Brazil Overview June 2013

Our country Population: 194,216,900Mobile: 265 million (70M Internet access) Internet Access: 94 million Source: Ibope EDTV 2013 / Mídia Dados 2012 / Anatel 49% 51% USD 2,320USD 940USD 6,400 (Avg Familiar Income) USD 500 Households: 59,851,544

Economic Dynamics 20107,5%20112,7%20120,9%2013*2,5%2014*3,2% PIB(GDP) ,5%20110,3%2012-2,7%2013*2,5%2014*3,2% Industrial Production Forecast ,3%20115,1%20127,8%2013*4,5%2014*5,3% IGP-M * Source: Banco Central – Focus Report Jun2013

2014 World Cup held in Brazil and Brazilian Presidential Election 2014 World Cup held in Brazil and Brazilian Presidential Election 2015 America's Cup held in Brazil 2015 America's Cup held in Brazil Major Events 2016 Olympic Games held in Brazil 2016 Olympic Games held in Brazil 2013 Confederation Cup held in Brazil 2013 Confederation Cup held in Brazil President Election

Ad Market

-5% +3% +18% +26% +15% +9% +13% +4% +18% +9% -12% +28% +3% +61% +23% +42% +21% +26% +3% +23% +18% +36% +19% +36% +46% +44% +25% +28% +20% +6% +12% +4% +7% +10% -% Source: Projeto InterMeios – Net figures Forecast +11% +15% +5%

Source: Projeto InterMeios Clients are investing on unrisky players (Open TV) – Eficiency of reach/CPM for C Social Class These data do not have Google and Facebook revenues. Including these players Internet goes to 11%. Ad Market

Pay TV Market

Total TV Households* 57.9 MM (96.8% of total HH) Total TV Households* 57.9 MM (96.8% of total HH) Total Pay TV Households 16.9 MM > 28% of penetration > 28% of penetration Reach projection: 53.4 MM people Total Pay TV Households 16.9 MM > 28% of penetration > 28% of penetration Reach projection: 53.4 MM people Source: * Ibope EDTV 2013 / Anatel Apr 2013 Pay TV Share * In Total TV: 9.5% 11.8%15.3% In Total Pay TV: 32.5% 33.1%33.3% Pay TV Share * In Total TV: 9.5% 11.8%15.3% In Total Pay TV: 32.5% 33.1%33.3% Source: Ibope MW / * 2013 Jan-Jun Strong TV Viewership

+7% +8% +10% +17% +18% +31% Projections +1% Household subscribers: (000) 75 MM people 100 MM people Source: Anatel / PTS +33% O setor de TV paga no Brasil teria cerca de 40 milhões em 2018 com uma penetração em torno de 65% dos domicílios com TV. Este quadro prevê um crescimento moderado da economia brasileira e, mais importante, a manutenção do desemprego em níveis muito baixos com elevação da renda média do trabalhador. Pay TV - Subscribers

Source: Anatel (Mar2013) Market Share by Groups (subscribers) Market Share by Groups (subscribers) Subscribers by Technology Pay TV - Subscribers

Source: SOA Share of Audience - Ibope MW – 8 markets Pay TV – – All Day - Target: P AB / Grouping of channels based on 2012 Source: SOI Share of Investment - Ibope Monitor – Pay TV Market Investments with Estimated Discounts. SPT: Carmen/Landmark figures. SOA SOI SOI/SOA Index GlobosatTurnerDiscoveryFoxDisneyHBOESPNViacom SPT Pay TV Groups - SOI X SOA

Fonte: IBOPE MW – 9 maercados Pay TV Pay TV Ranking * Excluding Sports and Kids channels