Updated with 3Q 2014 Data Network TV Scatter vs. Spot TV Cost Comparison A25-54 CPMs Q3 2012-Q3 2014 TVB Analysis of SQAD National and Local Market Cost Estimate Data 1 Scatter Network/Spot Variables Quarter Daypart Demo Q-to-Q and Y-to-Y Changes Volatility Political 2 Scatter Network/Spot Consistencies Network TSA Viewers/Spot TV DMA Viewers SQAD 3rd Party Data Media Market Guide National Report (Issue Date: May 16, 2014) SQAD DATAVue Product Version 3.0.0.1 (Average levels used from March, June, September & December data / final quarter data. Q2 & Q3’14 use May’14 data) SQAD recently undertook an extensive analysis of the CPM and CPP data reported in Media Market Guide-National and found that it did not reflect the current national television marketplace as precisely as they would like. As a result, they felt obligated to revise their data accordingly. In this report, you will find that all of the numbers have been updated. 3 Early Morning A25-54 CPM — Network Scatter vs. Spot 35 30 25 20,65 20 25,51 24,30 18,17 22,31 20,27 19,26 18,17 19,46 15 21,83 16,89 17,13 17,32 18,27 15,13 16,99 17,62 15,22 10 5 Network-Scatter 0 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Spot-DMA Q4/13 Q1/14 Q2/14 Q3/14 4 Early News A25-54 CPM — Network Scatter vs. Spot 35 30 25,96 25 23,48 23,45 23,09 20,59 15 16,16 17,04 23,22 18,09 17,40 23,97 20,44 22,31 20 23,39 23,78 16,97 18,2 17,49 10 5 Network-Scatter 0 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Spot-DMA Q4/13 Q1/14 Q2/14 Q3/14 5 Spot Early Morning vs. Network Early News A25-54 CPM — Network Scatter vs. Spot 35 30 25 20 15 23,22 22,31 18,17 16,16 19,46 17,40 17,32 16,89 17,04 16,97 18,27 18,20 17,62 18,09 15,22 15,13 16,99 17,49 10 5 Network-Scatter Early News 0 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Spot-DMA Early Morning Q4/13 Q1/14 Q2/14 Q3/14 6 Primetime A25-54 CPM — Network Scatter vs. Spot 60 51,74 51,79 50 50,77 40 52,47 51,56 45,66 45,99 46,54 37,56 39,59 36,25 33,66 33,92 49,32 41,36 37,00 30 52,00 51,30 20 10 Network-Scatter 0 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Spot-DMA Q4/13 Q1/14 Q2/14 Q3/14 7 Primetime/Prime Access A25-54 CPM — Network Scatter vs. Spot 50 49,32 46,54 41,36 40 37,56 37,00 39,59 33,92 36,25 33,66 30 29,07 29,12 27,94 29,27 29,14 29,74 24,74 23,91 20 28,32 10 Network-Scatter (Prime) 0 Q3/12 Q4/12 Q1/13 Q2/13 Spot-DMA (Access) Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 8 Late Night A25-54 CPM — Network Scatter vs. Spot 40 35 30 25 20 19,64 21,09 19,56 17,99 18,92 15 24,17 22,80 17,89 21,12 20,64 19,82 19,71 18,12 18,39 16,78 15,98 20,22 19,26 10 5 0 Network-Scatter Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Spot-DMA Q4/13 Q1/14 Q2/14 Q3/14 9 Late Night/Late News A25-54 CPM — Network Scatter vs. Spot 40 35 30 31,85 32,64 30,49 29,27 25 26,84 20 17,89 15,98 31,71 27,54 29,77 24,17 22,80 20,64 18,92 29,59 18,12 19,26 16,78 15 10 5 0 Network-Scatter (Late Night) Q3/12 Q4/12 Q1/13 Q2/13 Spot-DMA (Late News) Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 10 Cable News vs. Spot Early Morning A25-54 CPM 35 30 25 20 18,17 19,46 16,89 15 9,13 16,99 17,62 10,56 8,15 15,22 7,33 9,88 9,93 8,25 7,62 Cable News-Scatter 0 18,27 15,13 10 5 17,32 Q3/12 Q4/12 Q1/13 Q2/13 8,81 Spot-DMA (Early Morning) Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 11 Syndication Scatter vs. Spot Access A25-54 CPM 45 40 35,53 35 30 25 33,21 29,07 30,16 29,12 28,45 24,00 25,88 20 32,28 27,94 29,27 29,14 27,97 25,19 28,32 29,74 24,74 23,91 15 10 Syndication Prime-Scatter 5 0 Q3/12 Q4/12 Q1/13 Q2/13 Spot-DMA (Access) Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 12 3rd Quarter 2014 Network Scatter vs. Spot TV — CPM A25-54 Network-Scatter Spot DMA Early Morning $19.26 $17.62 Early News $17.49 $23.97 Prime $39.59 $51.56 Late Night $18.12 $20.22 Total $94.46 $113.37 13 Network Scatter vs. Spot TV CPM A25-54 3rd Quarter’14 -17% DMA Network 113,37 Network Premium 94,46 -23% 51,56 +9% -27% 17,62 19,26 Early Morning 23,97 39,59 20,22 18,12 17,49 Early News -10% Primetime Late Night Total 4 Dayparts 14 3rd Quarter 2014 Spot TV CPM Projections vs. Network Scatter SQAD A25-54 DMA CPM Basis Markets Early Morning Early News Prime Late Night 1-10 $18.49 $24.25 $68.26 $19.83 1-20 $18.71 $24.56 $65.47 $19.90 1-30 $18.20 $23.90 $61.55 $19.23 1-50 $17.46 $23.00 $56.26 $18.58 1-80 $17.00 $22.53 $52.63 $18.49 1-100 $16.88 $22.47 $51.51 $18.72 1-210 $17.62 $23.97 $51.56 $20.22 Network-Scatter $19.26 $17.49 $39.59 $18.12 15 A25-54 CPM Year-to-Year Change Q3 2014 vs. Q3 2013 Network Spot DMA Early Morning +6% +2% Early News +3% +4% Prime +7% -2% Late Night +8% +3% 16 A25-54 CPM Book-to-Book Change Q3 2014 vs. Q2 2014 Network Spot DMA Early Morning -25% +4% Early News -25% +2% Prime -24% -1% Late Night -25% +3% 17