HT Media Investment Proposition

Ad intensity is poised to increase as consumption grows India Adex/ consumption vs. consumption per capita 0.7% 0.6% 0.5% 1998-99 0.4% - Asian crisis 0.3% Relaxation of supply constraints - Pokharan 0.2% 0.1% Consumption growth outstripping ADEX growth Pessimistic outlook • With increasing consumption, India should witness an increase in Adex as witnessed in other developing countries • India has seen very modest increases in ad intensity over the past 6 years after a period of rapid increase • India's low volatility growth should support a clear rising trend in Adex 0.0% 200 250 300 350 400 450 500 USD *Ad intensity is the ratio of ad expenditure to private consumption Source: Global Insight; WMM; Euromonitor; McKinsey analysis IIHT Media 3

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