“My first year in newspapers” Simon Fox Chief Executive Trinity Mirror

Trinity Mirror plc Core strengths… Quality of journalism –Distinctive content remains key to attracting audience –Newspapers remain the core outlet of professional journalism UK newspapers – strong and resilient

Trinity Mirror plc Significant reach and engagement –Whilst print newspapers are in gradual decline, they still reach 72% of UK adults UK newspapers – strong and resilient Notes: (1) Aged 4+ per BARB; (2) Aged 15+ per NRS or RAJAH; (3) Info extracted from CBS Outdoor and Clear Channel websites, base not specified

Trinity Mirror plc Delivering a highly targeted audience –Print brands have a clear differentiated positioning and distinctive audiences –We have in-depth insight into our readers – their lives, their behaviour and their expectations UK newspapers – strong and resilient Source: Enders Analysis – National newspapers Print and digital audiences 3 April 2013 (NRS PADD data)

Trinity Mirror plc Explosion of smart phones and tablets User generated content Aggregation Personalisation Social media An industry facing extraordinary rates of change

Trinity Mirror plc And adapting fast… Rapid and continuous levels of innovation –Adoption of technology –Evolving ad formats –Content–led advertising –Digital revenues starting to mitigate decline in print

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Inefficiencies in ad booking process –Multiple points of contact –Costly and inefficient Inefficiencies in providing accurate / timely circulation data –Print –Digital But with some surprising legacy behaviour…

Trinity Mirror plc Take the Daily Mail as example Website & mobile site Monthly 6 monthly “Real –time” Need for robust and consistent language to describe our cross-platform audience Print UUs x pagination Digital equivalent? Print language Print Source: ABC, NRS; Note: Assumed average pagination of 90 for Mon-Sat Daily Mail

Trinity Mirror plc NRS PADD (“Print And Digital Data”) –First industry-wide cross platform data combining NRS print data and comScore digital data (web only) –Provides unduplicated reach of a print publication and its website –However:  Currently does not incorporate mobile and tablets data  Primarily National titles, limited regionals data We need a robust and consistent way of measuring our cross platform audience NRS PADD provides a good starting point

Trinity Mirror plc No single right answer Paywall vs Free? Subscription vs Ad funded? Paywall vs Free? Subscription vs Ad funded? E-editions? Tablets? Mobile? E-editions? Tablets? Mobile? Leveson? PADD vs ABCe?

Trinity Mirror plc In advertising: Organised our national ad sales function into nasa (national advertising sales agency) Launched “The National” – single ad package comprising multiple daily titles across various regional publishers to achieve national scale We have started to address the legacy issues…

Trinity Mirror plc In circulation: Regionals – Reporting ABC circulation data for our core regional paid daily titles on a monthly basis from H Nationals – Open to sharing our circulation data on a more timely / frequent basis should advertisers require Digital – while NRS PADD may be a good starting point, need to incorporate tablet, mobile and regionals data We have started to address the legacy issues…

Trinity Mirror plc For eight consecutive months the Daily Mirror has outperformed the popular national dailies market In print, we remained focused on driving circulation Circulation per issue – yoy % Note: (a) Market comprised Daily Mirror, Daily Record, Sun, Daily Mail, Daily Star and Daily Express Source: ABC Jan 11 to Feb 13

Trinity Mirror plc Positioning our brands at the heart of the business Increasing relevance of our portfolio to drive audience, extend reach and generate revenue growth Portfolio development initiatives: –Product redesign –Extending targeted reach through hybrids –Editionisation –Weekend editions Implementing portfolio initiatives

Trinity Mirror plc Making it easy for consumers to purchase –Launched PaperPay app in March –Allow people to buy copies of the Mirror and Sunday Mirror newspaper through the use of a barcode voucher on their smartphones Recently launched the Paperpay app

Trinity Mirror plc Accelerating our digital capabilities Our audience increasingly adopts new technologies and becomes multi-platform MobileWebTabletOff NetworkPrint

Trinity Mirror plc E-editions of Daily Mirror and Daily Record launched for iPad. Android versions planned for Q –Total downloads from Apple: 120k Business model and pricing strategy to vary by title based on audience demographics and market positioning of our brands –Free: Daily Mirror (Mon-Fri), Daily Record (Mon-Fri), some regional titles –Paid: larger regional titles with strong market penetration, business focus titles Our Daily Mirror and Daily Record iPad e-editions are free to download

Trinity Mirror plc Some early insights into our e-edition readers Long reading time Average time spent reading of 30 min – slightly behind print edition (33 min) but well ahead of any website site average time spent Offers strong incremental reach to advertisers Two-thirds of our readers do not read any other newspaper apps – offering strong incremental reach and unique user opportunities for advertisers Attractive advertising demographic More ABC1 than our print demographic, but a little less than the tablet market as a whole High engagement translating directly into action Nearly half of all readers have clicked on an ad within the app Source: based on 4,200 responses, equating to 1/3 of our daily average number of readers

Trinity Mirror plc Enhanced image galleries and video; comprehensive What’s On guides; weather; traffic and travel; quizzes and elements of news personalisation Encouraging progress in growing audience and engagement –Mirror Online page views up 62% yoy in March 2013 Our websites remain free to access

Trinity Mirror plc Mobile usage already accounts for 25% of our monthly digital traffic and we believe this to grow rapidly in the next three years Similarly we are making good progress in growing mobile audience and engagement Mirror mobile page views up 61% in March 2013 About a quarter of our digital traffic is now via mobile

Trinity Mirror plc UK newspapers remain strong and resilient Continuously experiment, adapt and change There is no one-size-fits-all strategy In summary Distinctive content Scale audience Value for advertisers