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Planned Back to School Spending 2 Source: Source: NRF Monthly Consumer Survey A18+, July 2016

82% Plan to Spend the Same or More than Last year 3 Source: NRF Monthly Consumer Survey A18+, July 2016

Planned Back to School By Category 4 Source NRF Consumer Survey July 2016

Most Still Planning to Shop at Brick & Mortar Stores for Back to School 5 Source NRF Consumer Survey July 2016

Back to School: $Big Opportunity 6 Source NRF Consumer Survey Holiday Spending Totals

TV Influences Consumers Most Source: TVB/The Futures Company; “Purchase Funnel 2015” Most Important media type among those who saw/heard ads on TV and at least 1 other media source (n=3886) Top 12 InterestConsiderationWant To PurchaseVisit Store/WebsiteMake PurchaseAwareness TelevisionNewspaperNetwork TV WebsiteLocal TV Station Website Internet Search Engine Internet Video AdRadio Social MediaOutdoorInternet Display AdStreaming TV or Movies Online

Back to School: Media That Influences 8 Source NRF Consumer Survey Aug 2015

Purchase Influencers 9 Source: Bizrate Insights, May 2016

Adapt to Varying School Start Dates with Local TV 10

11 School Start Dates Vary from DMA to DMA Most start in August Top 50 DMAs: 17 Different Start Dates Phoenix 8/3 Indianapolis 8/1 Atlanta 8/3 OK City 8/1 Nashville 8/3 Dallas 8/22 St. Louis 8/17 Kansas City 8/10 LA 8/16 Cleveland 8/15 San Fran 8/15 Miami 8/22 Orlando 8/15 Tampa 8/10 West Palm Beach 8/15 Columbus 8/17 Greenville 8/16 DC 8/22 Houston 8/16 Minneapolis 8/29 Denver 8/22 Pittsburgh 8/29 Austin 9/6 San Antonio 8/22 Baltimore 8/29 Hartford 8/30 Cincinnati 8/17 Salt Lake City 8/24 Charlotte 8/29 Raleigh 8/29 Chicago 9/6 Sacramento 9/1 Portland 8/29 Seattle 9/7 Boston 9/8 NYC 9/6 Philly 9/7 Detroit 8/8 San Diego 8/29 Milwaukee 9/1 Grand Rapids 9/6 Las Vegas 8/29 Harrisburg 8/22 Birmingham 9/6 Norfolk 9/6 Greensboro 8/29 Albuquerque 8/11 Jacksonville 8/15 Memphis 8/8 Louisville 8/10 AugustSeptember

Adults Start Shopping Weeks Before School Starts 12 Source: NRF Monthly Consumer Survey A18+, July 2016

Competitive Spending Starts in July 13 Source: Kantar Back-to-School is Back in Session 2016

14 Lead By a month Latest BTS Start Date Earliest BTS Start Date 6/308/1 9/8 National Media Spot TV Lets Advertisers Zone in on Shoppers Local Broadcast Boston Las Vegas San Francisco Oklahoma City NO Geographic Flexibility

Women Are the Back To School Shoppers 15 Source: 2015 Fall GfK MRI, Base = Adults 18+

Broadcast: Great Way to Reach Back to School Shoppers 16 Source: Nielsen NPower 6/30/ /17/2016 Prime Women 18+ w/children Live+SD Ratings; W Cable Networks based on W+18 with children Ratings. Women 18+ with Children Ratings

Broadcast: Tops in Summer Ratings 17 Source: Nielsen NPower 06/30/ /17/2016 Prime. Live+SD Ratings Women 18+ w/children Broadcast delivered 50 of the top 50 and 99 of the top 100 programs with Women 18+ with children

Broadcast Dominates, Cable Under a 1 Rating For Summer 18 Source: Nielsen NPower (06/30/ /17/2016) Live+SD Women 18+ With Children. To be read: HGTV’s Brother Vs Brother had a.66 average rating in July During the same time period, there were 178 Broadcast programs that had higher average ratings

Broadcast TV’s Reach: Higher Than Cable 19 Source: Nielsen NPower. July 13th 2016 Prime Women 18+ w/children Live+SD.

Back to School Shopping Categories and Stores 20

Top 10 Back-to-School Advertisers: Source: Kantar Media July 2016

Top Programs by Index Source: GFK MRI Fall 2015, Base: Women 18+ w/children 0-17 years Index. Clothing expenditures – Amount spent in total in the last 12 months: $100+. Broadcast TV Viewers Purchase Clothing

Broadcast TV Viewers Buy Electronics 23 Source: GFK MRI Fall 2015, Base: Women 18+ w/children 0-17 years Index. Shopped at Apple Stores or Best Buy anytime in the last 12 months.

Top Programs by Index Broadcast TV Viewers Purchase Shoes Source: GFK MRI Fall 2015, Base: Women 18+ w/children 0-17 years Index. Shopped at Foot Action, Foot Locker, Lady Foot Locker, Payless, or Show Carnival

Broadcast TV Viewers Purchase Office Supplies 25 Source: GFK MRI Fall 2015, Base: Women w/ Children Ages 0-17 Purchased anything at FedEx Office, Office Depot, OfficeMax, or Staples in the last 12 months.

Top Programs by Index Broadcast TV: The Source For Discount Shoppers Source: GFK MRI Fall 2015, Base: Women 18+ w/children 0-17 years Index. Shopped at Target or Walmart in the last 3 months.

Cover Each Company’s Strong Markets with Local Broadcast 27 The Redder the better- High BDI Source: GfK MRI 2015 Market-by-Market weighted by Women w/ Children Ages 0-17 Shopped at Target or Walmart in the last 3 Months Walmart

Broadcast Delivers Department Store Shoppers 28 Source: GFK MRI Fall 2015, Base: Women 18+ w/children 0-17 years Index. Shopped at JCPenney, Belk, or Nordstrom in the last 30 days.

Department Shopping is a Local Decision 29 Source: GfK MRI 2015 Market-by-Market weighted by Women 18+ w/children 0-17 years. Belk, Nordstrom, JCPenney: Shopped in the last 3 months. The Redder the better- High BDI

Local TV Offers Multi-platform Opportunities 30

Local TV Station Websites An Important Digital Influencer Source: TVB/The Futures Company; “Purchase Funnel 2015” (18+) % choosing either as 1 st 2 nd or 3 rd Most Important

Yes76% Never24% 76% Visiting Local TV Websites View Video Ads Q12 Base:818 “When visiting a local TV station’s website… do you look at the video ads?; Yes=Any time viewing (18+) 32

Key Back to School Takeaways 33