 1 686 2 019 2 463 2 465 2614 2687 2966 2372 3240 3437 7 132 703 5 994 5925 4 777 5722 1 653 2982 3 402 Source : Outdoor Services 71

3. Market Shares – Out of Home Investment Shares by Type – 2015 Market Share in total Outdoor Ad Investments* Trams, Bus, Metro 4,9% 8m 5,7% Malls 2,2% Airport 3,6% Mobilad 0,3% 20m 15,1% 16m 5,3% Supersite 10,4% 2m 52,5% * Data available for Clear Channel, JC Decaux, Belgian Posters, Think Media Outdoor & Brightfish. 72 4. Advertising Investments – Out of Home Evolution 1998 – 2015 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2014 324,6 307,8 313,7 278,0 238,7 226,6 214,5 197,8 182,4 172,5 158,5 158,8 161,7 204,5 249,5 248,1 253,7 330,9 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Data available for Clear Channel, JC Decaux, Belgian Posters & Brightfish. Belgian Posters are not present in CIM-MDB between September 2003 and January 2011. *since January 2010 : taxes included Source : MediaMark / CIM MDB / MediaXim 73 10.4% 9.5% 8.9% 9.8% 9.4% 9.3% 8.9% 9.0% 7.9% 7.7% 7.9% 7.8% 7.3% 7.8% 8.5% 8.5% 8.6% 8.7% SHR % of total media

4. Advertising Investments – Out of Home Top Advertiser Groups Outdoor : 2015 Top 10 D’IETEREN GROUP CARREFOUR GROUP FRANCE TELECOM PSA PEUGEOT CITROEN COCA-COLA COMPANY PROXIMUS GROUP MONDELEZ INTERNATIONAL FORD MOTOR COMPANY FIAT CHRYSLER AUTOMOBILES IKEA BELGIUM 1000 14 138 13 998 8 643 8 000 7 144 6 090 5 867 5 690 5 461 5 166 74 Source : MediaXim 5. Media Cost – Out of Home Main Buying Conditions 2016 Commercial policies – By contractors (Clear Channel, JCDecaux, Belgian Posters, Guidooh,…) – Combination tariffs available – From very local to national coverage – Prescriptible & OTC medicines ad forbidden (except nutritive complements) – No sectorial exclusivity on big formats – Sectorial exclusivity on urban furniture except for JC Decaux : No more exclusivity for weeks 1-4, week 18 (mother day), week 23 (father day) weeks 26-33 and weeks 48-52 – Sectorial exclusivity on urban furniture except for Adshel : No more exclusivity for weeks 1-4, week 18 (mother day), week 23 (father day), weeks 26-35 and weeks 48-52 Main buying conditions – Additional charge for an extra posting (from 80 net for a standard roadside 20 m billboard to 350 net for a trivision) – Communal taxes according to the city 75

1. Market Overview – Television Main Characteristics Television Particular features – Dense cable network – Two TV-markets : North & South – Importance of foreign channels overflow in the South Advantages – Impact of audiovisual communication – High coverage, fast coverage building – Demonstration of the product Evolution – Multiplication of Thematic channels : audience fragmentation – 2nd screen interactive applications ie RTL Connect – Digital TV penetration : 78% (+5% vs last year) – Telenet : 3.267.340 subscriptions (35%) – Belgacom TV : 2.664.352 subscriptions (28%) – VOO : 1.199.081 subscriptions (13%) 77

1. Market Overview – Television Channels by Saleshouses - North 78 1. Market Overview – Television Channels by Saleshouses - South 79

2. Media Profile – Television Coverage Total TV North – Total 12+ (2015) 60 50 40 30 20 10 0 80 Source : Audimetrie % instant reach Coverage Total TV South – Total 12+ (2015) 2. Media Profile – Television 10 20 30 40 50 60 0 Source : Audimetrie 81 % instant reach

2. Media Profile – Television Daily Coverage & Viewing Time – Total 12+ (2015) North : total day (02h00-26h00) TOTAL EEN Canvas VTM 2BE Vier TV Coverage (%) Average viewing time 74,7 273 57,6 103 30,6 30 49,1 77 25,0 35 34,3 42 23,0 32 21,7 42 Vijf Vitaya Nickelodeon / Spike 4,0 23 2,6 19 9,7 26 2,8 21 VTM Discovery Disney Other Kzoom Channel Channel NL 32,5 36 South : total day (02h00-26h00) TOTAL LA 1 TV Coverage (%) Average viewing time 72,6 339 45,7 72 LA 2 RTL TVI 30,1 34 46,4 85 Club RTL 22,3 31 Plug BeTV AB3 RTL 22,0 25 2,4 22 21,1 48 Nickelodeon 4,6 38 Channel 3,3 33 Disney Other FR 60,2 142 82 Source : Audimetrie 2. Media Profile – Television Daily Average Time Viewing – Total 12+ (2015) North : total day (02h00-26h00) 0:15:00 0:30:00 0:45:00 1:00:00 1:15:00 1:30:00 00:59:32 00:37:54 00:14:36 00:09:23 00:09:10 00:08:59 00:07:26 00:05:39 00:03:41 00:02:33 00:00:54 00:00:35 00:00:29 00:11:46 83 Source : Audimetrie

2. Media Profile – Television Daily Average Time Viewing – Total 12+ (2015) South : total day (02h00-26h00) 00:15:00 00:30:00 00:45:00 01:00:00 01:15:00 01:30:00 01:25:29 00:39:31 00:33:05 00:10:11 00:10:09 00:07:06 00:05:30 00:01:48 00:01:46 00:01:04 00:00:31 84 Source : Audimetrie 2. Media Profile – Television Selectivity TV-channels – 2015 North : 12h00 – 24h00 4+ VTM 2BE Vier Vijf EEN Canvas Vitaya Nickelodeon 100 Gender 93 100 127 100 106 100 69 100 110 100 122 100 100 66 73 115 153 114 104 156 44 South : 12h00 – 24h00 Gender 4+ LA1 LA2 RTL-TVI CLUB RTL AB3 Plug RTL Nickelodeon 100 104 100 106 100 94 100 122 100 100 100 Disney Channel 100 86 89 51 48 123 122 63 59 21 24 39 48 67 62 359 381 25 32 44 41 50 81 63 85 49 67 71 82 42 39 31 23 21 17 21 57 57 65 53 25 20 39 87 Age 83 376 169 133 105 91 45 57 74 41 121 107 92 53 69 73 85 108 128 128 117 94 104 114 39 147 105 122 146 201 189 168 24 Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 124 92 63 90 91 72 78 97 64 118 145 113 112 134 126 104 143 78 94 130 112 108 51 62 85 69 Age Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 122 119 125 96 62 79 114 92 130 158 124 41 136 172 88 126 118 134 141 142 130 89 27 40 203 175 140 142 90 69 24 17 95 90 69 69 58 83 62 94 105 110 129 130 140 116 136 105 Source : Audimetrie 56 74 99 88 146 177 125 87 85

2. Media Profile – Television Coverage TV-channels North – Total 12+ (2015) 10 12 14 16 18 20 0 2 4 6 8 EEN VTM Vijf Canvas 2BE Vitaya Ketnet Op 12 Vier Nickelodeon/ Spike 86 Source : Audimetrie % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 2. Media Profile – Television Coverage TV-channels South – Total 12+ (2015) 10 12 14 16 18 20 0 2 4 6 8 LA1 Club RTL Be 1 LA2 Plug RTL Nickelodeon + MTV RTL-TVI AB3 Other FR * Overflow of France is very important in day time & late peak time : programs on Belgian channels are weaker. Source : Audimetrie 87 * % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00

2. Media Profile – Television Profile TV-channels North – Total 4+ (2015) (02:00:00 – 25:59:59) YOUNG DISNEY CARTOON KZOOM MTV NL STUDIO 100 NICK JR TMF/COMEDY CENTRAL XITE VIER TLC VIJF FEMALE VITAYA EEN OlderSC& Female'! &! OLD 88 VTM 2BE ACHT NJAM! CANVAS MALE DISCOVERY FOXLIFE/FOX NICK NL/SPIKE KADET Younger & Male T 4-34 index 2. Media Profile – Television Profile TV-channels South – Total 4+ (2015) (02:00:00 – 25:59:59) YOUNG NICKELODEON FR MTV FR Younger & Male CARTOON NETWORK(FR) PLUG RTL AB3 RTL-TVI CLUB RTL NAT GEO FR FEMALE LA DEUX LA UNE CANAL Z MALE Older & Female OLD Male Index 89 T 4-34 index

2. 2. Media Profile – Television Media Profile – Television Seasonality TV Audience – Total 12+ (2015) Monthly Evolution : 12h00 – 24h00 10 15 20 25 30 35 0 5 North 90 South Source : Audimetrie % OGB/AIP Jan. Feb. Mar. Apr. May June July August Sept. Oct. Nov. Dec. 3. Market Shares – Television Audience Shares TV-channels – Total 12+ (2015) North : 17h00 – 23h00 NICK JR 0,2% DISNEY CH 0,2% NICKELODEON/ SPIKE 0,3% ACHT 0,4% NATIONAL GEOGRAPHIC 0,5% KETNET OP 12 0,5% DISCOVERY CH 0,8% VITAYA 3,4% VIJF 4,0% Other Channels: NL Speaking 4,9% CANVAS 5,1% 2BE 5,2% VIER 8,1% VTM 21,6% BE 1 0,3% DISNEY CH 0,3% NICKELODEON 0,5% PLUG RTL 2,9% NJAM! 0,2% VTMKZOOM 0,1% Others 12,7% Others 17,3% RTL TVI 20,4% South : 17h00 – 23h00 EEN 31,9% Other Channels: FR Speaking 31,0% LA UNE 14,9% LA DEUX 4,8% AB3 3,6% CLUB RTL 4,1% Source : Audimetrie 91

4. Advertising Investments – Television Evolution 1998 – 2015 In Million Euros 200 400 600 800 1000 1200 1400 1600 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1577,5 1414,3 1246,8 1204,8 1161,2 1071,2 945,3 864,6 783,7 655,6 690,8 810 1003,6 981,5 1453,9 1446,3 1459,7 1450,3 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 92 42.8% 41.3% 43.3% 46.3% 44.7% 44.2% 43.7% 41.1% 37.4% 37.4% 38.1% 39.3% 40.8% 40.8% 40.1% 39.4% 38,6% 41,2% Source : MediaMark / CIM MDB / MediaXim (incl. sponsoring TV) 4. Advertising Investments – Television SHR % of total media 4. Advertising Investments – Television Top Advertiser Groups Television : 2015 Top 10 PROCTER & GAMBLE BENELUX UNILEVER RECKITT & BENCKISER COCA-COLA COMPANY L’OREAL GROUP DANONE GROUP NESTLE GROUP MEDIALAAN BEIERSDORF RENAULT-NISSAN ALLIANCE 1000 95 819 73 933 69 681 39 557 34 709 30 993 28 072 25 890 22 120 20 732 Source : MediaXim (incl. sponsoring TV) 93

4. Advertising Investments – Television Investment Shares TV-channels (2015) TV North : 1066,03 million (68%) Vijf 7,0% Vier 17,9% VTM / VTM Kzoom 42,2% Kanaal Z 0,1% Vitaya 5,7% Comedy Central 0,2% Jim TV 0,7% 94 MTV 0,5% 2BE 10,2% EEN 5,5% Disney Channel NICKELODEON 0,8% / SPIKE 1,2% Acht 1,5% Canvas-Ketnet 0,5% RTL TVI 50,9% Others 6,0% Disney Channel 0,8% Plug RTL 5,4% Club RTL 9,0% Nickelodeon 1,6% TV South : 511.44 million (32%) Canal Z 0,1% Others 0,9% La Une 18,8% La Deux 6,1% AB3 5,8% Be1 0,1% MTV 0,6% Source : MediaXim (incl. sponsoring TV) 5. Media Cost – Television Main Buying Conditions 2016 Commercial policies – By main saleshouses : Medialaan, SBS, RTVM, Média 13, IP, RMB, VAR TV, Concentra – Several buying stipulations – Commercial possibilities : airtime, sponsoring, 2nd screen (ic connect),… Main legal stipulations – Price citation allowed on all channels (not for billboarding) – Diverse restrictions on kids advertising on RTBF (no more 5 minutes rule since March 2007) – Alcohol beverages : no restrictions in the North - alcohol +20° forbidden at RTBF Duration index Sales 5'' Houses Medialaan SBS RMB IP 50 40 35 35 50 50 50 50 70 70 70 70 85 85 85 85 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 135 150 165 185 200 95 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60''

5. Media Cost – Television Main Buying Stipulations 2016 – Medialaan Channels Commitment Rebates Premiums Free space Surcharges VTM, 2BE, Vitaya (& JIM) Volume bonus (incremental level) : 2% to 15% free space Entertainment discount : -15% (Music, Film and Game sector) Packages : Regional Advertising, Swing pakket New product : 15% to 20% Welcome Bonus: 15% Formula B&R: Prime for construction / renovation and inside Preferential position : +20% Brand quotation : +15% (1 or 2)/ +20% (3 and+) Argued quotation : +20% (1), +40% (2 and +) Gamma - Spots : +15% (1), +25% (2), 30% (3 and +) Co-branding : min 50% Single Spot (VTM): + 30% (min 20s and max 45s) Spot countdown (VTM): + 20% (min 20s and max 60s) 96 Main Buying Stipulations 2016 – SBS 5. Media Cost – Television Channels Commitment Premiums Free space Vier en Vijf Volume bonus incremental level : 2% to 13% free space (min. 35% SOI) Welcome back premier : 15% New advertiser : 20% New product : 10% to 15% Duo advertising break : + 0% Car bonus : VIER 5% - VIJF 10% Confraternal premium : 17,65% free space Collective campaigns, general interest : 30% free space Product of the year: free tag on (5s) Charity campaigns : 100% free space Surcharges Preferential position : +20% Brand quotation : +15% (1), +20% (2), +30% (3) Argued quotation : 20% (1), 40% (2) Co-branding : +50% 97

5. Media Cost – Television Main Buying Stipulations 2016 – IP Chl Channels Commitment Rebates RTL TVI Clb RTL Pl RTL RTL TVI, Club RTL, Plug RTL ( min . budget : 25 000 ) Volume bonus (incremental level) : 2,5% to 22,8% General interest : 30% Charity campaigns : 30% Building offer (from 01/02 to 31/03 and from 15/10 to 31/11) : 30% to 50% Regional retailers : contact IP / Mediabrands Movie : 30% Amusement Parks : 15% during July / August Discover : 10% for new programmes Best Deal: sponsoring last minute -50% Packages Opti short time & Opti kidz Give me five pack "Opti first step"+"Opti night shots", "opti radio contact vision" "opti Plug", "opti Flash" Premiums Free space Welcome bonus : 15 % to 30 % - limited 75 . 000 Welcome in the south (+15%) if absent for 3 years Toys bonus : 30% (Kidz RTL) DVD bonus: 15% Car show room (01/01 - 31/01) : free tag on (max 5s) Open Door' (car sector)- bonus : free tag on (max 5s) Plug RTL bonus : 5% to 15% Welcome back bonus : 7 , 5 % to 15 % - limited 37 . 500 Travel Bonus : 15% Surcharges Weather forecast reminder : 15% Preferential position : +10% to +15% Program reminder : 15% Argued quotation : +15% Non-argued quotation : +10% (1) and +20% (2 to 4) Argued Web quotation : +5% Non-Argued Web quotation : 0% Countdown break : +15% Interactive spot : +10% 98 Gammaspot/ Spot Gamme : 20% Sector exclusivity : +15% Co-branding : +20% to +30% 5. Media Cost – Television Channels Premium Main Buying Stipulations 2016 – RMB La Une, La Deux, BeTV (AB3, La Trois, Voo Foot) Welcome bonus : +20% La1, La 2; +30% BeTV; +20% to 30% AB3 Car Fair bonus (01/01-31/01) : 5% Open Door (car)-bonus: 5% New product bonus : 10% La 1, La 2; AB3 +20% Packages Vollenback, C/ GRP Garantis, Family box, package BeTV Volume bonus : +1% to 7,5% La 1, La 2, BeTV Volume bonus : +1% to 10% AB3 Growth bonus : +0,75% to 4,5% La 1, La 2, BeTV Growth bonus : +1% to 27% AB3 Loyalty bonus : +1,5% La 1, La 2, BeTV Loyalty bonus : +2% AB3 Rebates Movie : -30% La 1, La 2, AB3; -15% BeTV General interest : -30% to -50% Product of the year = tag on 5 sec FREE DVD : -15% Surcharges Split broadcasting : sum of 2 duration indexes - 10% Preferential position : +10% Secto exclusivity : +10% Non-argued quotation : +15% (1), +30% (2-4 max) URL argued quotation : +15% URL quotation : 0% Co-branding : +20% to +30% 99

5. Media Cost – Television Tariff Structure Main TV Channels (in ) - North Medialaan : Base – 2015 – PRP 18-54 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 1.105 730 2.186 9.840 1.723 VTM 1,3% 2,5% 7,7% 1,9% 694 586 893 50 98 2BE 556 1.286 887 2.433 855 SBS : Base – 2015 – PRP 18-54 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 100 128 320 880 Vier 3.827 1.325 0,5% 1,0% 3,0% 1,2% 500 670 868 97 173 443 1.272 1.070 1.465 711 Vijf Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 0,3% 0,2% 0,3% 0,6% 1,5% 0,9% 494 577 743 983 793 Source : Audimetrie 0,1% 0,2% 0,6% 1,9% 1,2% 447 647 866 1.265 695 573 673 799 914 498 Vitaya Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 1,6% 0,6% 0,7% 0,9% 0,9% 0,5% 982 942 901 1.031 1.014 5. Media Cost – Television DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 Tariff Structure Main TV Channels (in ) - South IP : Base – 2015 – PRP 18-54 RTL-TVI Club RTL 1.331 816 2.069 7.022 1.473 2,3% 3,7% 8,3% 2,1% 532 359 554 844 695 140 164 456 1.215 554 0,5% 0,4% 0,8% 1,5% 0,7% 310 429 609 836 783 273 355 524 906 375 Plug RTL Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 2,5% 0,4% 0,6% 1,0% 1,4% 0,7% 737 626 544 644 541 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 RMB : Base – 2015 – PRP 18-54 La Une 935 390 684 3.658 356 1,3% 1,5% 4,5% 0,8% 457 295 453 812 451 155 241 547 919 192 La Deux AB3 Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 2,1% 0,5% 0,7% 1,1% 1,3% 0,4% 329 362 510 721 525 217 631 689 1.272 620 0,7% 1,3% 1,2% 1,8% 1,1% 295 472 577 728 589 Source : Audimetrie 101

Evolution Cost/GRP (in ) – Total 15+ (2006 – 2016) 5. Media Cost – Television 200 400 600 800 1000 1200 1400 1600 0 North 102 South Source : Audimetrie 1/06 3 5 7 9 11 1/07 3 5 7 9 11 1/08 3 5 7 9 11 1/09 3 5 7 9 11 1/10 3 5 7 9 11 1/11 3 5 7 9 11 1/12 3 5 7 9 11 1/13 3 5 7 9 11 1/14 3 5 7 9 11 1/15 3 5 7 9 11 1/16 3 1. Market Overview - IDTV Main Characteristics IDTV (Interactive Digital TV) Perfect sound and image (DVD quality) – Digital compression (no loss during transmission) – Not to confuse with High Definition Televison – Also available on Mobile trough app-based TV Less bandwidth for the same amount of data – Analogical: +/- 50 channels – Digital: 8 to 12 time more channels (but also Video On Demand, Gaming applications, …) Interactivity – Digital identified applications (Electronic Program Guide, Personal Video Recorder, Choice of subtitles and language) • Standardized – 2nd screens (PC, Tablet or Mobile) advanced applications ie RTL Connect • Not Standardized 103

1. Market Overview - IDTV Evolution of Devices Penetration Digital TV Teledistribution 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 89% 85% Tablets Smartphone TableZe 3G 66% 55% 36% 29% 15% 7% 4% 9% 104 Source : CIM Radio (2015-2) % Total PopulaLon 1. Market Overview - IDTV Evolution of IDTV Penetration 0 1 2 3 4 5 6 7 8 9 8.154.364 ind. TELENET Proximus TV VOO Others population 85% Tot 15% 36% 2.625.859 ind. 29% Tot populaLon 11% 33% 46% 44% Source : CIM Radio (2015-2) 105 Millions

1. Market Overview - IDTV IDTV action ever done - Total 12+ Consult guide TV Programs on digital television Watch a personnal recording of a program Movie for payment (video on demand) Search other informaYons on digital television Programs of TV channel a5er broadcasYng for payment Programs of TV channel in preview for payment Games/compeYYon/vote/request for info on digital television 106 21,2% 19,5% 12,2% 7,4% Source : CIM TGM 2015 36,5% 81,8% 74,3% 1. Market Overview - IDTV Live+7 : the new currency Channels that are viewed with a timeshift (due to the use of a digital set top box), are measured in the classic audimetric panel sinds January 2010. VOD (Video on Demand) & interactive content are not measured today. Live TV = currency until end of 2009 – “Viewed while broadcasted” = “Total TV” (Analog or digital, Terrestrial, cable, satellite, IPTV) – Not included: “Other Screen Usage Live+6 = new currency as from 08/01/2010 – Live + Time Shifted Viewing (TSV) up till 6 days after broadcast Live+6+guests = new currency as from 01/09/2012 Live+7 = new currency as from 01/01/2016 – Live + Time Shifted Viewing (TSV) up till 7 days after broadcast VOSDAL = time shifted Viewing On Same Day As Live (after 30sec.) 107

2. Time shifted viewing - IDTV Average Daily viewing time PRP 18-54 – North Direct vs. Delayed 03:00:00 00:15 00:06 00:09 02:00:00 Delayed Direct 02:29 01:00:00 02:23 02:26 02:26 02:30 02:21 00:11 00:13 00:18 108 00:00:00 2010 2011 2012 2013 2014 2015 2. Time shifted viewing - IDTV Average Daily viewing time PRP 18-54 – South Direct vs. Delayed 04:00:00 00:03 00:10 03:00:00 00:06 00:11 00:15 00:13 02:00:00 Delayed Direct 03:21 03:00 01:00:00 03:09 03:02 03:01 03:06 00:00:00 2010 2011 2012 2013 2014 2015 109

2. Time shifted viewing - IDTV Other Screen Usage Live+6 - South - PRP 18-54 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5% 110 0,15% 0,34% 0,42% 0,49% 2,53% 0,33% 0,19% 1,92% 1,78% 1,41% 1,38% 1,08% 0,59% 2011 0,75% 0,53% 2012 2013 2014 2015 2016_4 Source : Audimetrie 1,46% 2,07% 2,31% PLAY STATIONS SETTOP BOXES VCR+DVD 2. Time shifted viewing - IDTV Other Screen Usage Live+6 - North - PRP 18-54 3,0% 0,25% 2,5% 0,21% 2,0% 0,22% 1,63% 1,5% 0,22% 0,15% 1,0% 1,05% 0,90% 0,75% 0,5% 0,75% 0,57% 0,32% 0,0% 2011 2012 2013 2014 2015 2016_4 Source : Audimetrie 111 0,35% 0,38% 0,87% 1,14% 0,17% 1,55% PLAY STATIONS SETTOP BOXES VCR+DVD

1. Market Overview – Cinema Main Characteristics Cinema Particular features – Wide offer of very modern multi-screen complexes – Segmentation of market in 7 Ciné Parcs or Ciné-Duos – One sales agent : Brightfish (ex-Screenvision) Advantages – High selectivity on younger people & higher social classes – High reproduction quality – Very good addition to TV-campaigns for certain target groups Evolution – Diversification in the cinema offer : sponsoring packages – Segmentation : possibility to buy kids movies only (Family Pack) or Art House movies (Art Pack) – Campaign balance reporting – Packages : ‘Pack 12 Flex’ – Evolutions in the theatres (Kinepolis): Laser Ultra, Dolby Atmos & Barco Escape 113

1. Market Overview – Cinema Offer Cinema Theatres (2016) Ciné Parcs Number of theatres Ciné Parc 5 MC* Localities North Localities South Total 194 147 84 425 % of total 46% 34% 20% 100% % of visits/week 2008* 53% 30% 17% 100% Overview offer theatres – 7 Ciné Parcs (5 main centers*, localities North, localities South) – 423 screens – Importance of multi-screen cinema complexes – 21.3 million visits in 2015 (source FCB & Kinepolis – Estimation) * last available data 114 Source : Brightfish 1. Market Overview – Cinema Offer Multi-Screen Complexes (2016) City Bruxelles Antwerpen Antwerpen Liège Bruxelles Charleroi Mons Louvain-la-Neuve Hasselt Bruxelles Gent Mechelen Jambes Maasmechelen Braine-L'Alleud Genk Kortrijk Tournai Brugge Lanaken Oostende Sint-Niklaas Turnhout Namur Verviers Multiplexes Kinepolis Kinepolis UGC Antwerpen Kinepolis UGC Toison D'Or Cinepointcom Imagix Cinescope Kinepolis UGC De Brouckere Kinepolis Utopolis Acinapolis Euroscoop Kinepolis Imagibraine Euroscoop Kinepolis Imagix Kinepolis Euroscoop Kinepolis Siniscoop Utopolis Eldorado Cinepointcom Total : Number of screens 24 24 17 16 14 14 14 13 13 12 12 12 12 11 10 10 10 10 8 8 8 8 8 8 8 304 screens Source : Brightfish 115

1. Market Overview – Cinema Evolution Yearly Visits : 1999 – 2015 10 15 20 25 30 0 5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015** Evolution cinema visits 1999-2015: - 2,7% 116 *estimation mediasalles.it ** estimation Federation des Cinémas de Belgique & Kinepolis 23,6 24,0 24,4 21,9 22,7 24,1 22,1 23,9 22,7 21,9 21,3 21,3 22,3 20,8 21,0 21,1 21,3 number of visitors (in mio) Media Mapping : Heavy - Medium - Light Users 2. Media Profile – Cinema 75 Young & upscale 70 65 H Cinema M Cinema 60 L Cinema 55 50 Average pop. 12+ 45 35+ & Downscale 40 0 10 20 30 40 % Less tahn 35 years Source : CIM TGM 2015 117 50 60 70 80 Average pop. 12+ % Social groups 1 to 4

2. Media Profile – Cinema Evolution Weekly Reach - Total 15+ 5,0 5,5 6,0 6,5 7,0 7,5 8,0 7,4 6,5 6,2 6,1 6,0 6,1 5,8 5,8 5,7 5,6 5,8 5,6 5,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 6,0 6,0 6,6 118 Source : CIM 2015 coverage % 2. Media Profile – Cinema Accumulation Coverage Cinema – by Target 10 20 30 40 50 60 70 0 1 3 6 9 number of weeks present Source : CIM 2015 119 12 12-24 SC 1-3 12-34 12+ coverage %

3. Market Shares – Cinema Market Shares of Multi-Screen Complexes 7 Ciné Parcs Brussels Antwerpen Gent Charleroi Liège Total Loc. N Total Loc. S Total Belgium 91% 55% 100% 76% 67% 60% 72% 89% 98% 87% 99% 80% 72% 76% Share of theatres 2016 Share of visitors 2008 79% 83% Importance multi-screen complexes (8 screens +) – 73% of cinema theatres is located in complexes – Complexes host 83% of all cinema visits – Market share of complexes is highest in 5 MC 120 S ource : Brightfish 3. Market Shares – Cinema Market Shares of Cinema Groups Number of screens (2015) Kinepolis Group 31% Share of 3D movies (average 12 past months) 3D movies 6% Others 52% UGC Group 10% Cinepointcom Group 7% "Live action" movies 94% Source : Brightfish 121

4. Advertising Investments – Cinema Evolution 1998 – 2015 In Million Euros 10 15 20 25 30 35 40 0 5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 37,7 37,8 37,5 32,9 30,9 27,7 24,9 25,1 22,5 22,9 25,3 25,0 28,8 29,7 26,0 26,8 24,6 25,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 122 Source : MediaMark / CIM MDB / MediaXim 1.5% 1.5% 1.4% 1.6% 1.2% 1.2% 1.1% 1.2% 1.0% 0.8% 0.9% 0.8% 0.7% 0.9% 0.9% 1.0% 1.0% 1.0% 4. Advertising Investments – Cinema Top Advertiser Groups Cinema : 2015 Top 10 COCA-COLA COMPANY CINEVOX UNILEVER BNP-PARIBAS D’IETEREN GROUP SCOTCH&SODA MEDIALAAN JEY IMPORT FRISDRANKEN CLT-UFA ANHEUSER BUSCH INBEV 1000 6 357 4 809 1 268 1 080 933 902 770 702 655 609 123 Source : MediaXim

5. Media Cost – Cinema Main Buying Conditions 2016 Cinema advertising is sold by geographic selection / packages – « package » = Ciné Parc (7 in total) – possible combination of several Ciné Parcs – National Pack : 5 main cities : -10% - Localities : -25% – projection of the spot during one week (every day, every show) Other packages : – ‘Pack 12 Flex’ : -30% if present during 12 weeks in Full Tempo – CineBumper : opportunity to exclusively sponsor a cinema show – 3D Pack: a 3D spot before the 3D movies – Family Pack: your spot before the family movies – Art Pack: your spot before a selection of art house films – Jingle Takeover: pimp our brightfish jingle at the end of the commercials 124 – Opera Pack – Field Activation – More info: http://brightfish.be/fr/products-fr 5. Media Cost – Cinema Main Buying Conditions 2016 Tariff and technical requirements : – standard spot duration : 30 sec – tariff basis : 30 sec/week – seasonal tariff indexes – required material : Full HD Dolby 5.1 Rhythm of campaign – 2 main different « Tempos » : Full Tempo and Half Tempo 125

5. Media Cost – Cinema Main Buying Stipulations 2016 Main reductions & bonuses – New advertiser : 10% bonus at the end of the 1st campaign – No commercial advertising: -30% Extra charges – Preferential position : +15% (3rd or last part of reel) or 20% (last position) – Duo spots : +20% on the second spot – Sponsor quotation : +15% for 1st quotation, +30% for 2 and more quotations – Co-branding : 2 products of same advertiser: +20%, 2 different advertisers: +40% Weeks 126 Seasonal cost index 2016* 1 2-6 7 120 80 100 8-12 13-15 16-21 22-26 27-42 43-53 80 120 100 80 100 120 *Cinema week 1 2016 begins Wednesday 30 December 2015= different from the regular calendar. 5. Media Cost – Cinema Rhythm of Campaign : « Tempos » Flexible action period – Possibility to adapt campaign pressure – 2 different « Tempos » – ‘Full Tempo’ : 4 consecutive weeks in Total Ciné Parc – ‘Half Tempo’ : 8 consecutive weeks in alternating half Ciné Parc Semaines Weken FULL TEMPO HALF TEMPO Demi-parc 1 Half park 2 Demi-parc 1 Half park 2 1 x x x - 2 x x - x 3 x x x - 4 x x - x x - - x x - x 5 6 7 8 9 10 11 12 13 14 15 127

5. Media Cost – Cinema Tariff structure - Average Rate Cards (in ) – 2016 Tariff Number of Ciné Parc Ciné Parc Brussels Ciné Parc Antwerpen Ciné Parc Gent Ciné Parc Charleroi Ciné Parc Liège Total Ciné Parc 5 MC Ciné Parc Dutch-speaking Localities Ciné Parc French-speaking Localities Ciné Parc North + UGC De Brouckère + Kinepolis Brussels Ciné Parc South + Brussels Ciné Parc National (Total) Duration index 15’’ 20’’ 25’’ 30’’ 35’’ 40’’ 45’’ 50’’ 55’’ 60’’ 65” 70” 75” 80” 85” 90” 70 128 85 95 100 115 130 145 160 170 180 190 200 210 220 230 240 Source : Brightfish theatres 92 45 22 14 21 194 143 86 246 215 423 30sec/week (in ) 12.140 6.460 2.900 1.900 2.810 26.210 13.300 7.180 28.190 24.030 38.950 5. Media Cost – Cinema Evolution mediacost (C/000) 10 20 30 40 50 60 70 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 *Cost K: price of a national cinema campaign Source : Brightfish 129 56,9 48,9 50,5 52,3 51,9 51,4 50,8 53,0 59,5 31,0 31,5 31,5 32,5 33,5 36,0 36,8 Cost K 39,0 39,0 C/000

1. Market Overview - Radio Main Characteristics Radio Particular features – High national daily coverage : +/- 75% – Two very different radiomarkets : North & South Advantages – High coverage, fast coverage building – Omnipresent medium, 24h/24h – Low production cost – Promotional force Evolution – Radio is still the third medium in terms of media investments 131

1. Market Overview - Radio Radio equipment penetration How many radios do you own (or your household) ? No radios 12,3 Three or more radios 37,0 One radio 26,2 Two radios 24,5 132 Source : CIM TGM 2015 2. Media Profile - Radio Mapping Main Radio Stations – North 75 Young & upscale Klara 70 Radio 1 65 60 55 Q-music 50 Joe FM TopRadio 45 40 Radio 2 35 30 35+ & Downscale 25 5 15 25 35 45 % less than 35 years Source : CIM Radio Wave 2015-1+2+3 55 65 75 85 133 MNM Average pop. 12+ Studio Brussel % Social groups 1 to 4 Average pop. 12+

2. Media Profile - Radio Mapping Main Radio Stations – South 80 Young & upscale 75 Musiq'3 70 La Première Pure FM 65 Classic 21 60 55 NRJ Average pop. 12+ 50 VivaCité Contact FR Fun Radio 45 35+ & Downscale 40 5 134 15 25 35 45 % less than 35 years Source : CIM Radio Wave 2015-1+2+3 55 65 75 85 Nostalgie FR Bel RTL % Social groups 1 to 4 Average pop. 12+ 2. Media Profile - Radio Selectivity Main Radio Stations (2015) Gender y Joe FM Q-music Radio 1 Radio 2 MNM Studio Brussel TopRadio Bel RTL Fun Radio La Premiere NRJ Contact FR Nostalgie Classic 21 Pure FM VivaCite 100 102 100 93 100 112 100 90 100 111 100 127 100 148 100 95 100 134 100 109 100 100 98 99 100 102 100 133 100 119 100 100 98 44 58 107 88 109 89 74 54 104 69 91 102 101 99 70 83 100 105 28 8 116 83 166 25 211 12 224 87 24 34 67 27 168 52 16 163 209 274 46 238 54 134 128 61 67 123 44 ( Age 156 87 32 164 190 124 86 77 60 99 154 105 116 235 71 201 130 135 76 71 34 ) 18-54 12+ M12+ F12+ 12-24 25-34 35-44 45-54 55+ SC 1-4 158 139 120 58 128 44 90 81 122 153 168 109 118 141 215 23 19 12 162 11 196 24 57 133 112 37 174 109 122 117 34 137 193 129 70 112 79 109 109 80 119 177 73 135 Source : CIM Radio Wave 2015-1+2+3

2. Media Profile - Radio Daily Coverage & Listening Time – 12+ (2015) DAILY REACH in % NORTH TOTAL RADIO Radio 1 Radio 2 Studio Brussel MNM Klara Q-music Joe FM TopRadio SOUTH TOTAL RADIO La Première VivaCité Classic 21 Pure FM Musiq'3 Bel RTL Contact FR Nostalgie NRJ 136 Fun Radio MO-SU 06h-22h CIM RADIO WAVE 2015-1+2+3 77,5 11,5 23,2 12,8 11,5 2,8 14,9 7,4 1,3 CIM RADIO WAVE 2015-1+2+3 68,1 8,0 12,8 7,6 4,2 1,8 13,8 13,5 10,6 9,5 4,1 MO-SU 06h-22h CIM RADIO WAVE 2015-1+2+3 266 147 261 204 180 142 183 219 143 CIM RADIO WAVE 2015-1+2+3 202 117 157 178 120 120 144 154 151 96 104 AVERAGE LISTENING TIME in minutes 2. Media Profile - Radio Coverage Main Radio Stations North – 12+ (2015) North : CIM Radio Wave 2015-1+2+3 (Monday – Friday) 10 12 14 0 2 4 6 8 Radio 1 Radio 2 Studio Brussel MNM Q-music Joe FM TopRadio 137 % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00

2. Media Profile - Radio Coverage Main Radio Stations South – 12+ (2015) South : CIM Radio Wave 2015-1+2+3 (Monday – Friday) 0 1 2 3 4 5 6 7 8 La Premiere Contact FR 138 VivaCite Nostalgie Classic 21 Fun Radio Pure FM NRJ Bel RTL % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 3. Market Shares - Radio Market Shares Main Radio Stations – 12+ (2015) North : 06h00 – 22h00 South : 06h00 – 22h00 Other, 15,6 TopRadio, 0,9 Joe FM, 7,9 Q-music, 13,3 Klara, 1,9 Studio MNM, 10,1 Brussel, 12,7 Contact FR, 15,1 Radio 2, 29,4 Nostalgie FR, 11,7 Classic 21, 9,8 Pure FM, 3,7 Musiq'3, 1,5 Bel RTL, 14,4 Radio 1, 8,2 3,1 Other, 12,6 NRJ, 6,6 Fun Radio, La Première, 6,8 VivaCité, 14,7 139 Source : CIM Radio Wave 2015-1+2+3

4. Advertising Investments - Radio 100 150 200 250 300 350 400 450 500 550 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MDB for radio includes sponsoring. Evolution 1998 – 2015 In Million Euros 465,2 444,2 398,9 375,5 377,2 357,7 327 289,6 252,6 228,7 202,4 208,1 186,8 156,1 134 522,0 513,8 484,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 140 8.8% 9.3% 10.3% 11.6% 10.8% 10.7% 11.0% 12.1% 11.4% 12.1% 11.9% 11.3% 11.5% 12.5% 12.9% 13.1% 13,9% 13,4% Source : MediaMark / CIM MDB / MediaXim 4. Advertising Investments - Radio Top Advertiser Groups Radio : 2015 Top 10 D’IETEREN GROUP PSA PEUGEOT CITROEN CARREFOUR GROUP COLRUYT GROUP CLT-UFA DE PERSGROEP ING GROEP FRANCE TELECOM PROXIMUS GROUP RTBF 1000 15 744 11 931 9 448 7 889 7 282 7 097 6 799 6 734 6 525 6 299 141

5. Media Cost - Radio Main Buying Conditions 2016 Commercial policies – By main saleshouses : VAR, RMB, IP, MEDIALAAN – National, network & local buying formulas – Packages of national channels or networks Main legal stipulations – Price citation allowed on all stations – Prescriptible medicines ad forbidden – Alcohol +20° ad forbidden at RTBF Duration index Sales Houses VAR RMB IP Medialaan 142 50 60 60 50 70 70 70 70 80 80 80 80 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60'' 5. Media Cost - Radio Main Buying Stipulations – VAR / RMB VAR Radio Stations Advertising/ Buying formulas Radio 1, Radio 2, Klara, MNM, Studio Brussel SuperSelexy 10%, SS Business 5% Jobspots - Nightspots - Boost Traffic/Night/Daypart - Hi Performance Regional : "Proxispots" on radio 2 Minimal investment 2 500 Sector discounts * Non-commercial advertising/government : -20% all day or -30% (off peak) * Charity campaigns : - 50% off peak * Media, publishers, music and film, fairs, education : -15% (all day) * FMCG : 20% Supplements Welcome bonus Welcome back Other discounts * Cultural org. : -20% (all day) or -30% (off peak) * 2 spots in one block : cumul of indices + 5% * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-Branding : +25% Investment gross > 21 250 : - 15 % Investment gross > 42 500 : - 20 % Max . rebate : 12 750 Investment > 21 250 = -10% Investment > 42 500 = -15% * Contact VAR * Summer spots : up to 100% (free space) * Top topical : -50% unpredictable (max 3 days) RTBF, NRJ, DH Radio : + 15% free space * Contact RMB * Summer spots : +25% free space * Top topical : predictable : -25% unpredictable: -50% 143 National - à la carte Packages of 2 or more stations "Synchro" Regional : Vivacité - NRJ - Classic 21 Mégahertz - Traffic & Weather Heavies 2 000 * Non-commercial advertising : -30% * Charity campaigns : -50% * Media, publishers, music and film, fairs, education : -15% * FMCG : 10% (free space) * Cultural org. : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser in 1 spot : +15% * Preferential position : +25% * Co-Branding : +25% RTBF, NRJ, DH Radio : + 15% free space RMB La Première , Vivacité , Classic 21 Pure FM, Musiq 3, NRJ, DH Radio

5. Media Cost - Radio Main Buying Stipulations – IP / Medialaan IP Medialaan Radio Stations Advertising/ Buying formulas Minimal investment Sector discounts Contact-group, Nostalgie, BEL RTL, Fun Radio, Q-Music, JOE other private cable & local stations National (complete network) Packages of 2 or more networks : "Fmix" - "Big HF" - Traffic & Weather Heavies 20 spots per radio * Cultural org. : -15% Supplements * Top topical (>20spots): -25% (max. 3 days) * 2 spots in one block : +10% on longer spotlength * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% Quantum discount Welcome bonus Welcome back Other discounts no discount 30 000 - 60 000 = -10% > 60.000 = -15% Limited to 15 900 30 000 - 60 000 = - 5% > 60 000 = - 10% * Contact IP * Summer discount : -20% (July/August) - First time summer: -50% > 35K on fmix + Nosta vlaanderen National (complete network) "MaxiMix" : -10% (80% on Q-music & 20% on JOE) "HF 00/20/40" - "AM Peak" - DayTime-NightTime Heavies n.a. * Non-commercial advertising : -30% (off peak) * Non-commercial advertising : -20% * FMCG : 10% * Charity campaigns : -50% * Media, publishers, music and film distribution, fairs, education : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser (max 3) in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% no discount 15% rebate if first experience in radio (20 first days) 10% rebate if first experience on Q & Joe (20 first days) 5% rebate * Contact Medialaan * Recrutement : 15% * Top topical : predictable : -25%/ unpredictable: -50% * Sales : -15% * Summer discount : 35% up to 100% free space 144 5. Media Cost - Radio Tariff structure - Average Rate Cards (in ) North : 1st semester 2016 (30”) Monday - Friday NORTH Radio 1 Radio 2 Studio Brussel MNM Q-music Joe FM TopRadio Nostalgie 6:30-9:00 1 752 982 1 499 828 1 780 509 129 440 9:01-20:00 556 703 1 087 634 1 047 456 104 367 Based on ratecard : R2016_01_18 (AdWare) 145 20:01-22:00 120 125 84 157 75 32 34 Saturday - Sunday 6:30-9:00 445 472 434 237 354 145 25 137 9:01-20:00 239 476 636 352 581 243 68 254 20:01-22:00 105 68 96 62 18 34

5. Media Cost - Radio Tariff structure - Average Rate Cards (in ) South : 1st semester 2016 (30”) Monday - Friday SOUTH La Premiere VivaCite Classic 21 Pure FM Bel RTL Contact FR Nostalgie Fun Radio NRJ DH Radio 146 1 874 2 017 748 345 746 23 Based on ratecard : R2016_01_18 (AdWare) 152 298 314 151 365 870 419 218 351 19 20 43 51 29 31 74 33 248 450 186 84 125 104 5 273 310 181 59 124 10 101 195 240 110 307 470 323 159 220 15 Saturday - Sunday 6:30-9:00 9:01-20:00 20:01-22:00 6:30-9:00 9:01-20:00 20:01-22:00 1 073 1 492 876 282 18 33 28 25 29 25 92 66 5 1. Market Overview - Digital Main Characteristics Internet Particular features – The one and only international (World Wide) media (by definition) – Branding, engagement, user generated content and ROI – Always on and everywhere Advantages – Ultra high contextual selectivity – High potential target (young – active – upper class - trendsetter) – Large creative experience (rich media) – Near to one-to-one marketing, abilities to develop CRM-programs – Multiple tracking opportunities (ROI) Evolution – Towards a iGRP, Digital Video Advertising adds incremental reach to TV campaigns. Cross-media performance optimization is here! – Native advertising – Performance Marketing continues to grow, including advertising over Ad Exchange Networks – Automation of the buying even for the guaranteed placements 147

2. Media Profile - Digital Top 20 internet usage - Total 12+ surfers Send and receive emails Use search engine News on internet Routes and road maps on the internet View information on social networks Zap on the internet View / post videos on the internet Information about products on the internet Share personal information on social networks Downloadable editions of newspapers and magazines on the Live communicate Download free software programs or applications Tickets for cultural activity on the Internet Download free music Radio on the internet Real estate listings on the internet Economic and financial information on the Internet Call via internet 148 Play online on the internet Download free movies and videos 92,0% 84,7% 78,3% 73,8% 70,2% 68,8% 64,9% 63,4% 59,2% 54,2% 53,3% 44,7% 42,2% 40,1% 39,7% 38,3% 35,8% 35,6% 34,2% 33,6% Source : CIM TGM 2015 3. Market Shares - Digital Top 20 websites (Comscore belgian data) (mobile and tablet not included) Google Sites Microsoft Sites Facebook Mediahuis Connect Yahoo Sites Amazon Sites VRT Sites Roularta Media Group Belgacom Group Linkedin Axel Springer SE CCM-Benchmark Wikimedia FoundaUon Sites 2dehands BitTorrent Network Groupe Rossel Webedia Sites De Persgroep Dropbox Sites Apple Inc. 30,5% 28,0% 23,6% 23,6% 23,5% 23,3% 22,0% 21,6% 21,0% 22,8% 19,5% 19,3% 18,4% 16,5% 16,4% 58,4% 31,7% 63,6% 97,0% 87,6% January 2014 January 2015 January 2016 149 Source : ComScore 2015

3. Market Shares - Digital Top 20 websites (Total – Net reach all devices) HLN.be 2dehands.be/2ememain.be Nieuwsblad Yellow Pages Knack/Levif Immoweb RTBF.be Kapaza VTM De Standaard DeredacLe.be RTL.be Le Soir Skynet De Morgen DH.be DailymoLon Een 150 Gazet van Antwerpen Comment ca Marche 26,6 26,6 25,2 21,8 18,4 16,3 16,2 16,0 15,2 14,8 14,4 13,7 12,1 12,1 12,0 11,7 11,6 11,4 11,0 Source : Adware internet 2016 31,8 3. Market Shares - Digital Top 20 websites (Total – Net reach split by mobile devices) 11,6 Tablet HLN.be Nieuwsblad 2dehands.be/2ememain.be Yellow Pages Knack/Levif VTM Immoweb De Standaard Een DeredacLe.be RTBF.be Kapaza Le Soir Gazet van Antwerpen Sporza RTL.be De Morgen DH.be Jobat DailymoLon 6,9 5,7 5,2 5,2 4,8 4,7 4,5 4,2 4,0 3,9 3,2 3,2 3,2 3,0 2,9 2,7 2,6 2,5 9,3 HLN.be Nieuwsblad 2dehands.be/2ememain.be RTL.be Knack/Levif VTM Yellow Pages RTBF.be Immoweb De Standaard Le Soir DH.be Sudinfo Gazet van Antwerpen DeredacLe.be De Morgen La Libre.be Flair Kapaza Sporza 9,2 7,5 7,4 7,2 6,9 6,9 5,6 5,6 5,5 5,5 5,1 5,0 4,9 4,6 4,6 4,5 4,2 4,1 Source : Adware internet 2016 Phone 14,2 12,7 151

4. Advertising Investments - Digital Evolution 2000 – 2015 In Million Euros 100 120 140 160 180 200 220 240 260 80,0 20 40 60 80 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source : IAB / CIM MDB / Mediaxim 55,0 32,0 12,6 10,9 12,5 18,4 232,4 223,6 215,0 200,8 183,1 168,3 128,1 119,1 84,9 152 4. Advertising Investments - Digital Market Share by Economic Group : 2015 Energy 2,6% Food 3,3% Home/Office Equipment 4,0% Telecom 6,0% Beauty 2,6% Clothing 0,9% Others 1,3% Services 23,7% Distribution 17,8% Transport 19,6% Culture Leisure 18,2% Source : MediaXim 153

Top Advertiser Groups Internet : 2015 4. Advertising Investments - Digital Top 10 COLRUYT GROUP ING GROUP D’IETEREN GROUP LOTERIE NATIONALE RENAULT-NISSAN ALLIANCE BNP-PARIBAS PSA PEUGEOT CITROEN GROUPE 3 SUISSES LIDL & CO DAIMLER BENZ GROUP 1000 14 102 7 202 6 657 6 529 6 194 5 990 4 875 4 486 3 863 3 738 154 Source : MediaXim 5. Media cost - Digital Main Buying Conditions (except programmatic buying) Commercial policies – By main sales houses : De Persgroep, Hi-Media, IP New Media, IPM, Ligatus, Mediahuis, Medialaan, Pebblemedia, ProduPress, Proximus Skynet, Rossel, Roularta, Trustmedia, … – Lot of formats: Leaderboard, XL Leaderboard, Medium Rectangle, homepage takeovers, buttons, expandable banners, pre-roll video, halfpage, … but also billboard, filmstrip, portrait, pushdown, sidekick, slider. – Numerous creative formulas (integration, sponsoring, native …) – Several community marketing possibilities Media Buying Conditions – Cross media deal (print + online / TV + Online) – Packages (also deals cross sales houses) Surcharges – Targetting – Expandable format – Streaming – Trafficking, adserving & tracking 155

1. Key Facts - Search Main Characteristics Search Particular features - International media with WorldWide footprint - Happens instantly, people searches everyday - Happens everywhere, as long as people are connected to the internet - - Mobile search traffic is booming Searches follow seasonality Advantages - Hyper targetting based on intention (keywords are typed by surfer) - Ads answers specific request declarated by the surfer - Very high ROI - You pay only for what you get (CPC model) - You can track everything - Search queries can be used as business intelligence Evolution - Search is becoming more visual - - Investment of clicks is based on quality and relevancy Search queries are becoming more and more complex 157

2. Definitions- Search SEM Search Engine Marketing SEM is all Internet Marketing techniques that are utilized to increase market visibility and traffic of a website on the search engines. Traditionally, it is divided into 2 strategies: Search Engine Optimization (SEO) and Search Engine Advertising (SEA). SEO Search Engine Optimization “Organic” - Slow impact - Less control (targeting, copy) + 'Free' (earned) + Long term + Mostly clicked (75%) 158 Source : Reprise Media SEA Search Engine Advertising Pay-Per-Click (PPC) + Fast impact (immediately traffic) + In full control (targeting, ads) - ‘Expensive’ (cost/click) - Temporarily - Less clicked (25%) 2. Definitions- Search What is SEO? Search engine optimization (SEO) is a technical, analytical and creativ e proces s t o improv e th e ‘free’ , ‘organic’ , ‘editorial ’ o r ‘natural ’ visibility of a website in search engine result pages (SERP), with the aim of driving more potential customers to it. Web pages and other content such as videos or local listing are shown and ranked based on what the search engine considers mots relevant to users. How SEO works: • Onsite (content and website infrastructure) – Having an efficient website architecture and infrastructure – Targeting the best keyword clusters – Creating and matching content to target specific keyword • Offsite (how the website is referred to, from other online sources) – Developing a profile of high quality, on-theme incoming links – Having a relevant and active social media presence – Creating citations (non-linking references) about you – At least half of your SEO outcomes are influenced by elements outside your direct control Source : Reprise Media 159

2. Definitions- Search Main Characteristics SEO 1. Define the Target Audience and their Needs Market research studies, Conduct surveys of your audience, Conduct focus groups, Use social media 2. Content & Web Design Content analysis, creation and optimization, Content CMS Guidelines, Web ergonomic, UI&UX strategy 3. Research & Analysis Website metrics analysis, Keyword analysis, Keyword opportunities and difficulties, Competitor analysis 4. Tools Google Analytics Account, Google Webmaster Tools, Rank Tracker Tool, Google Alerts, Google trends, Set up goals Source : Reprise Media 160 2. Definitions- Search What is SEA? By using Google Adwords, Search Engine Advertising (SEA) is used to get a better ranking in search engines in return for a payment. – Ad s ar e show n whe n peopl e searc h wit h Googl e Search , when people read on the internet (Google Display Network) and when people are watching video´s on YouTube. – Touching customers whatever device they are using – SEA is a pull advertisement medium. Reach your audience at the exact moment that they are looking for you. – Adjust your ads to specific sales or promotions – Easil y trac k sale s an d conversion s t o se e th e impac t o f your campaign Source : Reprise Media 161

2. Definitions- Search Main Characteristics SEA 1. Google Search Network – A group of search-related websites where your ads can appear. – Websites include Google sites and websites that partner with Google (search partners). – When you advertise on the Search Network, your ad can show next to search results when someone searches with terms related to one of your keywords. – The Search Network is part of the Google Network, our name for all the webpages and apps where AdWords ads can appear. 2. Google Display Network – Google also gives advertisers the opportunity to place ads on a variety of sites across the internet. – This collection of websites, which ranges from blogs to news sites and even YouTube, is referred to as the Google Display Network (GDN). – According to Google, the GDN includes over 2 million sites that reach over 90% of global internet users. Source : Reprise Media 162 2. Definitions- Search Main Characteristics SEA Visitor leaving your website 3. Remarketing – Drive the audience back to your website – Adapt your message, promotions, content, ad format… based on your audience 4. YouTube Ads – Sho w differen t kin d o f ad s o n Youtub e an d us e differen t formats to target your audience 5. Google Shopping – Helps you to reach shoppers while they are searching for items to buy on Google. – You can maintain the accuracy and freshness of your produc t information , s o you r customer s fin d th e relevant , current items they're looking for. – Makes your assortment visual. – It is easy to compare prices (relative to competitors). – Multiple products can be listed and it goes together with your search ad. – Higher conversion rate on your website. Display ads Search Naetwork Display Network Returning Visitor Overlay ads Skippable ads Non-skippable ads Source : Reprise Media 163

2. Definitions- Search Main Characteristics SEA 6. Engagement Ads – Eliminate waste by reaching only those qualified customers that choose to engage with your brand 7. Gmail Sponsored Promotions – Teaser ad is displayed in email pane or promotions tab on desktop and on the promotions tab on mobile. – Own 100% share of voice when teaser ad is clicked. – Connect with consumers through an innovative and engaging ad designed specifically for Gmail. – The flexibility of GSPs creates opportunities to promote a variety of consumer actions. Encourage advertisers to customize ads bades on the most valuable user behaviour. Source : Reprise Media 164 2. Definitions- Search Mobile Search As more people use mobile devices to access the Internet, searching for stores “nearby me”, it is important nowadays to have a mobile-friendly website or/and App. Google will be expanding their use of mobile-friendliness as a ranking signal. Call tracking – A potential customer searches online and clicks on your ad – A unique phone number is listed on your ad’s landing page for the customer to call – The call rings through to your business – The keyword(s), campaign, call duration, etc. are tracked by the unique number and are instantly available to help optimize your pay-per-click campaigns. App Promotion – App extension: Extension below your ads. – Mobile App installs campaigns: Encourage app downloads by sending people directly to app stores from your ads Source : Reprise Media 165

2. Definitions- Search Google Analytics Google Analytics is a full-featured web analytics solution that tracks many statistics and report websites traffic. It includes: – Information about visitors You can see the most popular countries and towns that are accessing your website, helping you to determine if any localized marketing campaigns or keyword targeting is providing desired results. – Analyze source of traffic You can see how users are being driven to your website (via another website, paid advertisements, search engine or direct link) This will allow you to see proportionally how successful various methods of traffic sources are. – Breakdown of keywords You will be able to see what keywords you are being found under in search engines, which keywords are performing well, allowing you to modify your website to assist with search engine optimization to try and boost the traffic generated from certain keywords. – Specific page popularity GA can provide data about which of your pages are the most popular, allowing you to see which areas of your website are being considered relevant and higher value content. – Traffic flow – Review historical data They are many others tools that Google Analytics provides such as email reports, sub-domain management, outbound links, mobile statistics, social reporting and revenue tracking, making it one of the most powerful marketing and statistics tools available for increasing the effectiveness of your online presence Source : Reprise Media 166 3. Market Overview - Search Top 5 search engines (Comscore belgian data) (mobile and tablet not included) 74% Google Search 71% 21% Bing 14% 10% Ask Network 16% Yahoo Search 8% 8% 8% Vinden.nl B.V. 5% January 2016 January 2015 167 Source : ComScore January 2016

1. Market Overview - Social Facebook – Audience (Belgium) 5,8 million monthly belgian users / 52% of all belgian population 4,8 million monthly users on mobile / 80 % each Day 4,8 million monthly on mobile 8,1 million belgian users 72% of belgian internet users are on Facebook 83% of all Facebook monthly users Source : Facebook Facebook Power Editor mvfglobal.com 169

1. Market Overview - Social Facebook – Audience split age classes & gender (Belgium): Men 18-24 21,0% 25-34 26,0% 35-44 21,0% 45-54 16,0% 55-64 10,0% 50% 65+ 7,0% 170 Source : Facebook 2016 1. Market Overview - Social Facebook – Audience split age classes & gender (Belgium): Women 18-24 20,0% 25-34 26,0% 35-44 21,0% 45-54 17,0% 55-64 11,0% 50% 65+ 6,0% 171 Source : Facebook 2016

1. Market Overview - Social LinkedIn / Shazam / Instagram – Audience - - - - 2,6 million Belgian users in Belgium 622.000 monthly active users in Belgium Split devices: 90% on desktop and 43% on mobile Audience split: 35% Women – 65% Men - - - - - More than 6 million Belgian users 6,5 million of monthly Shazams in Belgium 1,4 million monthly active users in Belgiums About 90% of all smartphones Audience split: 41% Women – 59% Men - In September 2015, 400 million users Worlwide - Average of more than 80 million photos shared every day - - - 172 Audience split: 58% Women – 42% Men Source : Instagram Blogdumoderateur.com Shazam LinkedIn 400 million monthly active people (+ 75% outside the U.S.) 3.5 billion « likes » daily 1. Market Overview - Social Instagram – Audience split age classes & gender (Belgium) 18-24 43,0% 18-24 45,0% 25-34 30,0% 25-34 30,0% 35-44 15,0% 35-44 42% 15,0% 58% 45-54 7,0% 45-54 7,0% 173 Source : Instagram 2016

1. Market Overview - Social Top 10 social communities (Comscore belgian data) (mobile and tablet not included) 64% Facebook 24% Linkedin 10% TUMBLR.COM* Blogger 8% TWITTER.COM 7% PINTEREST.COM WORDPRESS.COM* 6% OVER-BLOG.COM 0% 5% IMGUR.COM 0% 5% NAMETESTS.COM 174 Source : ComScore 0% 0% 4% January 2016 January 2015 January 2014 5% 6% 5% 7% 8% 11% 10% 10% 11% 8% 9% 12% 19% 25% 27% 62% 73% 2. Buying Methods - Social Buying possibilities by top media objectives Objective Facebook • Photo Ad Reach Video Views • Video Ad • Animated Gifs Linked In • Sponsored Updates • Sponsored Updates Link (to YouTube or Vimeo) Photo Views • Photo Ad • Album Photo • Sponsored Updates Photo Link Clicks • Link Ad • Carousel • Sponsored Updates Link • InMail Twitter • Promoted Tweet Photo • Promoted Tweet • Promoted Tweet Video • Video Ad • Hyperlaps, etc. • Promoted Tweet Photo • Photo Ad Instagram • Photo Ad • Promoted Tweets Link • Link Ad • Carousel Source : Cadreon 175

1. Market Overview – Programmatic Main Characteristics: Programmatic buying Particular features - Programmatic Buying refers to the use of software (algorithm based) to purchase digital advertising (data-driven decisions at the impression level) as opposed to the traditional process that involves human negotiations, manual IO’s and manual buying optimization Advantages - Increased cost efficiency and effectiveness - Ability to apply data to find exact target audience, achieving impactful engagement - Real-time optimization and advanced algorithms allow for scalable one-to-one marketing - Consolidation of inventory for management of frequency - Measurement and performance insights for an in-depth understanding of audience Evolution - 176 Programmatic buying share is growing very quickly - Programmatic buying is also expanding to other media such as OOH, Radio, Print and TV 1. Market Overview – Programmatic 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Programmatic advertising today and in the future 83% 60% 59% 56% 52% 40% 33% 31% 23% United States Netherlands United Kingdom France Australia Japan Germany Spain 2011 2012 2013 2014 2015 2016 2017 177 China

2. Key Facts – Programmatic Classic media buying vs programmatic media buying $3.00 $0.07 $1.86 $4.75 $5.61 $0.75 VS $1.23 $0.29 Buying Inventory Buying Audiences Source : Cadreon 2016 178 2. Buying Methods– Programmatic Different ways of buying inventory Open Private Exchange Buying environment Marketplace Open auctions Transaction types Private auctions Preferred deals Guaranteed deals Source : Cadreon 2016 179

Overview of inventory available through PMP 2. Buying Methods– Programmatic 180 Source : Cadreon 2016 3. Strategy – Programmatic Different types of strategy to reach campaign goals Reach Relevance Qualified Intent 181 Source : Cadreon 2016

3. Strategy – Programmatic Different types of strategy to reach campaign goals Now DISPLAY VIDEO MOBILE PAID SOCIAL DOOH NEAR FUTURE ADVANCED TELEVISION 182 ADVANCED RADIO AUTOMATED PRINT AUTOMATED CONNECTED DEVICES Source : Cadreon 2016 4. Buying facts – Programmatic Use of format by advertisers in 2015 (Belgium Data) Advertisers (n= 310) Online Display Other* 79,0% 77,1% Search 68,1% Online Native 56,8% Online Video 51,9% Online Radio 13,9% *Other : E-mail marketing, newsletter, digital OOH, in-game advertising,… 183

4. Buying facts – Programmatic Belgian Share of purchases made in programmatic in 2015 25% 23,1% 20% 19,6% 18,5%18,6% 15,7% 15% 13,0% 10,8% 10% 6,5% 5,6% 5% 3,7% 3,7% 3,9% 3,9% 1,0% 0% 0% 0% <10% 10% to 20% 20% to 30% 30% to 40% 40% to 50% 50% to 60% 60% to 70% 70% to 80% 80% to 90% 90% to 100% 6,5% AdverUser (n=108) Agency (n=102) 19,4%19,6% 184 Source : IAB-Belgium (Matrix Study Wave 04) - 2016 4. Buying facts – Programmatic Belgian Share of purchases: Online vs. Offline in 2015 annual budget Adver/ser (n=310) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % online %offline 42,4% 60,2% 69,6% 72,5% 69,1% 57,6% 39,8% 30,5% less than 100 000 € 100 000 to 499 999 € 500 000 € to 999 999 € 27,5% 1 000 000 € to 4 999 999 € 30,9% 5 000 000 € and + Source : IAB-Belgium (Matrix Study Wave 04) - 2016 185

Main Characteristics: Online Video 1. Market Overview – Online Video 70% of Belgians watch TV at least five times per week. They watch more or less two hours per day. 35% of Belgians watch Online Video at least five times per week. They watch more or less 15 minutes per day. 186 Source : Cadreon 2016 1. Market Overview – Online Video 1. Market Overview – Online Video Main Characteristics: Online Video PC & laptop Smartphone & tablet Smart TV Share by device 67% 33% 0,03% 187 Source : Cadreon 2016

2. Buying Methods– Online Video How To buy? Buying specific content: • Select websites and channels that have a match with your brand to create proximity. • For awareness campaigns, consider using vast reach tactics, combining multiple inventory sources. • Add categories to target sites with specific content • Create whitelists of sites that perform better in terms of completion and viewability Buying specific audiences: • Buy audiences that are part of your core target group, regardless of the website they are on. • Target specific audiences that meet socio demographic criteria • Create affinity lists to reach in-market audiences • Target audiences that have browsed certain keywords • Retarget audiences that have of haven’t performed a particular action 188 Source : Cadreon 2016 Overview of inventory available 2. Buying Methods– Online Video Source : Cadreon 2016 189

1. Main Quantitative CIM Studies - Media Surveys Central Study : CIM TGM (Target Group Monitor) Strategic study : HUB (ongoing) and tactical studies (ongoing) – Media consumption : density concept – Products : personal behaviour – Attitudes : sociocultural items related to products categories Objectives – Comparable = single source – Concept of density : « Heavy, Medium, Light » users – Answer the question : which medium is the most consumed by my target and which are the complementary media ? Methodology Media Part – Face-to-face interviews (CASI) – Sample : +/- 10 500 individuals of 12 years and older Methodology Products Part – Self-completion questionnaire, left behind for the media respondents – Sample : 3951 individuals of 12 years and older (return rate = 50%) 191

1. Main Quantitative CIM Studies - Media Surveys Press : CIM Tactical Study Yearly survey describing +/- 200 dailies, magazines and free sheets – Total reading (period of reference = last months) – Last period reading – Frequency of reading – Mode of acquisition Objectives – Evaluate & compare the consumption of the different titles via different indicators (paper, paper + digital, total brand) – Select individual titles as advertising carriers Methodology – Face-to-face interviews (CASI) – Sample : 10 500 individuals of 12 years and older 192 1. Main Quantitative CIM Studies - Media Surveys Press : CIM Circulation Audit Dailies, magazines, free press Another source of information concerning the printed media Circulation Audit – More than 470 titles or editions audited – Control of print run – Control of paid circulation figures – % of subscribers – Number of free or unsold copies Methodology – Subscription of title to CIM study – Declaration of circulation figures by editor – Circulation audit every 3 months 193

1. Main Quantitative CIM Studies - Media Surveys Television : CIM Audimetrie Tactical study : Ongoing survey (panel of 1 500 households) – Second-by-second data, for every individual – Universe : 4+ (N = 3 624 individuals) – Total reach of programmes & commercials – Average reach of programmes (AIP) & commercials (GRP) – Share of programs & channels (versus total TV share) Objectives – Measure audiences of more than 10 channels and other TV use – Sinds 2010, measure of the time shifting viewing – Sinds 2016, measure of the Live + 7 – Introduction of the “guest viewing” in the official currency – Provide references for tariff policies & campaign evaluation Methodology – Measurement of individual TV behaviour by audimeter – Audimeter = set-top box & remote control – Collection of data by central computer via modem (at night) – Daily distribution of data to subscribers of Audimetrie 194 1. Main Quantitative CIM Studies - Media Surveys Radio : CIM Tactical Study Tactical study : three waves per year (most recent : wave 2015-3) – Universe : 12+ – Quarter by quarter data, for every individual – Total reach (last months), daily reach, rating, share of stations – Place of listening Objectives – Measure audiences of most Belgian radio stations – Study reach of time slots on several targets – Provide references for ratecard policies & campaign evaluation Methodology – Face-to-face recruitment – Everybody is asked to fill in a week diary, also non-listeners – Ascription of listeners who didn’t send back their dairy (receivers) by listeners with similar socio-demographic & listening profile (donors – with complete diary) – +/- 24 000 interviews per year, in three waves 195

1. Main Quantitative CIM Studies - Media Surveys Out of Home : CIM - Traffic Study Tactical study : 2 levels – Traffic : modelized travelling of people – Current study : field from June 2013 to May 2014 (with sample 2005-2006 and datas from 2011-2014) – Cross of the two levels : measure campaign performances Universe : – All billboards in 48 UC that subscribe to the CIM-study – Movement of the population during last 12 months Methodology : – Face-to-face recrutment – 7 days diary (paper and CAWI). – Sample : 12 683 individuals 12 + – Billboards and networks : update every year in January and June 196 1. Main Other Studies - Media Surveys “Executives and Managers” Study Targeted study describing Belgian decisionmakers and Managers since 1981 – Profile, power of decision, reading habits – Professional interests and consumption habits Objectives – Evaluate & compare more than 50 professional press titles, TV, Radio and Web consumption – Select individual titles as advertising carriers Methodology – Face-to-face interviews (carried out in the office) – Sample : 1250 individuals (executives and managers from companies of 10 employees and more), representative of 191 633 individuals – New field in 2014 – Carried out by TNS Media – Update once every 2 up to 3 years 197

1. Main Other Studies - Media Surveys Brand Media Monitor – Combines demographics, media consumption, media profile, semiometric profile, purchase behaviour and personal relationships with brand items – N = 4 603 individuals, representative of Belgian 15+, interviewed via CAWI-methodology (internet) – Carried out every two years – Last issue : September 2008, conducted by TNS Media 198 1. Main Other Studies - Media Surveys Mediabrands surveys : Ebuzz - Belgian survey - Focus on specific domains to follow certain trends, e.g. social networking, digital TV services, mobile devices, multi-mediausage, … - N = 1 000 individuals, representative to all Belgians 18+ y.o., interviewed via CAWI-methodology (internet) Wave - International survey (65 countries) - In December 2014, the 8th edition-results of Wave were available - Belgium is integrated in the survey from Wave 4 on - Focus on social media (social networks, blogging, photo/videosharing, devices, co-creation, …) - N = 1 000 individuals for Belgium, regular surfers 16-54 y.o, interviewed via CAWI-methodology (internet) 199

1. Main Other Studies - Media Surveys Mediabrands surveys : Connections/Curiosity Panel (CP) - International survey - In spring 2015, the 4th edition-results are available - Belgium is integrated in the survey from 2010 on - A single source consumer survey providing actual data across media usage, perception and duplication amongst several demographics on 37 traditional and non-traditional touchpoints. - N = 5000 Belgian Internet users - Update of dataset once every 24 months - Recontact of panel is possible 200 2. Main Impact Studies – Media Surveys DIVA Detecting Interactively the Value of Audio - Client: VAR (VRT) - Originally: Radio Impact Barometer. From 2012 on: Multimedia Impact Barometer From 1997 to 2011: - Separate barometers: DIVA (radio-posttest) & AdEval (TV-sponsoring posttest) - Methodology: CATI-methodology (phone) - Frequency : every 2 weeks - N= 200 interviews (Flanders) - 15-54 y.o (they evaluated 15 radio spots each) From 2012: - Radio / TV-sponsoring - Analysed items : ad recognition, ad attribution, qualitative perception and impact - Frequency: every 2 weeks - N = 2*200 interviews (Flanders) – 15-59 y.o (they evaluate 5-6 advertisements) - Fieldwork carried out by TNS Media - Interviewed via CAWI-methodology (internet) 201

2. Main Impact Studies – Media Surveys On Air - Client: Medialaan (Q-music & JoeFM) - Radio Ad Impact Barometer - Analysed items: ad recognition, ad attribution, qualitative perception and impact on knowledge / attitude / behaviour - Since March 2010 - Frequency : twice a month. In total 30 spots are tested in 1 month (about different sectors and advertisers active on the radio) - N = 100 individuals (Flanders) between 15 and 54 years old evaluate 1 spot (every respondent evaluates 3 spots) - Fieldwork carried out by InSites Consulting - Interviewed via CAWI-methodology (internet) 202 2. Main Impact Studies – Media Surveys MultiMIB - SPIM Mulitmedia Impact Barometer – Sponsoring Impact Barometer - Client: Medialaan - ATL Multimedia (TV, radio, dailies, magazines, outdoor, online display) & Sponsoring Impact Barometer (TV sponsoring) - Analysed items : ad impact (ad recognition, ad attribution, qualitative perception) and brand impact (brand awareness, image and purchase intention) - Since 1996 - Frequency : twice a month - N MultiMIB = 300 individuals (Flanders) between 15 and 54 years old per advertisement - N SPIM = 400 individuals (200 viewers + 200 non-viewers) (Flanders) between 18 and 54 years old - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) Topspots - - Client: Medialaan Qualitative measurement of TV spots - Analysed items: likeability (affective, cognitive, call to action and basic components) - Since 2010 - N = +/- 100 individuals by spot (max 6 spots to evaluate per respondent) - Frequency : every month - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) 203

2. Main Impact Studies – Media Surveys Connectometer - - Client: mediahuis Connect (joint venture of Corelio and Concentra) Multimedia Impact Barometer (dailies – magazines – online) - Analysed items : ad impact (recognition, attribution, qualitative perception) word-of mouth, brand metrics - Since 2009 - Frequency: weekly - N = min 125 subscribers of Corelio-panel (FR + NL) per advertisement - - Fieldwork carried out by Ipsos Belgium Interviewed via CAWI-methodology (internet) EYE Evaluate Your Efficiency - Client: Rossel - Impact Barometer (print, online or crossmedia) - Analysed items : ad impact (recognition, attribution and qualitative ratings) - Since 2011 - Frequency: on demand - N= min 150 readers / visitors - - 204 Fieldwork carried out by Accurate Research Solutions Interviewed via CAWI-methodology (internet) 2. Main Impact Studies – Media Surveys Stopwatch - Client: Sanoma - Magazine Impact Barometer - Analysed items : ad recognition, ad attribution and qualitative parameters - More than 15 years history - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - - Fieldwork carried out by GfK Interviewed via CAWI-methodology (internet) Tailor made Impact (tm impact) - Client: Sanoma - Impact campaign barometer (pre & post-testing) - Analysed items : ad recognition, ad attribution , call to action, qualitative parameters - Frequency : on demand - N= 500 - Fieldwork carried out by GfK - Interviewed via CAWI-methodology (internet) 205

2. Main Impact Studies – Media Surveys CHAD CHeck your AD Previous: Impactbarometer Dailies/Magazines/online - Client: De Persgroep - Dailies, magazines, online and mobile Impact Barometer - Analysed items : ad recognition, ad attribution and quantitative parameters - Since 1986 for dailies, since 2007 for magazines - N= 200 readers of De Persgroep newspapers / magazines (NL) or visitors of De persgroep websites (NL) from 2012 on (Before N = 100) - Fieldwork carried out by Persgroep - CAWI-methodology (internet) from 2012 on (Before: Interviewed via CAPI-methodology) CHAD+ Previous Brand Value Check (BVC) - Client: De Persgroep - Multimedia Impact Barometer (dailies – magazines – online - mobile) - Analysed items : same as CHAD but with qualitative perception added (brand impression – advertising evaluation) - N= same as CHAD - 206 - Fieldwork carried out by Persgroep Interviewed via CAWI-methodology (internet) 2. Main Impact Studies – Media Surveys Vulu - Client: Sanoma - Evaluation of editorial integrations or advertorials - Analysed items : recognition, attribution (optional: call to action and feeling) - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - - Fieldwork carried out by GfK Interviewed via CATI-methodology (telephone) Business Advertising Survey (BAS) + Impact Survey - Client: Trustmedia - Campaign Impact barometer - Analysed items : qualitative evaluation of communication message, brand and company - N= min 250 readers of ‘De Tijd’ / ‘L’Echo’ (paper and tablet version) - - Fieldwork carried out by CheckMarket Interviewed via CAWI-methodology (internet) 207

2. Main Impact Studies – Media Surveys Cobra and Cobra+ Correct Brand Attribution - Client: Clear Channel - - - Cobra: Outdoor Impact Barometer (posttest) Cobra+ : Outdoor Impact Barometer (pre- and posttest) Analysed items : ad recognition, ad attribution and qualitative perception of tested advertisements - Since 1979 (from 2008 CAWI-methodology) - - - - N= 200 individuals (FR + NL), 15 -64 y.o (inhabitants of the 5 main centres (Antwerp, Gent, Brussels (Flemish and French), Charleroi and Liege) Frequency : every 2 weeks (26 times / year) Fieldwork carried out by IPSOS Belgium Interviewed via CAWI-methodology (internet) I-Check BOA Brand Outdoor Attribution - Client: JCDecaux - - - - 208 - - - Outdoor Impact Barometer Analysed items : ad recognition, ad attribution, qualitative perception of tested advertisements Since 2008 N= 300 individuals (FR + NL) aged 15+ years who go at least every 15 days to one of the 5 big centres (inhabitants and non-inhabitants) Frequency: 5 campaigns tested every 2 weeks Fieldwork carried out by Research & Solution Interviewed via CAWI-methodology (internet) Lexicon Accumulation The combined net reach of a whole media schedule : it shows the net percentage of the target audience that has seen the message after x insertions, or the increase of the reach compared to the reach after one insertion. Beta Circulation Memorization rate after one contact. This rate is different from one media to another, but is constant contact after contact. Number of copies of a publication sold or distributed. Can be audited by an official body (CIM) or provided in the form of a publisher statement. Paid circulation : copies sold or distributed to paying subscribers. Cost per 1000 The cost per 1000 contacts within a target group delivered by a medium or media schedule. It’s obtained by dividing the cost of one insertion (or one commercial, or one campaign) by the reach in 000. Coverage % of the concerned target group that has at least one opportunity to see (to read, to hear) a message in a certain media vehicle or title. 209

Lexicon GRP Gross Rating Point = 1% of target group It measures the advertising weight of a campaign, and is define d a s a numbe r o f gros s contact s pe r 10 0 peopl e o f target group. New CIM 5 Main Centers : Brussels, Antwerpen, Gent, Liège, Charleroi Urban Universe 30 Flemish Urban Centres : Aalst, Aarschot, Brugge, Deinze, Dendermonde, Diest, Eeklo, Geel, Halle, HasseltGenk , Herentals ,Ieper , Knokke-Heist , Kortrijk , Leuven , Lier , Lokeren, Mechelen, Mol, Oostende, Oudenaarde, Roeselare, Ronse, Sint-Niklaas, Sint-Truiden, Tielt, Tienen, Tongeren, Turnhout 13 Walloon Urban Centres : Arlon, Ath, Eupen, Huy, La Louvière Marche-en-Famenne , Mons , Mouscron , Namur , Nivelles,Tournai, Verviers, Wavre Frequency Number of times people within the target audience are exposed to an advertising message, an advertising campaign, or a specific media vehicle. Basic media planning formula : Reach X Frequency = GRP OTS / OTH 210 Opportunity To See or Hear Average number of opportunities to see or hear an advertising message for every individual reached within the target group. Lexicon Panel Group of persons whose media behaviour is surveyed during a long period of time (examples : Audimetrie panel, listening diary panel,…). Profile PRP The demographic and/or lifestyle characteristics of a medium's audience. Person Responsible for Purchase Member of the household that is most of the time responsible for the choice of the brands of groceries, most common drink s an d maintenanc e product s use d i n th e household . RLP(LDP – LLP) Readership/Reach Last Period (Lecture Dernière Période – Lezers Laatste Periode) Rating Average percentage of a given population group consuming amediu ma t a particula r moment , weighte d b y th e lengt h o f consumption (viewing or listening time). (Fr syn. : AIP - Audience Instantanée Pondérée / Nl syn. : OGB - Onmiddellijk Gewogen Bereik) 211

Lexicon Reach Number of contacts (readers, viewers or listeners) offered by a media vehicle or title within the issue period (in thousands of people or in % of the target group). Social groups Scale sharing the Belgian population in 8 more or less equal groups , base d o n th e leve l o f educatio n an d th e professiona l activity. (Groups 1 to 4 : high income segments of the Belgian population) Selectivity Capacity of a vehicle to score well on precise characteristics (o r o n a precis e targe t group) . I t i s calculate d b y dividin g th e vehicle’s coverage on the target group by the vehicle’s coverage on total 15+. Readers per copy (RPC) Average number of people reading the same copy of a newspaper or magazine. Obtained by dividing number of readers of an average copy by its paid or total circulation. 212 Lexicon Online Media terminology Impressions Visits Unique visitors Click Through (CTR) CTR ratio RTB The percentage of site visitors that views an ad and clicks on it. Real Time Bidding is the act of buying digital inventory from multiple exchanges on an impression by impression basis, typically involving an auction pricing mechanism. Auto Trading Automated digital trading. Enabling buyers (agencies and advertisers) and sellers (publishers) to trade digital inventory via software rather than fax machines. Can include RTB but is not limited to. 213 The number of times an ad has been presented to visitors. The number of occasions a visitor accessed a specific internet site during a certain period of time. One person that visits a site - no duplications ! Clicking on ‘www’ advertising.

f utures Our philosophy Futures provides consumer, brand and channels insights through dedicated research. We develop particular tools and surveys to bring our clients at the leading edge of communication strength. Our goal is to fill in the gaps of knowledge with relevant research solutions, in a collaborative mind-set with our clients. Futures services are available to the IPG Mediabrands in Belgium : Initiative, UM and also directly to any advertiser, agency or media, local or international. Get in touch email : david.lecouvet@mediabrands.be 214 Smart research solutions provider Thanks to all contributors : Coordinator : Pierre Pissoort (Futures), Jonathan Janssen (Futures), Thomas Borgies (Futures), Beverly Ignacio (Futures), Tamara Vanspauwen (Futures), Christophe Guisset (GeoData), Saskia Vanhaelen (Outdoor Services), Arnaud Callaert (Outdoor Services), Emma De Vleeschauwer (Brightfish), Philippe Daper (Magna Global), Julie Praet (Magna Global), Marleen Vanden Broeck (Magna Global), Carine Vens (Magna Global), Alicia Van Collie (MBP), Danny Devriendt (MBP), Marie Georges (MAP), Laurent Kestens (Reprise Media), Stéphane Lucien (Cadreon), Galle Quinten (Cadreon), Karel Goethals (Cadreon), Sarah Kustermans (Cadreon), David Lecouvet (Futures), and all the other Initiative and UM people who made this publication possible. 215

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16th edition Media pocket guide 2016 A gateway to the Belgian Media Landscape

The data compiled in this book were collected in February-March 2016. They may therefore be subject to modifications. Furthermore, Initiative nor UM shall not in any circumstances be held responsible for any errors or omissions which the reader may notice. All rights reserved. Introduction Futures, the research and consumer insight division of the 2 Belgian IPG Mediabrands (Initiative and UM) is proud to present the 16th edition of its Media pocket guide, the ultimate source of information concerning the Belgian media landscape. This publication is issued once a year, in June. We hope this Media pocket guide will help you in finding your way in an ever evolving market.. 1

Table of contents Key Facts Dailies Magazines Free Sheets Out of Home Television IDTV Cinema Radio Digital Search Social Programmatic Media Surveys Lexicon 5 21 37 55 61 77 103 113 131 147 157 169 176 191 209 3

1 . Basic data - Key facts Demography Total population* In Flanders* In Wallonia* In Brussels (Capital Region)* Number of households Number of persons per household* Total population aged 12 & over (CIM) In Flanders In Wallonia In Brussels (Nielsen III) Nielsen Regions I II III IV V 11 209 044 inhabitants 6 444 127 inhabitants (57.5 %) 3 589 744 inhabitants (32.0 %) 1 175 173 inhabitants (10.5 %) 4 828 576 households 2.32 persons / household 9 614 003 individuals 5 385 976 individuals (56.0 %) 3 074 483 individuals (32.0 %) 1 153 544 individuals (12.0 %) Population 12+ 2 307 772 3 078 204 1 153 544 1 480 295 1 594 188 in % 24.0 % 32.0 % 12.0 % 15.4 % 16.6 % Source : statbel.fgov.be - CIM 2014-2015(1) *2016 Data 5

1 . Basic data - Key facts Profile of the Population – Total 12+ Total population Belgium 9 576 187 Sex (in %) Male Female PRP Age (in %) 12-20 21-34 35-44 45-54 55-64 65+ Social groups (in %) 1+2 3+4 5+6 7+8 6 48.8 % 51.2 % 63.0 % 11,7% 20,8% 15,5% 16,8% 14,5% 20,7% 28.6 % 22.4 % 24.5 % 23.9 % Flanders 5 366 382 49.2 % 50.8 % 62.9 % 11.2 % 19.8 % 15.0 % 17.2 % 14.9 % 21.9 % 28.7 % 22.4 % 25.2 % 23.3 % Wallonia 3 061 426 48.3 % 51.7 % 60.4 % 12.5 % 20.5 % 15.4 % 16.6 % 14.9 % 20.0 % 25.2 % 22.9 % 24.8 % 26.4 % Brussels 1 148 379 48.3 % 51.7 % 63.3 % 12.0 % 25.8 % 18.1 % 15.5 % 11.9 % 16.7 % 37.8 % 21.4 % 20.2 % 20.1 % Source : CIM 2014-2015(1) 1 . Basic data - Key facts Main Belgian Economic Indicators Indexes (previous year = 100) Rise of the PIB (in %) Rise of private consumption (in %) Inflation (in %) Unemployment rate (in %) 2012 2013 2014 2015p 2016p 0,2 0,6 2,6 7,6 0,0 0,9 1,2 8,4 1,3 0,4 0,5 8,5 1,4 1,4 0,6 8,4 1,3 1,2 1,9 8,3 Age Group (in %) 0-19 20-59 60+ Evolution Population : 2000 – 2060 2000 18 66 16 2014 17 65 18 2020 17 64 19 2040 17 59 24 2060 17 58 25 7 Source : BNB - BFP

1 . Basic data - Key facts Media Spendings : Share in Household Spendings Share of average annual spendings for Telecom & Leisure – by household 11,1% 8,0% 7,9% 3,2% 1155 3,5% 1373 2000 8 2005 2,9% 1047 2014 Telecom & Equipment Total Telecom & Leisure Source : Statbel 2015 1 . Basic data - Key facts Household equipment - Total 12+ Printer, scanner or all-in-one printer DVD / Blu-ray reader set Videorecorder / hard disk recorder Portable GPS (not on a GSM) Hi-fi set Multimedia console type Wii, Xbox, PSPlayStation Non-portable CD player MP3 player, iPod, etc. (music, audiovisual) Video camera External hard drive (NAS) 37,7 35,6 32,1 25,4 24,6 Source : CIM TGM 2013-2014-2015 9 69 58,7 54,9 46,8 44,3

2 . Media Profile - Key facts Media Coverage : Maximum Reach – Total 12+ 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 89,9% 85,8% 84,6% 86,9% 77,2% 59,0% 48,8% 50,9% 6,1% 10 Source : CIM Crossmedia 2015 2 . Media Profile - Key facts Media Mapping : Profile Heavy Users 75 Young & Upscale 65 H Dailies H (Two-)Monthlies 55 H Weeklies H Radio 45 H Free Press H Television 35 Average pop. 12+ H Internet H Outdoor H Cinema 35+ & Downscale 25 10 20 30 40 % less than 35 years Source : CIM Crossmedia 2015 50 60 70 11 Average pop. 12+ % social groups 1 to 4

2 . Media Profile - Key facts Multi-Media Usage – Total 18+ 70% 60% 50% 40% Early 30% 20% 10% 0% 12 Morning Radio + OOH Day Radio + internet evening Radio + OOH Evening TV + internet /social net. Radio TV Movings Dailies Internet Magazine Free sheets Cinema Social network Online video Source : Ebuzz 2013 (Mediabrands survey) “What did a typical day of last week look like ?” Base = 18-74 yo Before 6h00 6h--6h30 6h30--7h 7h--7h30 7h30--8h 8h--8h30 8h30--9h 9h--9h30 9h30--10h 10h--10h30 10h30--11h 11h--11h30 11h30--12h 12h--12h30 12h30--13h 13h--13h30 13h30--14h 14h--14h30 14h30--15h 15h--15h30 15h30--16h 16h--16h30 16h30--17h 17h--17h30 17h30--18h 18h--18h30 18h30--19h 19h--19h30 19h30--20h 20h--20h30 20h30--21h 21h--21h30 21h30--22h 22h--22h30 22h30--23h 23h--23h30 23h30--24h After24h 3. Advertising Investments - Key Facts Total Evolution : 1998 – 2015 In Million Euros 3565.8 3466.5 3104.3 North South 2387.4 2297.5 2137.5 1933.4 1806.8 1673.7 1530 1751.9 2863.9 3164.4 3169.5 3603.6 3704.5 3759.4 3824.3 As from 2001 : incomplete data (no figures for free sheets), change of methodology As from 2006 : free sheets and internet added to the CIM MDB Source : MediaMark / CIM MDB / MediaXim 13

3. Advertising Investments - Key Facts Evolution Investments by Media: 2005-2015 500 € 1.000 € 1.500 € 2.000 € 2.500 € 3.000 € 3.500 € 4.000 € 4.500 € 0 € 2005 14 Source : MediaXim 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 141 € 168 € 154 € 175 € 47 € 215 € 280 € 289 € 747 € 737 € 730 € 701 € 593 € 982 € 1.071 € 1.161 € 1.205 € 1.247 € 1.414 € 1.454 € 1.446 € 1.460 € 1.450 € 1.577 € 227 € 287 € 327 € 150 € 152 € 85 € 119 € 129 € 239 € 249 € 248 € 301 € 300 € 282 € 376 € 377 € 358 € 255 € 297 € 141 € 143 € 189 € 201 € 294 € 313 € 274 € 263 € 399 € 445 € 466 € 124 € 224 € 111 € 237 € 314 € 325 € 258 € 257 € 485 € 524 € 768 € 761 € 745 € 803 € 825 € 90 € 215 € 331 € CINEMA 292 € 514 € 767 € FREE SHEETS INTERNET OUTDOOR MAGAZINES RADIO DAILIES TELEVISION Millions Market Share by Medium : 2015 3. Advertising Investments - Key Facts Source : MediaXim 15

3. Advertising Investments - Key Facts Market Share by Economic Group : 2015 Health-Wellbeing 2,3% Services 10,8% Clothing 1,5% Home-Office Equipment 4,6% House & Office Maintenance 2,4% Distribution 17,5% Energy-Fuel 1,0% 16 Telecom 5,0% Transport 10,0% Food 12,9% Others 0,5% Beauty-Hygiene 6,5% Culture, Tourism, Leisure, Sports 25,0% Source : MediaXim Top Advertiser Groups : 2015 3. Advertising Investments - Key Facts Top 10 PROCTER & GAMBLE BENELUX UNILEVER D’IETEREN GROUP RECKITT & BENCKISER COCA-COLA COMPANY COLRUYT GROUP MEDIALAAN MEDIAHUIS PROXIMUS GROUP L’OREAL GROUP 1000 101 235 79 528 74 015 69 681 60 424 55 259 52 404 50 941 49 485 45 710 17 Source : MediaXim

4. Media Cost – Key Facts Average Campaign Costs 2016 Television – Cinema – Radio MEDIUM Television North : VTM + 2BE + VIER + VIJF + Vitaya South : La Une + La Deux + RTL-TVI + Club RTL + Plug RTL + AB3 Cinema 1 week - 30" Radio North : Radio 1 + Radio 2 + Studio Brussel + MNM + JOE FM + Q-Music + Nostalgie South : La Première + Classic 21 + VivaCité + Bel RTL + Contact + Nostalgie + NRJ + Fun + Pure fm one week - spots 30" 94 230 61,5 % X 6,0 OTH = 368GRP (CIM Radio Wave 2015 1-3 – Tot.15+) one month / 300 GRP - spot 30" - 12h-24h Total National Ciné Parc one week - spots 30" 199 200 75,5 % X 4,0 OTS = 300 GRP (Audimetrie/IMProve - Tot. 15+) 38 950 6,4 % X 1,0 OTS = 6,62 GRP (CIM 15 - Tot. 15+) 83 712 71,5 % X 5,6 OTH = 399 GRP one month / 300 GRP - spot 30" - 12h-24h 255 600 72,8 % X 4,1 OTS = 300 GRP Description Cost 2016 ( in ) Performances 18 4. Media Cost – Key Facts Average Campaign Costs 2016 Dailies – Magazines – Free Sheets – Outdoor MEDIUM Dailies Magazines Monthlies Weeklies Free Sheets Outdoor JCD Superstar 48 More O'Ferrall 36 m Clear Channel 16 m JCD Booster 2m Adshel Maximum 2m 645 panels 20 & 8 m - 14 days 100 panels - 14 days 425 panels - 14 days 2 550 panels - 7 days 3 010 panels - 7 days 369 408 75,5% X 28,3 OTS = 2136,1 GRP 263 665 43,0% X 12,4 OTS = 532,8 GRP 369 340 68,3% X 17,6 OTS = 1201,4 GRP 285 965 70,9% X 34,9 OTS = 2473,1 GRP 303 000 70,3% X 35,2 OTS = 2473,9 GRP (CIM Affichage 2016- 1 - Tot. 15+) Description 1/1 P FC national selection (NP1) 1/1 P FC 30 insertions in a selection of NL / FR magazines 35 insertions in all measured NL / FR magazines 1/1 P FC (Vlan + Streekkrantgroep) 172 635 51,8% X 1,9 OTS = 98,3 GRP (CIM 15 - Tot. 15+) 249 871 70,6% X 2,2 OTS = 152,1 GRP (CIM 15 - Tot. 15+) 130 086 50,5% X 1,2 OTS = 59,2 GRP (CIM 15 - Tot. 15+) Cost 2016 (in ) Performances 126 000 44,2% X 1,3 OTS = 55,6 GRP (CIM 15 - Tot. 15+) 19

4. Media Cost – Key Facts Evolution CPM: 2010 – 2017p 190 TV Newspaper Outdoor Cinema 170 2010 = 100 150 Radio Magazines Internet** 130 110 90 2010 20 2011 2012 2013 2014 2015 2016p 2017p Source : UMA – Magna Global ** Internet- Display only Media Inflation 1. Market Overview – Dailies Main Characteristics Dailies Particular features – Regional orientation – Use of national selection to obtain national coverage Advantages – Regional selectivity – Fast action – High reader loyalty – Qualitative news context – Top Topical : event related advertising Evolution – Growing importance of digital online readership with cannibalisation on offline (cfr. National Newspublishers Survey) – Saleshouses develop off/onlinepackages – Ratecards are extended with mobile advertising (applications for iPhone, iPad) and website 21

1. Market Overview – Dailies Overview Dailies - Total 12+ : Paper + digital version CIM 2015 PQ NL DAGBL PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen CIM 2014 (2) CIM 2015 (1) Evol. 2933 2933 3076 1220 1018 400 369 349 361 244 119 376 2972 2972 3110 1279 1014 420 386 338 362 230 103 377 101 101 101 105 100 105 105 97 100 94 87 100 Reach N (%) 54 0 54,0 56,2 23,2 18,5 7,7 7,2 5,8 6,4 0,3 1,8 6,9 Reach S (%) 18 1,8 2,2 0,8 0,5 0,2 0,1 0,6 0,4 0,3 0,1 0,2 45 900 41 250 22 535 20 740 14 675 27 500 15 900 22 225 10 637 35,9 40,7 53,7 53,7 43,5 76,1 69,1 216,2 28,2 282 917 273 508 250 255 243 730 88 815 90 041 89 062 89 760 107 231 103161 90 777 48 106 27 829 88 196 43 103 27 424 69 560 67 669 97 97 100 100 96 97 90 99 97 4,7 4,2 4,7 4,3 3,3 4,1 5,3 3,7 5,6 Cost (in ) 1/1 Page Cost/ 1000 Paid Circulation 7/13-6/14 7/14-6/15 Evol. Index Read./ copy CIM 2015 Cost (in ) CIM 2014 (2) CIM 2015 (1) Evol. PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir DH L'Avenir Libre Belgique Echo 1607 1884 606 486 399 420 426 167 62 1662 1960 609 514 442 436 429 175 70 112 111 114 112 129 100 131 114 n.a. Reach N (%) 0,7 0,9 0,1 0,3 0,3 0,1 0,1 0,2 0,1 Reach S (%) 38,3 45,1 14,2 11,7 10,1 10,2 10,0 3,9 1,6 23 850 19 025 27 000 20 500 19 900 12 900 14 250 39,2 37,0 61,1 47,0 46,4 73,6 202,5 94 026 98 325 65 724 48 101 83 479 35 469 11 868 89.196 97732 61.388 43.535 80.511 34.126 10.517 95 99 93 91 96 96 89 6,8 5,3 7,2 10,0 5,3 5,1 6,7 1/1 Page Cost/ 1000 Paid Circulation 7/13-6/14 7/14-6/15 Evol. Index Read./ copy 22 Source : CIM 2015 (1) Overview Dailies - Total 12+ : Comparison 1. Market Overview – Dailies CIM 2015-1 PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen Paper 2722 2880 1061 928 380 358 335 305 196 93 368 Paper PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir DH L'Avenir Libre Belgique Echo 1583 1891 574 511 407 402 408 161 63 Paper+Digital 2972 3110 1279 1014 420 386 338 362 230 103 377 Paper+Digital 1662 1960 609 514 442 436 429 175 70 Index vs Paper 109 108 121 109 110 108 101 118 117 111 102 CIM 2015-1 Index vs Paper 105 104 106 101 109 108 105 109 112 Total Brand 2009 2262 761 524 574 591 572 253 100 Index vs Paper 127 120 133 102 141 147 140 157 159 Source : CIM 2015 (1) 23 Total Brand 3620 3710 1846 1372 538 478 345 553 375 177 419 Index vs Paper 133 129 174 148 142 134 103 181 191 192 114

2. Media Profile - Dailies Mapping Titles - North 90 Standaard (paper) Tijd(paper + digital) 80 Tijd (Paper) Standaard (Paper + Digital) Morgen (Paper) Morgen (Paper + Digital) Young & upscale Young & Upscale 70 Metro NL (Paper + Digital) Metro NL (Paper) 60 Nieuwsblad BVL(Paper + digital) 50 BVL(Paper) 40 GVA (Paper) GVA (Paper + Digital) Laatste Nieuws +Nieuwe Gazet (Paper) Groep Krant van WV (Paper + Digital) Groep Krant van WV (Paper) 35+ & Downscale 30 20 24 25 30 35 % less than 35 years Source : CIM 2015 40 45 50 Laatste Nieuws+Nieuwe Gazet (Paper + Digital) +Gentenaar (Paper) Nieuwsblad+Gentenaar (Paper + Digital) Average pop. 12+ Average pop. 12+ % Social groups 1 to 4 2. Media Profile - Dailies Mapping Titles - South 35 40 45 50 55 60 65 70 75 80 85 15 Echo (Paper) Libre Belgique (Paper) Soir (Paper) Soir (Paper + Digital Versions) Echo (Paper + Digital Versions) Libre Belgique (Paper + Digital Versions) Young & upscale Metro FR Sudpresse (Paper) (Paper + Digital Versions) Dernière Heure_ Les Sports (Paper) Average pop. 12+ Dernière Heure_ Les Sports (Paper + Digital Versions) Avenir (Paper) Avenir (Paper + Digital Versions) Sudpresse 35+ & Downscale 20 25 Sudpresse (Paper) 30 35 % less than 35 years Source : CIM 2015 25 (Paper + Digital Versions) 40 45 50 55 Average pop. 12+ % Social groups 1 to 4

2. Media Profile - Dailies Coverage by Province - All Titles - Total 12+ North : 52.3% (+4,1%) South : 44,3% (+1.6%) Nationa l : 48.8% (+3,0%) Province %paper (+ %digital) 26 Source : CIM 2015-1 Coverage Dutch Speaking Dailies - Total 12+ 2. Media Profile - Dailies Coverage (%) RLP - CIM 2015-1 Het Belang van Limburg Gazet van Antwerpen Het Laatste Nieuws / De Nieuwe Gazet De Morgen De Standaard Het Nieuwsblad / De Gentenaar Metro Nl De Tijd Net coverage 1 insertion CIM 2015-1 CIM 2014-2 Index 2015-1 vs 2014-2 Antwerpen WestVlaand. 0,9 23,0 19,6 4,6 6,8 10,4 5,7 2,0 52,8 47,6 111 0,3 0,5 29,2 3,7 6,3 26,1 4,8 1,9 57,0 53,0 107 OostVlaand. 0,3 2,7 26,2 3,8 6,8 27,4 7,0 1,9 58,7 55,4 106 Limburg 46,8 0,9 9,8 2,3 3,3 5,1 3,1 0,9 56,4 52,6 107 Vlaams Brabant 1,3 1,3 24,2 4,7 6,7 18,4 6,6 1,6 56,1 52,2 107 Bxl Brussel 0,0 0,1 2,0 0,4 1,1 0,8 1,5 0,3 53,6 47,9 112 27 Source : CIM 2015

2. Media Profile - Dailies Coverage French Speaking Dailies - Total 12+ Coverage (%) RLP - CIM 2015-1 La Dernière Heure / Les Sports La Libre Belgique / Gazette de Liège Le Soir Metro Fr Sud Presse L'Avenir L'Echo Net coverage 1 insertion CIM 2015-1 CIM 2014-2 Index 2015-1 vs 2014-2 Bxl 14,9 6,7 18,5 23,5 4,0 1,2 2,6 53,6 47,9 112 Brabant Brussel Wallon 10,5 5,9 12,0 12,1 2,2 6,7 2,4 41,6 34,0 122 9,3 1,9 6,4 8,7 22,6 8,0 1,2 43,1 39,4 109 7,3 2,3 6,2 5,1 23,4 9,2 0,8 40,4 37,5 108 Hainaut Liège Luxembourg 7,4 2,3 5,5 4,8 11,5 39,1 1,0 53,1 47,8 111 Namur 7,8 2,7 7,0 8,1 9,4 28,0 1,4 48,9 50,3 97 28 Source : CIM 2015 2. Media Profile - Dailies Accumulation Coverage Dailies (paper) Total 12+ 90 80 73 72 69 70 62 60 52 50 40 1 2 3 4 6 number of insertions in all dailies (Metro included) Source : CIM 2015 29 9 12 49 44 59 56 62 66 64 66 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 68 70 73 78 76 75 77 75 coverage (%)

2. Media Profile - Dailies Accumulation Coverage Dailies (paper) Total 12+ 90 80 73 72 69 70 62 60 52 50 40 1 30 2 3 4 6 9 12 Source : CIM 2015 49 44 59 56 62 66 64 66 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 68 70 73 78 76 75 77 75 coverage (%) Evolution Paid Circulation – North (1988 – 2015) 3. Market Shares - Dailies 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Standaard Nieuwsblad Het Volk Het Belang van Limburg Het Laatste Nieuws De Tijd Gazet Van Antwerpen De Morgen Source : CIM Authentification 31

Evolution Paid Circulation – South (1988 – 2015) 3. Market Shares - Dailies 100 000 120 000 140 000 160 000 180 000 20 000 40 000 60 000 80 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Le Soir L'Avenir La Dernière Heure 32 La Libre Belgique La Meuse/Lanterne Gr. Nord Eclair Sud Presse L'Echo Source : CIM Authentification Nouvelle Gazette 4. Advertising Investments - Dailies Evolution 1998 – 2015 In Million Euros 100 200 300 400 500 600 700 800 900 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Regional insertions included in data since 2002. 825,0 802,6 764,3 736,7 730,3 701,5 592,4 531,1 471,7 386,1 300,1 311,4 239,7 280,7 767,8 761,2 745,1 767,5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 15.7% 17.9% 17.2% 16.0% 20.0% 22.1% 23.1% 24.8% 24.5% 24.6% 23.3% 23.0% 22.1% 21.3% 20.7% 21.7% 21.9% 20.1% Source : MediaMark / CIM MDB / MediaXim 33 SHR % of total media

Top Advertiser Groups Dailies : 2015 4. Advertising Investments - Dailies Top 10 MEDIAHUIS COLRUYT GROUP D’IETEREN GROUP ALDI PROXIMUS GROUP DE PERSGROEP MEDIALAAN BMW GROUP BELGIUM LIDL & CO IPM GROUP 1000 34 531 26 846 17 073 16 594 14 881 14 199 13 532 12 252 9 233 8 659 34 Source : MediaXim 5. Media Cost - Dailies Main Buying Conditions 2016 Tariff base = modules – Articles : 1000 (1/1 P) – 750 (3/4 P) - 500 (1/2 P) – 250 (1/4 P) - Pano (2/1 P) – Accolades : e.g. 100 (100mm*width), 94 (height*94mm) – Apostrophes : e.g. 200 (100*94mm), 400 (100*191mm) Commercial policies – National « NP » offer : promo for 1 insertion to 3 or 5 insertions in the total selection of De Persgroep + Rossel Advertising + Mediahuis + IPM – PNU deals (Premium Newsmedia United): promo for 3, 5, 7 or 9 insertions in all titles of De Persgroep + Rossel Advertising – Offer : Tango (Mediahuis + IPM) or Touchpoint (Rossel + De Persgroep) – Offer : Print - Tablet - Phone – Website : several formats and frequency possible Main buying conditions – Extra charge for preferential position : +20% or +25% (p1x5; p3x2) – Top Topical : -25% (predictable event) or -50% (unpredictable) 35

1. Market Overview - Magazines Main Characteristics Magazines Particular features – Important overlap from France – almost no overlap from the Netherlands Advantages – Socio-demographic selectivity – High life expectancy of commercial message – Good reproduction quality – Strong reader involvement – Optimal editorial context Evolution – Loss of market share due to heavy competition from other media 37

1. Market Overview - Magazines Overview Dutch Speaking Magazines - Total 12+ (Paper + Digital) (p g) CIM 2015 D All Dag Allemaal+Expres HUMO l E Story Nieuwsblad Magazine Bond Knack VAB-Magazine Knack Weekend Tv Familie+Blik Touring Magazine NL Standaard Magazine DS Weekblad TeVe-Blad P-magazine Primo Sjiek Knack Focus Morgen Magazine Citta Autogids Autowereld MO* Mondiaal Magazine Motoren & Toerisme CIM 2014 (2) CIM 2015 (1) Evol. 13601360 591 579 571 429 480 509 375 321 339 333 311 311 247 263 265 275 252 187 181 172 150 99 13111311 590 532 549 471 523 513 388 284 377 318 292 359 n.a. 293 255 281 238 207 166 167 176 n.a. 96 96 100 85 97 106 119 107 114 80 110 95 98 127 n.a. 121 94 116 98 118 100 110 120 n.a. Reach N (%) ( ) 24 124,1 10,8 9,8 10,2 8,7 9,4 9,4 7,0 5,2 6,7 5,8 5,4 6,6 n.a. 5,4 4,7 5,1 4,3 3,8 2,9 3,0 3,2 n.a. Reach S (%) ( ) 04 0,4 0,3 0,1 0,1 0,1 0,4 0,2 0,3 0,1 0,4 0,1 0,1 0,1 n.a. 0,1 0,0 0,1 0,2 0,0 0,2 0,1 0,1 n.a. Cost (in ) 1/1 Page 14 900 14 900 11 420 6 000 9 100 10 900 12 200 7 350 12 200 4 250 5 315 8 900 8 400 3 600 3 995 3 800 4 985 6 300 7 300 6 500 4 190 3 820 4 000 4 000 Cost/ 1000 11 411,4 19,4 11,3 16,6 23,2 23,3 14,3 31,5 15,0 14,1 28,0 28,8 10,0 n.a. 13,0 19,6 22,5 30,6 31,4 25,2 22,9 22,7 n.a. Paid Circulation 7/13-6/14 7/14-6/15 314 2 2 291 1 8 314 272 291 178 122 984 108 145 117 743 90 222 268 671 262 671 274 118 269 100 96 079 96 657 297 210 299 804 96 079 79 677 49 040 74 774 182 362 180 228 111 376 109 654 110 019 109 229 127 270 198 602 31 464 26 156 110 319 115 250 100 339 99 362 99 685 100 209 71 291 67 759 100 267 100 943 16 129 13 866 3 654 11 295 15 137 13 862 3 548 n.a. Evol. Index 93 93 88 77 98 98 101 101 51 94 99 98 99 156 83 104 99 101 95 101 94 100 97 n.a. Read./ copy 4 py 4,5 5,5 5,9 2,1 1,7 5,4 1,7 7,9 3,8 2,1 2,9 2,7 1,8 n.a. 2,5 2,6 2,8 3,5 2,0 11,0 12,0 49,7 n.a. 38 Source : CIM 2015-1 1. Market Overview - Magazines Overview Dutch Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Libelle Flair NL Nina Libelle Lekker Goed Gevoel Feeling Vitaya Vrouwen Met Vaart Elle België Femma Psychologies Magazine NL Marie Claire Belgische Editie 921 540 538 510 473 267 205 146 125 120 103 86 912 535 554 496 495 264 203 155 133 115 93 82 99 96 105 101 112 103 111 97 98 86 105 95 Reach N (%) 16,8 9,7 10,2 9,1 9,1 4,8 3,7 2,9 2,3 2,1 1,6 1,4 Reach S (%) 0,2 0,3 0,1 0,2 0,2 0,1 0,2 0,0 0,2 0,1 0,1 0,2 Cost (in ) 1/1 Page 12 950 10 900 9 100 4 150 9 400 9 800 6 000 3 395 8 200 3 200 6 600 5 000 Cost/ 1000 14,2 20,4 16,4 8,4 19,0 37,1 29,6 22,0 61,6 27,9 71,1 61,2 Paid Circulation 7/13-6/14 7/14-6/15 202 008 194 534 79 140 65 511 311 467 296 096 36 494 67 148 55 048 48 617 94 861 18 326 61 628 6 708 11 837 34 029 69 418 52 379 42 875 92 367 17 027 57 575 5 517 12 390 Evol. Index 96 83 95 93 103 95 88 97 93 93 82 105 Read./ copy 4,7 8,2 1,9 14,6 7,1 5,0 4,7 1,7 7,8 2,0 16,8 6,6 CIM 2015 Cost (in ) CIM 2014 (2) CIM 2015 (1) Evol. Kerk+Leven Eos Magazine OKRA magazine Joepie Brieven aan Jonge Ouders Ché Pasar Landbouwleven Boer & Tuinder 578 260 303 198 194 126 109 86 64 558 249 294 191 244 n.a. 109 109 70 98 89 101 83 136 n.a. 91 132 114 Reach N (%) 10,3 4,5 5,4 3,4 4,5 n.a. 2,0 2,0 1,3 Reach S (%) 0,1 0,1 0,0 0,2 0,1 n.a. 0,0 0,1 0,0 1/1 Page 7 520 5 250 4 810 5 600 8 750 4 750 2 650 3 085 2 120 Cost/ 1000 13,5 21,1 16,4 29,4 35,9 n.a. 24,3 28,2 30,4 Paid Circulation 7/13-6/14 7/14-6/15 270 053 249 950 26 918 22 892 147 313 143 907 38 313 50 127 15 582 32 905 25 094 17 262 25 645 50 991 n.a. 31 331 24 295 16 867 Evol. Index 93 85 98 67 102 n.a. 95 97 98 Read./ copy 2,2 10,9 2,0 7,4 4,8 n.a. 3,5 4,5 4,1 Source : CIM 2015-1 39

1. Market Overview - Magazines Overview French Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Ciné Télé Revue Télépro Be TV Moustique Paris Match Vif L'Express Touring Magazine FR Télé Star Soir Magazine Vif Weekend TV News Moniteur Automobile Victoire Deuzio Focus Vif Point de Vue Ligueur des parents Télé Pocket Moto & Loisirs 1279 424 380 287 378 398 405 352 352 221 183 243 127 151 137 135 124 102 95 1302 428 345 296 401 404 437 359 365 213 208 232 144 160 126 141 113 89 n.a. 100 106 96 93 107 106 116 102 104 99 119 115 103 106 95 96 97 85 n.a. Reach N (%) 0,3 0,1 0,1 0,1 0,3 0,2 0,1 0,1 0,2 0,1 0,0 0,1 0,0 0,0 0,1 0,2 0,1 0,0 n.a. Reach S (%) 30,4 10,0 8,0 6,9 9,1 9,3 10,1 8,4 8,4 4,8 4,9 5,4 3,4 3,7 2,9 3,1 5,4 2,1 n.a. Cost (in ) 1/1 Page 14 250 4 500 4 200 5 000 5 500 9 000 6 320 4 650 4 995 9 000 4 900 6 010 7 500 4 240 4 800 4 075 4 950 1 475 2 550 Cost/ 1000 10,9 10,5 12,2 16,9 13,7 22,3 14,5 12,9 13,7 42,3 23,6 25,9 52,2 26,4 38,0 28,9 44,0 16,5 n.a. Paid Circulation 7/13-6/14 7/14-6/15 248 849 228 094 113 808 111 756 95 771 65 383 43 972 62 213 90 107 60 261 41 574 62 051 206 410 203 164 65 894 55 842 62 213 62 475 54 342 62 051 175 419 163 894 19 624 75 640 89 087 63 563 27 104 37 517 34 870 2 687 18 382 69 679 86 113 63 158 25 588 35 969 30 913 n.a. Evol. Index 92 98 94 92 95 100 98 95 97 100 93 94 92 n.a. 99 94 96 89 n.a. Read./ copy 5,7 3,8 3,8 4,9 9,7 6,5 2,2 5,7 6,7 3,4 1,3 12,6 2,1 1,9 2,0 5,5 3,1 2,9 n.a. 40 Source : CIM 2015-1 1. Market Overview - Magazines Overview French Speaking Magazines - Total 12+ (Paper + Digital) CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Femmes d'Aujourd'Hui Top Santé Flair FR Gael Public Elle Belgique Marie Claire Edition Belge Psychologies Magazine FR Parents Art et Décoration Elle Décoration 509 562 344 224 150 191 195 167 60 159 98 518 538 360 219 142 226 201 185 68 161 102 103 101 111 92 88 128 107 113 114 92 100 Reach N (%) 0,1 0,1 0,2 0,1 0,0 0,2 0,2 0,1 0,0 0,1 0,1 CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Sillon Belge Dimanche 80 67 83 67 113 85 Reach N (%) 0,0 0,0 Reach S (%) 2,0 1,5 Reach S (%) 12,1 12,5 8,3 5,1 3,3 5,1 4,5 4,3 1,6 3,6 2,3 Cost (in ) 1/1 Page 5 950 8 750 5 100 6 700 2 600 8 200 6 000 6 600 2 275 4 150 2 590 Cost/ 1000 11,5 16,3 14,2 30,6 18,4 36,3 29,8 35,7 33,2 25,8 25,5 Cost (in ) 1/1 Page 3 085 2 592 Cost/ 1000 37,3 38,9 17 582 33 238 86 434 43 306 33 049 24 069 16 003 16 824 15 002 11 875 2 658 5 407 3 349 Paid Circulation 7/13-6/14 7/14-6/15 82 229 42 085 28 711 22 200 12 363 16 769 13 044 9 628 2 320 4 510 3 393 Evol. Index 95 97 87 92 77 100 87 81 87 83 101 Read./ copy 6,3 12,8 12,5 9,9 11,5 13,5 15,4 19,2 29,5 35,6 29,9 Paid Circulation 7/13-6/14 7/14-6/15 17 112 17 388 Evol. Index 97 52 Read./ copy 4,8 3,8 Source : CIM 2015-1 41

Overview D+F Speaking Magazines - Total 12+ 1. Market Overview - Magazines CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Plus Magazine NL+FR Royals NL+FR Sport-Voetbal Magazine NL+FR Sabato NL+FR Feeling Wonen+Gael Maison Je vais construire & Rénover+Ik ga bouwen & Renoveren Actief Wonen+Déco Idées Nest NL+FR Trends NL+FR Ambiance Culinaire+Culinaire Ambiance Netto+Mon Argent Data News NL+FR 357 138 552 86 246 318 191 500 237 116 107 48 372 139 604 100 254 303 192 488 242 n.a. 123 55 109 89 117 104 113 151 99 97 110 n.a. 112 121 Reach N (%) 4,1 1,5 5,4 1,3 2,7 2,9 1,7 7,5 2,2 n.a. 1,4 0,6 Reach S (%) 3,6 1,3 7,3 0,7 2,6 3,5 2,4 2,0 2,9 n.a. 1,2 0,6 Cost (in ) 1/1 Page 8 100 4 975 7 000 12 100 5 100 4 800 4 750 6 700 10 100 5 250 12 100 8 500 Cost/ 1000 21,8 35,7 11,6 121,2 20,1 15,9 24,7 13,7 41,7 n.a. 98,6 153,8 Paid Circulation 7/13-6/14 7/14-6/15 102 545 99 967 25 848 44 156 62 098 22 025 40 803 60 719 26 445 13 328 26 010 97 952 38 361 19 675 66 431 2 803 26 446 9 638 23 022 83 195 37 822 16 773 65 317 2 868 Evol. Index 97 85 92 98 100 72 89 85 99 85 98 102 Read./ copy 3,7 6,3 14,8 1,6 9,6 31,4 8,4 5,9 6,4 n.a. 1,9 19,3 42 Source : CIM 2015-1 2. Media Profile - Magazines Coverage Magazines : Top 20 – North Titles 1 Zondag 2 Dag Allemaal+Expres 3 Delhaize Magazine 4 Libelle 5 HUMO 6 Kerk+Leven 7 Story 8 Flair NL 9 VAB-Magazine 10 Knack 11 Libelle Lekker 12 Goed Gevoel 13 Steps NL 14 Bond 15 Knack Weekend 16 Touring Magazine NL 17 TeVe-Blad 18 OKRA magazine 19 Primo 20 Tv Familie+Blik Paper 28,4 24,0 19,0 16,7 10,5 10,3 9,8 9,5 9,3 9,1 8,8 8,9 8,7 8,7 6,9 6,6 6,6 5,4 5,3 5,2 28,5 24,1 19,1 16,8 10,8 10,3 9,8 9,7 9,4 9,4 9,1 9,1 8,7 8,7 7,0 6,7 6,6 5,4 5,4 5,2 % coverage - Total 12+ North Paper+Digital Total brand 28,7 24,3 19,7 17,4 11,9 10,3 10,1 10,4 10,3 11,1 10,9 9,9 8,9 8,7 7,7 7,3 6,9 5,4 5,6 5,3 Source : CIM 2015 43

2. Media Profile - Magazines Mapping Top 20 Titles – North 90 Young & Upscale Young & upscale 80 OKRA magazine Tv Familie+Blik 70 VAB-Magazine Flair NL Libelle Lekker 60 Story 50 Delhaise Magazine FR + NL libelle Zondag kerk+leven 40 35+ & Downscale 30 0 44 10 20 30 % Less than 35 years Source : CIM 2015 40 50 60 knack Humo Dag Allemaal + Express Primo Bond Touring Magazine NL Knack Weekend Steps NL Average pop. 12+ Goed Gevoel TeVe-+Blad Average pop. 12+ % Social groups 1 to 4 2. Media Profile - Magazines Coverage Magazines : Top 20 – South Titles 1 Ciné Télé Revue 2 Delhaize Magazine 3 7 Dimanche 4 Top Santé 5 Femmes d'Aujourd'Hui 6 Télépro 7 Touring Magazine FR 8 Paris Match 9 Vif L'Express 10 Télé Star 11 Soir Magazine 12 Flair FR 13 Be TV 14 Moustique 15 Moniteur Automobile 16 Gael 17 Elle Belgique 18 Vif Weekend 19 Marie Claire Edition Belge 20 Psychologies Magazine FR Paper 30,0 26,8 16,0 12,1 12,0 10,0 9,9 9,0 8,6 8,3 8,1 8,1 7,6 6,7 5,1 5,0 4,7 4,6 4,3 4,0 30,4 27,0 16,1 12,5 12,1 10,0 10,1 9,1 9,3 8,4 8,4 8,3 8,0 6,9 5,4 5,1 5,1 4,8 4,5 4,3 % coverage - Total 12+ South Paper+Digital Total brand 31,8 27,8 16,2 14,3 12,6 10,3 11,1 9,8 11,1 8,8 9,5 8,9 9,9 7,5 7,1 5,6 5,9 5,3 5,1 5,1 Source : CIM 2015 45

2. Media Profile - Magazines Mapping Top 20 Titles – South 35 40 45 50 55 60 65 70 75 80 15 46 Moniteur Automobile Psychologies Magazine FR Paris Match Elle Belgique Touring Explorer FR Soir Magazine Be TV Public Gael Vif L'Express Femmes d'Aujourd'Hui Top Santé Télépro Moustique Ciné Télé Revue Vif Weekend Flair FR Logic Immo FR Average pop. 12+ Marie Claire Edition Belge Young & Upscale Young & upscale Télé Star 35+ & Downscale 20 25 30 35 40 % Less than 35 years Source : CIM 2015 45 50 55 60 Average pop. 12+ % Social groups 1 to 4 3. Market Shares - Magazines Evolution Paid Circulation – North (1988 – 2015) Main Family - TV – News Magazines 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Dag Allemaal (+Expres) Humo Knack Magazine Telepro NL P-Magazine Trends - (Tr.-Tend.) Source : CIM Authentification 47 TV Blad Expres Story Het Beste

3. Market Shares - Magazines Evolution Paid Circulation – North (1988 – 2015) Main Women Magazines 250 000 200 000 150 000 100 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Libelle NL Flair NL Goed Gevoel 48 Weekend Knack Feeling Marie-Claire NL Elga Elle NL Source : CIM Authentification Vitaya 3. Market Shares - Magazines Evolution Paid Circulation – South (1988 – 2015) Main Family - TV – News Magazines 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Ciné-Télé-Revue Soir Mag. Téléstar Vif/L'Express Moustique Point de vue Télépro Paris Match Source : CIM Authentification 49 Sélection

3. Market Shares - Magazines Evolution Paid Circulation – South (1988 – 2015) Main Women Magazines 160 000 140 000 120 000 100 000 80 000 60 000 40 000 20 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Femmes d'auj. Flair Fr Parents 50 Weekend Vif Gael Top Santé Marie Claire Fr Madame Figaro Source : CIM Authentification 4. Advertising Investments - Magazines Evolution 1998 – 2015 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Reduced number of magazines in MDB since 2001. 299,8 299,9 269,3 268,7 237,7 248,2 245,6 257,6 281,9 280,4 286,6 281,7 296,6 273,7 262,6 258,0 256,5 291,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 15.5% 14.8% 13.6% 14.7% 13.9% 12.6% 12.3% 11.8% 10.0% 9.7% 9.5% 8.9% 8.6% 7.7% 7.3% 7.0% 6,8% 7,6% Source : MediaMark / CIM MDB / MediaXim 51

Top 10 Top Advertiser Groups Magazines : 2015 4. Advertising Investments - Magazines 1000 ROULARTA MEDIA GROUP SANOMA MAGAZINES FINLAND DE PERSGROEP L’OREAL GROUP MEDIALAAN MEDIAHUIS D’IETEREN GROUP VRT LVMH (LOUIS VUITTON MOET HENNESSY) SBS BELGIUM 21 007 10 272 6 909 6 176 4 996 4 716 3 350 3 131 3 129 3 009 52 Source : MediaXim 5. Media Cost - Magazines Main Buying Conditions 2016 Commercial policies – By main sales houses : Roularta Media, Sanoma Media, de Persgroep Advertising, IP Press,… – Several formats : from to double page full quadri & covers – Numerous creative formulas (inserts, samples, scentstrips…) – Several community marketing possibilities Main buying conditions – Guaranteed position : +10% to 25% – ‘Prima posta’ (right or first advertisement) : +20% to 42% – Advertisement on cover : +10% to 50% – Combination of titles discounts – Seasonal conditions on weeklies : End December/Mi February : 3 ins + 1 free ins, July/August : 2 ins 1 free ins – Seasonal on monthlies : 2nd ad at 50% – Big Wrap: possibility and new method in print to by a cost guaranty of GRP in 6 different package of titles from the most important sales houses 53

1. Market Overview – Free Sheets Main Characteristics Free Sheets Particular features – High coverage – Main groups in control: Rossel & L’Avenir (South), Roularta & L’Avenir (North) Advantages – High regional selectivity – Low costs – Promotional force Evolution – Commercial offer based on volume discounts for standardized formats – Improvement of the print/editorial quality – Interesting commercial opportunities to win the dispensation of leaflets in the free sheets because of the rising municipal taxes 55

Overview Free Sheets - Total 12+ 2. Media Profile – Free Sheets CIM 2015 CIM 2014 (2) CIM 2015 (1) Evol. Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL 2735 1962 1550 633 505 2751 2002 1545 686 474 101 104 96 111 90 Reach N (%) 50,1 0,3 28,5 0,1 8,7 Reach S (%) 1,5 46,8 0,4 16,1 0,1 Cost (in ) 1/1 Page 54 550 50 576 25 000 15 520 16 000 Cost/ 1000 19,8 25,3 16,2 22,6 33,7 CIM 2015-1 Paper Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL 2747 1995 1540 684 470 Paper+Digital 2751 2002 1545 686 474 Index vs Paper 100 100 100 100 101 Total Brand 2781 2036 1561 690 486 Index vs Paper 101 102 101 101 104 56 Source : CIM 2015 Media Mapping: Free Sheets (paper + digital) 2. Media Profile – Free Sheets 40 45 50 55 60 65 70 75 80 85 15 Young & upscale DM City Steps NL 7 Dimanche Zondag Streekkrantgroep 35+ & Downscale 20 25 % Less than 35 years Source : CIM 2015 57 30 35 40 Vlan Average pop. 12+ Average pop. 12+ % Social groups 1 to 4

2. Media Profile – Free Sheets Accumulation Coverage Free Sheets 60 62 64 66 68 70 72 74 76 78 80 77,4 76,6 75,4 74,4 72,4 71,1 71,1 69,5 67,2 66,2 64,8 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 1 2 3 4 6 9 number of insertions in all free sheets (De Zondag included) 12 73,8 72,9 72,6 71,8 73,0 73,2 74,8 75,4 75,8 77,8 58 Source : CIM 2015 coverage (%) 4. Advertising Investments – Free Sheets Top Advertiser Groups Free Sheets : 2015 Top 10 ACTION NON FOOD METRO GROUPE THYSSENKRUPP GROUPE ITEK STEYLAERTS NETHYS GROUPE TREVI THOMAS & PIRON VAN CALSTER AS WATSON 1000 7 023 1 613 2 678 1 357 910 764 743 655 559 514 59 Source : MediaXim

1. Market Overview – Out of Home Main Characteristics Outdoor Particular features – Belgian market is one of the most mature in Europe – High number of panels : +/- 64.000 – Numerous formats & buying possibilities Advantages – Regional selectivity – High national coverage & frequency – Large visibility Evolution – Development of digital & interactive products (Street, metro, stations & malls,…) – Ongoing investments in qualitative equipment and locations (ex: Backlights Prestige and 36m ) – More precise targetted offer and geographic segmentation – Development of modules and interchangeable mix 61

1. Market Overview – Out of Home Main Outdoor Types – Supersite (38 m - 36 m - 21m - 16 m ) – 20 m in network – 20 m line-by-line – Street furniture (2 m ) – Small formats (i.e. Insert networks) – Big urban furniture (8 m ) – Digital metros & stations – Others (Guidooh) – Points of sale – Tram, buses, metros, stations – Mobile 62 1. Market Overview – Out of Home Main Outdoor Owners CLEAR CHANNEL BELGIUM ADSHEL Optimum XL 2m Maximum XL 2m Adshel BeSST MORE O'FERRALL 16m 36m Supermix-Maximix TRANSIT Trams & busses (TEC) Stations (Trains) PLAY DNN DHST DL URBAN MEDIA BANNERS CREATE JCDECAUX JCDECAUX Booster 2 m Authentic 2 m Taste Metro, Trams and Busses in BXL JCDECAUX BILLBOARD Prestige Senior Superstar 645-785 Brussels 8 m JCDECAUX AIRPORT Indoor & Outdoor Charleroi and Brussels Airports INSERT Time Corner Full Monty Smarties BELGIAN POSTERS 20 m & 10 m & 8 m line by line 4 m line by line Belgium 800 - Cover 600 - Access 500 Moving 400 - Contact 350 Grand Slam Source : Outdoor Services 63

1. Market Overview – Out of Home Main Outdoor Owners Others BlowUp Media Media Trader DOOH TV MediaGeuzen Mobilad Guidooh Publilux Freemobility Brightfish Media Expo Mediafield IP Lux Pop Media Spicymotion HighCo Euromobile Lijncom Rapid Affichage Alvern Media etc… 64 Source : Outdoor Services 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ JCDecaux Billboard (commercial offer 2016) NETWORK Brussels 8 Prestige Senior SuperStar 48 SuperStar National SELECTION FORMAT-PERIOD Brussels 8m - 14 days 5 MC* 8m + 21m + 38m - 21 days 48 UC 20m & 8m - 14 days National 20m & 8m - 14 days * 5 main cities ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS 2016 50 134 645 785 COV. 18,3 47,9 75,3 77,0 OTS GRP RATE CARD** C/GRP*** (in ) (in ) 14,0 17,9 257 859 28,1 2 115 28,0 2 153 37 958 251 809 369 408 411 144 153,60 293,04 172,22 154,72 Source : Outdoor Services 65 JCDecaux Billboard

1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Clear Channel (commercial offer 2016) NETWORK 16m + Mega 16m MOF 36m B2B- 80 pan. MOF 36m - 100 pan. Super Mix 440 MaxiMix 520 SELECTION 24 UC 48 UC 5 MC 5 MC 48 UC 24 UC FORMAT-PERIOD 16m & led - 14 days 16m & led - 14 days 16m & led - 14 days 36m - 14 days 16+36m & led - 14days 16+36m & led - 14days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2016 (in ) 425 765 80 100 480 520 68,0 17,5 1 194 75,5 27,8 2 099 39,1 11,8 42,7 12,3 461 526 71,8 19,3 1 388 69,8 24,6 1 719 369 340 531 250 220 955 263 665 516 846 548 100 (in ) 299,87 247,47 449,34 476,20 362,28 298,61 66 Source : Outdoor Services CLEAR CHANNEL 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Belgian Posters (commercial offer 2016) NETWORK Access 500 Cover 600 Belgium 800 Moving 400 Contact 350 SELECTION 24 UC 48 UC National Inter city Axes FORMAT-PERIOD 20m + 10m + 8m - 14 days 20m + 10m + 8m - 14 days 20m + 10m + 8m - 14 days Inter city axes + Commercial poles 20m - 14 days 20m - 14 days ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2016 (in ) 500 600 800 400 350 70,2 22,4 1 576 73,5 22,9 1 686 78,8 25,6 2 019 n.a. n.a. n.a. n.a. n.a. n.a. 301 000 363 000 407 000 165 000 133 000 (in ) 190,23 200,95 177,39 n.a. n.a. Source : Outdoor Services 67 Belgian Posters

1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ MediaGeuzen (commercial offer 2016) NETWORK Premium 24 Premium 48 SELECTION North + Brussels North + Brussels FORMAT-PERIOD 20m + 8m - 14 days 20m + 8m - 14 days # PANELS 2016 135 193 COV. OTS GRP RATE CARD** C/GRP*** (in ) n.a n.a n.a n.a n.a n.a 92 900 127 800 (in ) n.a n.a ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 68 Source : Outdoor Services MediaGeuzen 1. Market Overview – Out of Home Performances Main Outdoor Owners – Total 12+ Urban Furniture (commercial offer 2016) NETWORK Adshel Maximum XL Adshel Maximum XXL Adshel Optimum XL Adshel BeSST XL (Optimium + Stations) Adshel Antwerp+ Adshel Ghent ADSHEL Adshel Brussels 350 Adshel Brussels Premium Adshel Brussels Center Adshel Brussels 300 Adshel Stations JCDecaux Booster JCDecaux Taste JCDECAUX JCDecaux Authentic Lady JCDecaux Authentic Young JCDecaux Conso F1/F2 JCDecaux Local Brussels JCDecaux Brussels to Business JCDecaux Brussels Event JCDecaux Brussels Place2Be JCDecaux Liège SELECTION National National National National Antwerp Ghent Brussels Brussels Brussels Brussels National National National National Brussels Brussels Brussels Brussels Liège FORMAT-PERIOD # PANELS COV. OTS 2016 urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days National Proximity POS lady urban furn.-7 days National Proximity POS young urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2016 Source : Outdoor Services 69 3 010 3 200 2 650 3 230 350 250 350 150 200 300 580 2 725 2 125 2 425 2 425 600 300 150 150 150 250 70,0 70,2 69,1 70,3 13,2 8,1 75,7 50,6 66,1 74,9 8,8 70,8 68,8 69,4 70,6 54,6 85,1 15,8 16,0 15,4 6,7 35,2 36,5 31,9 32,0 32,9 27,3 23,3 14,4 12,9 22,2 5,1 34,8 28,7 32,1 31,5 9,1 21,9 9,0 8,5 8,8 22,1 GRP RATE CARD* C/GRP** (in ) (in ) 2 465 2 561 2 206 2 250 433 222 1 763 729 853 1 663 45 2 463 1 976 2 224 2 221 498 1 865 142 136 136 148 303 000 316 000 280 000 326 000 39 550 30 650 43 400 21 900 27 000 37 200 73 223 285 965 233 666 264 854 264 854 76 385 37 521 21 399 21 399 21 399 31 859 116,80 110,28 120,65 151,75 91,34 138,06 17,58 50,07 39,57 18,64 1.467,27 107,88 110,18 110,94 110,64 141,62 20,12 150,70 157,35 157,35 215,26

2. Media Profile – Out of Home Coverage (in %) by Main Outdoor Type - Total 12+ 100 10 20 30 40 50 60 70 80 90 0 77,0 68,0 47,9 39,1 42,7 69,8 71,8 70,2 78,8 73,5 70,8 70,0 70 Source : CIM Traffic Study Wave 1/2016 2. Media Profile – Out of Home Performances by Major City - Total 12+ # GRP (Total 12+) COVERAGE OTS GRP Total GRP 5 MC National National National Brussels Liège Charleroi JCDecaux Billboard Superstar National 77,0 17,9 859 Antwerpen 2094 Gent 1246 1881 1807 2465 28,0 2 153 2649 2306 4363 4161 4571 MOF Prestige Senior 47,9 16+ 68,0 17,5 1 194 1327 2180 1558 3042 3187 36m B2B 36m Maximix 520 Supermix 440 16+36 m 71,8 80 p. 39,1 11,8 461 100 p. 16+36m 42,7 12,3 69,8 24,6 1389 1879 1514 1309 764 824 810 1169 1166 1129 526 1 719 3207 3489 2368 4211 4315 19,3 1 388 2305 3368 1834 2775 3773 Access 500 70,2 22,4 BELGIAN POSTERS Urban Furniture Decaux Adshel Cover 600 73,5 22,9 3366 2315 3098 2900 2738 Belgium 800 78,8 25,6 3278 3331 3437 3383 3776 Booster Maximum XL 70,8 34,8 70,0 35,2 1 576 1 686 2 019 2 463 2 465 2614 2687 2966 2372 3240 3437 7 132 703 5 994 5925 4 777 5722 1 653 2982 3 402 Source : Outdoor Services 71

3. Market Shares – Out of Home Investment Shares by Type – 2015 Market Share in total Outdoor Ad Investments* Trams, Bus, Metro 4,9% 8m 5,7% Malls 2,2% Airport 3,6% Mobilad 0,3% 20m 15,1% 16m 5,3% Supersite 10,4% 2m 52,5% * Data available for Clear Channel, JC Decaux, Belgian Posters, Think Media Outdoor & Brightfish. 72 4. Advertising Investments – Out of Home Evolution 1998 – 2015 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2014 324,6 307,8 313,7 278,0 238,7 226,6 214,5 197,8 182,4 172,5 158,5 158,8 161,7 204,5 249,5 248,1 253,7 330,9 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Data available for Clear Channel, JC Decaux, Belgian Posters & Brightfish. Belgian Posters are not present in CIM-MDB between September 2003 and January 2011. *since January 2010 : taxes included Source : MediaMark / CIM MDB / MediaXim 73 10.4% 9.5% 8.9% 9.8% 9.4% 9.3% 8.9% 9.0% 7.9% 7.7% 7.9% 7.8% 7.3% 7.8% 8.5% 8.5% 8.6% 8.7% SHR % of total media

4. Advertising Investments – Out of Home Top Advertiser Groups Outdoor : 2015 Top 10 D’IETEREN GROUP CARREFOUR GROUP FRANCE TELECOM PSA PEUGEOT CITROEN COCA-COLA COMPANY PROXIMUS GROUP MONDELEZ INTERNATIONAL FORD MOTOR COMPANY FIAT CHRYSLER AUTOMOBILES IKEA BELGIUM 1000 14 138 13 998 8 643 8 000 7 144 6 090 5 867 5 690 5 461 5 166 74 Source : MediaXim 5. Media Cost – Out of Home Main Buying Conditions 2016 Commercial policies – By contractors (Clear Channel, JCDecaux, Belgian Posters, Guidooh,…) – Combination tariffs available – From very local to national coverage – Prescriptible & OTC medicines ad forbidden (except nutritive complements) – No sectorial exclusivity on big formats – Sectorial exclusivity on urban furniture except for JC Decaux : No more exclusivity for weeks 1-4, week 18 (mother day), week 23 (father day) weeks 26-33 and weeks 48-52 – Sectorial exclusivity on urban furniture except for Adshel : No more exclusivity for weeks 1-4, week 18 (mother day), week 23 (father day), weeks 26-35 and weeks 48-52 Main buying conditions – Additional charge for an extra posting (from 80 net for a standard roadside 20 m billboard to 350 net for a trivision) – Communal taxes according to the city 75

1. Market Overview – Television Main Characteristics Television Particular features – Dense cable network – Two TV-markets : North & South – Importance of foreign channels overflow in the South Advantages – Impact of audiovisual communication – High coverage, fast coverage building – Demonstration of the product Evolution – Multiplication of Thematic channels : audience fragmentation – 2nd screen interactive applications ie RTL Connect – Digital TV penetration : 78% (+5% vs last year) – Telenet : 3.267.340 subscriptions (35%) – Belgacom TV : 2.664.352 subscriptions (28%) – VOO : 1.199.081 subscriptions (13%) 77

1. Market Overview – Television Channels by Saleshouses - North 78 1. Market Overview – Television Channels by Saleshouses - South 79

2. Media Profile – Television Coverage Total TV North – Total 12+ (2015) 60 50 40 30 20 10 0 80 Source : Audimetrie % instant reach Coverage Total TV South – Total 12+ (2015) 2. Media Profile – Television 10 20 30 40 50 60 0 Source : Audimetrie 81 % instant reach

2. Media Profile – Television Daily Coverage & Viewing Time – Total 12+ (2015) North : total day (02h00-26h00) TOTAL EEN Canvas VTM 2BE Vier TV Coverage (%) Average viewing time 74,7 273 57,6 103 30,6 30 49,1 77 25,0 35 34,3 42 23,0 32 21,7 42 Vijf Vitaya Nickelodeon / Spike 4,0 23 2,6 19 9,7 26 2,8 21 VTM Discovery Disney Other Kzoom Channel Channel NL 32,5 36 South : total day (02h00-26h00) TOTAL LA 1 TV Coverage (%) Average viewing time 72,6 339 45,7 72 LA 2 RTL TVI 30,1 34 46,4 85 Club RTL 22,3 31 Plug BeTV AB3 RTL 22,0 25 2,4 22 21,1 48 Nickelodeon 4,6 38 Channel 3,3 33 Disney Other FR 60,2 142 82 Source : Audimetrie 2. Media Profile – Television Daily Average Time Viewing – Total 12+ (2015) North : total day (02h00-26h00) 0:15:00 0:30:00 0:45:00 1:00:00 1:15:00 1:30:00 00:59:32 00:37:54 00:14:36 00:09:23 00:09:10 00:08:59 00:07:26 00:05:39 00:03:41 00:02:33 00:00:54 00:00:35 00:00:29 00:11:46 83 Source : Audimetrie

2. Media Profile – Television Daily Average Time Viewing – Total 12+ (2015) South : total day (02h00-26h00) 00:15:00 00:30:00 00:45:00 01:00:00 01:15:00 01:30:00 01:25:29 00:39:31 00:33:05 00:10:11 00:10:09 00:07:06 00:05:30 00:01:48 00:01:46 00:01:04 00:00:31 84 Source : Audimetrie 2. Media Profile – Television Selectivity TV-channels – 2015 North : 12h00 – 24h00 4+ VTM 2BE Vier Vijf EEN Canvas Vitaya Nickelodeon 100 Gender 93 100 127 100 106 100 69 100 110 100 122 100 100 66 73 115 153 114 104 156 44 South : 12h00 – 24h00 Gender 4+ LA1 LA2 RTL-TVI CLUB RTL AB3 Plug RTL Nickelodeon 100 104 100 106 100 94 100 122 100 100 100 Disney Channel 100 86 89 51 48 123 122 63 59 21 24 39 48 67 62 359 381 25 32 44 41 50 81 63 85 49 67 71 82 42 39 31 23 21 17 21 57 57 65 53 25 20 39 87 Age 83 376 169 133 105 91 45 57 74 41 121 107 92 53 69 73 85 108 128 128 117 94 104 114 39 147 105 122 146 201 189 168 24 Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 124 92 63 90 91 72 78 97 64 118 145 113 112 134 126 104 143 78 94 130 112 108 51 62 85 69 Age Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 122 119 125 96 62 79 114 92 130 158 124 41 136 172 88 126 118 134 141 142 130 89 27 40 203 175 140 142 90 69 24 17 95 90 69 69 58 83 62 94 105 110 129 130 140 116 136 105 Source : Audimetrie 56 74 99 88 146 177 125 87 85

2. Media Profile – Television Coverage TV-channels North – Total 12+ (2015) 10 12 14 16 18 20 0 2 4 6 8 EEN VTM Vijf Canvas 2BE Vitaya Ketnet Op 12 Vier Nickelodeon/ Spike 86 Source : Audimetrie % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 2. Media Profile – Television Coverage TV-channels South – Total 12+ (2015) 10 12 14 16 18 20 0 2 4 6 8 LA1 Club RTL Be 1 LA2 Plug RTL Nickelodeon + MTV RTL-TVI AB3 Other FR * Overflow of France is very important in day time & late peak time : programs on Belgian channels are weaker. Source : Audimetrie 87 * % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00

2. Media Profile – Television Profile TV-channels North – Total 4+ (2015) (02:00:00 – 25:59:59) YOUNG DISNEY CARTOON KZOOM MTV NL STUDIO 100 NICK JR TMF/COMEDY CENTRAL XITE VIER TLC VIJF FEMALE VITAYA EEN OlderSC& Female'! &! OLD 88 VTM 2BE ACHT NJAM! CANVAS MALE DISCOVERY FOXLIFE/FOX NICK NL/SPIKE KADET Younger & Male T 4-34 index 2. Media Profile – Television Profile TV-channels South – Total 4+ (2015) (02:00:00 – 25:59:59) YOUNG NICKELODEON FR MTV FR Younger & Male CARTOON NETWORK(FR) PLUG RTL AB3 RTL-TVI CLUB RTL NAT GEO FR FEMALE LA DEUX LA UNE CANAL Z MALE Older & Female OLD Male Index 89 T 4-34 index

2. 2. Media Profile – Television Media Profile – Television Seasonality TV Audience – Total 12+ (2015) Monthly Evolution : 12h00 – 24h00 10 15 20 25 30 35 0 5 North 90 South Source : Audimetrie % OGB/AIP Jan. Feb. Mar. Apr. May June July August Sept. Oct. Nov. Dec. 3. Market Shares – Television Audience Shares TV-channels – Total 12+ (2015) North : 17h00 – 23h00 NICK JR 0,2% DISNEY CH 0,2% NICKELODEON/ SPIKE 0,3% ACHT 0,4% NATIONAL GEOGRAPHIC 0,5% KETNET OP 12 0,5% DISCOVERY CH 0,8% VITAYA 3,4% VIJF 4,0% Other Channels: NL Speaking 4,9% CANVAS 5,1% 2BE 5,2% VIER 8,1% VTM 21,6% BE 1 0,3% DISNEY CH 0,3% NICKELODEON 0,5% PLUG RTL 2,9% NJAM! 0,2% VTMKZOOM 0,1% Others 12,7% Others 17,3% RTL TVI 20,4% South : 17h00 – 23h00 EEN 31,9% Other Channels: FR Speaking 31,0% LA UNE 14,9% LA DEUX 4,8% AB3 3,6% CLUB RTL 4,1% Source : Audimetrie 91

4. Advertising Investments – Television Evolution 1998 – 2015 In Million Euros 200 400 600 800 1000 1200 1400 1600 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1577,5 1414,3 1246,8 1204,8 1161,2 1071,2 945,3 864,6 783,7 655,6 690,8 810 1003,6 981,5 1453,9 1446,3 1459,7 1450,3 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 92 42.8% 41.3% 43.3% 46.3% 44.7% 44.2% 43.7% 41.1% 37.4% 37.4% 38.1% 39.3% 40.8% 40.8% 40.1% 39.4% 38,6% 41,2% Source : MediaMark / CIM MDB / MediaXim (incl. sponsoring TV) 4. Advertising Investments – Television SHR % of total media 4. Advertising Investments – Television Top Advertiser Groups Television : 2015 Top 10 PROCTER & GAMBLE BENELUX UNILEVER RECKITT & BENCKISER COCA-COLA COMPANY L’OREAL GROUP DANONE GROUP NESTLE GROUP MEDIALAAN BEIERSDORF RENAULT-NISSAN ALLIANCE 1000 95 819 73 933 69 681 39 557 34 709 30 993 28 072 25 890 22 120 20 732 Source : MediaXim (incl. sponsoring TV) 93

4. Advertising Investments – Television Investment Shares TV-channels (2015) TV North : 1066,03 million (68%) Vijf 7,0% Vier 17,9% VTM / VTM Kzoom 42,2% Kanaal Z 0,1% Vitaya 5,7% Comedy Central 0,2% Jim TV 0,7% 94 MTV 0,5% 2BE 10,2% EEN 5,5% Disney Channel NICKELODEON 0,8% / SPIKE 1,2% Acht 1,5% Canvas-Ketnet 0,5% RTL TVI 50,9% Others 6,0% Disney Channel 0,8% Plug RTL 5,4% Club RTL 9,0% Nickelodeon 1,6% TV South : 511.44 million (32%) Canal Z 0,1% Others 0,9% La Une 18,8% La Deux 6,1% AB3 5,8% Be1 0,1% MTV 0,6% Source : MediaXim (incl. sponsoring TV) 5. Media Cost – Television Main Buying Conditions 2016 Commercial policies – By main saleshouses : Medialaan, SBS, RTVM, Média 13, IP, RMB, VAR TV, Concentra – Several buying stipulations – Commercial possibilities : airtime, sponsoring, 2nd screen (ic connect),… Main legal stipulations – Price citation allowed on all channels (not for billboarding) – Diverse restrictions on kids advertising on RTBF (no more 5 minutes rule since March 2007) – Alcohol beverages : no restrictions in the North - alcohol +20° forbidden at RTBF Duration index Sales 5'' Houses Medialaan SBS RMB IP 50 40 35 35 50 50 50 50 70 70 70 70 85 85 85 85 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 135 150 165 185 200 95 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60''

5. Media Cost – Television Main Buying Stipulations 2016 – Medialaan Channels Commitment Rebates Premiums Free space Surcharges VTM, 2BE, Vitaya (& JIM) Volume bonus (incremental level) : 2% to 15% free space Entertainment discount : -15% (Music, Film and Game sector) Packages : Regional Advertising, Swing pakket New product : 15% to 20% Welcome Bonus: 15% Formula B&R: Prime for construction / renovation and inside Preferential position : +20% Brand quotation : +15% (1 or 2)/ +20% (3 and+) Argued quotation : +20% (1), +40% (2 and +) Gamma - Spots : +15% (1), +25% (2), 30% (3 and +) Co-branding : min 50% Single Spot (VTM): + 30% (min 20s and max 45s) Spot countdown (VTM): + 20% (min 20s and max 60s) 96 Main Buying Stipulations 2016 – SBS 5. Media Cost – Television Channels Commitment Premiums Free space Vier en Vijf Volume bonus incremental level : 2% to 13% free space (min. 35% SOI) Welcome back premier : 15% New advertiser : 20% New product : 10% to 15% Duo advertising break : + 0% Car bonus : VIER 5% - VIJF 10% Confraternal premium : 17,65% free space Collective campaigns, general interest : 30% free space Product of the year: free tag on (5s) Charity campaigns : 100% free space Surcharges Preferential position : +20% Brand quotation : +15% (1), +20% (2), +30% (3) Argued quotation : 20% (1), 40% (2) Co-branding : +50% 97

5. Media Cost – Television Main Buying Stipulations 2016 – IP Chl Channels Commitment Rebates RTL TVI Clb RTL Pl RTL RTL TVI, Club RTL, Plug RTL ( min . budget : 25 000 ) Volume bonus (incremental level) : 2,5% to 22,8% General interest : 30% Charity campaigns : 30% Building offer (from 01/02 to 31/03 and from 15/10 to 31/11) : 30% to 50% Regional retailers : contact IP / Mediabrands Movie : 30% Amusement Parks : 15% during July / August Discover : 10% for new programmes Best Deal: sponsoring last minute -50% Packages Opti short time & Opti kidz Give me five pack "Opti first step"+"Opti night shots", "opti radio contact vision" "opti Plug", "opti Flash" Premiums Free space Welcome bonus : 15 % to 30 % - limited 75 . 000 Welcome in the south (+15%) if absent for 3 years Toys bonus : 30% (Kidz RTL) DVD bonus: 15% Car show room (01/01 - 31/01) : free tag on (max 5s) Open Door' (car sector)- bonus : free tag on (max 5s) Plug RTL bonus : 5% to 15% Welcome back bonus : 7 , 5 % to 15 % - limited 37 . 500 Travel Bonus : 15% Surcharges Weather forecast reminder : 15% Preferential position : +10% to +15% Program reminder : 15% Argued quotation : +15% Non-argued quotation : +10% (1) and +20% (2 to 4) Argued Web quotation : +5% Non-Argued Web quotation : 0% Countdown break : +15% Interactive spot : +10% 98 Gammaspot/ Spot Gamme : 20% Sector exclusivity : +15% Co-branding : +20% to +30% 5. Media Cost – Television Channels Premium Main Buying Stipulations 2016 – RMB La Une, La Deux, BeTV (AB3, La Trois, Voo Foot) Welcome bonus : +20% La1, La 2; +30% BeTV; +20% to 30% AB3 Car Fair bonus (01/01-31/01) : 5% Open Door (car)-bonus: 5% New product bonus : 10% La 1, La 2; AB3 +20% Packages Vollenback, C/ GRP Garantis, Family box, package BeTV Volume bonus : +1% to 7,5% La 1, La 2, BeTV Volume bonus : +1% to 10% AB3 Growth bonus : +0,75% to 4,5% La 1, La 2, BeTV Growth bonus : +1% to 27% AB3 Loyalty bonus : +1,5% La 1, La 2, BeTV Loyalty bonus : +2% AB3 Rebates Movie : -30% La 1, La 2, AB3; -15% BeTV General interest : -30% to -50% Product of the year = tag on 5 sec FREE DVD : -15% Surcharges Split broadcasting : sum of 2 duration indexes - 10% Preferential position : +10% Secto exclusivity : +10% Non-argued quotation : +15% (1), +30% (2-4 max) URL argued quotation : +15% URL quotation : 0% Co-branding : +20% to +30% 99

5. Media Cost – Television Tariff Structure Main TV Channels (in ) - North Medialaan : Base – 2015 – PRP 18-54 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 1.105 730 2.186 9.840 1.723 VTM 1,3% 2,5% 7,7% 1,9% 694 586 893 50 98 2BE 556 1.286 887 2.433 855 SBS : Base – 2015 – PRP 18-54 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 100 128 320 880 Vier 3.827 1.325 0,5% 1,0% 3,0% 1,2% 500 670 868 97 173 443 1.272 1.070 1.465 711 Vijf Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 0,3% 0,2% 0,3% 0,6% 1,5% 0,9% 494 577 743 983 793 Source : Audimetrie 0,1% 0,2% 0,6% 1,9% 1,2% 447 647 866 1.265 695 573 673 799 914 498 Vitaya Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 1,6% 0,6% 0,7% 0,9% 0,9% 0,5% 982 942 901 1.031 1.014 5. Media Cost – Television DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 Tariff Structure Main TV Channels (in ) - South IP : Base – 2015 – PRP 18-54 RTL-TVI Club RTL 1.331 816 2.069 7.022 1.473 2,3% 3,7% 8,3% 2,1% 532 359 554 844 695 140 164 456 1.215 554 0,5% 0,4% 0,8% 1,5% 0,7% 310 429 609 836 783 273 355 524 906 375 Plug RTL Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 2,5% 0,4% 0,6% 1,0% 1,4% 0,7% 737 626 544 644 541 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 RMB : Base – 2015 – PRP 18-54 La Une 935 390 684 3.658 356 1,3% 1,5% 4,5% 0,8% 457 295 453 812 451 155 241 547 919 192 La Deux AB3 Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP Price 30" OGB/AIP C/GRP 2,1% 0,5% 0,7% 1,1% 1,3% 0,4% 329 362 510 721 525 217 631 689 1.272 620 0,7% 1,3% 1,2% 1,8% 1,1% 295 472 577 728 589 Source : Audimetrie 101

Evolution Cost/GRP (in ) – Total 15+ (2006 – 2016) 5. Media Cost – Television 200 400 600 800 1000 1200 1400 1600 0 North 102 South Source : Audimetrie 1/06 3 5 7 9 11 1/07 3 5 7 9 11 1/08 3 5 7 9 11 1/09 3 5 7 9 11 1/10 3 5 7 9 11 1/11 3 5 7 9 11 1/12 3 5 7 9 11 1/13 3 5 7 9 11 1/14 3 5 7 9 11 1/15 3 5 7 9 11 1/16 3 1. Market Overview - IDTV Main Characteristics IDTV (Interactive Digital TV) Perfect sound and image (DVD quality) – Digital compression (no loss during transmission) – Not to confuse with High Definition Televison – Also available on Mobile trough app-based TV Less bandwidth for the same amount of data – Analogical: +/- 50 channels – Digital: 8 to 12 time more channels (but also Video On Demand, Gaming applications, …) Interactivity – Digital identified applications (Electronic Program Guide, Personal Video Recorder, Choice of subtitles and language) • Standardized – 2nd screens (PC, Tablet or Mobile) advanced applications ie RTL Connect • Not Standardized 103

1. Market Overview - IDTV Evolution of Devices Penetration Digital TV Teledistribution 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 89% 85% Tablets Smartphone TableZe 3G 66% 55% 36% 29% 15% 7% 4% 9% 104 Source : CIM Radio (2015-2) % Total PopulaLon 1. Market Overview - IDTV Evolution of IDTV Penetration 0 1 2 3 4 5 6 7 8 9 8.154.364 ind. TELENET Proximus TV VOO Others population 85% Tot 15% 36% 2.625.859 ind. 29% Tot populaLon 11% 33% 46% 44% Source : CIM Radio (2015-2) 105 Millions

1. Market Overview - IDTV IDTV action ever done - Total 12+ Consult guide TV Programs on digital television Watch a personnal recording of a program Movie for payment (video on demand) Search other informaYons on digital television Programs of TV channel a5er broadcasYng for payment Programs of TV channel in preview for payment Games/compeYYon/vote/request for info on digital television 106 21,2% 19,5% 12,2% 7,4% Source : CIM TGM 2015 36,5% 81,8% 74,3% 1. Market Overview - IDTV Live+7 : the new currency Channels that are viewed with a timeshift (due to the use of a digital set top box), are measured in the classic audimetric panel sinds January 2010. VOD (Video on Demand) & interactive content are not measured today. Live TV = currency until end of 2009 – “Viewed while broadcasted” = “Total TV” (Analog or digital, Terrestrial, cable, satellite, IPTV) – Not included: “Other Screen Usage Live+6 = new currency as from 08/01/2010 – Live + Time Shifted Viewing (TSV) up till 6 days after broadcast Live+6+guests = new currency as from 01/09/2012 Live+7 = new currency as from 01/01/2016 – Live + Time Shifted Viewing (TSV) up till 7 days after broadcast VOSDAL = time shifted Viewing On Same Day As Live (after 30sec.) 107

2. Time shifted viewing - IDTV Average Daily viewing time PRP 18-54 – North Direct vs. Delayed 03:00:00 00:15 00:06 00:09 02:00:00 Delayed Direct 02:29 01:00:00 02:23 02:26 02:26 02:30 02:21 00:11 00:13 00:18 108 00:00:00 2010 2011 2012 2013 2014 2015 2. Time shifted viewing - IDTV Average Daily viewing time PRP 18-54 – South Direct vs. Delayed 04:00:00 00:03 00:10 03:00:00 00:06 00:11 00:15 00:13 02:00:00 Delayed Direct 03:21 03:00 01:00:00 03:09 03:02 03:01 03:06 00:00:00 2010 2011 2012 2013 2014 2015 109

2. Time shifted viewing - IDTV Other Screen Usage Live+6 - South - PRP 18-54 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5% 110 0,15% 0,34% 0,42% 0,49% 2,53% 0,33% 0,19% 1,92% 1,78% 1,41% 1,38% 1,08% 0,59% 2011 0,75% 0,53% 2012 2013 2014 2015 2016_4 Source : Audimetrie 1,46% 2,07% 2,31% PLAY STATIONS SETTOP BOXES VCR+DVD 2. Time shifted viewing - IDTV Other Screen Usage Live+6 - North - PRP 18-54 3,0% 0,25% 2,5% 0,21% 2,0% 0,22% 1,63% 1,5% 0,22% 0,15% 1,0% 1,05% 0,90% 0,75% 0,5% 0,75% 0,57% 0,32% 0,0% 2011 2012 2013 2014 2015 2016_4 Source : Audimetrie 111 0,35% 0,38% 0,87% 1,14% 0,17% 1,55% PLAY STATIONS SETTOP BOXES VCR+DVD

1. Market Overview – Cinema Main Characteristics Cinema Particular features – Wide offer of very modern multi-screen complexes – Segmentation of market in 7 Ciné Parcs or Ciné-Duos – One sales agent : Brightfish (ex-Screenvision) Advantages – High selectivity on younger people & higher social classes – High reproduction quality – Very good addition to TV-campaigns for certain target groups Evolution – Diversification in the cinema offer : sponsoring packages – Segmentation : possibility to buy kids movies only (Family Pack) or Art House movies (Art Pack) – Campaign balance reporting – Packages : ‘Pack 12 Flex’ – Evolutions in the theatres (Kinepolis): Laser Ultra, Dolby Atmos & Barco Escape 113

1. Market Overview – Cinema Offer Cinema Theatres (2016) Ciné Parcs Number of theatres Ciné Parc 5 MC* Localities North Localities South Total 194 147 84 425 % of total 46% 34% 20% 100% % of visits/week 2008* 53% 30% 17% 100% Overview offer theatres – 7 Ciné Parcs (5 main centers*, localities North, localities South) – 423 screens – Importance of multi-screen cinema complexes – 21.3 million visits in 2015 (source FCB & Kinepolis – Estimation) * last available data 114 Source : Brightfish 1. Market Overview – Cinema Offer Multi-Screen Complexes (2016) City Bruxelles Antwerpen Antwerpen Liège Bruxelles Charleroi Mons Louvain-la-Neuve Hasselt Bruxelles Gent Mechelen Jambes Maasmechelen Braine-L'Alleud Genk Kortrijk Tournai Brugge Lanaken Oostende Sint-Niklaas Turnhout Namur Verviers Multiplexes Kinepolis Kinepolis UGC Antwerpen Kinepolis UGC Toison D'Or Cinepointcom Imagix Cinescope Kinepolis UGC De Brouckere Kinepolis Utopolis Acinapolis Euroscoop Kinepolis Imagibraine Euroscoop Kinepolis Imagix Kinepolis Euroscoop Kinepolis Siniscoop Utopolis Eldorado Cinepointcom Total : Number of screens 24 24 17 16 14 14 14 13 13 12 12 12 12 11 10 10 10 10 8 8 8 8 8 8 8 304 screens Source : Brightfish 115

1. Market Overview – Cinema Evolution Yearly Visits : 1999 – 2015 10 15 20 25 30 0 5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015** Evolution cinema visits 1999-2015: - 2,7% 116 *estimation mediasalles.it ** estimation Federation des Cinémas de Belgique & Kinepolis 23,6 24,0 24,4 21,9 22,7 24,1 22,1 23,9 22,7 21,9 21,3 21,3 22,3 20,8 21,0 21,1 21,3 number of visitors (in mio) Media Mapping : Heavy - Medium - Light Users 2. Media Profile – Cinema 75 Young & upscale 70 65 H Cinema M Cinema 60 L Cinema 55 50 Average pop. 12+ 45 35+ & Downscale 40 0 10 20 30 40 % Less tahn 35 years Source : CIM TGM 2015 117 50 60 70 80 Average pop. 12+ % Social groups 1 to 4

2. Media Profile – Cinema Evolution Weekly Reach - Total 15+ 5,0 5,5 6,0 6,5 7,0 7,5 8,0 7,4 6,5 6,2 6,1 6,0 6,1 5,8 5,8 5,7 5,6 5,8 5,6 5,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 6,0 6,0 6,6 118 Source : CIM 2015 coverage % 2. Media Profile – Cinema Accumulation Coverage Cinema – by Target 10 20 30 40 50 60 70 0 1 3 6 9 number of weeks present Source : CIM 2015 119 12 12-24 SC 1-3 12-34 12+ coverage %

3. Market Shares – Cinema Market Shares of Multi-Screen Complexes 7 Ciné Parcs Brussels Antwerpen Gent Charleroi Liège Total Loc. N Total Loc. S Total Belgium 91% 55% 100% 76% 67% 60% 72% 89% 98% 87% 99% 80% 72% 76% Share of theatres 2016 Share of visitors 2008 79% 83% Importance multi-screen complexes (8 screens +) – 73% of cinema theatres is located in complexes – Complexes host 83% of all cinema visits – Market share of complexes is highest in 5 MC 120 S ource : Brightfish 3. Market Shares – Cinema Market Shares of Cinema Groups Number of screens (2015) Kinepolis Group 31% Share of 3D movies (average 12 past months) 3D movies 6% Others 52% UGC Group 10% Cinepointcom Group 7% "Live action" movies 94% Source : Brightfish 121

4. Advertising Investments – Cinema Evolution 1998 – 2015 In Million Euros 10 15 20 25 30 35 40 0 5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 37,7 37,8 37,5 32,9 30,9 27,7 24,9 25,1 22,5 22,9 25,3 25,0 28,8 29,7 26,0 26,8 24,6 25,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 122 Source : MediaMark / CIM MDB / MediaXim 1.5% 1.5% 1.4% 1.6% 1.2% 1.2% 1.1% 1.2% 1.0% 0.8% 0.9% 0.8% 0.7% 0.9% 0.9% 1.0% 1.0% 1.0% 4. Advertising Investments – Cinema Top Advertiser Groups Cinema : 2015 Top 10 COCA-COLA COMPANY CINEVOX UNILEVER BNP-PARIBAS D’IETEREN GROUP SCOTCH&SODA MEDIALAAN JEY IMPORT FRISDRANKEN CLT-UFA ANHEUSER BUSCH INBEV 1000 6 357 4 809 1 268 1 080 933 902 770 702 655 609 123 Source : MediaXim

5. Media Cost – Cinema Main Buying Conditions 2016 Cinema advertising is sold by geographic selection / packages – « package » = Ciné Parc (7 in total) – possible combination of several Ciné Parcs – National Pack : 5 main cities : -10% - Localities : -25% – projection of the spot during one week (every day, every show) Other packages : – ‘Pack 12 Flex’ : -30% if present during 12 weeks in Full Tempo – CineBumper : opportunity to exclusively sponsor a cinema show – 3D Pack: a 3D spot before the 3D movies – Family Pack: your spot before the family movies – Art Pack: your spot before a selection of art house films – Jingle Takeover: pimp our brightfish jingle at the end of the commercials 124 – Opera Pack – Field Activation – More info: http://brightfish.be/fr/products-fr 5. Media Cost – Cinema Main Buying Conditions 2016 Tariff and technical requirements : – standard spot duration : 30 sec – tariff basis : 30 sec/week – seasonal tariff indexes – required material : Full HD Dolby 5.1 Rhythm of campaign – 2 main different « Tempos » : Full Tempo and Half Tempo 125

5. Media Cost – Cinema Main Buying Stipulations 2016 Main reductions & bonuses – New advertiser : 10% bonus at the end of the 1st campaign – No commercial advertising: -30% Extra charges – Preferential position : +15% (3rd or last part of reel) or 20% (last position) – Duo spots : +20% on the second spot – Sponsor quotation : +15% for 1st quotation, +30% for 2 and more quotations – Co-branding : 2 products of same advertiser: +20%, 2 different advertisers: +40% Weeks 126 Seasonal cost index 2016* 1 2-6 7 120 80 100 8-12 13-15 16-21 22-26 27-42 43-53 80 120 100 80 100 120 *Cinema week 1 2016 begins Wednesday 30 December 2015= different from the regular calendar. 5. Media Cost – Cinema Rhythm of Campaign : « Tempos » Flexible action period – Possibility to adapt campaign pressure – 2 different « Tempos » – ‘Full Tempo’ : 4 consecutive weeks in Total Ciné Parc – ‘Half Tempo’ : 8 consecutive weeks in alternating half Ciné Parc Semaines Weken FULL TEMPO HALF TEMPO Demi-parc 1 Half park 2 Demi-parc 1 Half park 2 1 x x x - 2 x x - x 3 x x x - 4 x x - x x - - x x - x 5 6 7 8 9 10 11 12 13 14 15 127

5. Media Cost – Cinema Tariff structure - Average Rate Cards (in ) – 2016 Tariff Number of Ciné Parc Ciné Parc Brussels Ciné Parc Antwerpen Ciné Parc Gent Ciné Parc Charleroi Ciné Parc Liège Total Ciné Parc 5 MC Ciné Parc Dutch-speaking Localities Ciné Parc French-speaking Localities Ciné Parc North + UGC De Brouckère + Kinepolis Brussels Ciné Parc South + Brussels Ciné Parc National (Total) Duration index 15’’ 20’’ 25’’ 30’’ 35’’ 40’’ 45’’ 50’’ 55’’ 60’’ 65” 70” 75” 80” 85” 90” 70 128 85 95 100 115 130 145 160 170 180 190 200 210 220 230 240 Source : Brightfish theatres 92 45 22 14 21 194 143 86 246 215 423 30sec/week (in ) 12.140 6.460 2.900 1.900 2.810 26.210 13.300 7.180 28.190 24.030 38.950 5. Media Cost – Cinema Evolution mediacost (C/000) 10 20 30 40 50 60 70 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 *Cost K: price of a national cinema campaign Source : Brightfish 129 56,9 48,9 50,5 52,3 51,9 51,4 50,8 53,0 59,5 31,0 31,5 31,5 32,5 33,5 36,0 36,8 Cost K 39,0 39,0 C/000

1. Market Overview - Radio Main Characteristics Radio Particular features – High national daily coverage : +/- 75% – Two very different radiomarkets : North & South Advantages – High coverage, fast coverage building – Omnipresent medium, 24h/24h – Low production cost – Promotional force Evolution – Radio is still the third medium in terms of media investments 131

1. Market Overview - Radio Radio equipment penetration How many radios do you own (or your household) ? No radios 12,3 Three or more radios 37,0 One radio 26,2 Two radios 24,5 132 Source : CIM TGM 2015 2. Media Profile - Radio Mapping Main Radio Stations – North 75 Young & upscale Klara 70 Radio 1 65 60 55 Q-music 50 Joe FM TopRadio 45 40 Radio 2 35 30 35+ & Downscale 25 5 15 25 35 45 % less than 35 years Source : CIM Radio Wave 2015-1+2+3 55 65 75 85 133 MNM Average pop. 12+ Studio Brussel % Social groups 1 to 4 Average pop. 12+

2. Media Profile - Radio Mapping Main Radio Stations – South 80 Young & upscale 75 Musiq'3 70 La Première Pure FM 65 Classic 21 60 55 NRJ Average pop. 12+ 50 VivaCité Contact FR Fun Radio 45 35+ & Downscale 40 5 134 15 25 35 45 % less than 35 years Source : CIM Radio Wave 2015-1+2+3 55 65 75 85 Nostalgie FR Bel RTL % Social groups 1 to 4 Average pop. 12+ 2. Media Profile - Radio Selectivity Main Radio Stations (2015) Gender y Joe FM Q-music Radio 1 Radio 2 MNM Studio Brussel TopRadio Bel RTL Fun Radio La Premiere NRJ Contact FR Nostalgie Classic 21 Pure FM VivaCite 100 102 100 93 100 112 100 90 100 111 100 127 100 148 100 95 100 134 100 109 100 100 98 99 100 102 100 133 100 119 100 100 98 44 58 107 88 109 89 74 54 104 69 91 102 101 99 70 83 100 105 28 8 116 83 166 25 211 12 224 87 24 34 67 27 168 52 16 163 209 274 46 238 54 134 128 61 67 123 44 ( Age 156 87 32 164 190 124 86 77 60 99 154 105 116 235 71 201 130 135 76 71 34 ) 18-54 12+ M12+ F12+ 12-24 25-34 35-44 45-54 55+ SC 1-4 158 139 120 58 128 44 90 81 122 153 168 109 118 141 215 23 19 12 162 11 196 24 57 133 112 37 174 109 122 117 34 137 193 129 70 112 79 109 109 80 119 177 73 135 Source : CIM Radio Wave 2015-1+2+3

2. Media Profile - Radio Daily Coverage & Listening Time – 12+ (2015) DAILY REACH in % NORTH TOTAL RADIO Radio 1 Radio 2 Studio Brussel MNM Klara Q-music Joe FM TopRadio SOUTH TOTAL RADIO La Première VivaCité Classic 21 Pure FM Musiq'3 Bel RTL Contact FR Nostalgie NRJ 136 Fun Radio MO-SU 06h-22h CIM RADIO WAVE 2015-1+2+3 77,5 11,5 23,2 12,8 11,5 2,8 14,9 7,4 1,3 CIM RADIO WAVE 2015-1+2+3 68,1 8,0 12,8 7,6 4,2 1,8 13,8 13,5 10,6 9,5 4,1 MO-SU 06h-22h CIM RADIO WAVE 2015-1+2+3 266 147 261 204 180 142 183 219 143 CIM RADIO WAVE 2015-1+2+3 202 117 157 178 120 120 144 154 151 96 104 AVERAGE LISTENING TIME in minutes 2. Media Profile - Radio Coverage Main Radio Stations North – 12+ (2015) North : CIM Radio Wave 2015-1+2+3 (Monday – Friday) 10 12 14 0 2 4 6 8 Radio 1 Radio 2 Studio Brussel MNM Q-music Joe FM TopRadio 137 % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00

2. Media Profile - Radio Coverage Main Radio Stations South – 12+ (2015) South : CIM Radio Wave 2015-1+2+3 (Monday – Friday) 0 1 2 3 4 5 6 7 8 La Premiere Contact FR 138 VivaCite Nostalgie Classic 21 Fun Radio Pure FM NRJ Bel RTL % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 3. Market Shares - Radio Market Shares Main Radio Stations – 12+ (2015) North : 06h00 – 22h00 South : 06h00 – 22h00 Other, 15,6 TopRadio, 0,9 Joe FM, 7,9 Q-music, 13,3 Klara, 1,9 Studio MNM, 10,1 Brussel, 12,7 Contact FR, 15,1 Radio 2, 29,4 Nostalgie FR, 11,7 Classic 21, 9,8 Pure FM, 3,7 Musiq'3, 1,5 Bel RTL, 14,4 Radio 1, 8,2 3,1 Other, 12,6 NRJ, 6,6 Fun Radio, La Première, 6,8 VivaCité, 14,7 139 Source : CIM Radio Wave 2015-1+2+3

4. Advertising Investments - Radio 100 150 200 250 300 350 400 450 500 550 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MDB for radio includes sponsoring. Evolution 1998 – 2015 In Million Euros 465,2 444,2 398,9 375,5 377,2 357,7 327 289,6 252,6 228,7 202,4 208,1 186,8 156,1 134 522,0 513,8 484,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 140 8.8% 9.3% 10.3% 11.6% 10.8% 10.7% 11.0% 12.1% 11.4% 12.1% 11.9% 11.3% 11.5% 12.5% 12.9% 13.1% 13,9% 13,4% Source : MediaMark / CIM MDB / MediaXim 4. Advertising Investments - Radio Top Advertiser Groups Radio : 2015 Top 10 D’IETEREN GROUP PSA PEUGEOT CITROEN CARREFOUR GROUP COLRUYT GROUP CLT-UFA DE PERSGROEP ING GROEP FRANCE TELECOM PROXIMUS GROUP RTBF 1000 15 744 11 931 9 448 7 889 7 282 7 097 6 799 6 734 6 525 6 299 141

5. Media Cost - Radio Main Buying Conditions 2016 Commercial policies – By main saleshouses : VAR, RMB, IP, MEDIALAAN – National, network & local buying formulas – Packages of national channels or networks Main legal stipulations – Price citation allowed on all stations – Prescriptible medicines ad forbidden – Alcohol +20° ad forbidden at RTBF Duration index Sales Houses VAR RMB IP Medialaan 142 50 60 60 50 70 70 70 70 80 80 80 80 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60'' 5. Media Cost - Radio Main Buying Stipulations – VAR / RMB VAR Radio Stations Advertising/ Buying formulas Radio 1, Radio 2, Klara, MNM, Studio Brussel SuperSelexy 10%, SS Business 5% Jobspots - Nightspots - Boost Traffic/Night/Daypart - Hi Performance Regional : "Proxispots" on radio 2 Minimal investment 2 500 Sector discounts * Non-commercial advertising/government : -20% all day or -30% (off peak) * Charity campaigns : - 50% off peak * Media, publishers, music and film, fairs, education : -15% (all day) * FMCG : 20% Supplements Welcome bonus Welcome back Other discounts * Cultural org. : -20% (all day) or -30% (off peak) * 2 spots in one block : cumul of indices + 5% * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-Branding : +25% Investment gross > 21 250 : - 15 % Investment gross > 42 500 : - 20 % Max . rebate : 12 750 Investment > 21 250 = -10% Investment > 42 500 = -15% * Contact VAR * Summer spots : up to 100% (free space) * Top topical : -50% unpredictable (max 3 days) RTBF, NRJ, DH Radio : + 15% free space * Contact RMB * Summer spots : +25% free space * Top topical : predictable : -25% unpredictable: -50% 143 National - à la carte Packages of 2 or more stations "Synchro" Regional : Vivacité - NRJ - Classic 21 Mégahertz - Traffic & Weather Heavies 2 000 * Non-commercial advertising : -30% * Charity campaigns : -50% * Media, publishers, music and film, fairs, education : -15% * FMCG : 10% (free space) * Cultural org. : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser in 1 spot : +15% * Preferential position : +25% * Co-Branding : +25% RTBF, NRJ, DH Radio : + 15% free space RMB La Première , Vivacité , Classic 21 Pure FM, Musiq 3, NRJ, DH Radio

5. Media Cost - Radio Main Buying Stipulations – IP / Medialaan IP Medialaan Radio Stations Advertising/ Buying formulas Minimal investment Sector discounts Contact-group, Nostalgie, BEL RTL, Fun Radio, Q-Music, JOE other private cable & local stations National (complete network) Packages of 2 or more networks : "Fmix" - "Big HF" - Traffic & Weather Heavies 20 spots per radio * Cultural org. : -15% Supplements * Top topical (>20spots): -25% (max. 3 days) * 2 spots in one block : +10% on longer spotlength * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% Quantum discount Welcome bonus Welcome back Other discounts no discount 30 000 - 60 000 = -10% > 60.000 = -15% Limited to 15 900 30 000 - 60 000 = - 5% > 60 000 = - 10% * Contact IP * Summer discount : -20% (July/August) - First time summer: -50% > 35K on fmix + Nosta vlaanderen National (complete network) "MaxiMix" : -10% (80% on Q-music & 20% on JOE) "HF 00/20/40" - "AM Peak" - DayTime-NightTime Heavies n.a. * Non-commercial advertising : -30% (off peak) * Non-commercial advertising : -20% * FMCG : 10% * Charity campaigns : -50% * Media, publishers, music and film distribution, fairs, education : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser (max 3) in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% no discount 15% rebate if first experience in radio (20 first days) 10% rebate if first experience on Q & Joe (20 first days) 5% rebate * Contact Medialaan * Recrutement : 15% * Top topical : predictable : -25%/ unpredictable: -50% * Sales : -15% * Summer discount : 35% up to 100% free space 144 5. Media Cost - Radio Tariff structure - Average Rate Cards (in ) North : 1st semester 2016 (30”) Monday - Friday NORTH Radio 1 Radio 2 Studio Brussel MNM Q-music Joe FM TopRadio Nostalgie 6:30-9:00 1 752 982 1 499 828 1 780 509 129 440 9:01-20:00 556 703 1 087 634 1 047 456 104 367 Based on ratecard : R2016_01_18 (AdWare) 145 20:01-22:00 120 125 84 157 75 32 34 Saturday - Sunday 6:30-9:00 445 472 434 237 354 145 25 137 9:01-20:00 239 476 636 352 581 243 68 254 20:01-22:00 105 68 96 62 18 34

5. Media Cost - Radio Tariff structure - Average Rate Cards (in ) South : 1st semester 2016 (30”) Monday - Friday SOUTH La Premiere VivaCite Classic 21 Pure FM Bel RTL Contact FR Nostalgie Fun Radio NRJ DH Radio 146 1 874 2 017 748 345 746 23 Based on ratecard : R2016_01_18 (AdWare) 152 298 314 151 365 870 419 218 351 19 20 43 51 29 31 74 33 248 450 186 84 125 104 5 273 310 181 59 124 10 101 195 240 110 307 470 323 159 220 15 Saturday - Sunday 6:30-9:00 9:01-20:00 20:01-22:00 6:30-9:00 9:01-20:00 20:01-22:00 1 073 1 492 876 282 18 33 28 25 29 25 92 66 5 1. Market Overview - Digital Main Characteristics Internet Particular features – The one and only international (World Wide) media (by definition) – Branding, engagement, user generated content and ROI – Always on and everywhere Advantages – Ultra high contextual selectivity – High potential target (young – active – upper class - trendsetter) – Large creative experience (rich media) – Near to one-to-one marketing, abilities to develop CRM-programs – Multiple tracking opportunities (ROI) Evolution – Towards a iGRP, Digital Video Advertising adds incremental reach to TV campaigns. Cross-media performance optimization is here! – Native advertising – Performance Marketing continues to grow, including advertising over Ad Exchange Networks – Automation of the buying even for the guaranteed placements 147

2. Media Profile - Digital Top 20 internet usage - Total 12+ surfers Send and receive emails Use search engine News on internet Routes and road maps on the internet View information on social networks Zap on the internet View / post videos on the internet Information about products on the internet Share personal information on social networks Downloadable editions of newspapers and magazines on the Live communicate Download free software programs or applications Tickets for cultural activity on the Internet Download free music Radio on the internet Real estate listings on the internet Economic and financial information on the Internet Call via internet 148 Play online on the internet Download free movies and videos 92,0% 84,7% 78,3% 73,8% 70,2% 68,8% 64,9% 63,4% 59,2% 54,2% 53,3% 44,7% 42,2% 40,1% 39,7% 38,3% 35,8% 35,6% 34,2% 33,6% Source : CIM TGM 2015 3. Market Shares - Digital Top 20 websites (Comscore belgian data) (mobile and tablet not included) Google Sites Microsoft Sites Facebook Mediahuis Connect Yahoo Sites Amazon Sites VRT Sites Roularta Media Group Belgacom Group Linkedin Axel Springer SE CCM-Benchmark Wikimedia FoundaUon Sites 2dehands BitTorrent Network Groupe Rossel Webedia Sites De Persgroep Dropbox Sites Apple Inc. 30,5% 28,0% 23,6% 23,6% 23,5% 23,3% 22,0% 21,6% 21,0% 22,8% 19,5% 19,3% 18,4% 16,5% 16,4% 58,4% 31,7% 63,6% 97,0% 87,6% January 2014 January 2015 January 2016 149 Source : ComScore 2015

3. Market Shares - Digital Top 20 websites (Total – Net reach all devices) HLN.be 2dehands.be/2ememain.be Nieuwsblad Yellow Pages Knack/Levif Immoweb RTBF.be Kapaza VTM De Standaard DeredacLe.be RTL.be Le Soir Skynet De Morgen DH.be DailymoLon Een 150 Gazet van Antwerpen Comment ca Marche 26,6 26,6 25,2 21,8 18,4 16,3 16,2 16,0 15,2 14,8 14,4 13,7 12,1 12,1 12,0 11,7 11,6 11,4 11,0 Source : Adware internet 2016 31,8 3. Market Shares - Digital Top 20 websites (Total – Net reach split by mobile devices) 11,6 Tablet HLN.be Nieuwsblad 2dehands.be/2ememain.be Yellow Pages Knack/Levif VTM Immoweb De Standaard Een DeredacLe.be RTBF.be Kapaza Le Soir Gazet van Antwerpen Sporza RTL.be De Morgen DH.be Jobat DailymoLon 6,9 5,7 5,2 5,2 4,8 4,7 4,5 4,2 4,0 3,9 3,2 3,2 3,2 3,0 2,9 2,7 2,6 2,5 9,3 HLN.be Nieuwsblad 2dehands.be/2ememain.be RTL.be Knack/Levif VTM Yellow Pages RTBF.be Immoweb De Standaard Le Soir DH.be Sudinfo Gazet van Antwerpen DeredacLe.be De Morgen La Libre.be Flair Kapaza Sporza 9,2 7,5 7,4 7,2 6,9 6,9 5,6 5,6 5,5 5,5 5,1 5,0 4,9 4,6 4,6 4,5 4,2 4,1 Source : Adware internet 2016 Phone 14,2 12,7 151

4. Advertising Investments - Digital Evolution 2000 – 2015 In Million Euros 100 120 140 160 180 200 220 240 260 80,0 20 40 60 80 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source : IAB / CIM MDB / Mediaxim 55,0 32,0 12,6 10,9 12,5 18,4 232,4 223,6 215,0 200,8 183,1 168,3 128,1 119,1 84,9 152 4. Advertising Investments - Digital Market Share by Economic Group : 2015 Energy 2,6% Food 3,3% Home/Office Equipment 4,0% Telecom 6,0% Beauty 2,6% Clothing 0,9% Others 1,3% Services 23,7% Distribution 17,8% Transport 19,6% Culture Leisure 18,2% Source : MediaXim 153

Top Advertiser Groups Internet : 2015 4. Advertising Investments - Digital Top 10 COLRUYT GROUP ING GROUP D’IETEREN GROUP LOTERIE NATIONALE RENAULT-NISSAN ALLIANCE BNP-PARIBAS PSA PEUGEOT CITROEN GROUPE 3 SUISSES LIDL & CO DAIMLER BENZ GROUP 1000 14 102 7 202 6 657 6 529 6 194 5 990 4 875 4 486 3 863 3 738 154 Source : MediaXim 5. Media cost - Digital Main Buying Conditions (except programmatic buying) Commercial policies – By main sales houses : De Persgroep, Hi-Media, IP New Media, IPM, Ligatus, Mediahuis, Medialaan, Pebblemedia, ProduPress, Proximus Skynet, Rossel, Roularta, Trustmedia, … – Lot of formats: Leaderboard, XL Leaderboard, Medium Rectangle, homepage takeovers, buttons, expandable banners, pre-roll video, halfpage, … but also billboard, filmstrip, portrait, pushdown, sidekick, slider. – Numerous creative formulas (integration, sponsoring, native …) – Several community marketing possibilities Media Buying Conditions – Cross media deal (print + online / TV + Online) – Packages (also deals cross sales houses) Surcharges – Targetting – Expandable format – Streaming – Trafficking, adserving & tracking 155

1. Key Facts - Search Main Characteristics Search Particular features - International media with WorldWide footprint - Happens instantly, people searches everyday - Happens everywhere, as long as people are connected to the internet - - Mobile search traffic is booming Searches follow seasonality Advantages - Hyper targetting based on intention (keywords are typed by surfer) - Ads answers specific request declarated by the surfer - Very high ROI - You pay only for what you get (CPC model) - You can track everything - Search queries can be used as business intelligence Evolution - Search is becoming more visual - - Investment of clicks is based on quality and relevancy Search queries are becoming more and more complex 157

2. Definitions- Search SEM Search Engine Marketing SEM is all Internet Marketing techniques that are utilized to increase market visibility and traffic of a website on the search engines. Traditionally, it is divided into 2 strategies: Search Engine Optimization (SEO) and Search Engine Advertising (SEA). SEO Search Engine Optimization “Organic” - Slow impact - Less control (targeting, copy) + 'Free' (earned) + Long term + Mostly clicked (75%) 158 Source : Reprise Media SEA Search Engine Advertising Pay-Per-Click (PPC) + Fast impact (immediately traffic) + In full control (targeting, ads) - ‘Expensive’ (cost/click) - Temporarily - Less clicked (25%) 2. Definitions- Search What is SEO? Search engine optimization (SEO) is a technical, analytical and creativ e proces s t o improv e th e ‘free’ , ‘organic’ , ‘editorial ’ o r ‘natural ’ visibility of a website in search engine result pages (SERP), with the aim of driving more potential customers to it. Web pages and other content such as videos or local listing are shown and ranked based on what the search engine considers mots relevant to users. How SEO works: • Onsite (content and website infrastructure) – Having an efficient website architecture and infrastructure – Targeting the best keyword clusters – Creating and matching content to target specific keyword • Offsite (how the website is referred to, from other online sources) – Developing a profile of high quality, on-theme incoming links – Having a relevant and active social media presence – Creating citations (non-linking references) about you – At least half of your SEO outcomes are influenced by elements outside your direct control Source : Reprise Media 159

2. Definitions- Search Main Characteristics SEO 1. Define the Target Audience and their Needs Market research studies, Conduct surveys of your audience, Conduct focus groups, Use social media 2. Content & Web Design Content analysis, creation and optimization, Content CMS Guidelines, Web ergonomic, UI&UX strategy 3. Research & Analysis Website metrics analysis, Keyword analysis, Keyword opportunities and difficulties, Competitor analysis 4. Tools Google Analytics Account, Google Webmaster Tools, Rank Tracker Tool, Google Alerts, Google trends, Set up goals Source : Reprise Media 160 2. Definitions- Search What is SEA? By using Google Adwords, Search Engine Advertising (SEA) is used to get a better ranking in search engines in return for a payment. – Ad s ar e show n whe n peopl e searc h wit h Googl e Search , when people read on the internet (Google Display Network) and when people are watching video´s on YouTube. – Touching customers whatever device they are using – SEA is a pull advertisement medium. Reach your audience at the exact moment that they are looking for you. – Adjust your ads to specific sales or promotions – Easil y trac k sale s an d conversion s t o se e th e impac t o f your campaign Source : Reprise Media 161

2. Definitions- Search Main Characteristics SEA 1. Google Search Network – A group of search-related websites where your ads can appear. – Websites include Google sites and websites that partner with Google (search partners). – When you advertise on the Search Network, your ad can show next to search results when someone searches with terms related to one of your keywords. – The Search Network is part of the Google Network, our name for all the webpages and apps where AdWords ads can appear. 2. Google Display Network – Google also gives advertisers the opportunity to place ads on a variety of sites across the internet. – This collection of websites, which ranges from blogs to news sites and even YouTube, is referred to as the Google Display Network (GDN). – According to Google, the GDN includes over 2 million sites that reach over 90% of global internet users. Source : Reprise Media 162 2. Definitions- Search Main Characteristics SEA Visitor leaving your website 3. Remarketing – Drive the audience back to your website – Adapt your message, promotions, content, ad format… based on your audience 4. YouTube Ads – Sho w differen t kin d o f ad s o n Youtub e an d us e differen t formats to target your audience 5. Google Shopping – Helps you to reach shoppers while they are searching for items to buy on Google. – You can maintain the accuracy and freshness of your produc t information , s o you r customer s fin d th e relevant , current items they're looking for. – Makes your assortment visual. – It is easy to compare prices (relative to competitors). – Multiple products can be listed and it goes together with your search ad. – Higher conversion rate on your website. Display ads Search Naetwork Display Network Returning Visitor Overlay ads Skippable ads Non-skippable ads Source : Reprise Media 163

2. Definitions- Search Main Characteristics SEA 6. Engagement Ads – Eliminate waste by reaching only those qualified customers that choose to engage with your brand 7. Gmail Sponsored Promotions – Teaser ad is displayed in email pane or promotions tab on desktop and on the promotions tab on mobile. – Own 100% share of voice when teaser ad is clicked. – Connect with consumers through an innovative and engaging ad designed specifically for Gmail. – The flexibility of GSPs creates opportunities to promote a variety of consumer actions. Encourage advertisers to customize ads bades on the most valuable user behaviour. Source : Reprise Media 164 2. Definitions- Search Mobile Search As more people use mobile devices to access the Internet, searching for stores “nearby me”, it is important nowadays to have a mobile-friendly website or/and App. Google will be expanding their use of mobile-friendliness as a ranking signal. Call tracking – A potential customer searches online and clicks on your ad – A unique phone number is listed on your ad’s landing page for the customer to call – The call rings through to your business – The keyword(s), campaign, call duration, etc. are tracked by the unique number and are instantly available to help optimize your pay-per-click campaigns. App Promotion – App extension: Extension below your ads. – Mobile App installs campaigns: Encourage app downloads by sending people directly to app stores from your ads Source : Reprise Media 165

2. Definitions- Search Google Analytics Google Analytics is a full-featured web analytics solution that tracks many statistics and report websites traffic. It includes: – Information about visitors You can see the most popular countries and towns that are accessing your website, helping you to determine if any localized marketing campaigns or keyword targeting is providing desired results. – Analyze source of traffic You can see how users are being driven to your website (via another website, paid advertisements, search engine or direct link) This will allow you to see proportionally how successful various methods of traffic sources are. – Breakdown of keywords You will be able to see what keywords you are being found under in search engines, which keywords are performing well, allowing you to modify your website to assist with search engine optimization to try and boost the traffic generated from certain keywords. – Specific page popularity GA can provide data about which of your pages are the most popular, allowing you to see which areas of your website are being considered relevant and higher value content. – Traffic flow – Review historical data They are many others tools that Google Analytics provides such as email reports, sub-domain management, outbound links, mobile statistics, social reporting and revenue tracking, making it one of the most powerful marketing and statistics tools available for increasing the effectiveness of your online presence Source : Reprise Media 166 3. Market Overview - Search Top 5 search engines (Comscore belgian data) (mobile and tablet not included) 74% Google Search 71% 21% Bing 14% 10% Ask Network 16% Yahoo Search 8% 8% 8% Vinden.nl B.V. 5% January 2016 January 2015 167 Source : ComScore January 2016

1. Market Overview - Social Facebook – Audience (Belgium) 5,8 million monthly belgian users / 52% of all belgian population 4,8 million monthly users on mobile / 80 % each Day 4,8 million monthly on mobile 8,1 million belgian users 72% of belgian internet users are on Facebook 83% of all Facebook monthly users Source : Facebook Facebook Power Editor mvfglobal.com 169

1. Market Overview - Social Facebook – Audience split age classes & gender (Belgium): Men 18-24 21,0% 25-34 26,0% 35-44 21,0% 45-54 16,0% 55-64 10,0% 50% 65+ 7,0% 170 Source : Facebook 2016 1. Market Overview - Social Facebook – Audience split age classes & gender (Belgium): Women 18-24 20,0% 25-34 26,0% 35-44 21,0% 45-54 17,0% 55-64 11,0% 50% 65+ 6,0% 171 Source : Facebook 2016

1. Market Overview - Social LinkedIn / Shazam / Instagram – Audience - - - - 2,6 million Belgian users in Belgium 622.000 monthly active users in Belgium Split devices: 90% on desktop and 43% on mobile Audience split: 35% Women – 65% Men - - - - - More than 6 million Belgian users 6,5 million of monthly Shazams in Belgium 1,4 million monthly active users in Belgiums About 90% of all smartphones Audience split: 41% Women – 59% Men - In September 2015, 400 million users Worlwide - Average of more than 80 million photos shared every day - - - 172 Audience split: 58% Women – 42% Men Source : Instagram Blogdumoderateur.com Shazam LinkedIn 400 million monthly active people (+ 75% outside the U.S.) 3.5 billion « likes » daily 1. Market Overview - Social Instagram – Audience split age classes & gender (Belgium) 18-24 43,0% 18-24 45,0% 25-34 30,0% 25-34 30,0% 35-44 15,0% 35-44 42% 15,0% 58% 45-54 7,0% 45-54 7,0% 173 Source : Instagram 2016

1. Market Overview - Social Top 10 social communities (Comscore belgian data) (mobile and tablet not included) 64% Facebook 24% Linkedin 10% TUMBLR.COM* Blogger 8% TWITTER.COM 7% PINTEREST.COM WORDPRESS.COM* 6% OVER-BLOG.COM 0% 5% IMGUR.COM 0% 5% NAMETESTS.COM 174 Source : ComScore 0% 0% 4% January 2016 January 2015 January 2014 5% 6% 5% 7% 8% 11% 10% 10% 11% 8% 9% 12% 19% 25% 27% 62% 73% 2. Buying Methods - Social Buying possibilities by top media objectives Objective Facebook • Photo Ad Reach Video Views • Video Ad • Animated Gifs Linked In • Sponsored Updates • Sponsored Updates Link (to YouTube or Vimeo) Photo Views • Photo Ad • Album Photo • Sponsored Updates Photo Link Clicks • Link Ad • Carousel • Sponsored Updates Link • InMail Twitter • Promoted Tweet Photo • Promoted Tweet • Promoted Tweet Video • Video Ad • Hyperlaps, etc. • Promoted Tweet Photo • Photo Ad Instagram • Photo Ad • Promoted Tweets Link • Link Ad • Carousel Source : Cadreon 175

1. Market Overview – Programmatic Main Characteristics: Programmatic buying Particular features - Programmatic Buying refers to the use of software (algorithm based) to purchase digital advertising (data-driven decisions at the impression level) as opposed to the traditional process that involves human negotiations, manual IO’s and manual buying optimization Advantages - Increased cost efficiency and effectiveness - Ability to apply data to find exact target audience, achieving impactful engagement - Real-time optimization and advanced algorithms allow for scalable one-to-one marketing - Consolidation of inventory for management of frequency - Measurement and performance insights for an in-depth understanding of audience Evolution - 176 Programmatic buying share is growing very quickly - Programmatic buying is also expanding to other media such as OOH, Radio, Print and TV 1. Market Overview – Programmatic 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Programmatic advertising today and in the future 83% 60% 59% 56% 52% 40% 33% 31% 23% United States Netherlands United Kingdom France Australia Japan Germany Spain 2011 2012 2013 2014 2015 2016 2017 177 China

2. Key Facts – Programmatic Classic media buying vs programmatic media buying $3.00 $0.07 $1.86 $4.75 $5.61 $0.75 VS $1.23 $0.29 Buying Inventory Buying Audiences Source : Cadreon 2016 178 2. Buying Methods– Programmatic Different ways of buying inventory Open Private Exchange Buying environment Marketplace Open auctions Transaction types Private auctions Preferred deals Guaranteed deals Source : Cadreon 2016 179

Overview of inventory available through PMP 2. Buying Methods– Programmatic 180 Source : Cadreon 2016 3. Strategy – Programmatic Different types of strategy to reach campaign goals Reach Relevance Qualified Intent 181 Source : Cadreon 2016

3. Strategy – Programmatic Different types of strategy to reach campaign goals Now DISPLAY VIDEO MOBILE PAID SOCIAL DOOH NEAR FUTURE ADVANCED TELEVISION 182 ADVANCED RADIO AUTOMATED PRINT AUTOMATED CONNECTED DEVICES Source : Cadreon 2016 4. Buying facts – Programmatic Use of format by advertisers in 2015 (Belgium Data) Advertisers (n= 310) Online Display Other* 79,0% 77,1% Search 68,1% Online Native 56,8% Online Video 51,9% Online Radio 13,9% *Other : E-mail marketing, newsletter, digital OOH, in-game advertising,… 183

4. Buying facts – Programmatic Belgian Share of purchases made in programmatic in 2015 25% 23,1% 20% 19,6% 18,5%18,6% 15,7% 15% 13,0% 10,8% 10% 6,5% 5,6% 5% 3,7% 3,7% 3,9% 3,9% 1,0% 0% 0% 0% <10% 10% to 20% 20% to 30% 30% to 40% 40% to 50% 50% to 60% 60% to 70% 70% to 80% 80% to 90% 90% to 100% 6,5% AdverUser (n=108) Agency (n=102) 19,4%19,6% 184 Source : IAB-Belgium (Matrix Study Wave 04) - 2016 4. Buying facts – Programmatic Belgian Share of purchases: Online vs. Offline in 2015 annual budget Adver/ser (n=310) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % online %offline 42,4% 60,2% 69,6% 72,5% 69,1% 57,6% 39,8% 30,5% less than 100 000 € 100 000 to 499 999 € 500 000 € to 999 999 € 27,5% 1 000 000 € to 4 999 999 € 30,9% 5 000 000 € and + Source : IAB-Belgium (Matrix Study Wave 04) - 2016 185

Main Characteristics: Online Video 1. Market Overview – Online Video 70% of Belgians watch TV at least five times per week. They watch more or less two hours per day. 35% of Belgians watch Online Video at least five times per week. They watch more or less 15 minutes per day. 186 Source : Cadreon 2016 1. Market Overview – Online Video 1. Market Overview – Online Video Main Characteristics: Online Video PC & laptop Smartphone & tablet Smart TV Share by device 67% 33% 0,03% 187 Source : Cadreon 2016

2. Buying Methods– Online Video How To buy? Buying specific content: • Select websites and channels that have a match with your brand to create proximity. • For awareness campaigns, consider using vast reach tactics, combining multiple inventory sources. • Add categories to target sites with specific content • Create whitelists of sites that perform better in terms of completion and viewability Buying specific audiences: • Buy audiences that are part of your core target group, regardless of the website they are on. • Target specific audiences that meet socio demographic criteria • Create affinity lists to reach in-market audiences • Target audiences that have browsed certain keywords • Retarget audiences that have of haven’t performed a particular action 188 Source : Cadreon 2016 Overview of inventory available 2. Buying Methods– Online Video Source : Cadreon 2016 189

1. Main Quantitative CIM Studies - Media Surveys Central Study : CIM TGM (Target Group Monitor) Strategic study : HUB (ongoing) and tactical studies (ongoing) – Media consumption : density concept – Products : personal behaviour – Attitudes : sociocultural items related to products categories Objectives – Comparable = single source – Concept of density : « Heavy, Medium, Light » users – Answer the question : which medium is the most consumed by my target and which are the complementary media ? Methodology Media Part – Face-to-face interviews (CASI) – Sample : +/- 10 500 individuals of 12 years and older Methodology Products Part – Self-completion questionnaire, left behind for the media respondents – Sample : 3951 individuals of 12 years and older (return rate = 50%) 191

1. Main Quantitative CIM Studies - Media Surveys Press : CIM Tactical Study Yearly survey describing +/- 200 dailies, magazines and free sheets – Total reading (period of reference = last months) – Last period reading – Frequency of reading – Mode of acquisition Objectives – Evaluate & compare the consumption of the different titles via different indicators (paper, paper + digital, total brand) – Select individual titles as advertising carriers Methodology – Face-to-face interviews (CASI) – Sample : 10 500 individuals of 12 years and older 192 1. Main Quantitative CIM Studies - Media Surveys Press : CIM Circulation Audit Dailies, magazines, free press Another source of information concerning the printed media Circulation Audit – More than 470 titles or editions audited – Control of print run – Control of paid circulation figures – % of subscribers – Number of free or unsold copies Methodology – Subscription of title to CIM study – Declaration of circulation figures by editor – Circulation audit every 3 months 193

1. Main Quantitative CIM Studies - Media Surveys Television : CIM Audimetrie Tactical study : Ongoing survey (panel of 1 500 households) – Second-by-second data, for every individual – Universe : 4+ (N = 3 624 individuals) – Total reach of programmes & commercials – Average reach of programmes (AIP) & commercials (GRP) – Share of programs & channels (versus total TV share) Objectives – Measure audiences of more than 10 channels and other TV use – Sinds 2010, measure of the time shifting viewing – Sinds 2016, measure of the Live + 7 – Introduction of the “guest viewing” in the official currency – Provide references for tariff policies & campaign evaluation Methodology – Measurement of individual TV behaviour by audimeter – Audimeter = set-top box & remote control – Collection of data by central computer via modem (at night) – Daily distribution of data to subscribers of Audimetrie 194 1. Main Quantitative CIM Studies - Media Surveys Radio : CIM Tactical Study Tactical study : three waves per year (most recent : wave 2015-3) – Universe : 12+ – Quarter by quarter data, for every individual – Total reach (last months), daily reach, rating, share of stations – Place of listening Objectives – Measure audiences of most Belgian radio stations – Study reach of time slots on several targets – Provide references for ratecard policies & campaign evaluation Methodology – Face-to-face recruitment – Everybody is asked to fill in a week diary, also non-listeners – Ascription of listeners who didn’t send back their dairy (receivers) by listeners with similar socio-demographic & listening profile (donors – with complete diary) – +/- 24 000 interviews per year, in three waves 195

1. Main Quantitative CIM Studies - Media Surveys Out of Home : CIM - Traffic Study Tactical study : 2 levels – Traffic : modelized travelling of people – Current study : field from June 2013 to May 2014 (with sample 2005-2006 and datas from 2011-2014) – Cross of the two levels : measure campaign performances Universe : – All billboards in 48 UC that subscribe to the CIM-study – Movement of the population during last 12 months Methodology : – Face-to-face recrutment – 7 days diary (paper and CAWI). – Sample : 12 683 individuals 12 + – Billboards and networks : update every year in January and June 196 1. Main Other Studies - Media Surveys “Executives and Managers” Study Targeted study describing Belgian decisionmakers and Managers since 1981 – Profile, power of decision, reading habits – Professional interests and consumption habits Objectives – Evaluate & compare more than 50 professional press titles, TV, Radio and Web consumption – Select individual titles as advertising carriers Methodology – Face-to-face interviews (carried out in the office) – Sample : 1250 individuals (executives and managers from companies of 10 employees and more), representative of 191 633 individuals – New field in 2014 – Carried out by TNS Media – Update once every 2 up to 3 years 197

1. Main Other Studies - Media Surveys Brand Media Monitor – Combines demographics, media consumption, media profile, semiometric profile, purchase behaviour and personal relationships with brand items – N = 4 603 individuals, representative of Belgian 15+, interviewed via CAWI-methodology (internet) – Carried out every two years – Last issue : September 2008, conducted by TNS Media 198 1. Main Other Studies - Media Surveys Mediabrands surveys : Ebuzz - Belgian survey - Focus on specific domains to follow certain trends, e.g. social networking, digital TV services, mobile devices, multi-mediausage, … - N = 1 000 individuals, representative to all Belgians 18+ y.o., interviewed via CAWI-methodology (internet) Wave - International survey (65 countries) - In December 2014, the 8th edition-results of Wave were available - Belgium is integrated in the survey from Wave 4 on - Focus on social media (social networks, blogging, photo/videosharing, devices, co-creation, …) - N = 1 000 individuals for Belgium, regular surfers 16-54 y.o, interviewed via CAWI-methodology (internet) 199

1. Main Other Studies - Media Surveys Mediabrands surveys : Connections/Curiosity Panel (CP) - International survey - In spring 2015, the 4th edition-results are available - Belgium is integrated in the survey from 2010 on - A single source consumer survey providing actual data across media usage, perception and duplication amongst several demographics on 37 traditional and non-traditional touchpoints. - N = 5000 Belgian Internet users - Update of dataset once every 24 months - Recontact of panel is possible 200 2. Main Impact Studies – Media Surveys DIVA Detecting Interactively the Value of Audio - Client: VAR (VRT) - Originally: Radio Impact Barometer. From 2012 on: Multimedia Impact Barometer From 1997 to 2011: - Separate barometers: DIVA (radio-posttest) & AdEval (TV-sponsoring posttest) - Methodology: CATI-methodology (phone) - Frequency : every 2 weeks - N= 200 interviews (Flanders) - 15-54 y.o (they evaluated 15 radio spots each) From 2012: - Radio / TV-sponsoring - Analysed items : ad recognition, ad attribution, qualitative perception and impact - Frequency: every 2 weeks - N = 2*200 interviews (Flanders) – 15-59 y.o (they evaluate 5-6 advertisements) - Fieldwork carried out by TNS Media - Interviewed via CAWI-methodology (internet) 201

2. Main Impact Studies – Media Surveys On Air - Client: Medialaan (Q-music & JoeFM) - Radio Ad Impact Barometer - Analysed items: ad recognition, ad attribution, qualitative perception and impact on knowledge / attitude / behaviour - Since March 2010 - Frequency : twice a month. In total 30 spots are tested in 1 month (about different sectors and advertisers active on the radio) - N = 100 individuals (Flanders) between 15 and 54 years old evaluate 1 spot (every respondent evaluates 3 spots) - Fieldwork carried out by InSites Consulting - Interviewed via CAWI-methodology (internet) 202 2. Main Impact Studies – Media Surveys MultiMIB - SPIM Mulitmedia Impact Barometer – Sponsoring Impact Barometer - Client: Medialaan - ATL Multimedia (TV, radio, dailies, magazines, outdoor, online display) & Sponsoring Impact Barometer (TV sponsoring) - Analysed items : ad impact (ad recognition, ad attribution, qualitative perception) and brand impact (brand awareness, image and purchase intention) - Since 1996 - Frequency : twice a month - N MultiMIB = 300 individuals (Flanders) between 15 and 54 years old per advertisement - N SPIM = 400 individuals (200 viewers + 200 non-viewers) (Flanders) between 18 and 54 years old - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) Topspots - - Client: Medialaan Qualitative measurement of TV spots - Analysed items: likeability (affective, cognitive, call to action and basic components) - Since 2010 - N = +/- 100 individuals by spot (max 6 spots to evaluate per respondent) - Frequency : every month - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) 203

2. Main Impact Studies – Media Surveys Connectometer - - Client: mediahuis Connect (joint venture of Corelio and Concentra) Multimedia Impact Barometer (dailies – magazines – online) - Analysed items : ad impact (recognition, attribution, qualitative perception) word-of mouth, brand metrics - Since 2009 - Frequency: weekly - N = min 125 subscribers of Corelio-panel (FR + NL) per advertisement - - Fieldwork carried out by Ipsos Belgium Interviewed via CAWI-methodology (internet) EYE Evaluate Your Efficiency - Client: Rossel - Impact Barometer (print, online or crossmedia) - Analysed items : ad impact (recognition, attribution and qualitative ratings) - Since 2011 - Frequency: on demand - N= min 150 readers / visitors - - 204 Fieldwork carried out by Accurate Research Solutions Interviewed via CAWI-methodology (internet) 2. Main Impact Studies – Media Surveys Stopwatch - Client: Sanoma - Magazine Impact Barometer - Analysed items : ad recognition, ad attribution and qualitative parameters - More than 15 years history - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - - Fieldwork carried out by GfK Interviewed via CAWI-methodology (internet) Tailor made Impact (tm impact) - Client: Sanoma - Impact campaign barometer (pre & post-testing) - Analysed items : ad recognition, ad attribution , call to action, qualitative parameters - Frequency : on demand - N= 500 - Fieldwork carried out by GfK - Interviewed via CAWI-methodology (internet) 205

2. Main Impact Studies – Media Surveys CHAD CHeck your AD Previous: Impactbarometer Dailies/Magazines/online - Client: De Persgroep - Dailies, magazines, online and mobile Impact Barometer - Analysed items : ad recognition, ad attribution and quantitative parameters - Since 1986 for dailies, since 2007 for magazines - N= 200 readers of De Persgroep newspapers / magazines (NL) or visitors of De persgroep websites (NL) from 2012 on (Before N = 100) - Fieldwork carried out by Persgroep - CAWI-methodology (internet) from 2012 on (Before: Interviewed via CAPI-methodology) CHAD+ Previous Brand Value Check (BVC) - Client: De Persgroep - Multimedia Impact Barometer (dailies – magazines – online - mobile) - Analysed items : same as CHAD but with qualitative perception added (brand impression – advertising evaluation) - N= same as CHAD - 206 - Fieldwork carried out by Persgroep Interviewed via CAWI-methodology (internet) 2. Main Impact Studies – Media Surveys Vulu - Client: Sanoma - Evaluation of editorial integrations or advertorials - Analysed items : recognition, attribution (optional: call to action and feeling) - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - - Fieldwork carried out by GfK Interviewed via CATI-methodology (telephone) Business Advertising Survey (BAS) + Impact Survey - Client: Trustmedia - Campaign Impact barometer - Analysed items : qualitative evaluation of communication message, brand and company - N= min 250 readers of ‘De Tijd’ / ‘L’Echo’ (paper and tablet version) - - Fieldwork carried out by CheckMarket Interviewed via CAWI-methodology (internet) 207

2. Main Impact Studies – Media Surveys Cobra and Cobra+ Correct Brand Attribution - Client: Clear Channel - - - Cobra: Outdoor Impact Barometer (posttest) Cobra+ : Outdoor Impact Barometer (pre- and posttest) Analysed items : ad recognition, ad attribution and qualitative perception of tested advertisements - Since 1979 (from 2008 CAWI-methodology) - - - - N= 200 individuals (FR + NL), 15 -64 y.o (inhabitants of the 5 main centres (Antwerp, Gent, Brussels (Flemish and French), Charleroi and Liege) Frequency : every 2 weeks (26 times / year) Fieldwork carried out by IPSOS Belgium Interviewed via CAWI-methodology (internet) I-Check BOA Brand Outdoor Attribution - Client: JCDecaux - - - - 208 - - - Outdoor Impact Barometer Analysed items : ad recognition, ad attribution, qualitative perception of tested advertisements Since 2008 N= 300 individuals (FR + NL) aged 15+ years who go at least every 15 days to one of the 5 big centres (inhabitants and non-inhabitants) Frequency: 5 campaigns tested every 2 weeks Fieldwork carried out by Research & Solution Interviewed via CAWI-methodology (internet) Lexicon Accumulation The combined net reach of a whole media schedule : it shows the net percentage of the target audience that has seen the message after x insertions, or the increase of the reach compared to the reach after one insertion. Beta Circulation Memorization rate after one contact. This rate is different from one media to another, but is constant contact after contact. Number of copies of a publication sold or distributed. Can be audited by an official body (CIM) or provided in the form of a publisher statement. Paid circulation : copies sold or distributed to paying subscribers. Cost per 1000 The cost per 1000 contacts within a target group delivered by a medium or media schedule. It’s obtained by dividing the cost of one insertion (or one commercial, or one campaign) by the reach in 000. Coverage % of the concerned target group that has at least one opportunity to see (to read, to hear) a message in a certain media vehicle or title. 209

Lexicon GRP Gross Rating Point = 1% of target group It measures the advertising weight of a campaign, and is define d a s a numbe r o f gros s contact s pe r 10 0 peopl e o f target group. New CIM 5 Main Centers : Brussels, Antwerpen, Gent, Liège, Charleroi Urban Universe 30 Flemish Urban Centres : Aalst, Aarschot, Brugge, Deinze, Dendermonde, Diest, Eeklo, Geel, Halle, HasseltGenk , Herentals ,Ieper , Knokke-Heist , Kortrijk , Leuven , Lier , Lokeren, Mechelen, Mol, Oostende, Oudenaarde, Roeselare, Ronse, Sint-Niklaas, Sint-Truiden, Tielt, Tienen, Tongeren, Turnhout 13 Walloon Urban Centres : Arlon, Ath, Eupen, Huy, La Louvière Marche-en-Famenne , Mons , Mouscron , Namur , Nivelles,Tournai, Verviers, Wavre Frequency Number of times people within the target audience are exposed to an advertising message, an advertising campaign, or a specific media vehicle. Basic media planning formula : Reach X Frequency = GRP OTS / OTH 210 Opportunity To See or Hear Average number of opportunities to see or hear an advertising message for every individual reached within the target group. Lexicon Panel Group of persons whose media behaviour is surveyed during a long period of time (examples : Audimetrie panel, listening diary panel,…). Profile PRP The demographic and/or lifestyle characteristics of a medium's audience. Person Responsible for Purchase Member of the household that is most of the time responsible for the choice of the brands of groceries, most common drink s an d maintenanc e product s use d i n th e household . RLP(LDP – LLP) Readership/Reach Last Period (Lecture Dernière Période – Lezers Laatste Periode) Rating Average percentage of a given population group consuming amediu ma t a particula r moment , weighte d b y th e lengt h o f consumption (viewing or listening time). (Fr syn. : AIP - Audience Instantanée Pondérée / Nl syn. : OGB - Onmiddellijk Gewogen Bereik) 211

Lexicon Reach Number of contacts (readers, viewers or listeners) offered by a media vehicle or title within the issue period (in thousands of people or in % of the target group). Social groups Scale sharing the Belgian population in 8 more or less equal groups , base d o n th e leve l o f educatio n an d th e professiona l activity. (Groups 1 to 4 : high income segments of the Belgian population) Selectivity Capacity of a vehicle to score well on precise characteristics (o r o n a precis e targe t group) . I t i s calculate d b y dividin g th e vehicle’s coverage on the target group by the vehicle’s coverage on total 15+. Readers per copy (RPC) Average number of people reading the same copy of a newspaper or magazine. Obtained by dividing number of readers of an average copy by its paid or total circulation. 212 Lexicon Online Media terminology Impressions Visits Unique visitors Click Through (CTR) CTR ratio RTB The percentage of site visitors that views an ad and clicks on it. Real Time Bidding is the act of buying digital inventory from multiple exchanges on an impression by impression basis, typically involving an auction pricing mechanism. Auto Trading Automated digital trading. Enabling buyers (agencies and advertisers) and sellers (publishers) to trade digital inventory via software rather than fax machines. Can include RTB but is not limited to. 213 The number of times an ad has been presented to visitors. The number of occasions a visitor accessed a specific internet site during a certain period of time. One person that visits a site - no duplications ! Clicking on ‘www’ advertising.

f utures Our philosophy Futures provides consumer, brand and channels insights through dedicated research. We develop particular tools and surveys to bring our clients at the leading edge of communication strength. Our goal is to fill in the gaps of knowledge with relevant research solutions, in a collaborative mind-set with our clients. Futures services are available to the IPG Mediabrands in Belgium : Initiative, UM and also directly to any advertiser, agency or media, local or international. Get in touch email : david.lecouvet@mediabrands.be 214 Smart research solutions provider Thanks to all contributors : Coordinator : Pierre Pissoort (Futures), Jonathan Janssen (Futures), Thomas Borgies (Futures), Beverly Ignacio (Futures), Tamara Vanspauwen (Futures), Christophe Guisset (GeoData), Saskia Vanhaelen (Outdoor Services), Arnaud Callaert (Outdoor Services), Emma De Vleeschauwer (Brightfish), Philippe Daper (Magna Global), Julie Praet (Magna Global), Marleen Vanden Broeck (Magna Global), Carine Vens (Magna Global), Alicia Van Collie (MBP), Danny Devriendt (MBP), Marie Georges (MAP), Laurent Kestens (Reprise Media), Stéphane Lucien (Cadreon), Galle Quinten (Cadreon), Karel Goethals (Cadreon), Sarah Kustermans (Cadreon), David Lecouvet (Futures), and all the other Initiative and UM people who made this publication possible. 215

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15 edition Media pocket guide 2015 A gateway to the Belgian Media Landscape

The data compiled in this book were collected in February-March 2015. They may therefore be subject to modifications. Furthermore, Initiative nor UM shall not in any circumstances be held responsible for any errors or omissions which the reader may notice. All rights reserved. Introduction Futures, the research and consumer insight division of the 2 Belgian IPG Mediabrands (Initiative and UM) is proud to present the 15th edition of its Media pocket guide, the ultimate source of information concerning the Belgian media landscape. This publication is issued once a year, in May. We hope this Media pocket guide will help you in fi nding your way in an ever evolving market.. 1

Key Facts Dailies Table of contents . .. Magazines Free Sheets Out of Home Television Cinema Radio Digital Search Social Programmatic Media Surveys Lexicon 3 . .. .. . ....... .. . .. .. .. .. .. . .... 55 37 21 5 61 77 105 121 137 151 157 169 189 165

1. Basic Data Key Facts Demography Total population* In Flanders* In Wallonia* In Brussels (Capital Region)* Number of households Number of persons per household* Total population aged 12 & over (CIM) In Flanders In Wallonia In Brussels (Nielsen III) Nielsen Regions I II III IV V 5 11 190 845 inhabitants 6 437 680 inhabitants (57.5 %) 3 585 214 inhabitants (32.1 %) 1 167 951 inhabitants (10.4 %) 4 768 657 households 2.34 persons / household 9 576 187 individuals 5 366 382 individuals (56.0 %) 3 061 426 individuals (32.0 %) 1 148 379 individuals (12.0 %) Population 12+ 2 299 333 3 067 048 1 148 379 1 475 143 1 586 284 in % 24.0 % 32.0 % 12.0 % 15.4 % 16.6 % Source : statbel.fgov.be - ibz.rrn.fgov.be - CIM 2014-1 * 2015 data

1. Basic Data Key Facts Profile of the Population – Total 12+ Total population Belgium 9 576 187 Sex (in %) Male Female PRP Age (in %) 12-20 21-34 35-44 45-54 55-64 65+ Social groups (in %) 1+2 3+4 5+6 7+8 48.8 % 51.2 % 62.1 % 11.8 % 20.8 % 15.6 % 16.9 % 14.4 % 20.5 % 28.1 % 22.0 % 25.1 % 24.4 % 6 Flanders 5 366 382 49.2 % 50.8 % 62.9 % 11.4 % 19.8 % 15.2 % 17.3 % 14.7 % 21.7 % 28.5 % 22.0 % 25.7 % 23.5 % Wallonia 3 061 426 48.3 % 51.7 % 60.4 % 12.7 % 20.4 % 15.6 % 16.8 % 14.9 % 19.7 % 24.0 % 22.1 % 26.3 % 27.5 % Brussels 1 148 379 48.4 % 51.6 % 62.7 % 11.9 % 26.2 % 18.0 % 15.3 % 11.8 % 16.8 % 37.4 % 21.9 % 19.2 % 20.9 % Source : CIM 2014-1 1. Basic Data Key Facts Main Belgian Economic Indicators Indexes (previous year = 100) Rise of the PIB (in %) Rise of private consumption (in %) Inflation (in %) Unemployment rate (in %) 2011 2012 2013 2014p 2015p 1,6 0,6 3,4 7,2 -0,1 -0,3 2,6 7,6 0,2 0,8 1,2 8,4 1,0 1,0 0,5 8,5 0,9 1,0 0,8 8,8 Age Group (in %) 0-19 20-59 60+ Evolution Population : 1950 – 2060 1950 28 56 16 2000 24 54 22 2010 22 54 24 2040 22 48 30 2060 22 47 31 7 Source : BNB - BFP

1. Basic Data Key Facts Media Spendings : Share in Household Spendings Share of average annual spendings for Telecom & Leisure – by household 11,3% 10,3% 10,7% 2429 4,1% 1155 2000 4,4% 1355 1373 2005 3,7% 1295 2012 Telecom & Equipment Total Telecom & Leisure 8 Source : Statbel 2014 1. Basic Data Key Facts Household equipment - Total 12+ Printer, scanner or all-in-one printer DVD / Blu-ray reader set Videorecorder / hard disk recorder Hi-fi set Portable GPS (not on a GSM) Non-portable CD player ltimedia console type Wii, Xbox, PSPlayStation MP3 player, iPod, etc. (music, audiovisual) Video camera External hard drive (NAS) 9 69 59,1 57,3 47 46,1 37,4 36,2 33,7 25,6 23,6 Source : CIM TGM 2013-2014 Source: CIM PMP 08/09

2. Media Profile Key Facts Media Coverage : Reach Last Period – Total 12+ 87,9 85,3 100 20 40 60 80 5,6 0 92,7 79,6 50,6 54,9 59,4 55,5 * Including Metro 10 Source : CIM TGM CrossMedia 2013-2014 coverage (%) Television Radio Cinema Outdoor Dailies * Weeklies Monthlies Internet Free Press 2. Media Profile Key Facts Media Mapping : Profile Heavy Users 75 Young & Upscale H Cinema 65 H Internet H (Two - )Monthlies H Outdoor 55 H Monthlies H Dailies H Weeklies H Radio 45 H Free Press H Television 35 35+ & Downscale 25 10 20 30 40 % less than 35 years 11 50 60 70 Source : CIM TGM 2013-2014 Average pop. 12+ Average pop. 12+ % social groups 1 to 4

2. Media Profile Key Facts Multi-Media Usage – Total 18+ 70% 60% 50% 40% 30% 20% 10% 0% Morning Radio + OOH Day Radio + internet Early evening Radio + OOH Evening TV + internet /social net. Radio TV Movings Dailies Internet Magazine Free sheets Cinema Social network Online video 12 Source : Ebuzz 2013 (Mediabrands survey) “What did a typical day of last week look like ?” Base = 18-74 yo Before 6h00 6h--6h30 6h30--7h 7h--7h30 7h30--8h 8h--8h30 8h30--9h 9h--9h30 9h30--10h 10h--10h30 10h30--11h 11h--11h30 11h30--12h 12h--12h30 12h30--13h 13h--13h30 13h30--14h 14h--14h30 14h30--15h 15h--15h30 15h30--16h 16h--16h30 16h30--17h 17h--17h30 17h30--18h 18h--18h30 18h30--19h 19h--19h30 19h30--20h 20h--20h30 20h30--21h 21h--21h30 21h30--22h 22h--22h30 22h30--23h 23h--23h30 23h30--24h After24h 3. Advertising Investments Key Facts Total Evolution : 1998 – 2014 In Million Euros 3466.5 3104.3 2863.9 North South 2297.5 2137.5 1933.4 1806.8 1673.7 1530 1751.9 2387.4 3164.4 3169.5 3704.5 3565.8 3603.6 3759.4 As from 2001 : incomplete data (no figures for free sheets), change of methodology As from 2006 : free sheets and internet added to the CIM MDB Source : MediaMark / CIM MDB / MediaXim 13

3. Advertising Investments Key Facts Market Share by Medium : 2014 Free Sheets 2,9% Cinema 1,0% Radio 13,9% Magazines 6,8% Outdoor 8,6% Internet 6,2% Dailies 21,9% TV 38,6% 14 Source : MediaXim 3. Advertising Investments Key Facts Market Share by Economic Group : 2014 Health-Wellbeing 2,3% Services 11,9% Clothing 1,6% Home-Office Equipment 4,0% House & Office Maintenance 2,0% Distribution 16,9% Energy-Fuel 1,1% Telecom 5,4% Transport 10,2% Food 12,3% Others 0,4% Beauty-Hygiene 6,0% Culture, Tourism, Leisure, Sports 25,8% Source : MediaXim 15

3. Advertising Investments Key Facts Top Advertiser Groups : 2014 Top 10 PROCTER & GAMBLE BENELUX UNILEVER PROXIMUS D’IETEREN GROUP RECKITT & BENCKISER COCA-COLA BELGIUM-LUXEMBOURG PSA PEUGEOT CITROEN COLRUYT GROUP L’OREAL GROUP MEDIAHUIS 1000 80 884 75 319 70 713 63 956 61 882 61 099 57 832 50 533 47 758 45 830 16 Source : MediaXim 4. Media Cost Key Facts Average Campaign Costs 2015 Dailies – Magazines – Free Sheets – Outdoor MEDIUM Dailies Magazines Family/TV/News/Sport Women Magazines Free Sheets Outdoor JCD Superstar 48 More O'Ferrall 36 m Clear Channel 16 m JCD Booster 2m Adshel Maximum 2m 700 panels 20 & 8 m - 14 days 100 panels - 14 days 425 panels - 14 days 2 800 panels - 7 days 3 070 panels - 7 days 381 100 81,9% X 31,7 OTS = 2600,3 GRP 248 528 49,9% X 12,3 OTS = 611,9 GRP 347 351 75,1% X 18,2 OTS = 1368,4 GRP 289 000 75,2% X 39,0 OTS = 2930,3 GRP 275 500 74,6% X 36,4 OTS = 2713,8 GRP (CIM Affichage 2014- 2 - Tot. 15+) Description 1/1 P FC national selection (NP1) 1/1 P FC 22 insertions in a selection of NL / FR magazines 18 insertions in a selection of NL / FR magazines 1/1 P FC (Vlan + Streekkrantgroep) 141 705 55,8% X 1,7 OTS = 92,2 GRP (CIM 14 - Tot. 15+) 112 825 55,0% X 1,9 OTS = 102,08 GRP (CIM 14 - Women 18-54) 121 871 49,7% X 1,2 OTS = 57,7 GRP (CIM 14 - Tot. 15+) Cost 2015 (in ) Performances 155 000 44% X 1,3 OTS = 55,3 GRP (CIM 14 - Tot. 15+) 17

4. Media Cost Key Facts Average Campaign Costs 2015 Television – Cinema – Radio MEDIUM Television North : VTM + 2BE + VIER + VIJF + Vitaya South : La Une + La Deux + RTL-TVI + Club RTL + Plug RTL + AB3 Cinema 1 week - 30" Radio North : Radio 1 + Radio 2 + Studio Brussel + MNM + JOE FM + Q-Music + Nostalgie South : La Première + Classic 21 + VivaCité + Bel RTL + Contact + Nostalgie + NRJ + Fun + Pure fm one week - spots 30" 95 069 67,3 % X 6,0 OTH = 407 GRP (CIM Radio Wave 2014 -3 – Tot.15+) Total National Ciné Parc one week - spots 30" one month / 300 GRP - spot 30" - 12h-24h one month / 300 GRP - spot 30" - 12h-24h 299 400 73,2 % X 4,1 OTS = 300 GRP 189 300 75,7 % X 4,0 OTS = 300 GRP (Audimetrie/IMProve - Tot. 15+) 38 950 5,9 % X 1,0 OTS = 5,97 GRP (CIM 14 - Tot. 15+) 99 470 73,9 % X 5,5 OTH = 398 GRP Description Cost 2015 ( in ) Performances 18 4. Media Cost Key Facts Evolution CPM: 2009 – 2015p 80% 90% 100% 110% 120% 130% 140% 150% 160% 170% 180% All media TV 2009 = 100 2009 Radio 2010 2011 Newspaper 2012 Magazines 2013 Outdoor 2014 Internet** 2015p Cinema 19 Source : UMA – Magna ** Internet- Display only index evolution

1. Market Overview Dailies Main Characteristics Dailies Particular features – Regional orientation – Use of national selection to obtain national coverage Advantages – Regional selectivity – Fast action – High reader loyalty – Qualitative news context – Top Topical : event related advertising Evolution – Growing importance of digital online readership with cannibalisation on offline (cfr. National Newspublishers Survey) – Saleshouses develop off/onlinepackages – Ratecards are extended with mobile advertising (applications for iphone, ipad) and website 21

Overview Dailies - Total 12+ : Paper version 1. Market Overview Dailies CIM 2014 PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen CIM 2014-1 CIM 2014-2 Evol. 2721 2895 1020 936 342 360 371 314 224 105 345 2717 2878 1020 944 371 339 347 315 218 104 365 100 99 100 101 109 94 93 100 97 99 106 Reach N (%) 49,4 52,0 18,5 17,3 6,8 6,3 5,9 5,6 3,8 1,8 6,7 Reach S (%) 1,5 1,9 0,6 0,4 0,1 0,1 0,7 0,3 0,3 0,1 0,1 Cost (in ) 1/1 Page 43 900 42 250 22 535 20 135 13 975 27 500 15 900 21 900 10 637 Cost/ 1000 43,0 44,8 60,7 59,4 40,3 87,4 73,0 210,1 29,2 Paid Circulation 7/12-6/13 7/13-6/14 Evol. Index 284 264 282 917 100 253 945 250 255 99 91 676 88 815 93 605 90 041 97 96 119 937 107 231 89 92 427 90 777 51 847 48 106 29 016 27 829 98 93 96 71 671 69 560 97 Read./ copy 3,6 3,8 4,2 3,8 3,2 3,5 4,5 3,7 5,2 CIM 2014 Cost ( in ) PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir Dernière Heure _ Les Sports Avenir Libre Belgique Echo CIM 2014-1 CIM 2014-2 Evol. 1482 1760 534 461 342 437 327 154 n.a. 1531 1814 578 481 363 388 404 154 55 103 103 108 104 106 89 124 100 n.a. Reach N (%) 0,6 0,8 0,1 0,3 0,2 0,1 0,1 0,2 0,0 Reach S (%) 35,7 42,1 13,7 11,1 8,3 9,1 9,6 3,5 1,3 23 511 18 125 26 619 19 987 19 700 12 700 13 700 40,6 37,6 73,3 51,5 48,7 82,6 250,4 96 856 94 026 110 975 98 325 71 978 65 724 52 994 48 101 86 426 83 479 37 782 35 469 12 976 11 868 97 89 91 91 97 94 91 6,2 4,9 5,5 8,1 4,8 4,3 4,6 1/1 Page Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 Evol. Index Read./ copy 22 Source : CIM 2014-2 Overview Dailies - Total 12+ : Comparison 1. Market Overview Dailies CIM 2014-2 PQ NL DAGBL. PQ NL DAGBL.+METRO NL Laatste Nieuws+Nieuwe Gazet Nieuwsblad+Gentenaar Gazet van Antwerpen Belang van Limburg Metro NL Standaard Morgen Tijd Groep Krant van West-Vlaanderen Paper 2717 2878 1020 944 371 339 347 315 218 104 365 PQ FR DAGBL. PQ FR DAGBL.+METRO FR Sudpresse Metro FR Soir Dernière Heure _ Les Sports Avenir Libre Belgique Echo Paper 1531 1814 578 481 363 388 404 154 55 23 Paper+Digital 2933 3076 1220 1018 400 369 349 361 244 119 376 Paper+Digital 1607 1884 606 486 399 420 426 167 62 Index vs Paper 108 107 120 108 108 109 100 115 112 114 103 CIM 2014-2 Index vs Paper 105 104 105 101 110 108 105 109 114 Total Brand 1902 2148 726 494 516 557 549 230 93 Index vs Paper 124 118 125 103 142 144 136 150 169 Source : CIM 2014-2 Total Brand 3514 3612 1718 1358 507 455 355 550 367 195 418 Index vs Paper 129 126 168 144 137 134 102 175 168 187 115

2. Media Profile Dailies Mapping Titles - North 90 Tijd (Paper +Digital) Tijd (Paper) 80 Morgen (Paper) 70 Metro NL (Paper) Metro NL (Paper +Digital) 60 Nieuwsblad (Paper + Digital) 50 Nieuwsblad (Paper) HBVL (Paper+Digital) HBVL (Paper) 40 HLN (Paper + Digital) GvA (Paper) GvA(Paper+Digital) HLN (Paper) Groep Krant van West--Vl(Paper+Digital) Groep Krant van West--Vl (Paper) 35+ & Downscale 30 20 25 30 35 % less than 35 years 24 40 45 Source : CIM 2014 50 Average pop. 12+ Standaard (Paper + Digital) Young & Upscale Standaard (Paper) Morgen (Paper + Digital) Average pop. 12+ % Social groups 1 to 4 2. Media Profile Dailies Mapping Titles - South 35 40 45 50 55 60 65 70 75 80 85 Echo (Paper) Echo (Paper + Digital) Libre Belgique (Paper) Libre Belgique (Paper + Digital) Soir (Paper + Digital) Soir (Paper) Young & Upscale Metro FR (Paper + Digital) Metro FR (Paper) Dernière Heure_Les Sports (Paper) Dernière Heure_Les Sports (Paper + Digital) Avenir (Paper + Digital) Avenir (Paper) Sudpresse (Paper + Digital) 35+ & Downscale 15 20 25 30 Sudpresse (Paper) 35 % less than 35 years 25 40 45 50 55 Source : CIM 2014 Average pop. 12+ Average pop. 12+ % Social groups 1 to 4

2. Media Profile Dailies Coverage by Province - All Titles - Total 12+ North : 52.3% (+3.6%) South : 42.9% (+1.6%) Nationa l : 48.2% (+2.7%) Province %paper (+ %digital) 26 Source : CIM 2014-2 Coverage Dutch Speaking Dailies - Total 12+ 2. Media Profile Dailies Coverage (%) RLP - CIM 2014-2 Het Belang van Limburg Gazet van Antwerpen Het Laatste Nieuws / De Nieuwe Gazet De Morgen De Standaard Het Nieuwsblad / De Gentenaar Metro Nl De Tijd Net coverage 1 insertion CIM 2014-2 CIM 2014-1 Index 2014-2 vs 2014-1 Antwerpen WestVlaand. 0,6 20,5 15,5 4,2 5,6 8,9 5,6 2,4 48,2 47,6 101 0,3 0,4 23,9 3,4 6,2 23,9 5,4 1,7 52,7 53,0 99 OostVlaand. 0,2 2,4 20,3 4,2 6,0 27,3 7,1 1,7 55,9 55,4 101 Limburg 41,5 0,7 6,5 2,0 3,3 4,4 3,5 1,2 51,3 52,6 98 Vlaams Brabant 1,4 1,1 20,7 4,0 5,4 17,2 6,8 1,5 51,6 52,2 99 Bxl Brussel 0,0 0,1 1,6 0,5 0,7 0,8 1,5 0,3 49,2 47,9 103 27 Source : CIM 2014

Coverage French Speaking Dailies - Total 12+ 2. Media Profile Dailies Coverage (%) Bxl RLP - CIM 2014-2 La Dernière Heure / Les Sports La Libre Belgique / Gazette de Liège Le Soir Metro Fr Sud Presse L'Avenir L'Echo Net coverage 1 insertion CIM 2014-2 CIM 2014-1 Index 2014-2 vs 2014-1 13,6 5,8 15,6 22,5 4,2 1,0 2,0 49,2 47,9 103 Brabant Brussel Wallon 9,2 5,3 8,7 11,0 2,3 7,1 2,3 37,0 34,0 109 8,3 1,8 5,6 8,3 21,5 8,0 0,9 41,3 39,4 105 5,8 2,3 5,3 4,5 21,9 7,5 0,6 37,7 37,5 101 Hainaut Liège Luxembourg 8,0 3,0 4,6 5,4 13,1 36,9 0,6 51,2 47,8 107 Namur 7,3 2,6 5,1 7,7 8,7 28,6 1,1 47,2 50,3 94 28 Source : CIM 2014 2. Media Profile Dailies Accumulation Coverage Dailies (paper) Total 12+ 90 80 75 73 69 70 66 64 62 64 60 52 50 48 43 40 1 2 3 4 6 9 number of insertions in all dailies (Metro included) 12 58 60 54 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 67 68 71 72 74 76 74 77 29 Source : CIM 2014 coverage (%)

2. Media Profile Dailies Accumulation Coverage Dailies (paper+digital) Total 12+ 90 79 80 75 72 69 70 65 61 60 56 56 50 40 1 2 3 4 6 9 number of insertions in all dailies (Metro included) 12 51 45 62 66 65 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 69 70 73 75 73 78 76 77 30 Source : CIM 2014 coverage (%) 3. Market Shares Dailies Evolution Paid Circulation – North (1988 – 2014) 50 000 100 000 150 000 200 000 250 000 300 000 350 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Standaard Gazet Van Antwerpen De Tijd Nieuwsblad Het Volk De Morgen 31 Het Laatste Nieuws Het Belang van Limburg Source : CIM Authentification

Evolution Paid Circulation – South (1988 – 2014) 3. Market Shares Dailies 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Le Soir Sud Presse La Libre Belgique Vers L'Avenir Nouvelle Gazede Gr. Nord Eclair 32 La Meuse/Lanterne La Dernière Heure L'Echo Source : CIM Authentification 4. Advertising Investments Dailies Evolution 1998 – 2014 In Million Euros 100 200 300 400 500 600 700 800 900 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Regional insertions included in data since 2002. 825,0 802,6 764,3 736,7 730,3 701,5 592,4 531,1 471,7 386,1 300,1 311,4 239,7 280,7 767,8 761,2 745,1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15.7% 17.9% 17.2% 16.0% 20.0% 22.1% 23.1% 24.8% 24.5% 24.6% 23.3% 23.0% 22.1% 21.3% 20.7% 21.7% 21.9% SHR % of total media Source : MediaMark / CIM MDB / MediaXim 33

Top Advertiser Groups Dailies : 2014 4. Advertising Investments Dailies Top 10 COLRUYT GROUP MEDIAHUIS PROXIMUS D’IETEREN GROUP DE PERSGROEP LIDL & CO MEDIALAAN BMW GROUP BELGIUM ALDI IPM GROUP 1000 35 444 31 291 19 055 16 889 15 312 12 001 11 181 10 752 10 742 10 289 34 Source : MediaXim 5. Media Cost Dailies Main Buying Conditions 2015 Tariff base = modules – Articles : 1000 (1/1 P) – 750 (3/4 P) - 500 (1/2 P) – 250 (1/4 P) - Pano (2/1 P) – Accolades : e.g. 100 (100mm*width), 94 (height*94mm) – Apostrophes : e.g. 200 (100*94mm), 400 (100*191mm) Commercial policies – National « NP » offer : promo for 1 insertion to 3 or 5 insertions in the total selection of De Persgroep + Rossel Advertising + Mediahuis + IPM – PNU deals (Premium Newsmedia United): promo for 3, 5, 7 or 9 insertions in all titles of De Persgroep + Rossel Advertising – Offer : Tango (Mediahuis + IPM) or Touchpoint (Rossel + De Persgroep) – Offer : Print - Tablet - Phone – Website : several formats and frequency possible Main buying conditions – extra charge for preferential position : +20% or +25% (p1x5; p3x2) – Top Topical : -25% (predictable event) or -50% (unpredictable) 35

1. Market Overview Magazines Main Characteristics Magazines Particular features – Important overlap from France – almost no overlap from the Netherlands Advantages – Socio-demographic selectivity – High life expectancy of commercial message – Good reproduction quality – Strong reader involvement – Optimal editorial context Evolution – Loss of market share due to heavy competition from other media 37

Overview Dutch Speaking Magazines - Total 12+ 1. Market Overview Magazines Dag Allemaal+Expres HUMO Story Nieuwsblad Magazine Bond Knack VAB-Magazine Knack Weekend Tv Familie+Blik Touring Magazine NL Standaard Magazine DS Weekblad TeVe-Blad P-magazine Primo Sjiek Knack Focus Morgen Magazine Citta Autogids Autowereld MO* Mondiaal Magazine Markt Motoren & Toerisme CIM 2014-1 CIM 2014-2 1394 607 630 569 446 441 480 341 356 343 333 297 283 240 242 272 242 244 175 166 152 147 162 80 1358 577 577 563 429 467 507 369 321 335 321 297 307 243 263 254 270 243 183 165 153 149 n.a. 94 CIM 2014 Evol. 97 95 92 99 96 106 106 108 90 98 97 100 109 101 109 93 111 99 105 99 101 102 n.a. 118 Cost ( in ) Reach N (%) 25,0 10,6 10,7 10,4 7,9 8,4 9,4 6,7 5,9 6,0 5,9 5,5 5,7 4,4 4,9 4,7 4,9 4,3 3,4 2,9 2,9 2,7 3,0 1,7 Reach S (%) 0,3 0,2 0,1 0,0 0,1 0,3 0,1 0,3 0,1 0,3 0,1 0,1 0,0 0,1 0,0 0,0 0,1 0,2 0,0 0,2 0,1 0,1 0,1 0,1 1/1 Page 14 900 11 420 6 000 9 100 10 900 11 600 7 250 11 600 4 250 5 315 8 900 8 400 2 971 6 100 3 600 4 935 6 100 7 300 6 500 4 130 3 760 4 000 5 545 4 000 Cost/ 1000 11,0 19,8 10,4 16,2 25,4 24,8 14,3 31,5 13,2 15,9 27,7 28,3 9,7 25,1 13,7 19,4 22,6 30,1 35,5 25,0 24,5 26,8 n.a. 42,4 Paid Circulation 7/12-6/13 7/13-6/14 347 758 314 272 149 224 122 984 136 045 117 743 Evol. Index 90 82 87 269 615 268 671 100 274 156 274 118 100 873 96 079 100 95 294 762 297 210 101 100 873 96 079 90 136 79 677 186 607 182 362 114 295 111 376 112 750 110 019 130 392 127 270 34 592 31 464 95 88 98 97 98 98 91 100 539 110 319 110 104 274 100 339 104 542 99 685 75 613 71 291 103 685 100 267 16 406 15 175 3 849 16 129 13 866 3 654 103 685 100 258 12 166 11 295 96 95 94 97 98 91 95 97 93 Read./ copy 4,3 4,7 4,9 2,1 1,6 4,9 1,7 3,8 4,0 1,8 2,9 2,7 2,4 7,7 2,4 2,5 2,7 3,4 1,8 10,2 11,1 40,9 n.a. 8,3 38 Source : CIM 2014-2 Overview Dutch Speaking Magazines - Total 12+ 1. Market Overview Magazines CIM 2014 Libelle Flair NL Nina Libelle Lekker Goed Gevoel Feeling Vitaya Vrouwen Met Vaart Elle België Femma Psychologies Magazine NL Marie Claire Belgische Editie CIM 2014-1 CIM 2014-2 919 558 528 490 442 256 182 160 136 134 88 86 915 531 531 500 470 266 198 146 121 120 102 85 Evol. 100 95 101 102 106 104 109 91 89 90 116 98 Reach N (%) 17,0 10,1 9,7 9,0 8,1 4,7 3,3 2,9 2,3 2,4 1,6 1,5 Reach S (%) 0,2 0,4 0,1 0,1 0,1 0,1 0,2 0,1 0,3 0,1 0,1 0,2 Cost ( in ) 1/1 Page 12 750 10 900 9 100 4 080 8 500 9 650 6 000 3 295 8 200 3 200 7 200 5 000 13,9 20,5 17,1 8,2 18,1 36,2 30,3 22,6 67,8 26,6 70,6 59,0 Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 Evol. Index 211 310 202 008 96 94 042 79 140 84 317 174 311 467 98 41 891 36 494 73 630 67 148 59 589 55 048 51 327 48 617 97 343 94 861 18 918 18 326 66 493 61 628 7 582 6 708 17 376 11 837 87 91 92 95 97 97 93 88 68 Read./ copy 4,5 6,7 1,7 13,7 7,0 4,8 4,1 1,5 6,6 2,0 15,2 7,2 CIM 2014 Cost ( in ) Kerk+Leven Eos Magazine OKRA magazine Joepie Brieven aan Jonge Ouders Ché Grande NL Pasar Landbouwleven Boer & Tuinder CIM 2014-1 CIM 2014-2 570 280 290 231 179 122 102 119 83 61 577 248 302 197 194 121 88 109 85 63 Evol. 101 88 104 86 108 99 86 91 102 103 Reach N (%) 10,7 4,6 5,6 3,6 3,6 2,2 1,6 2,0 1,5 1,2 Reach S (%) 0,1 0,1 0,04 0,1 0,1 0,1 0,04 0,0 0,1 0,0 1/1 Page 7 520 5 250 4 690 5 600 8 750 4 750 1 450 2 650 2 400 2 060 13,0 21,2 15,5 28,4 45,1 39,3 16,4 24,3 28,4 32,7 Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 Evol. Index 290 916 270 053 93 21 355 26 918 126 151 229 147 313 97 48 008 38 313 54 725 50 127 18 861 15 582 7 214 5 485 34 171 32 905 25 737 25 094 17 559 17 262 80 92 83 76 96 98 98 Read./ copy 2,1 9,2 2,1 5,1 3,9 7,8 16,1 3,3 3,4 3,6 39 Source : CIM 2014-2

Overview French Speaking Magazines - Total 12+ 1. Market Overview Magazines Ciné Télé Revue Télépro Be TV Moustique Paris Match Vif L'Express Touring Magazine FR Télé Star Soir Magazine Vif Weekend TV News Moniteur Automobile Victoire Deuzio Focus Vif Point de Vue Ligueur des parents Télé Pocket Moto & Loisirs CIM 2014-1 CIM 2014-2 1301 405 361 318 374 380 376 351 352 215 174 201 140 151 134 147 116 105 83 1267 421 366 282 373 382 396 346 342 214 181 234 126 150 135 133 120 102 91 CIM 2014 Evol. 97 104 101 89 100 101 105 99 97 100 104 116 90 99 101 90 103 97 110 Cost ( in ) Reach N (%) 0,3 0,1 0,1 0,1 0,2 0,1 0,1 0,1 0,1 0,1 0,0 0,1 0,0 0,0 0,1 0,2 0,0 0,0 0,0 Reach S (%) 29,8 9,9 8,6 6,6 8,6 8,9 9,3 8,2 8,0 5,0 4,3 5,5 3,0 3,6 3,1 3,0 2,8 2,4 2,1 1/1 Page 14 250 4 150 4 200 4 900 5 400 8 900 6 320 4 650 4 995 8 900 4 900 5 920 7 500 4 200 4 700 4 075 4 950 1 454 2 550 11,2 9,9 11,5 17,4 14,5 23,3 16,0 13,4 14,6 41,6 27,0 25,3 59,7 28,0 34,8 30,7 41,4 14,3 28,1 Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 271 508 248 849 117 629 113 808 111 005 95 771 69 742 46 643 64 400 65 383 43 972 62 213 211 049 206 410 72 313 55 373 64 400 65 894 55 842 62 213 183 059 175 419 20 464 81 345 n.a. 65 689 28 995 39 583 37 059 3 184 19 624 75 640 89 087 63 563 27 104 37 517 34 870 2 687 Evol. Index 92 97 86 94 94 97 98 91 101 97 96 96 93 n.a. 97 93 95 94 84 Read./ copy 5,1 3,7 3,8 4,3 8,5 6,1 1,9 5,3 6,1 3,4 1,0 11,9 1,7 1,7 2,1 4,9 3,2 2,9 33,8 40 Source : CIM 2014-2 Overview French Speaking Magazines - Total 12+ 1. Market Overview Magazines CIM 2014 Femmes d'Aujourd'Hui Top Santé Flair FR Gael Public Elle Belgique Marie Claire Edition Belge Psychologies Magazine FR Art et Décoration Elle Décoration CIM 2014-1 CIM 2014-2 503 531 325 239 161 177 188 164 174 102 505 549 338 220 150 180 192 160 159 98 Evol. 100 103 104 92 93 102 102 97 91 96 Reach N (%) 0,1 0,1 0,2 0,0 0,0 0,1 0,2 0,1 0,1 0,1 Reach S (%) 11,9 13,0 7,8 5,2 3,6 4,1 4,4 3,7 3,7 2,3 Cost ( in ) 1/1 Page 5 687 8 850 4 893 6 560 2 600 8 200 6 000 7 200 4 150 2 590 11,3 16,1 14,5 29,9 17,3 45,5 31,3 45,1 26,1 26,4 Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 92 210 86 434 44 529 43 306 38 929 33 049 27 012 24 069 19 403 16 003 17 788 16 824 17 376 15 002 13 809 11 875 6 410 4 150 5 407 3 349 Evol. Index 94 97 85 89 82 95 86 86 84 81 Read./ copy 5,8 12,7 10,2 9,1 9,4 10,7 12,8 13,4 29,4 29,3 CIM 2014 Cost ( in ) Sillon Belge Dimanche Parents CIM 2014-1 CIM 2014-2 73 78 60 78 67 60 Evol. 107 86 101 Reach N (%) 0,0 0,0 0,0 Reach S (%) 1,9 1,6 1,4 1/1 Page 3 085 2 592 2 275 39,3 38,6 37,6 Paid Circulation Cost/ 1000 7/12-6/13 7/13-6/14 18 324 17 582 56 366 33 238 3 227 2 658 Evol. Index 96 59 82 Read./ copy 4,5 2,0 22,7 41 Source : CIM 2014-2

Overview D+F Speaking Magazines - Total 12+ 1. Market Overview Magazines Plus Magazine NL+FR Royals NL+FR Sport-Voetbal Magazine NL+FR Sabato NL+FR Feeling Wonen+Gael Maison Je vais construire & Rénover+Ik ga bouwen & Renoveren Actief Wonen+Déco Idées Nest NL+FR Trends NL+FR Ambiance Culinaire+Culinaire Ambiance Netto+Mon Argent Data News NL+FR CIM 2014-1 CIM 2014-2 342 156 517 96 226 201 195 501 220 115 110 46 348 138 519 85 245 318 191 500 220 115 92 48 CIM 2014 Evol. 102 88 100 89 108 158 98 100 100 100 84 104 Cost (in ) Reach N (%) 4,0 1,5 4,7 1,3 2,5 6,6 1,5 7,7 2,2 1,2 1,1 0,5 Reach S (%) 3,2 1,4 6,4 0,4 2,6 8,2 2,7 2,0 2,4 1,2 0,8 0,5 1/1 Page 7 850 4 975 6 700 11 800 4 710 4 800 4 750 6 600 9 650 5 250 11 800 8 250 Cost/ 1000 22,6 36,0 12,9 138,6 19,2 15,1 24,8 13,2 43,9 45,6 127,6 173,2 Paid Circulation 7/12-6/13 7/13-6/14 107 987 102 545 28 052 25 848 45 054 44 156 63 141 62 098 28 694 26 445 14 404 13 328 27 017 26 010 124 258 97 952 38 609 38 361 20 547 19 675 67 586 66 431 2 588 2 803 Evol. Index 95 92 98 98 92 93 96 79 99 96 98 108 Read./ copy 3,4 5,3 11,8 1,4 9,3 23,8 7,3 5,1 5,7 5,9 1,4 17,0 42 Source : CIM 2014-2 Coverage Magazines : Top 20 – North 2. Media Profile Magazines Titles 1 Zondag 2 Dag Allemaal+Expres 3 Delhaize Magazine 4 Libelle 5 Kerk+Leven 6 Story 7 HUMO 8 Flair NL 9 VAB-Magazine 10 Steps NL 11 Libelle Lekker 12 Goed Gevoel 13 Knack 14 Bond 15 Knack Weekend 16 Touring Magazine NL 17 Tv Familie+Blik 18 DM City 19 TeVe-Blad 20 OKRA magazine Paper 28,5 25,0 17,5 16,9 10,7 10,7 10,6 9,7 9,4 9,3 9,2 8,7 8,4 7,9 6,7 6,0 5,9 5,7 5,7 5,6 43 % coverage - Total 12+ North Paper+Digital 28,6 25,1 17,6 17,0 10,7 10,7 10,8 9,9 9,4 9,3 9,4 8,7 8,7 7,9 6,8 6,1 5,9 5,8 5,8 5,6 Total brand 28,9 25,3 18,1 17,5 10,7 10,9 12,0 10,5 10,1 9,5 10,9 9,3 10,1 7,9 7,4 6,5 6,0 6,6 6,1 5,6 Source : CIM 2014

2. Media Profile Magazines Mapping Top 20 Titles – North 90 Young & Upscale 80 Knack Weekend 70 Knack Bond HUMO Goeshng 60 Touring Magazine NL 50 VAB--Magazine Steps NL Zondag Story Dag Allemaal+Expres TeVe Blad 40 Kerk+Leven 35+ & Downscale 30 0 35+ & Downscale 5 10 15 20 25 % less than 35 years 44 30 Tv Familie+Blik 35 40 45 50 Source : CIM 2014 Delhaize Magazine Libelle Libelle Lekker Goed Gevoel Flair NL Average pop. 12+ % social groups 1 to 4 Average pop. 12+ Coverage Magazines : Top 20 – South 2. Media Profile Magazines Titles 1 Ciné Télé Revue 2 Delhaize Magazine 3 7 Dimanche 4 Top Santé 5 Femmes d'Aujourd'Hui 6 Télépro 7 Touring Magazine FR 8 Vif L'Express 9 Be TV 10 Paris Match 11 Télé Star 12 Soir Magazine 13 Flair FR 14 Moustique 15 Logic Immo FR 16 Moniteur Automobile 17 Gael 18 Vif Weekend 19 Marie Claire Edition Belge 20 Elle Belgique Paper 29,8 24,9 14,9 13,0 11,9 9,9 9,3 8,9 8,6 8,6 8,2 8,0 7,8 6,6 5,9 5,5 5,2 5,0 4,4 4,1 45 % coverage - Total 12+ South Paper+Digital 30,1 25,1 15,0 13,3 12,0 10,0 9,5 9,3 9,0 8,7 8,3 8,2 7,9 6,7 6,2 5,7 5,3 5,1 4,4 4,4 Total brand 31,3 25,9 15,1 14,8 12,4 10,3 10,3 10,8 10,6 9,2 8,6 9,3 8,5 7,3 7,9 7,3 5,6 5,5 4,4 5,0 Source : CIM 2014

2. Media Profile Magazines Mapping Top 20 Titles – South 80 Vif Weekend 75 Vif L'Express Psychologies Magazine FR 70 Elle Belgique 65 Paris Match Soir Magazine 60 55 Touring Explorer FR 50 45 40 35 15 Télé Star 35+ & Downscale 25 35 45 46 55 % less than 35 years Source : CIM 2014 65 75 85 Top Santé Télépro Ciné Télé Revue Femmes d'Aujourd'Hui Moniteur Automobile Marie Claire Edihon Belge Gael Logic Immo FR Moushque Be TV Flair FR Average pop. 12+ Public Young & Upscale % social groups 1 to 4 Average pop. 12+ 3. Market Shares Magazines Evolution Paid Circulation – North (1988 – 2014) Main Family - TV – News Magazines 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Dag Allemaal (+Expres) Humo Knack Magazine Telepro NL P--Magazine Trends-(Tr.--Tend.) 47 Source : CIM Authentification TV Blad Expres Story Het Beste

3. Market Shares Magazines Evolution Paid Circulation – North (1988 – 2014) Main Women Magazines 250 000 200 000 150 000 100 000 50 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Libelle NL Flair NL Goed Gevoel Weekend Knack Feeling Marie--Claire NL 48 Elga Elle NL Source : CIM Authentification Vitaya 3. Market Shares Magazines Evolution Paid Circulation – South (1988 – 2014) Main Family - TV – News Magazines 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Ciné-Télé-Revue Téléstar Soir Mag. Vif/L'Express Moustique Point de vue 49 Télépro Paris Match Source : CIM Authentification Sélection

3. Market Shares Magazines Evolution Paid Circulation – South (1988 – 2014) Main Women magazines 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Femmes d'auj. Flair Fr Parents Weekend Vif 50 Gael Top Santé Marie Claire Fr Madame Figaro Source : CIM Authentification 4. Advertising Investments Magazines Evolution 1998 – 2014 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Reduced number of magazines in MDB since 2001. 299,8 299,9 269,3 268,7 237,7 248,2 245,6 257,6 281,9 280,4 286,6 281,7 296,6 273,7 262,6 258,0 256,5 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15.5% 14.8% 13.6% 14.7% 13.9% 12.6% 12.3% 11.8% 10.0% 9.7% 9.5% 8.9% 8.6% 7.7% 7.3% 7.0% 6,8% 51 Source : MediaMark / CIM MDB / MediaXim

4. Advertising Investments Magazines Top Advertiser Groups Magazines : 2014 ROULARTA MEDIA GROUP SANOMA MAGAZINES FINLAND DE PERSGROEP L’OREAL GROUP MEDIALAAN PSA PEUGEOT CITROEN SBS BELGIUM MEDIAHUIS VRT D’IETEREN GROUP Top 10 1000 20 989 13 357 6 235 4 893 4 266 3 947 3 150 3 071 2 921 2 748 52 Source : MediaXim 5. Media Cost Magazines Main Buying Conditions 2015 Commercial policies – by main sales houses : Roularta Media, Sanoma Media, de Persgroep Advertising, IP Press, – several formats : from to double page full quadri & covers – numerous creative formulas (inserts, samples, scentstrips ) – several community marketing possibilities Main buying conditions – guaranteed position : +10% to 25% – ‘prima posta’ (right or first advertisement) : +20% to 42% – advertisement on cover : +10% to 50% – combination of titles discounts – seasonal conditions on weeklies : End December/Mi February : 3 ins + 1 free ins, July/August : 2 ins 1 free ins – Seasonal on monthlies : 2nd ad at 50% 53

1. Market Overview Free Sheets Main Characteristics Free Sheets Particular features – High coverage – Main groups in control: Rossel & L’Avenir (South), Roularta & Corelio Connect Noord (North) Advantages – High regional selectivity – Low costs – Promotional force Evolution – Commercial offer based on volume discounts for standardized formats – Improvement of the print/editorial quality – Success of the PULL strategy (De Zondag, 7 Dimanche, Steps, Zone 02, 03, 09, ) 55

2. Media Profile Free Sheets Overview Free Sheets - Total 12+ CIM 2014 Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL Goesting (DM.city + Xtra magazine) CIM 2014-1 CIM 2014-2 Evol. 2718 1932 1616 615 528 495 2730 1957 1545 631 504 n.a. 100 101 96 102 95 n.a. Reach N (%) 49,9 0,2 28,5 0,1 9,3 8,0 Reach S (%) 1,2 46,3 0,3 14,9 0,1 1,5 Cost (in ) 1/1 Page 46 285 80 118 26 275 15 305 16 000 10 200 Cost/ 1000 17,0 40,9 17,0 24,3 31,8 n.a. CIM 2014-2 Streekkrantgroep Vlan Zondag 7 Dimanche Steps NL Goesting (DM.city + Xtra magazine) Paper 2730 1957 1545 631 504 n.a. Paper+Digital 2735 1962 1550 633 505 n.a. Index vs Paper 100 100 100 100 100 n.a. Total Brand 2759 1996 1568 638 514 n.a. Index vs Paper 101 102 102 101 102 n.a. 56 Source : CIM 2014 2. Media Profile Free Sheets Media Mapping 75 Young & Upscale 70 DM City ( Paper ) 65 60 Steps NL ( Paper ) 55 Zondag (Paper) 50 7 Dimanche (Paper) Streekkrantgroep (Paper) 45 35+ & Downscale 40 15 20 25 % less than 35 years 57 30 35 40 Source : CIM 2014 VLAN ( Paper ) Average pop. 12+ % social groups 1 to 4 Average pop. 12+

Accumulation Coverage Free Sheets 2. Media Profile Free Sheets 60 62 64 66 68 70 72 74 76 78 80 77,4 76,6 75,5 74,4 74,3 72,3 72,3 70,5 70,6 69,7 67,2 68,1 65,5 63,4 Tot 12+ Nat Tot 12+ Nl Tot 12+ Fr 1 2 3 4 6 9 number of insertions in all free sheets (De Zondag included) 12 71,4 71,9 72,1 73,3 75,0 75,3 77,8 58 Source : CIM 2014 coverage (%) Top Advertiser Groups Free Sheets : 2014 4. Advertising Investments Free Sheets Top 10 ACTION NON FOOD METRO GROUPE SOGESMA THYSSENKRUPP GROUPE RENMANS GROUPE STEYLAERTS ROULARTA MEDIA GROUP ZEEMAN TEXTIELSUPERS ITEK IMPERMO 1000 5 322 1 867 1 599 1 372 931 901 769 749 703 698 59 Source : MediaXim

1. Market Overview Out of Home Main Characteristics Outdoor Particular features – Belgian market is one of the most mature in Europe – High number of panels : +/- 64.000 – Numerous formats & buying possibilities Advantages – Regional selectivity – High national coverage & frequency – Large visibility Evolution – Development of digital & interactive products (metro, stations & malls) – Ongoing investments in qualitative equipment and locations (ex: Backlights 36m ) – More precise targetted offer and geographic segmentation – Development of modules and interchangeable mix 61

1. Market Overview Out of Home Main Outdoor Types – Supersite (38 m - 36 m - 21m - 16 m ) – 20 m in network – 20 m line-by-line – Street furniture (2 m ) – Small formats (i.e. Insert networks) – Big urban furniture (8 m ) – Digital metros & stations – Others (Boomerang Media) – Points of sale – Tram, buses, metros, stations – Mobile 62 1. Market Overview Out of Home Main Outdoor Owners CLEAR CHANNEL BELGIUM ADSHEL Optimum 2m Maximum 2m Adshel & Malls 2m Adshel BeSST MORE O'FERRALL 16m 36m & LED Urban Media TRANSIT Trams & busses (TEC) Stations PLAY DNN DHST DL CC MALLS Malls 2m Carrefour + Carrefour Market JCDECAUX JCDECAUX Booster 2 m Authentic 2 m ( Lady 2 m , Retail 2 m , Conso F 1 / F 2 2 m ) Metro, Trams and Busses in BXL JCDECAUX BILLBOARD Prestige Senior Superstar 700 20 m line by line Brussels 8 m JCDECAUX AIRPORT Indoor & Outdoor Products INSERT Time Corner ProxyCity BELGIAN POSTERS TINK MEDIA OUTDOOR 20 m & 10 m & 8 m line by line 4 m line by line Belgium 800 - Cover 600 - Access 500 Moving 400 - Contact 350 Grand Slam 63 20 m & 8 m line by line Superbowl 2 m Delhaize Source : Outdoor Services

1. Market Overview Out of Home Main Outdoor Owners Others BlowUp Media Made in Media Zoom ID Cars 4 Publicity Beltmedia Dewez Boomerang Publilux Freemobility Brightfish Media Expo Mobilad Mediafield Focalise Pop Media Spicymotion Guido HighCo Euromobile Lijncom Rapid Affichage Alvern Media DOOH etc 64 Source : Outdoor Services 1. Market Overview Out of Home Performances Main Outdoor Owners – Total 12+ JCDecaux Billboard (commercial offer 2015) NETWORK SELECTION Brussels 8 Prestige Senior SuperStar 700 * 5 main cities ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2015 FORMAT-PERIOD Brussels 8 m - 14 days 5 MC* 8 m + 21 m + 38 m - 21 days 48 UC 20 m & 8 m - 14 days # PANELS COV. 2015 50 130 700 20,7 51,0 79,0 OTS 17,2 18,7 29,6 GRP RATE CARD** C/GRP*** ( in ) ( in ) 357 954 2 339 41 500 254 000 419 000 120,96 274,47 162,76 65 Source : Outdoor Services JCDecaux Billboard

1. Market Overview Out of Home Performances Main Outdoor Owners – Total 12+ Clear Channel (commercial offer 2015) NETWORK 16 m + Mega 16 m 36 m B 2 B - 80 pan . 36 m - 100 pan . Super Mix 420 MaxiMix 480 MaxiMix 500 MaxiMix 520 SELECTION 24 UC 5 MC 24 UC 24 UC FORMAT-PERIOD 16 m - 14 days 24 UC + other cities 16 m - 14 days 5 MC 36 m - 14 days 36 m - 14 days 24 UC + other cities 16 + 36 m - 14 days 24 UC 16 + 36 m - 14 days 16 + 36 m - 14 days 16 + 36 m - 14 days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2015 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2015 ( in ) 420 760 80 100 420 480 500 520 72,0 17,6 1 264 77,9 29,2 2 271 43,8 11,3 47,1 12,0 496 567 74,1 17,9 1 328 73,7 22,2 1 640 73,6 23,9 1 760 74,1 24,7 1 832 358 580 515 773 214 518 255 983 442 608 452 134 486 679 532 136 ( in ) 278,28 223,53 405,46 428,90 326,15 268,22 269,33 283,21 66 Source : Outdoor Services CLEAR CHANNEL 1. Market Overview Out of Home Performances Main Outdoor Owners – Total 12+ Belgian Posters (commercial offer 2015) NETWORK Access 500 Cover 600 Belgium 800 Moving 400 Contact 350 SELECTION 24 UC 48 UC National FORMAT-PERIOD 20 m + 10 m + 8 m - 14 days 20 m + 10 m + 8 m - 14 days 20 m + 10 m + 8 m - 14 days Inter city Axes 20 m - 14 days Inter city Axes 20 m - 14 days ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2015 # PANELS COV. OTS GRP RATE CARD** C/GRP*** 2015 ( in ) 500 600 800 400 350 73,3 23,5 1 720 75,8 23,9 1 810 80,8 26,7 2 157 n.a. n.a. n.a. n.a. n.a. n.a. 295 000 356 000 399 000 162 000 131 000 ( in ) 170,83 183,57 162,78 n.a. n.a. 67 Source : Outdoor Services Belgian Posters

1. Market Overview Out of Home Performances Main Outdoor Owners – Total 12+ Think Media Outdoor (commercial offer 2015) NETWORK Superbowl SELECTION FORMAT-PERIOD 48 UC 20 m + 8 m - 14 days # PANELS COV. 2015 550 66,6 OTS 16,3 GRP RATE CARD** C/GRP*** ( in ) ( in ) 1 086 165 000 127,07 ** Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2015 68 Source : Outdoor Services Think Media Outdoor 1. Market Overview Out of Home Performances Main Outdoor Owners – Total 12+ Urban Furniture (commercial offer 2015) NETWORK Adshel Maximum Adshel Optimum ADSHEL Adshel BeSST (Optimum + Stations) Adshel Antwerp+ Adshel Ghent Adshel Stations Clear Channel Malls JCDecaux Booster JCDecaux Taste JCDECAUX JCDecaux Authentic Young JCDecaux Conso F1/F2 JCDecaux Authentic Lady JCDecaux Local Brussels 300 JCDecaux Local Brussels 450 JCDecaux Brussels to Business JCDecaux Brussels Event JCDecaux Brussels Place2Be JCDecaux Liège SELECTION National National National Antwerp Ghent National National National National National Brussels Brussels Brussels Brussels Brussels Liège FORMAT-PERIOD # PANELS COV. 2015 urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days POS Carrefour+GB urban furn.-7 days urban furn.-7 days national + Prox POS urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days urban furn.-7 days * Ex. taxes *** Adjusted cost/GRP based on panels in CIM Traffic Study Wave 1/2015 3 010 2 650 3 230 350 250 580 439 2 750 2 150 2 450 2 450 600 300 450 150 150 150 250 71,8 70,8 72,9 13,8 8,5 9,3 n.a. 72,5 70,2 71,3 72,1 56,7 20,9 21,2 17,1 18,5 18,5 7,3 OTS 35,8 31,6 36,0 37,0 27,1 5,3 n.a. 36,9 30,1 33,3 33,3 9,2 15,9 24,1 9,9 9,3 9,2 24,3 GRP RATE CARD* C/GRP** ( in ) ( in ) 2 572 2 238 2 622 510 230 50 n.a. 2 671 2 110 2 376 2 400 520 333 512 169 172 171 178 278 219 261 007 307 011 38 344 29 758 71 090 58 092 298 000 243 500 276 000 276 000 79 600 39 100 57 300 22 300 22 300 22 300 33 200 102,78 110,86 122,64 75,18 129,38 1.282,07 n.a. 102,72 106,28 107,11 105,61 141,34 117,42 111,91 131,95 129,65 130,41 186,52 69 Source : Outdoor Services

2. Media Profile Out of Home Coverage (in %) by Main Outdoor Type - Total 12+ 10 20 30 40 50 60 70 80 90 0 79,0 72,0 51,0 43,8 47,1 73,6 74,1 73,3 80,8 75,8 66,6 70,8 71,8 Source : CIM Traffic Study Wave 1/2015 70 2. Media Profile Out of Home Performances by Major City - Total 12+ # GRP (Total 12+) COVERAGE OTS GRP Total GRP 5 MC National National National Brussels Charleroi Liège JCDecaux Billboard Superstar 700 18,7 954 Antwerpen 2209 Gent 1328 2145 2632 2012 79,0 29,6 2 339 2854 2684 5156 4414 4331 MOF Prestige Senior 51,0 16+ 72,0 36 m 36 m Maximix 500 Supermix 420 80 p. 100 p. 43,8 47,1 17,6 11,3 12,0 16 + 36 m 73,6 23,9 1 264 496 567 1 760 1342 1407 1983 1937 1552 1374 1723 866 903 3523 1268 1261 3281 896 1253 2749 3489 2595 4791 4178 16 + 36 m 74,1 17,9 1 328 2074 2805 1883 3278 2491 Access 500 73,3 23,5 BELGIAN POSTERS Cover 600 75,8 23,9 3586 2232 3332 3050 3168 TMO Belgium 800 80,8 26,7 1 720 1 810 2 157 2799 2663 3255 3551 2416 3535 3210 3627 4036 3643 Superbowl 66,6 16,3 1 086 3001 1721 770 978 631 Booster Maximum 70,8 31,6 71,8 35,8 2 238 2 572 3716 7 852 748 5 876 6759 4 315 3358 3 691 5631 1 890 Urban Furniture Decaux Adshel 71 Source : Outdoor Services

3. Market Shares Out of Home Investment Shares by Type – 2014 Market Share in total Outdoor Ad Investments* Trams, Bus, Metro 3,1% 8m 5,9% Malls 2,2% Airport 3,6% Mobilad 0,3% 20m 16,5% 16m 6,0% Supersite 10,4% 2m 52,1% * Data available for Clear Channel, JC Decaux, Belgian Posters, Think Media Outdoor & Brightfish. 72 Source : MediaXim 4. Advertising Investments Out of Home Evolution 1998 – 2014 In Million Euros 100 150 200 250 300 350 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 324,6 307,8 313,7 278,0 238,7 226,6 214,5 197,8 182,4 172,5 158,5 158,8 161,7 204,5 249,5 248,1 253,7 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Data available for Clear Channel, JC Decaux, Belgian Posters & Brightfish. Belgian Posters are not present in CIM-MDB between September 2003 and January 2011. *since January 2010 : taxes included 73 Source : MediaMark / CIM MDB / MediaXim 10.4% 9.5% 8.9% 9.8% 9.4% 9.3% 8.9% 9.0% 7.9% 7.7% 7.9% 7.8% 7.3% 7.8% 8.5% 8.5% 8,6% SHR % of total media

4. Advertising Investments Out of Home Top Advertiser Groups Outdoor : 2014 Top 10 D’IETEREN GROUP CARREFOUR GROUP PSA PEUGEOT CITROEN DAIMLER BENZ GROUP PROXIMUS BRUSSELS AIRLINES RENAULT-NISSAN ALLIANCE COCA-COLA BELGIUM-LUXEMBOURG MONDELEZ INTERNATIONAL SAMSUNG 1000 11 902 10 872 7 578 6 877 6 442 5 954 5 935 5 898 5 847 5 837 74 Source : MediaXim 5. Media Cost Out of Home Main Buying Conditions 2015 Commercial policies – by contractors (Clear Channel, JCDecaux, Think Media Outdoor, Belgian Posters, Boomerang Media, ) – combination tariffs available – from very local to national coverage – prescriptible & OTC medicines ad forbidden (except nutritive complements) – No sectorial exclusivity on big formats – sectorial exclusivity on urban furniture except for JC Decaux : No more exclusivity for weeks 1-4, week 19 (mother day), week 24 (father day) weeks 27-34 and weeks 49-52 – sectorial exclusivity on urban furniture except for Adshel : No more exclusivity for weeks 1-4, week 19, week 23 and weeks 48-53 Main buying conditions – additional charge for an extra posting (from 80 net for a standard roadside 20 m board to 350 net for a trivision) – communal taxes according to the city and to the kind of product 75

1. Market Overview Television Main Characteristics Television Particular features – Dense cable network – Two TV-markets : North & South – Importance of foreign channels overflow in the South Advantages – Impact of audiovisual communication – High coverage, fast coverage building – Demonstration of the product Evolution – Multiplication of Thematic channels : audience fragmentation – 2nd screen interactive applications ie RTL Connect – Digital TV penetration : 78% (+5% vs last year) – Telenet : 3.267.340 subscriptions (35%) – Belgacom TV : 2.664.352 subscriptions (28%) – VOO : 1.199.081 subscriptions (13%) 77

2. Media Profile Television Coverage Total TV North – Total 12+ (2014) 60 50 40 30 20 10 0 78 Source : Audimetrie % instant reach Coverage Total TV South – Total 12+ (2014) 2. Media Profile Television 10 15 20 25 30 35 40 45 50 0 5 79 Source : Audimetrie % instant reach

2. Media Profile Television Daily Coverage & Viewing Time – Total 12+ (2014) North : total day (02h00-26h00) TOTAL EEN Canvas VTM 2BE TV Coverage (%) Average viewing time 75,4 275 57,3 96 35,5 44 49,2 76 26,0 35 35,1 41 22,4 31 21,7 42 4,8 23 Vier Vijf Vitaya Nickelodeon 3,1 18 9,6 27 3,8 24 VTM Discovery Disney Other Kzoom Channel Channel NL 34,4 37 South : total day (02h00-26h00) TOTAL LA 1 LA 2 TV Coverage (%) Average viewing time 72,6 331 45,5 70 30,2 35 RTL TVI 46,7 82 Club RTL 22,5 33 Plug BeTV AB3 RTL 20,2 22 2,7 22 20,0 47 Nickelodeon + MTV 4,9 46 Disney Channel 3,7 32 Other FR 59,5 141 80 Source : Audimetrie 2. Media Profile Television Selectivity TV-channels – 2014 North : 12h00 – 24h00 4+ VTM 2BE Vier Vijf EEN Canvas Vitaya Nickelodeon 100 Gender 94 70 65 57 100 121 100 106 100 100 108 100 128 100 100 114 150 116 96 155 50 South : 12h00 – 24h00 Gender 4+ LA1 LA2 RTL-TVI CLUB RTL AB3 Plug RTL Nickelodeon 100 102 100 113 100 96 Disney Channel 100 87 90 58 51 100 114 100 100 100 21 25 39 56 65 58 344 388 30 39 44 55 59 73 78 84 49 73 74 90 43 43 33 25 20 21 27 69 76 71 59 25 31 48 89 Age 75 111 143 141 204 410 179 161 17 125 106 99 44 62 71 45 119 111 94 52 71 75 70 128 100 133 114 113 94 109 179 118 29 Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 123 96 62 89 94 71 74 94 61 110 142 113 107 132 129 107 143 89 95 128 118 109 50 67 87 65 Age Social class M 15+ F 15+ 4-14 15-24 25-34 35-44 45-54 55+ 1 to 4 5 to 8 PRP 18-44 122 111 123 101 123 122 63 56 71 89 141 145 125 49 81 115 112 149 177 102 114 115 118 200 101 171 130 144 123 128 116 88 32 50 83 78 17 15 98 77 74 67 78 75 75 99 102 123 126 132 122 125 124 60 81 95 102 158 171 127 85 Source : Audimetrie

2. Media Profile Television Coverage TV-channels North – Total 12+ (2014) 10 12 14 16 18 0 2 4 6 8 EEN 2BE Nickelodeon Canvas Vier Other NL Ketnet Op 12 Vijf VTM Vitaya 82 Source : Audimetrie % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 2. Media Profile Television Coverage TV-channels South – Total 12+ (2014) 10 12 14 16 18 20 0 2 4 6 8 LA1 Club RTL BeTV LA2 Plug RTL Nickelodeon + MTV RTL-TVI AB3 Other FR * Overflow of France is very important in day time & late peak time : programs on Belgian channels are weaker. 83 Source : Audimetrie * % instant reach 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00

Coverage Regional TV-channels – Total 18+ (2011) 2. Media Profile Television 84 Source : Geodata – Connection Panel 2. Media Profile Television Seasonality TV Audience – Total 12+ (2014) Monthly Evolution : 12h00 – 24h00 10 15 20 25 30 35 0 5 North 85 South Source : Audimetrie % OGB/AIP Jan. Feb. Mar. Apr. May June July August Sept. Oct. Nov. Dec.

3. Market Shares Television Audience Shares TV-channels – Total 12+ (2014) North : 17h00 – 23h00 National Geo 0,5% Disney Ch 0,3% Nick 0,3% Nick Jr 0,3% Discovery Ch 0,8% Vitaya 3,2% Vijf 3,7% 2BE 5,3% vtmKzoom 0,1% vtm 21,3% Vier 8,2% Other Channels: FR Speaking 31,1% RTL-TVI 20,3% Canvas 8,3% Ketnet op 12 0,7% DISNEY CHANNEL FR 0,4% NICKELODEON(FR) 0,6% BE 1 0,3% AB3 3,2% PLUG RTL 2,3% CLUB RTL 4,4% Acht 0,4% Other NL 4,9% NJAM! 0,2% EEN 30,0% LA DEUX 5,7% Other 11,7% Others 16,8% LA UNE 14,9% South : 17h00 – 23h00 86 Source : Audimetrie 4. Advertising Investments Television Evolution 1998 – 2014 In Million Euros 200 400 600 800 1000 1200 1400 1600 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1414,3 1246,8 1204,8 1161,2 1071,2 945,3 864,6 783,7 655,6 690,8 810 1003,6 981,5 1453,9 1446,3 1459,7 1450,3 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 42.8% 41.3% 43.3% 46.3% 44.7% 44.2% 43.7% 41.1% 37.4% 37.4% 38.1% 39.3% 40.8% 40.8% 40.1% 39.4% 38,6% 87 Source : MediaMark / CIM MDB / MediaXim (incl. sponsoring TV) SHR % of total media

4. Advertising Investments Television Top Advertiser Groups Television : 2014 Top 10 PROCTER & GAMBLE BENELUX UNILEVER RECKITT & BENCKISER COCA-COLA BELGIUM-LUXEMBOURG L’OREAL GROUP PROXIMUS MEDIALAAN MONDELEZ INTERNATIONAL NESTLE GROUP DANONE GROUP 1000 78 921 68 475 61 748 37 572 32 230 25 180 22 802 21 327 20 846 20 785 88 Source : MediaXim (incl. sponsoring TV) detsg estets eeso Investment Shares TV-channels (2014) TV North : 955.06 million (66%) Vijf 7,1% Vier 18,5% VTM / VTM Kzoom 41,7% Kanaal Z 0,4% Vitaya 5,7% TMF 0,1% Jim TV 0,9% Nickelodeon 2,0% MTV 0,3% 2BE 9,7% EEN 6,0% Disney Channel 0,8% Source : MediaXim (incl. sponsoring TV) 89 Acht 1,7% Canvas-Ketnet 0,8% RTL TVI 51,1% Club RTL 10,3% Others 4,2% Disney Channel 0,8% Plug RTL 4,8% Nickelodeon 2,0% TV South : 495.28 million (34%) Canal Z 0,3% Others 0,4% La Une 18,5% La Deux 5,9% AB3 5,1% Be1 0,2% MTV 0,6%

5. Media Cost Television Main Buying Conditions 2015 Commercial policies – by main saleshouses : Medialaan, SBS, RTVM, Média 13, IP, RMB, VAR TV, Concentra – several buying stipulations – commercial possibilities : airtime, sponsoring, 2nd screen (ic connect), Main legal stipulations – price citation allowed on all channels (not for billboarding) – diverse restrictions on kids advertising on RTBF (no more 5 minutes rule since March 2007) – alcohol beverages : no restrictions in the North - alcohol +20° forbidden at RTBF Duration index Sales 5'' Houses Medialaan SBS RMB IP 50 40 35 35 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60'' 50 50 50 50 70 70 70 70 85 85 85 85 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 135 150 165 185 200 90 Main Buying Stipulations 2015 – Medialaan 5. Media Cost Television Channels Commitment Rebates Premiums Free space Surcharges VTM, 2BE, Vitaya (& JIM) Volume bonus (incremental level) : 2% to 15% free space Entertainment discount : -15% (Music, Film and Game sector) Packages : Regional Advertising, Swing pakket New product : 15% to 20% Welcome Bonus: 15% Formula B&R: Prime for construction / renovation and inside Preferential position : +20% Brand quotation : +15% (1 or 2)/ +20% (3 and+) Argued quotation : +20% (1), +40% (2 and +) Gamma - Spots : +15% (1), +25% (2), 30% (3 and +) Co-branding : min 50% Single Spot (VTM): + 30% (min 20s and max 45s) Spot countdown (VTM): + 20% (min 20s and max 60s) 91

5. Media Cost Television Main Buying Stipulations 2015 – SBS Channels Commitment Premiums Free space Vier en Vijf Volume bonus incremental level : 2% to 13% free space (min. 35% SOI) Welcome back premier : 15% New advertiser : 20% New product : 10% to 15% Duo advertising break : + 0% Car bonus : Vier 5% - Vijf 10% Confraternal premium : 17,65% free space Collective campaigns, general interest : 30% free space Product of the year: free tag on (5s) Charity campaigns : 100% free space Surcharges Preferential position : +20% Brand quotation : +15% (1), +20% (2), +30% (3) Argued quotation : 20% (1), 40% (2) Co-branding : +50% 92 5. Media Cost Television Main Buying Stipulations 2015 – IP Channels RTL TVI, Club RTL, Plug RTL Commitment Rebates ( min . budget : 25 000 ) Volume bonus (incremental level) : 2,5% to 22,8% General interest : 30% Charity campaigns : 30% Building offer (from 01/02 to 31/03 and from 15/10 to 31/11) : 30% to 50% Regional retailers : contact IP / Mediabrands Movie : 30% Amusement Parks : 15% during July / August Discover : 10% for new programmes Best Deal: sponsoring last minute -50% Packages Opti short time & Opti kidz Give me five pack "Opti first step"+"Opti night shots", "opti radio contact vision" "opti Plug", "opti Flash" Premiums Free space Welcome bonus : 15 % to 30 % - limited 75 . 000 Welcome in the south (+15%) if absent for 3 years Toys bonus : 30% (Kidz RTL) DVD bonus: 15% Car show room (01/01 - 31/01) : free tag on (max 5s) Open Door' (car sector)- bonus : free tag on (max 5s) Plug RTL bonus : 5% to 15% Welcome back bonus : 7 , 5 % to 15 % - limited 37 . 500 Travel Bonus : 15% Surcharges Weather forecast reminder : 15% Preferential position : +10% to +15% Program reminder : 15% Argued quotation : +15% Non-argued quotation : +10% (1) and +20% (2 to 4) Argued Web quotation : +5% Non-Argued Web quotation : 0% Countdown break : +15% Interactive spot : +10% Gammaspot/ Spot Gamme : 20% Sector exclusivity : +15% Co-branding : +20% to +30% 93

5. Media Cost Television Main Buying Stipulations 2015 – RMB Channels Premium La Une, La Deux, BeTV (AB3, La Trois, Voo Foot) Welcome bonus : +20% La1, La 2; +30% BeTV; +20% to 30% AB3 Car Fair bonus (01/01-31/01) : 5% Open Door (car)-bonus: 5% New product bonus : 10% La 1, La 2; AB3 +20% Packages Vollenback, C/ GRP Garantis, Family box, package BeTV Volume bonus : +1% to 7,5% La 1, La 2, BeTV Volume bonus : +1% to 10% AB3 Growth bonus : +0,75% to 4,5% La 1, La 2, BeTV Growth bonus : +1% to 27% AB3 Loyalty bonus : +1,5% La 1, La 2, BeTV Loyalty bonus : +2% AB3 Rebates Movie : -30% La 1, La 2, AB3; -15% BeTV General interest : -30% to -50% Product of the year = tag on 5 sec FREE DVD : -15% Surcharges Split broadcasting : sum of 2 duration indexes - 10% Preferential position : +10% Secto exclusivity : +10% Non-argued quotation : +15% (1), +30% (2-4 max) URL argued quotation : +15% URL quotation : 0% Co-branding : +20% to +30% 94 5. Media Cost Television Tariff Structure Main TV Channels (in ) - North VMM : Base – October 2014 – Total 18-54 DAY VTM PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 670 2 706 14 179 2 219 1,4 1,0 2,4 7,9 2,1 841 670 47 75 2BE PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP 1 144 1 118 1 804 1 067 748 2 646 917 SBS : Base – October 2014 – Total 18-54 Vier DAY 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 154 346 1 079 5 466 1 921 0,2 0,4 1,1 3,6 1,5 809 865 85 1 018 1 510 1 307 95 142 468 1 622 753 0,1 0,1 0,6 1,8 1,2 589 578 1 188 1 454 752 Vijf PARTS PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP 12:00 - 13:59 0,2 0,3 0,5 1,2 0,7 473 429 900 1 363 1 108 Source : Audimetrie

Tariff Structure Main TV Channels (in ) - South 5. Media Cost Television DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 IP : Base – October 2014 – Total 18-54 Club RTL RTL-TVI 757 2 147 8 961 1 516 1,8 1,7 3,1 7,5 1,7 822 445 697 100 187 536 1 198 919 5 248 900 0,6 0,6 0,8 4,6 0,7 172 340 654 1 136 1 305 310 220 271 980 408 Plug RTL PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP 1 463 0,5 0,5 0,6 1,6 0,7 646 416 423 605 592 DAY PARTS 12:00 - 13:59 14:00 - 16:59 17:00 - 18:54 18:55 - 22:59 23:00 - 25:59 RMB : Base – October 2014 – Total 18-54 La Une La Deux 267 786 4 480 407 1,9 0,8 1,5 4,6 0,6 599 342 542 974 657 176 168 336 1 102 143 0,3 0,4 0,8 1,1 0,3 652 467 431 229 831 695 AB3 PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP PRICE 30'' OGB/AIP C/GRP 1 108 1 040 478 1 475 578 0,5 1,1 0,9 1,6 0,9 477 749 790 922 649 96 Source : Audimetrie Evolution Cost/GRP (in ) – Total 15+ (2006 – 2014) 5. Media Cost Television 200 400 600 800 1000 1200 1400 1600 0 North South 97 Source : Audimetrie 1/06 3 5 7 9 11 1/07 3 5 7 9 11 1/08 3 5 7 9 11 1/09 3 5 7 9 11 1/10 3 5 7 9 11 1/11 3 5 7 9 11 1/12 3 5 7 9 11 1/13 3 5 7 9 11 1/14 3 5 7 9 11

Main Characteristics IDTV (Interactive Digital TV) 1. Market Overview IDTV Perfect sound and image (DVD quality) – Digital compression (no loss during transmission) – Not to confuse with High Definition Televison – Also available on Mobile trough app-based TV Less bandwidth for the same amount of data – Analogical: +/- 50 channels – Digital: 8 to 12 time more channels (but also Video On Demand, Gaming applications, ) Interactivity – Digital identified applications (Electronic Program Guide, Personal Video Recorder, Choice of subtitles and language) • Standardized – 2nd screens (PC, Tablet or Mobile) advanced applications ie RTL Connect • Not Standardized 98 1. Market Overview IDTV Evolution of IDTV Penetration 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 0 Sep--Dec 2008 Jan--May 2009 Sep--Dec 2009 Jan--May 2010 Sep--Dec 2010 Jan--Mar 2011 Apr--Jun 2011 Sep--Dec 2011 Jan--Mar 2012 Apr--Jun 2012 Sep--Dec 2012 Jan--Mar 2013 Apr--Jun 2013 Sep--Dec 2013 Jan--Mar 2014 Apr--Jun 2014 Sep--Dec 2014 TELENET + INDI Belgacom TV VOO + BE TV Others 8.020.904 ind. 84% Tot population 308 281 286 255 279 242 255 170 586 2.625.859 ind. 29% Tot population 227 255 276 877 1.820 1.218 1.466 2.034 2.319 2.529 2.622 2.731 2.903 309 1.206 979 2.997 3.155 3.269 3.424 3.494 3.544 3.435 3.607 169 397 178 345 1.401 1.827 1.631 175 670 174 757 226 852 1.013 958 2.541 2.349 2.132 2.099 1.918 2.368 2.464 2.643 2.746 2.888 2.846 1.105 1.106 1.185 1.210 1.183 1.224 322 313 1.217 99 Source : CIM Radio (2014-3) Thousands

1. Market Overview IDTV IDTV action ever done - Total 12+ Consult guide TV Programs on digital television Watch a personnal recording of a program Movie for payment (video on demand) Search other informahons on digital television Programs of TV channel aNer broadcashng for payment Programs of TV channel in preview for payment Games/compehhon/vote/request for info on digital television 100 23,2% 18,6% 10,6% 6,7% Source : CIM TGM 2014 38,0% 80,8% 72,6% 2. Time shifted viewing IDTV Live+6+guests : the new currency Channels that are viewed with a timeshift (due to the use of a digital set top box), are measured in the classic audimetric panel sinds January 2010. VOD (Video on Demand) & interactive content are not measured today. Live TV = currency until end of 2009 – “Viewed while broadcasted” = “Total TV” (Analog or digital, Terrestrial, cable, satellite, IPTV) – Not included: “Other Screen Usage Live+6 = new currency as from 08/01/2010 – Live + Time Shifted Viewing (TSV) up till 6 days after broadcast Live+6+guests = new currency as from 01/09/2012 + + guests guests VOSDAL = time shifted Viewing On Same Day As Live (after 30sec.) 101

2. Time shifted viewing IDTV TSV share on Total PRP 18-54 watching TV – All day Total TV South : Feb 2015 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Total TV North : Feb 2015 2,6% 1,8% 3,4% 2,8% 3,9% 3,4% 4,5% 4,0% 5,0% 4,4% 5,2% 4,7% 95,6% 93,8% 92,7% 91,5% 90,6% 90,1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 Feb 2015 Live VOSDAL +6 VOSDAL = time shifted Viewing On Same Day As Live (after 30sec.) 102 Source : Audimetrie 1,0% 0,9% 1,8% 1,9% 2,4% 2,8% 2,9% 3,1% 3,3% 3,6% 3,1% 3,4% 98,1% 96,3% 94,8% 94,0% 93,1% 93,5% 2010 2011 2012 2013 2014 Feb 2015 Live VOSDAL +6 2. Time shifted viewing IDTV Other Screen Usage Live+6 - North - PRP 18-54 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5% 0,34% 0,42% 0,49% 0,33% 0,19% 1,92% 1,78% 1,41% 1,38% 1,08% 0,59% 2011 0,75% 0,53% 2012 2013 103 2014 2015 Source : Audimetrie 2,07% 2,31% PLAY STATIONS SETTOP BOXES VCR+DVD

2. Time shifted viewing IDTV Other Screen Usage Live+6 - South - PRP 18-54 3,0% 2,5% 0,21% 2,0% 0,22% 1,5% 0,22% 0,15% 1,0% 1,05% 0,90% 0,75% 0,5% 0,75% 0,57% 0,32% 0,0% 2011 2012 2013 104 2014 2015 Source : Audimetrie 0,35% 0,38% 1,14% 0,17% 1,55% PLAY STATIONS SETTOP BOXES VCR+DVD 1. Market Overview Cinema Main Characteristics Cinema Particular features – Wide offer of very modern multi-screen complexes – Segmentation of market in 7 Ciné Parcs or Ciné-Duos – One sales agent : Brightfish (ex-Screenvision) Advantages – High selectivity on younger people & higher social classes – High reproduction quality – Very good addition to TV-campaigns for certain target groups Evolution – Diversification in the cinema offer : sponsoring packages – Segmentation : possibility to buy kids movies only (Family Pack) or Art House movies (Art Pack) – Campaign balance reporting – Packages : ‘Pack 12 Flex’ – Evolutions in the theatres (Kinepolis): Laser Ultra, Dolby Atmos & Barco Escape 105

1. Market Overview Cinema Offer Cinema Theatres (2015) Ciné Parcs Number of theatres Ciné Parc 5 MC* Localities North Localities South Total 194 147 84 425 % of total 46% 34% 20% 100% % of visits/week 2008* 53% 30% 17% 100% Overview offer theatres – 7 Ciné Parcs (5 main centers*, localities North, localities South) – 425 screens – importance of multi-screen cinema complexes – 21 mio visits in 2013 (source Mediasalles.it – Estimation) * last available data 106 Source : Brightfish 1. Market Overview Cinema Offer Multi-Screen Complexes (2015) City Bruxelles Antwerpen Antwerpen Liège Bruxelles Charleroi Mons Louvain-la-Neuve Hasselt Bruxelles Gent Mechelen Jambes Maasmechelen Braine-L'Alleud Genk Kortrijk Tournai Brugge Lanaken Oostende Sint-Niklaas Turnhout Namur Verviers Multiplexes Kinepolis Kinepolis UGC Antwerpen Kinepolis UGC Toison D'Or Cinepointcom Imagix Cinescope Kinepolis UGC De Brouckere Kinepolis Utopolis Acinapolis Euroscoop Kinepolis Imagibraine Euroscoop Kinepolis Imagix Kinepolis Euroscoop Kinepolis Siniscoop Utopolis Eldorado Cinepointcom Total : 107 Number of screens 24 24 17 16 14 14 14 13 14 12 12 12 12 11 10 10 10 14 8 8 8 8 8 8 8 309 screens Source : Brightfish

1. Market Overview Cinema Evolution Yearly Visits : 1999 – 2014 10 15 20 25 30 0 5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* Evolution cinema visits 1999-2014 : - 3,7% 108 23,6 24,0 24,4 21,9 22,7 24,1 22,1 23,9 22,7 21,9 21,3 21,3 22,3 20,8 21,0 21,1 Source : mediasalles.it * estimation number of visitors (in mio) 2. Media Profile Cinema Media Mapping : Heavy - Medium - Light Users 75 Young & Upscale 70 H Cinema 65 L Cinema 60 M Cinema 55 50 Average pop. 12+ 45 35+ & Downscale 40 0 10 20 30 40 % less than 35 years 109 50 60 70 Source : CIM 2014 % social groups 1 to 4 Average pop. 12+

2. Media Profile Cinema Evolution Weekly Reach - Total 15+ 5,0 5,5 6,0 6,5 7,0 7,5 8,0 7,4 6,5 6,2 6,1 6,0 6,1 5,8 5,8 5,7 5,6 5,8 5,6 5,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6,0 6,0 110 Source : CIM 2014 coverage % 2. Media Profile Cinema Accumulation Coverage Cinema – by Target 10 20 30 40 50 60 70 0 1 3 6 9 number of weeks present 111 Source : CIM 2014 12 12-24 SC 1-3 12-34 12+ coverage %

3. Market Shares Cinema Market Shares of Multi-Screen Complexes 7 Ciné Parcs Share of theatres 2014 Share of visitors 2008 Brussels Antwerpen Gent Charleroi Liège Total Loc. N Total Loc. S Total Belgium 79% 91% 55% 100% 76% 66% 52% 72% 89% 98% 87% 99% 80% 72% 76% 83% Importance multi-screen complexes (8 screens +) – 73% of cinema theatres is located in complexes – complexes host 83% of all cinema visits – market share of complexes is highest in 5 MC 112 Source : Brightfish 3. Market Shares Cinema Market Shares of Cinema Groups Number of screens (2015) Kinepolis Group 31% Share of 3D movies (2013) 3D movies 9% Others 52% UGC Group 10% Cinepointcom Group 7% "Live action" movies 91% 113 Source : Brightfish

Evolution 1998 – 2014 4. Advertising Investments Cinema In Million Euros 10 15 20 25 30 35 40 0 5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 37,7 37,8 32,9 30,9 27,7 24,9 25,1 22,5 22,9 25,3 25,0 28,8 29,7 26,0 26,8 24,6 25,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1.5% 1.5% 1.4% 1.6% 1.2% 1.2% 1.1% 1.2% 1.0% 0.8% 0.9% 0.8% 0.7% 0.9% 0.9% 1.0% 1.0% 114 Source : MediaMark / CIM MDB / MediaXim 4. Advertising Investments Cinema Top Advertiser Groups Cinema : 2014 Top 10 COCA-COLA BELGIUM-LUXEMBOURG CINEVOX BNP-PARIBAS QUICK RESTAURANTS UNILEVER JET IMPORT FRISDRANKEN BACARDI-MARTINI BELGIUM SUNTORY PEPSICO BELUX MEDIALAAN 1000 7 241 4 853 1 109 989 917 909 815 738 702 682 115 Source : MediaXim

5. Media Cost Cinema Main Buying Conditions 2015 Cinema advertising is sold by geographic selection / packages – « package » = Ciné Parc (7 in total) – possible combination of several Ciné Parcs – National Pack : 5 main cities : -10% - Localities : -25% – projection of the spot during one week (every day, every show) Other packages : – ‘Pack 12 Flex’ : -30% if present during 12 weeks in Full Tempo – CineBumper : opportunity to exclusively sponsor a cinema show on-and offline Tariff and technical requirements : – standard spot duration : 30 sec – tariff basis : 30 sec/week – seasonal tariff indexes – required material : Full HD Dolby 5.1 Rhythm of campaign – 2 main different « Tempos » : Full Tempo and Half Tempo 116 5. Media Cost Cinema Main Buying Stipulations 2015 Main reductions & bonuses – New advertiser : 10% bonus at the end of the 1st campaign – No commercial advertising: -30% Extra charges – Preferential position : +15% (3rd or last part of reel) or 20% (last position) – Duo spots : +20% on the second spot – Sponsor quotation : +15% for 1st quotation, +30% for 2 and more quotations – Co-branding : 2 products of same advertiser: +20%, 2 different advertisers: +40% Weeks Seasonal cost index 1 2-7 120 80 8 100 9-12 80 13 100 14-16 17-21 22-25 26-42 43-52 120 100 117 80 100 120

5. Media Cost Cinema Rhythm of Campaign : « Tempos » Flexible action period – possibility to adapt campaign pressure – 2 different « Tempos » – ‘Full Tempo’ : 4 consecutive weeks in Total Ciné Parc – ‘Half Tempo’ : 8 consecutive weeks in alternating half Ciné Parc Semaines Weken FULL TEMPO HALF TEMPO Demi-parc 1 Half park 2 Demi-parc 1 Half park 2 1 x x x - 2 x x - x 3 x x x - 4 x x - x x - - x x - x 5 6 7 8 9 10 11 12 13 14 15 118 Tariff structure - Average Rate Cards (in ) – 2015 5. Media Cost Cinema Number of Ciné Parc Ciné Parc Brussels Ciné Parc Antwerpen Ciné Parc Gent Ciné Parc Charleroi Ciné Parc Liège Total Ciné Parc 5 MC Ciné Parc Dutch-speaking Localities Ciné Parc French-speaking Localities Ciné Parc North + UGC De Brouckère + Kinepolis Brussels Ciné Parc South + Brussels Ciné Parc National (Total) Duration index 15’’ 20’’ 25’’ 30’’ 35’’ 40’’ 45’’ 50’’ 55’’ 60’’ 65” 70” 75” 80” 85” 90” 70 119 85 95 100 115 130 145 160 170 180 190 200 210 220 230 240 Source : Brightfish theatres 92 45 22 14 21 194 147 84 250 211 425 Tariff 30sec/week (in ) 12.060 6.710 2.890 1.800 2.760 26.220 13.790 6.680 29.010 23.300 38.950

5. Media Cost Cinema Evolution mediacost (C/000) 10 20 30 40 50 60 0 2008 2009 2010 2011 2012 2013 2014 2015 56,9 48,9 50,5 52,3 51,9 51,4 50,8 53,0 31,0 31,5 31,5 32,5 33,5 36,0 36,8 39,0 Cost K C/000 120 Source : Brightfish 1. Market Overview Radio Main Characteristics Radio Particular features – High national daily coverage : +/- 75% – Two very different radiomarkets : North & South Advantages – High coverage, fast coverage building – Omnipresent medium, 24h/24h – Low production cost – Promotional force Evolution – Radio is still the third medium in terms of media investments 121

1. Market Overview Radio Radio equipment penetration How many radios do you own (or your household) ? No radios 11,1 Three or more radios 37,6 One radio 25,6 Two radios 25,7 122 Source : CIM TGM 2014 2. Media Profile Radio 25 30 35 40 45 50 55 60 65 70 75 5 Mapping Main Radio Stations – North Studio Brussel Radio 1 Klara MNM Q-music Average pop. 12+ Joe FM TopRadio Young & Upscale Radio 2 Downscale 35+ & 15 25 35 45 % less than 35 years 123 55 65 75 Source : CIM Radio Wave 2014-1+2+3 85 % social groups 1 to 4 Average pop. 12+

2. Media Profile Radio Mapping Main Radio Stations – South 80 Young & Upscale 75 La Première 70 Musiq'3 65 60 NRJ 55 Average pop. 12+ 50 45 40 5 15 25 35 45 % less than 35 years 124 55 65 75 Source : CIM Radio Wave 2014-1+2+3 85 Nostalgie FR VivaCité Bel RTL Contact FR Downscale 35+ & Fun Radio Classic 21 Pure FM % social groups 1 to 4 Average pop. 12+ 2. Media Profile Radio Selectivity Main Radio Stations (2014) Gender Age Joe FM Q-music Radio 1 Radio 2 MNM Studio Brussel TopRadio Bel RTL Fun Radio La Premiere NRJ Contact FR Nostalgie Classic 21 Pure FM VivaCite 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 91 53 64 100 116 87 97 131 146 97 116 107 102 101 98 130 124 92 101 84 113 103 70 55 103 86 94 98 99 102 72 78 107 104 19 13 140 81 194 24 214 16 196 79 31 31 82 16 125 159 56 15 166 206 240 50 169 38 170 120 54 56 136 49 129 161 104 27 137 201 119 100 114 68 104 147 110 116 198 71 222 143 127 74 117 114 74 123 64 112 79 143 132 163 128 101 66 29 141 218 31 18 5 156 13 188 20 57 141 122 30 187 Source : CIM Radio Wave 2014-1+2+3 18-54 12+ M12+ F12+ 12-24 25-34 35-44 45-54 55+ SC 1-4 109 97 126 116 34 141 185 123 78 97 88 124 105 71 123 189 72

Daily Coverage & Listening Time – 12+ (2014) 2. Media Profile Radio DAILY REACH in % NORTH TOTAL RADIO Radio 1 Radio 2 Studio Brussel MNM Klara Q-music Joe FM TopRadio SOUTH TOTAL RADIO La Première VivaCité Classic 21 Pure FM Musiq'3 Bel RTL Contact FR Nostalgie NRJ Fun Radio MO-SU 06h-22h CIM RADIO WAVE 2014-1+2+3 76,7 11,3 23,2 12,6 10,8 2,8 15,5 7,5 1,5 CIM RADIO WAVE 2014-1+2+3 68,7 8,7 12,8 7,1 3,3 1,9 13,9 13,5 10,4 9,9 4,6 126 AVERAGE LISTENING TIME in minutes MO-SU 06h-22h CIM RADIO WAVE 2014-1+2+3 267 145 258 207 172 155 188 226 130 CIM RADIO WAVE 2014-1+2+3 202 108 155 171 123 139 138 159 179 100 93 2. Media Profile Radio Coverage Main Radio Stations North – 12+ (2014) North : CIM Radio Wave 2014-1+2+3 (Monday – Friday) 10 12 14 0 2 4 6 8 Radio 1 Radio 2 Studio Brussel 127 MNM Q-music Joe FM TopRadio % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00

Coverage Main Radio Stations South – 12+ (2014) 2. Media Profile Radio South : CIM Radio Wave 2014-1+2+3 (Monday – Friday) 0 1 2 3 4 5 6 7 8 La Premiere Contact FR VivaCite Nostalgie Classic 21 Fun Radio 128 Pure FM NRJ Bel RTL % instant reach 05:00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 3. Market Shares Radio Market Shares Main Radio Stations – 12+ (2014) North : 06h00 – 22h00 South : 06h00 – 22h00 Other, 15,3 TopRadio, 0,9 Joe FM, 8,2 Q-music, 14,3 Klara, 2,2 Studio MNM, 9,1 Brussel, 12,8 Contact, 15,5 Radio 2, 29,2 Nostalgie, 13,4 Radio 1, 8,0 3,1 Other, 12,4 NRJ, 7,2 Fun Radio, La Première, 6,8 VivaCité, 14,3 Classic 21, 8,7 Pure FM, 2,9 Musiq'3, 1,9 Bel RTL, 13,8 129 Source : CIM Radio Wave 2014-1+2+3

4. Advertising Investments Radio 100 150 200 250 300 350 400 450 500 550 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 MDB for radio includes sponsoring. Evolution 1998 – 2014 In Million Euros 465,2 444,2 398,9 375,5 377,2 357,7 327 289,6 252,6 228,7 202,4 208,1 186,8 156,1 134 522,0 484,7 SHR % of total media 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8.8% 9.3% 10.3% 11.6% 10.8% 10.7% 11.0% 12.1% 11.4% 12.1% 11.9% 11.3% 11.5% 12.5% 12.9% 13.1% 13,9% 130 Source : MediaMark / CIM MDB / MediaXim 4. Advertising Investments Radio Top Advertiser Groups Radio : 2014 Top 10 PSA PEUGEOT CITROEN D'IETEREN GROUP LOTERIE NATIONALE CARREFOUR GROUP PROXIMUS DELHAIZE LE LION CLT-UFA CBC GROUP DE PERSGROEP FRANCE TELECOM 1000 15 625 15 163 12 140 10 413 9 803 8 632 7 593 7 055 7 026 6 290 131 Source : MediaXim (incl. sponsoring Radio)

5. Media Cost Radio Main Buying Conditions 2015 Commercial policies – by main saleshouses : VAR, RMB, IP, MEDIALAAN – national, network & local buying formulas – packages of national channels or networks Main legal stipulations – price citation allowed on all stations – prescriptible medicines ad forbidden – alcohol +20° ad forbidden at RTBF Duration index Sales Houses VAR RMB IP Medialaan 50 60 60 50 70 70 70 70 80 80 80 80 95 95 95 95 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 100 115 130 145 160 170 180 132 10'' 15'' 20'' 25'' 30'' 35'' 40'' 45'' 50'' 55'' 60'' 5. Media Cost Radio Main Buying Stipulations – VAR / RMB VAR Radio Stations Advertising/ Buying formulas Radio 1, Radio 2, Klara, MNM, Studio Brussel SuperSelexy 10%, SS Business 5% Jobspots - Nightspots - Boost Traffic/Night/Daypart - Hi Performance Regional : "Proxispots" on radio 2 Minimal investment 2 500 Sector discounts * Non-commercial advertising/government : -20% all day or -30% (off peak) distribution, fairs, education : -15% (all day) * FMCG : 20% Supplements Welcome bonus Welcome back Other discounts * Cultural org. : -20% (all day) or -50% (off peak) * 2 spots in one block : cumul of indices + 5% * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-Branding : +25% Investment gross > 25 000 : - 15 % Investment gross > 50 000 : - 20 % Max . rebate : 15 000 Investment > 25 000 = -10% Investment > 50 000 = -15% * Contact VAR * Summer spots : up to 100% (free space) * Top topical : -50% unpredictable (max 3 days) 133 RTBF, NRJ, DH Radio : + 15% free space * Contact RMB * Summer spots : +25% free space * Top topical : predictable : -25% unpredictable: -50% National - à la carte Packages of 2 or more stations "Synchro" Regional : Vivacité - NRJ - Classic 21 Mégahertz - Traffic & Weather Heavies 2 000 * Non-commercial advertising : -30% * Charity campaigns : -50% * Charity campaigns : - 20% (all day) or - 50% off peak * Media, publishers, music and film, * Media, publishers, music and film, distribution, fairs, education : -15% * FMCG : 10% (free space) * Cultural org. : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser in 1 spot : +15% * Preferential position : +25% * Co-Branding : +25% RTBF, NRJ, DH Radio : + 15% free space RMB La Première , Vivacité , Classic 21 Pure FM, Musiq 3, NRJ, DH Radio

Main Buying Stipulations – IP / Medialaan 5. Media Cost Radio IP Radio Stations Advertising/ Buying formulas Contact-group, Nostalgie, BEL RTL, Fun Radio, Q-Music, JOE other private cable & local stations National (complete network) Packages of 2 or more networks : "Fmix" - "Big HF" - Traffic & Weather Heavies Minimal investment 20 spots per radio Sector discounts * Non-commercial advertising : -30% (off peak) * FMCG : 10% * Cultural org. : -15% Supplements * 2 spots in one block : +10% on longer spotlength * More than 1 advertiser in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% Quantum discount Welcome bonus Welcome back Other discounts no discount 30 000 - 60 000 = - 10 % > 60 . 000 = - 15 % Limited to 15 900 30 000 - 60 000 = - 5 % > 60 000 = - 10 % * Contact IP * Summer discount : -20% (July/August) * Top topical (> 20 spots) : -25% (max. 3 days) Medialaan National (complete network) "MaxiMix" : -10% (80% on Q-music & 20% on JOE) "HF 00/20/40" - "AM Peak" - DayTime-NightTime Heavies n.a. * Non-commercial advertising : -20% * Charity campaigns : -50% * Media, publishers, music and film distribution, fairs, education : -15% * 2 spots in one block : cumul of indices * More than 1 advertiser (max 3) in 1 spot : +15% * Preferential position : +20% * Co-branding : +25% no discount 15% rebate if first experience in radio (20 first days) 10% rebate if first experience on Q & Joe (20 first days) 5% rebate * Contact Medialaan * Recrutement : 15% * Top topical : predictable : -25%/ unpredictable: -50% * Sales : -15% * Summer discount : 35% up to 100% free space 134 5. Media Cost Radio Tariff structure - Average Rate Cards (in ) North : 1st semester 2015 (30”) Monday - Friday NORTH Radio 1 Radio 2 Studio Brussel MNM Q-music Joe FM TopRadio Nostalgie 654 871 1 289 800 1 232 536 Based on ratecard : R2015_01_01 (AdWare) 516 122 432 2 094 600 152 150 170 115 183 88 37 41 525 584 509 295 Saturday - Sunday 6:30-9:00 9:01-20:00 20:01-22:00 6:30-9:00 9:01-20:00 20:01-22:00 2 060 1 217 1 721 957 280 589 751 436 422 170 29 149 681 286 80 302 135 83 121 71 21 40 135

Tariff structure - Average Rate Cards (in ) 5. Media Cost Radio South : 1st semester 2015 (30”) Monday - Friday SOUTH La Premiere VivaCite Classic 21 Pure FM Bel RTL Contact FR Nostalgie Fun Radio NRJ 148 287 280 145 1 827 1 938 722 345 Based on ratecard : R2015_01_01 (AdWare) DH Radio 674 45 429 857 405 218 338 35 20 43 46 29 31 74 33 6 136 248 443 186 75 238 247 170 125 99 38 126 18 Saturday - Sunday 6:30-9:00 9:01-20:00 20:01-24:00 6:30-9:00 9:01-20:00 20:01-22:00 1 005 1 330 821 270 106 190 240 100 338 459 314 159 224 27 18 33 28 32 29 25 92 68 5 1. Market Overview Digital Main Characteristics Internet Particular features – The one and only international (World Wide) media (by definition) – Branding, engagement, user generated content and ROI – Always on and everywhere Advantages – Ultra high contextual selectivity – High potential target (young – active – upper class - trendsetter) – Large creative experience (rich media) – Near to one-to-one marketing, abilities to develop CRM-programs – Multiple tracking opportunities (ROI) Evolution – Towards a iGRP, Digital Video Advertising adds incremental reach to TV campaigns. Cross-media performance optimization is here! – Content is still King, but Data is Queen: personalized content, behavioral- and geotargeting will generate more added value to digital ads – Pay for engagement – Native advertising – Performance Marketing continues to grow, including advertising over Ad Exchange Networks 137

Top 20 internet usage - Total 12+ surfers Send and receive emails Use search engine News on internet Routes and road maps on the internet Zap on the internet View information on social networks Information about products on the internet View / post videos on the internet Share personal information on social networks Downloadable editions of newspapers and magazines on the internet Live communicate Download free software programs or applications Tickets for cultural activity on the Internet Real estate listings on the internet Download free music Radio on the internet Economic and financial information on the Internet Call via internet Play online on the internet Download free movies and videos 138 42,8% 41,7% 39,9% 39,7% 37,1% 36,1% 34,5% 33,6% 31,5% Source : CIM TGM 2014 2. Media Profile Digital 93,2% 84,3% 77,3% 73,7% 69,5% 66,8% 64,2% 62,8% 56,8% 53,5% 51,5% 3. Market Shares Digital Top 20 websites (Comscore belgian data) (mobile and tablet not included) Microsoft Sites Google GDN Facebook Mediahuis Connect Yahoo Sites VRT Sites Belgacom Group Wikimedia Foundation Sites CCM--Benchmark Roularta Media Group De Persgroep Linkedin Axel Springer SE Amazon Sites BitTorrent Network 2dehands Mode Media Sanoma Group Dropbox Sites Webedia Sites 19% 17% 17% 0% 139 Source : ComScore 2015 21% 20% 19% 19% 19% 19% 13% 24% 54% 39% 32% 30% 28% 31% 27% 38% 26% 25% 25% 25% 25% 24% 22% 20% January 2015 January 2014 43% 87% 62% 59% 73% 94% 92% 95% 25% 27% 30% 25%

Top 20 websites (Gemius data – daily internet users) HLN.be 3. Market Shares Digital 19% Nieuwsblad--LAvenir 2dehands.be--2ememain.be De_Standaard DeredacNe.be Sporza Knack--Levif Gazet_van_Antwerpen Kapaza DH.be RTL.be Immoweb Yellow_Pages De_Morgen RTBF.be Het_Belang_van_Limburg Sudinfo Le_Soir 7sur7.be Skynet 19% 8% 6% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% 3% 3% 2% 140 Source : Gemius February 2015 4. Advertising Investments Digital Evolution 2000 – 2014 In Million Euros 100 120 140 160 180 200 220 240 260 80,0 20 40 60 80 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source : IAB / CIM MDB / Mediaxim 141 55,0 32,0 12,6 10,9 12,5 18,4 232,4 223,6 200,8 183,1 168,3 128,1 119,1 84,9

4. Advertising Investments Digital Market Share by Economic Group : 2014 Distribution 12,2% Energy 2,0% Beauty 2,0% Food 4,8% Home/Office Equipment 3,6% Transport 20,5% 142 Services 28,1% Clothing 1,1% Others 1,9% Telecom 6,6% Culture Leisure 17,3% Source : MediaXim 4. Advertising Investments Digital Top Advertiser Groups Internet : 2014 Top 10 ING GROEP PSA PEUGEOT CITROEN LOTERIE NATIONALE PROXIMUS BNP PARIBAS D’IETEREN GROUP CBC GROUP COLRUYT GROUP GEELY SWEDEN AB CREDIT AGRICOLE GROUP 1000 10 046 9 486 9 423 8 124 5 933 5 248 5 034 4 356 4 126 4 120 143 Source : MediaXim

5. Media cost Digital Main Buying Conditions (except programmatic buying) Commercial policies – by main sales houses : De Persgroep, Hi-Media, IP New Media, Ligatus, Mediahuis, Medialaan, Microsoft Advertising, Pebblemedia, ProduPress, Proximus Skynet, IPM, Rossel, Roularta, Trustmedia, – lot of formats: Leaderboard, XL Leaderboard, Medium Rectangle, homepage takeovers, buttons, expandable banners, pre-roll video, halfpage, Rising stars: Billboard, filmstrip, portrait, pushdown, sidekick, slider. – numerous creative formulas (integration, sponsoring, ) – several community marketing possibilities Media Buying Conditions – cross media deal (print + online / TV + Online) – packages (also deals cross sales houses) Surcharges – Targetting – Expandable format – Streaming – Trafficking, adserving & tracking 144 but also IAB 6. Device Digital Devices ownership – Total 16+ surfers 67,8% Laptop/Netbook/Convertible Touchscreen 26,1% Smartphone 56,0% 72,3% Desktop 58,3% 57,7% 52,8% 76,3% Mobile phone 8,1% Full sized tablet (e.g. iPad, Samsung Galaxy) 31,5% 40,9% Mini tablet (e.g. iPad Mini, Kindle Fire) 145 9,4% 18,3% Wave 6 Wave 7 Wave 8 Source : Wave 8 Base = 16-54 y.o. surfers 57,1% 45,9% 85,7% 79,2%

6. Device Digital Second-screen ownership 82,5% second-screen ownership (16-34 y.o. = 86,6% ) Only smartphone owners Only tablet owners 30,6% 41,6% 10,2% Own BOTH 146 Source : Wave 8 Base = 16-54 y.o. surfers 6. Device Digital Smartphone : Profile owners (Index vs total population structure) 20 Dutch French Male Female 16-24 25-34 35-44 45-54 Single / living alone Married / living with partner Widowed Divorced / separated 81,0 147 Source : Wave 8 Base = 16-54 y.o. surfers 40 60 80 100 100,3 99,5 102,9 96,9 114,3 104,1 99,0 82,2 100,1 102,6 89,8 120 140 160 180 Source: CIM PMP 08/09 Marital status Age Sex Language

6. Device Digital Smartphone : Online actions Download / use app Visit friend’s social network profile Watch video Manage social network profile Use instant messaging service Share location Visit official company/brand website Visit message board/forum Share photos via app that deletes photos once seen Upload photos Read blogs Use microblog Upload a video Take part in multi--player online game Visit professional social network Create video to upload Create social network profile Post / write stories on own blog 3,9% 10,1% 9,2% 8,5% 7,9% 7,6% 20,9% 19,7% 18,6% 15,6% 13,0% 53,5% 41,6% 40,4% 39,4% 31,9% 30,1% 66,4% 148 Source : Wave 8 Base = 16-54 y.o. surfers Source: CIM PMP 08/09 6. Device Digital Tablet : Profile owners (Index vs total population structure ) 20 Dutch French Male Female 16-24 25-34 35-44 45-54 Single / living alone Married / living with partner Widowed Divorced / separated 77,1 117,7 70,9 87,8 40 60 80 97,1 103,8 101,4 98,5 89,7 99,7 116,6 91,8 100 120 140 Source: CIM PMP 08/09 149 Source : Wave 8 Base = 16-54 y.o. surfers Marital status Age Sex Language

6. Device Digital Tablet : Online actions Download / use app Watch video Visit friend’s social network profile Visit official company / brand website Manage social network profile Visit message board / forum Read blogs Share location Use instant messaging service Upload video Take part in multi-player online game Upload photos Use microblog Share photos via app that deletes photos Create social network profile Visit professional social network Create video to upload Post / write stories on own blog 35,3% 33,6% 27,0% 20,5% 17,6% 14,8% 13,9% 11,8% 11,8% 10,7% 9,3% 8,7% 8,4% 6,7% 5,2% 150 Source : Wave 8 Base = 16-54 y.o. surfers Source: CIM PMP 08/09 50,0% 45,3% 43,6% 1. Market Overview Search Main Characteristics Search Particular features - International media with WorldWide footprint - Happens instantly, people searches everyday - Happens everywhere, as long as people are connected to the internet - - Mobile search traffic is booming Searches follow seasonality Advantages - Hyper targetting based on intention (keywords are typed by surfer) - Ads answers specific request declarated by the surfer - Very high ROI - You pay only for what you get (CPC model) - You can track everything - Search queries can be used as business intelligence Evolution - Search is becoming more visual - Investment of clicks is based on quality and relevancy - Search queries are becoming more and more complex 151

1. Market Overview Search Top 10 search engines (Comscore belgian data) (mobile and tablet not included) Google Search Ask Network Bing Yahoo Search Vinden.nl B.V. Skynet Findit DEFAULT--SEARCH.NET SWEET--PAGE.COM AOL Search Network 0% 2% 0% 2% 1% 152 Source : ComScore January 2015 January 2015 January 2014 8% 7% 5% 7% 3% 3% 3% 71% 82% 16% 25% 14% 16% 1. Market Overview Search Be found on Google 30.000 queries per minute* Paid results via Google AdWords 25% of clicks (also known as SEA, PPC) Organic or natural listings 75% of clicks (also known as SEO) 153 Source : MAP Picture taken from positive-digital.co.uk * Google Belgium

1. Market Overview Search Offline Ad stimulates Online Search Behaviour Supporting brands seasonality with TV campaigns increases searches in Google Radio spots generate average 33% increase in searches in Google* brand 154 Source : MAP *Google Belgium, VAR, RMB (June 2011) 2. Devices Search Mobile search As more people use mobile devices to access the internet, browsing the websites from a mobile device is often a frustrating experience compared with their desktop computer. – Google will be expanding their use of mobile-friendliness as a ranking signal. – Users will find it easier to get relevant, high quality search results that are optimized for their devices. – Google will begin to use information from indexed apps as a factor in ranking for signed-in users who have the app installed. 155 Source : Reprisemedia, *Google Webmaster Central Blog

1. Market Overview Social Activities done on social network 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Wave 4 2009 Wave 5 2010 Wave 6 2011 Wave 7 2013 Wave 8 2014 Create a video to upload online Upload a video clip to a video sharing website Watch video clips online Create a profile on a social network Manage a profile on a social network Visit a friend’s social network page 157 Source : Wave 8 Base = 16-54 y.o. surfers % Ever Done

1. Market Overview Social Social networking usage YouTube Facebook Google+ Skype LinkedIn Twitter Instagram Snapchat Pinterest Netlog Flickr Tumblr 32,5% 26,8% 26,5% 25,6% 19,8% 18,8% 94,9% 89,4% 68,5% 67,1% 42,7% 39,7% 158 Source : Wave 8 Base = 16-54 y.o. surfers 1. Market Overview Social Facebook – Audience (Belgium) 5.6 million belgian users / 74 % each day 4 million monthly users on mobile / 66 % each Day 4 million monthly on mobile 5.4 million belgian users 80% of belgian internet users are on Facebook 60% of all Facebook users* 159 Source : Facebook Facebook Power Editor mvfglobal.com *No update since 2013

1. Market Overview Social Facebook – Audience split age classes & gender (Belgium): Men 18-24 23,0% 25-34 26,0% 35-44 20,0% 45-54 15,0% 50% 55+ 14,0% 160 Source : Facebook Facebook Power Editor 1. Market Overview Social Facebook – Audience split age classes & gender (Belgium): Women 18-24 22,0% 25-34 26,0% 35-44 21,0% 45-54 16,0% 50% 55+ 15,0% 161 Source : Facebook Facebook Power Editor

1. Market Overview Social LinkedIn / Twitter / Instagram – Audience - 2.377.000 Belgian users - - - - - 35-45 is the most represented category: 45,6% *Penetration of Belgian population : 17.92% *Penetration of Belgian online population : 24% 288 million monthly active users 500 million tweets sent per day - 80% of Twitter active users are on mobile Worlwide - - - - - - - - - - - - - 35% of Belgian active users consume content on 77% of accounts are outside the U.S. 300 million users Worlwide Overall 30 billion photos shared 75 million daily active people 3 million mobile daily active people 2.5 billion « likes » daily 70% people outside U.S. 13% of all internet users use Instagram 63.8 million photo uploads these last 30 days 750.1K video uploads these last 30 days 904.1 million « likes » these last 30 days 1.63 billion messages these last 30 days 162 Source : Social Bakers Twitter.com Instagram.com Blogdumoderateur.com *No update since 2013 1. Market Overview Social Top 10 social communities (Comscore belgian data) (mobile and tablet not included) Facebook Linkedin Blogger TUMBLR.COM* TWITTER.COM Google+ WORDPRESS.COM* Skynet Blogs PINTEREST.COM Skyrock 8% 62% 73% 25% 27% 12% 11% 10% 10% 10% 0% 8% 11% 6% 6% 5% 5% 6% 163 Source : ComScore 7% January 2015 January 2014 19%

1. Market Overview Programmatic Main Characteristics: Programmatic buying Particular features - Programmatic buying refers to the use of software (algorithm based) to purchase digital advertising (data driven decisions at the impression level) as opposed to the traditional process that involves human negociations, manual IO’s and manual buying optimization - The objective is to touch the right consumer at the right time for the right price Advantages - Programmatic buying helps bring structure to the audience fragmentation - The algorithm can take more than 2000 variables into account - Focus on buying audience instead of buying a site list - Cross-channel and cross-devices - Dynamic optimazation in real time Evolution - Programmatic buying share is growing very quickly 165

1. Market Overview Programmatic RTB: How does it Work? 166 Source : Cadreon 2013-2014 2. Key Facts Programmatic Key Facts - In 2014, U.S. programmatic display ad will account for 63% (34% RTB and 29% non RTB programmatic) of all display - Programmatic display income will raise of 59% per year between 2013 and 2017 to reach 10,8 billion worldwide - Programmatic display buying market share will account for 48% of all display in 2017 - Less than 2% of surfers convert on the first visit on a website - Programmatic video income will raise of 77% between 2012 and 2017 to reach 626,5 million on the five major European markets (Germany, Spain, France, Italy and UK) 167 Source : Cadreon

2. Key Facts Programmatic Future of U.S display ad spending share US Display Ad Spending Share, by Type, 2011-2017 % of total 27% 36% 47% 62% 76% 32% 29% 25% 18% 13% 11% 2011 RTB 19% 2012 28% 2013 34% 2014 Non-RTB programmatic 168 41% 2015 47% 52% 32% 31% 21% 17% 2016 2017 Nonprogrammatic Source : www.eMarketer.com 1. Main Quantitative CIM Studies Media Surveys Central Study : CIM PMP (Pluri-Media Products) Strategic study : Pluri-Media (ongoing) and Products (ongoing) – Media consumption : density concept – Products : personal behaviour – Attitudes : sociocultural items related to products categories Objectives – Comparable = single source – Concept of density : « Heavy, Medium, Light » users – Answer the question : which medium is the most consumed by my target and which are the complementary media ? Methodology Media Part – Face-to-face interviews (CASI) – Sample : +/- 10 500 individuals of 12 years and older Methodology Products Part – Self-completion questionnaire, left behind for the media respondents – Sample : 4 913 individuals of 12 years and older (return rate = 50%) 169

1. Main Quantitative CIM Studies Media Surveys Press : CIM Tactical Study Yearly survey describing +/- 200 dailies, magazines and free sheets – Total reading (period of reference = last months) – Last period reading – Frequency of reading – Mode of acquisition Objectives – Evaluate & compare the consumption of the different titles – Select individual titles as advertising carriers Methodology – Face-to-face interviews (CASI) – Sample : 10 500 individuals of 12 years and older (same field as CIM « Pluri-Media » Study) 170 1. Main Quantitative CIM Studies Media Surveys Press : CIM Circulation Audit Dailies, magazines, free press Another source of information concerning the printed media Circulation Audit – More than 470 titles or editions audited – Control of print run – Control of paid circulation figures – % of subscribers – Number of free or unsold copies Methodology – Subscription of title to CIM study – Declaration of circulation figures by editor – Circulation audit every 3 months 171

1. Main Quantitative CIM Studies Media Surveys Television : CIM Audimetrie Tactical study : Ongoing survey (panel of 1 500 households) – Second-by-second data, for every individual – Universe : 4+ (N = 3 624 individuals) – Total reach of programmes & commercials – Average reach of programmes & commercials (rating) – Share of programs & channels (versus total TV rating) Objectives – Measure audiences of more than 10 channels and other TV use – Sinds 2010 measure of the time shifting viewing – Introduction of the “guest viewing” in the official currency – Study reach of programmes & commercials, on several targets – Provide references for tariff policies & campaign evaluation Methodology – Measurement of individual TV behaviour by audimeter – Audimeter = set-top box & remote control – Collection of data by central computer via modem (at night) – Daily distribution of data to subscribers of Audimetrie 172 1. Main Quantitative CIM Studies Media Surveys Out of Home : CIM - Traffic Study Tactical study : 2 levels – Traffic : modelized travelling of people – Current study : field from June 2011 to May 2012 (with sample 2005-2006) – Cross of the two levels : measure campaign performances Universe : – All billboards in 48 UC that subscribe to the CIM-study – Movement of the population during last 12 months Methodology : – Face-to-face recrutment – 7 days diary (paper and CAWI). – Sample : 13.966 individuals 12 + – Billboards and networks : update every year in January and June 173

1. Main Quantitative CIM Studies Media Surveys Cinema : CIM Tactical Study Tactical study : Ongoing survey – Total reach (period of reference = last 12 months) – Last period reach (period of reference = last week) – Reach per city / Ciné Parc – Frequency of cinema visit – Day of visit Objectives – Evaluate & compare the reach of the different Ciné Parcs – Select individual Ciné Parcs as advertising carriers Methodology – Face-to-face interviews – Sample : about 10 500 individuals 12 year and older (same field as CIM « Pluri-Media » Study) 174 1. Main Quantitative CIM Studies Media Surveys Radio : CIM Tactical Study Tactical study : three waves per year (most recent : wave 2014-3) – Universe : 12+ – Quarter by quarter data, for every individual – Total reach (last months), daily reach, rating, share of stations – Place of listening Objectives – Measure audiences of most Belgian radio stations – Study reach of time slots on several targets – Provide references for ratecard policies & campaign evaluation Methodology – Face-to-face recruitment – Everybody is asked to fill in a week diary, also non-listeners – Ascription of listeners who didn’t send back their dairy (receivers) by listeners with similar socio-demographic & listening profile (donors – with complete diary) – +/- 24 000 interviews per year, in three waves 175

1. Main Other Studies Media Surveys “Executives and Managers” Study Targeted study describing Belgian decisionmakers and Managers since 1981 – Profile, power of decision, reading habits – Professional interests and consumption habits Objectives – Evaluate & compare more than 70 professional press titles, TV, Radio and Web consumption – Select individual titles as advertising carriers Methodology – Face-to-face interviews (carried out in the office) & minority by CAWI methodology (8%) – Sample : 1246 individuals (executives and managers from companies of 10 employees and more), representative of 184 771 individuals – New field in 2012 – Carried out by TNS Media – Update once every 2 years 176 1. Main Other Studies Media Surveys Brand Media Monitor – Combines demographics, media consumption, media profile, semiometric profile, purchase behaviour and personal relationships with brand items – N = 4 603 individuals, representative of Belgian 15+, interviewed via CAWI-methodology (internet) – Carried out every two years – Last issue : September 2008, conducted by TNS Media 177

1. Main Other Studies Media Surveys Mediabrands surveys : Ebuzz - Belgian survey - Focus on specific domains to follow certain trends, e.g. social networking, digital TV services, mobile devices, multi-mediausage, - N = 1 000 individuals, representative to all Belgians 18+ y.o., interviewed via CAWI-methodology (internet) Wave - International survey (65 countries) - In December 2014, the 8th edition-results of Wave were available - Belgium is integrated in the survey from Wave 4 on - Focus on social media (social networks, blogging, photo/videosharing, devices, co-creation, ) - N = 1 000 individuals for Belgium, regular surfers 16-54 y.o, interviewed via CAWI-methodology (internet) 178 1. Main Other Studies Media Surveys Mediabrands surveys : Connections/Curiosity Panel (CP) - International survey - In spring 2015, the 4th edition-results are available - Belgium is integrated in the survey from 2010 on - A single source consumer survey providing actual data across media usage, perception and duplication amongst several demographics on 37 traditional and non-traditional touchpoints. - N = 5000 Belgian Internet users - Update of dataset once every 24 months - Recontact of panel is possible 179

2. Main Impact Studies Media Surveys DIVA Detecting Interactively the Value of Audio - Client: VAR (VRT) - Originally: Radio Impact Barometer. From 2012 on: Multimedia Impact Barometer From 1997 to 2011: - Separate barometers: DIVA (radio-posttest) & AdEval (TV-sponsoring posttest) - Methodology: CATI-methodology (phone) - Frequency : every 2 weeks - N= 200 interviews (Flanders) - 15-54 y.o (they evaluated 15 radio spots each) From 2012: - Radio / TV-sponsoring - Analysed items : ad recognition, ad attribution, qualitative perception and impact - Frequency: every 2 weeks - N = 2*200 interviews (Flanders) – 15-59 y.o (they evaluate 5-6 advertisements) - Fieldwork carried out by TNS Media - Interviewed via CAWI-methodology (internet) 180 2. Main Impact Studies Media Surveys On Air - Client: Qgroup (Q-music & JoeFM) - Radio Ad Impact Barometer - Analysed items: ad recognition, ad attribution, qualitative perception and impact on knowledge / attitude / behaviour - Since March 2010 - Frequency : twice a month. In total 30 spots are tested in 1 month (about different sectors and advertisers active on the radio) - N = 100 individuals (Flanders) between 15 and 54 years old evaluate 1 spot (every respondent evaluates 3 spots) - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) 181

2. Main Impact Studies Media Surveys MultiMIB - SPIM Mulitmedia Impact Barometer – Sponsoring Impact Barometer - Client: VMMa - ATL Multimedia (TV, radio, dailies, magazines, outdoor, online display) & Sponsoring Impact Barometer (TV sponsoring) - Analysed items : ad impact (ad recognition, ad attribution, qualitative perception) and brand impact (brand awareness, image and purchase intention) - Since 1996 - Frequency : twice a month - N MultiMIB = 300 individuals (Flanders) between 15 and 54 years old per advertisement - N SPIM = 400 individuals (200 viewers + 200 non-viewers) (Flanders) between 18 and 54 years old - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) Topspots - Client: VMMa - - Qualitative measurement of TV spots Analysed items: likeability (affective, cognitive, call to action and basic components) - Since 2010 - N = +/- 100 individuals by spot (max 6 spots to evaluate per respondent) - Frequency : every month - - Fieldwork carried out by InSites Consulting Interviewed via CAWI-methodology (internet) 182 2. Main Impact Studies Media Surveys Connectometer - - - - Client: mediahuis Connect (joint venture of Corelio and Concentra) Multimedia Impact Barometer (dailies – magazines – online) Analysed items : ad impact (recognition, attribution, qualitative perception) word-of mouth, brand metrics Since 2009 - Frequency: weekly - N = min 125 subscribers of Corelio-panel (FR + NL) per advertisement - Fieldwork carried out by Ipsos Belgium - Interviewed via CAWI-methodology (internet) EYE Evaluate Your Efficiency - Client: Rossel - - - Impact Barometer (print, online or crossmedia) Analysed items : ad impact (recognition, attribution and qualitative ratings) Since 2011 - Frequency: on demand - N= min 150 readers / visitors - Fieldwork carried out by Accurate Research Solutions - Interviewed via CAWI-methodology (internet) 183

2. Main Impact Studies Media Surveys Stopwatch - Client: Sanoma - Magazine Impact Barometer - Analysed items : ad recognition, ad attribution and qualitative parameters - More than 15 years history - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - Fieldwork carried out by GfK - Interviewed via CAWI-methodology (internet) Tailor made Impact (tm impact) - Client: Sanoma - Impact campaign barometer (pre & post-testing) - - Frequency : on demand - N= 500 - - Fieldwork carried out by GfK Interviewed via CAWI-methodology (internet) 184 Analysed items : ad recognition, ad attribution , call to action, qualitative parameters 2. Main Impact Studies Media Surveys CHAD CHeck your AD Previous: Impactbarometer Dailies/Magazines/online - Client: De Persgroep - Dailies, magazines, online and mobile Impact Barometer - - Analysed items : ad recognition, ad attribution and quantitative parameters Since 1986 for dailies, since 2007 for magazines - N= 200 readers of De Persgroep newspapers / magazines (NL) or visitors of De persgroep websites (NL) from 2012 on (Before N = 100) - Fieldwork carried out by Research Solution - CAWI-methodology (internet) from 2012 on (Before: Interviewed via CAPI-methodology) CHAD+ Previous Brand Value Check (BVC) - Client: De Persgroep - Multimedia Impact Barometer (dailies – magazines – online - mobile) - Analysed items : same as CHAD but with qualitative perception added (brand impression – advertising evaluation) - N= same as CHAD - Fieldwork carried out by Research Solution - Interviewed via CAWI-methodology (internet) 185

2. Main Impact Studies Media Surveys Vulu - Client: Sanoma - - Evaluation of editorial integrations or advertorials Analysed items : recognition, attribution (optional: call to action and feeling) - Frequency : on demand - N = 100 readers of Sanoma magazines (NL + FR) - Fieldwork carried out by GfK - Interviewed via CATI-methodology (telephone) Business Advertising Survey (BAS) + Impact Survey - Client: Trustmedia - Campaign Impact barometer - Analysed items : qualitative evaluation of communication message, brand and company - N= min 250 readers of ‘De Tijd’ / ‘L’Echo’ (paper and tablet version) - Fieldwork carried out by CheckMarket - Interviewed via CAWI-methodology (internet) 186 2. Main Impact Studies Media Surveys Cobra and Cobra+ Client: Clear Channel - - - - - - - - Cobra: Outdoor Impact Barometer (posttest) Cobra+ : Outdoor Impact Barometer (pre- and posttest) Analysed items : ad recognition, ad attribution and qualitative perception of tested advertisements Since 1979 (from 2008 CAWI-methodology) N= 350 individuals (FR + NL), 15 -64 y.o (inhabitants of the 5 main centres (Antwerp, Gent, Brussels (Flemish and French), Charleroi and Liege) Frequency : every 4 weeks (13 times / year) Fieldwork carried out by IPSOS Belgium Interviewed via CAWI-methodology (internet) I-Check BOA Brand Outdoor Attribution - Client: JCDecaux - - - Outdoor Impact Barometer Analysed items : ad recognition, ad attribution, qualitative perception of tested advertisements Since 2008 - N= 300 individuals (FR + NL) aged 15+ years who go at least every 15 days to one of the 5 big centres (inhabitants and non-inhabitants) - - - Frequency: 5 campaigns tested every 2 weeks Fieldwork carried out by Research & Solution Interviewed via CAWI-methodology (internet) 187 Correct Brand Attribution -

Lexicon Accumulation The combined net reach of a whole media schedule : it shows the net percentage of the target audience that has seen the message after x insertions, or the increase of the reach compared to the reach after one insertion. Beta Circulation Memorization rate after one contact. This rate is different from one media to another, but is constant contact after contact. Number of copies of a publication sold or distributed. Can be audited by an official body (CIM) or provided in the form of a publisher statement. Paid circulation : copies sold or distributed to paying subscribers. Cost per 1000 The cost per 1000 contacts within a target group delivered by a medium or media schedule. It’s obtained by dividing the cost of one insertion (or one commercial, or one campaign) by the reach in 000. Coverage % of the concerned target group that has at least one opportunity to see (to read, to hear) a message in a certain media vehicle or title. 189

Lexicon GRP Gross Rating Point = 1% of target group It measures the advertising weight of a campaign, and is define d a s a numbe r o f gros s contact s pe r 10 0 peopl e o f target group. New CIM Urban Universe 5 Main Centers : Brussels, Antwerpen, Gent, Liège, Charleroi 30 Flemish Urban Centres : Aalst, Aarschot, Brugge, Deinze, Dendermonde, Diest, Eeklo, Geel, Halle, HasseltGenk, Herentals , Ieper , Knokke-Heist , Kortrijk , Leuven , Lier , Lokeren, Mechelen, Mol, Oostende, Oudenaarde, Roeselare, Ronse, Sint-Niklaas, Sint-Truiden, Tielt, Tienen, Tongeren, Turnhout 13 Walloon Urban Centres : Arlon, Ath, Eupen, Huy, La Louvière , Marche-en-Famenne , Mons , Mouscron , Namur , Nivelles,Tournai, Verviers, Wavre Frequency Number of times people within the target audience are exposed to an advertising message, an advertising campaign, or a specific media vehicle. Basic media planning formula : Reach X Frequency = GRP OTS / OTH Opportunity To See or Hear Average number of opportunities to see or hear an advertising message for every individual reached within the target group. 190 Lexicon Panel Group of persons whose media behaviour is surveyed during a long period of time (examples : Audimetrie panel, listening diary panel, ). Profile PRP The demographic and/or lifestyle characteristics of a medium's audience. Person Responsible for Purchase Member of the household that is most of the time responsible for the choice of the brands of groceries, most common drink s an d maintenanc e product s use d i n th e household . RLP(LDP – LLP) Readership/Reach Last Period (Lecture Dernière Période – Lezers Laatste Periode) Rating Average percentage of a given population group consuming amediu ma t a particula r moment , weighte d b y th e lengt h o f consumption (viewing or listening time). (Fr syn. : AIP - Audience Instantanée Pondérée / Nl syn. : OGB - Onmiddellijk Gewogen Bereik) 191

Lexicon Reach Number of contacts (readers, viewers or listeners) offered by a media vehicle or title within the issue period (in thousands of people or in % of the target group). Social groups Scale sharing the Belgian population in 8 more or less equal groups , base d o n th e leve l o f educatio n an d th e professiona l activity. (Groups 1 to 4 : high income segments of the Belgian population) Selectivity Capacity of a vehicle to score well on precise characteristics (o r o n a precis e targe t group) . I t i s calculate d b y dividin g th e vehicle’s coverage on the target group by the vehicle’s coverage on total 15+. Readers per copy (RPC) Average number of people reading the same copy of a newspaper or magazine. Obtained by dividing number of readers of an average copy by its paid or total circulation. 192 Lexicon Online Media terminology Impressions Visits Unique visitors Click Through (CTR) CTR ratio RTB The percentage of site visitors that views an ad and clicks on it. Real Time Bidding is the act of buying digital inventory from multiple exchanges on an impression by impression basis, typically involving an auction pricing mechanism. Auto Trading Automated digital trading. Enabling buyers (agencies and advertisers) and sellers (publishers) to trade digital inventory via software rather than fax machines. Can include RTB but is not limited to. 193 The number of times an ad has been presented to visitors. The number of occasions a visitor accessed a specific internet site during a certain period of time. One person that visits a site - no duplications ! Clicking on ‘www’ advertising.

f utures Our philosophy Futures provides consumer, brand and channels insights through dedicated research. We develop particular tools and surveys to bring our clients at the leading edge of communication strength. Our goal is to fill in the gaps of knowledge with relevant research solutions, in a collaborative mind-set with our clients. Futures services are available to the IPG Mediabrands in Belgium : Initiative, UM and also directly to any advertiser, agency or media, local or international. Get in touch email : david.lecouvet@mediabrands.be Smart research solutions provider Thanks to all contributors : Coordinator : Pierre Pissoort (Futures), Jonathan Janssen (Futures), Thomas Borgies (Futures), Ellen Trappeniers (Futures), Tamara Vanspauwen (Futures), Christophe Guisset (GeoData), Saskia Vanhaelen (Outdoor Services), Emma De Vleeschauwer (Brightfish), Philippe Daper (Magna Global), Julie Praet (Magna Global), Marleen Vanden Broeck (Magna Global), Carine Vens (Magna Global), Audrey Marsin (MBP), Marie Georges (MAP), Laurent Kestens (Reprise Media), Kristof Herpelinckx (Reprise Media), Stéphane Lucien (Cadreon), David Lecouvet (Futures), and all the other Initiative and UM people who made this publication possible.

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