HT Media Investment Proposition

India is close to the inflexion point; Russia and China has shown a similar trend Adex as % of private consumption 1.80% 1.60% 1.40% 1.20% Russia: Rapid increase in ADEX with economic recovery post 1999 1999-2006 DATA 1.00% Rapid step up between US$600-1200 0.80% 0.60% 0.40% 0.20% 0.00% 500 1000 1500 2000 2500 3000 3500 Per capita consumption US$ • Income levels dropped drastically in 1998 post crisis . Robust income growth post '99 has seen rapid ramp up in ADEX as consumption soared Adex as % of private consumption • China: Strong ramp up in ADEX growth with income level changes 1.20% Trajectory changes 1.00% 0.80% 0.60% 0.40% 0.20% 1983-2006 DATA between US$600 and 700 India is here 0.00% 200 400 600 800 Per capita consumption US$ Rapid rise in ADEX/ consumption ratio happened between US$600 and 700 when the ratio went up from 0.6% to 1.0% HIIHT Media 4

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