1. ZenithOptimedia’s Global Adspend Expectations and the Outlook For Russia

2. Fragile and debt laden western economies Eurozone crisis Little agreement on where the global economy is headed How to predict Advertising Expenditure in future years?

3. Forecasts for 79 markets over 31 years Dedicated central team 15 leading forecasts and guides published every year Tracked crashes and resurgences Underlying trends to share today

4. ZENITHOPTIMEDIA’S GLOBAL ADSPEND EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market fluctuations and adspend 2. Economic growth and the ad market 3. Global ad market rankings 4. Potential growth categories in Russia

5. ZENITHOPTIMEDIA’S GLOBAL ADSPEND EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market fluctuations and adspend 2. Economic growth and the ad market 3. Global ad market rankings 4. Growth potential of key categories

6. STOCK MARKET CRASHES THIS SUMMER Source: ZenithOptimedia

7. DOES A STOCK MARKET CRASH MEAN A DROP IN ADSPEND?

8. STOCK MARKET CRASHES SOMETIMES PRECEDE ADVERTISING DOWNTURNS Asian financial crisis Source: ZenithOptimedia

9. BUT THEY ARE NOT BY THEMSELVES A RELIABLE INDICATOR Source: ZenithOptimedia

10. DOES A STOCK MARKET CRASH MEAN A DROP IN ADSPEND? A crash in stock market values does not by itself mean ad expenditure is about to decline Causal Connections:...when an overvalued stock market is supporting excessive advertising...if the market correctly anticipates a sharp downturn in global economic activity

11. ZENITHOPTIMEDIA’S GLOBAL MARKET EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market fluctuations and adspend 2. Economic growth and the ad market 3. Global ad market rankings 4. Growth potential of key categories

12. LATEST GDP FORECASTS Source: Adjusted IMF % growth in GDP

13. ADSPEND GROWTH vs GDP GROWTH: GLOBAL Source: ZenithOptimedia Strong correlation between GDP and Adspend Other factors: new technology, intensity of competition

14. ADSPEND GROWTH vs GDP GROWTH: RUSSIA Source: ZenithOptimedia Russia more volatile, with larger swings....but the same correlation applies

15. GLOBAL ADVERTISING SHRINKING AS % OF GDP Source: ZenithOptimedia Dot com bubble

16. AD EXPENDITURE AS % OF GDP BY REGION (2011) Source: ZenithOptimedia

17. RUSSIA: ADVERTISING TRENDING BACK UP AS % GDP Source: ZenithOptimedia

18. GLOBAL ADSPEND AND GDP GROWTH YEAR-ON-YEAR % CHANGE, CURRENT PRICES Source: ZenithOptimedia, IMF Assumes European and US growth remains weak, but not in recession Adspend growth lags GDP on global basis

19. RUSSIAN ADSPEND AND GDP GROWTH YEAR-ON-YEAR % CHANGE, CURRENT PRICES Source: ZenithOptimedia, IMF Assumes Russia GDP growth well ahead of Developed markets Adspend growth ahead of GDP

20. ZENITHOPTIMEDIA’S GLOBAL ADSPEND EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market fluctuations and adspend 2. Economic growth and the ad market 3. Global ad market rankings 4. Growth potential of key categories

21. ADSPEND GROWTH BY REGION (2013 v 2010) YEAR-ON-YEAR % CHANGE, CURRENT PRICES Source: ZenithOptimedia Russia growing from 1.5% - 2.3% of total global Adspend

22. 2010Adspend 2013 Adspend 1. USA 151,665 1. USA165,977 2. Japan 46,153 2. Japan47,630 3. China 26,122 3. China38,854 4. Germany 23,791 4. Germany25,429 5. UK 18,086 5. UK19,656 6. Brazil 14,716 6. Brazil17,587 7. France 12,564 7. France13,465 8. Australia 11,246 8. Australia12,313 9. Italy 10,296 9. Canada12,098 10. Canada 10,041 10. Russia11,413 TOP 10 ADVERTISING MARKETS US$ million, current prices Source: ZenithOptimedia

23. GLOBAL ADSPEND SHARE BY MEDIUM 2010 2013 Source: ZenithOptimedia

24. ADSPEND SHARE BY MEDIUM - RUSSIA 2010 2013 Source: ZenithOptimedia

25. ZENITHOPTIMEDIA’S GLOBAL MARKET EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market fluctuations and adspend 2. Economic growth and the ad market 3. Global ad market rankings 4. Growth potential of key categories

26. FMCG OVERTAKEN BY OTHER CATEGORIES AS MARKETS DEVELOP Source: ZenithOptimedia AD EXPENDITURE BY TOP TEN CATEGORIES - USA

27. FMCG OVERTAKEN BY OTHER CATEGORIES AS MARKETS DEVELOP Source: ZenithOptimedia AD EXPENDITURE BY TOP TEN CATEGORIES - USA

28. RUSSIA STILL DOMINATED BY FMCG, THOUGH OTHER CATEGORIES ARE GROWING Source: ZenithOptimedia AD EXPENDITURE BY TOP TEN CATEGORIES - RUSSIA

29. HUGE GROWTH POTENTIAL OF NON-FMCG CATEGORIES Finance, auto and telecoms: 21.1%Finance, auto and telecoms: 65.0% Source: ZenithOptimedia AD EXPENDITURE BY TOP TEN CATEGORIES - 2010

30. ZENITHOPTIMEDIA’S GLOBAL MARKET EXPECTATIONS AND THE OUTLOOK FOR RUSSIA 1. Stock market crashes don’t always mean Adspend decline 2. Economic growth is closely tied to the ad market 3. Russia Adspend will grow faster than Developed markets and join the Top Ten 4. Growth potential of major new categories is likely to grow Adspend even faster