Investor Presentaiton

Interventions needed... 2. A plan for licensing of commercial radio . ⚫ Greenfields licences were granted + four years ago - still only 6% market share • A creative new licensing effort could stimulate growth: • Could make available regional licences which combine viable areas with less viable, underserved areas Could link licences to underused formats A plan would give clarity on which licences, if any, will be issued over the next few years • Must be seen in tandem with ownership review - many existing players would not be able to participate if concentration limits aren't reviewed 28

View entire presentation