1. 2011 Report 66 - 4th Quarter Release - Cape Town 23 February 2012

2. Introduction: General Up-date: Economic Perspective. Economic Perspective. Our economy appears to be showing signs of continued growth despite a slight decline in consumer confidence. That said, spending over the Christmas period was ahead of market expectations. The South African “budget” was presented yesterday and it remains to be seen if the Christmas exuberance continues into the year. We believe the growing unemployment and rising cost of living (electricity, water and petrol) will dampen spending in the moths ahead. Econometrix in their recent “Consumer and Market Trends” report announced that “ the outlook for total media adspend for 2012 is slightly negative as real GDP growth is expected to be around 2.6%...” Further, they expect that “ household consumption expenditure growth is expected to slow down in particular ……(and) this decrease will impact directly on the growth in adspend.”

3. General Up-date : If one links GDP growth to media inflation of 6-8% and declining media owner discounts, both media owners and advertisers may well be facing one of the toughest advertising years we’ve seen in recent years. Successful publishers will need to focus on reclaiming the lost art of selling. ABC Marketing Initiative As part of the increased focus on marketing the ABC you will shortly release a “Plug & Play” presentation that succinctly positions the ABC, explains the key terms and reveals the growing importance of the ABC in making informed placement decisions. This initiative will be linked to re-launch of the current ABC website with several user friendly tools to trend and compare titles.

4. Rule Amendments effective 1st January 2012: 1. Definition of Single Copy Sales -50% and above (below 50%) Sales of Copies where the end user pays 50% and above (below 50% of) the registered cover price. If the price paid by the end user cannot be determined, then the price paid by the distributor/seller must be used, net of any discounts and rebates, but excluding settlement discounts and distribution costs. 2. Membership: Insignia Should a member, or prospective member, publish a claim of membership or the logo in an unregistered title, a penalty equivalent to a full page colour advertisement in the publication at full rate card price, is payable to the ABC before an application for registration will be considered. 3. Signed PDF versions of circulation certificates will be accepted, instead of originals.

5. Membership Statistics: 31 December 2010AdmissionsRemovals31 December 2011 Magazines 507 63 -58 512 Consumer 215 27 -31 211 Business to Business 174 14 -12 176 Custom 103 17 -11 109 Free Magazines 15 5 -4 16 Newspapers 313 28 -11 330 Daily 26 - - Weekly 13 - 12 Weekend 27 - - Community 62 1 -3 60 Hybrid 5 - 4 Free Newspapers 180 27 -6 201 Advertising Brochures 8 - - 8 Total ABC Members 828 91 -69 850

6. SECTOR SIZE RANKED BY AVERAGE CIRCULATION – Quarter 4 2011: POSITIONSECTORCIRCULATION NUMBER OF PUBLICATIONSAVERAGE 1Custom Magazines13,444,028109123,340 2Consumer Magazines6,928,14121132,835 3Free Newspapers6,063,92820130,169 4Advertising Brochures3,130,4178391,302 5Weekend Newspapers2,365,0312787,594 6Daily Newspapers1,679,5632664,599 7B2B Magazines1,190,6941766,765 8Weekly Newspapers651,8351254,320 9Community Press519,686608,661 10Free Magazines344,0101621,501 11Hybrid Newspapers160,976440,244 TOTAL36,478,30985042,916

7. Approach Approach a) Track Print performance against GDP and Retail Sales b) Trend Analysis: YOY c) Compare Category Circulation Composition YOY Large & Growing Small & declining d) Scatter graph Evolutionary, familiar but better: Evolutionary, familiar but better: Recognizes state of economy / retail sales.Recognizes state of economy / retail sales. 4 year category trends.4 year category trends. YOY category composition comparison – to see where the shifts are coming from.YOY category composition comparison – to see where the shifts are coming from. Familiar scatter graph – but with defining titles.Familiar scatter graph – but with defining titles.

8. Overall Economic Perspective Comment: For the 3 months ended October 2011, Retail Sales increased by 7.6% compared to 2010. The largest increase was in ‘General Dealers’. For the 3 months ended October 2011, Retail Sales increased by 7.6% compared to 2010. The largest increase was in ‘General Dealers’. GDP increased by 3.1% quarter on quarter. Finance, Real Estate and Business Services showed the greatest increase. GDP increased by 3.1% quarter on quarter. Finance, Real Estate and Business Services showed the greatest increase.

9. Newspaper Performance Relative to Economic Measures. Comment: Total newspaper circulation increased by 114 000 copies compared to the previous quarter, mainly the result of increases in Free and Community Newspapers offset by losses in all other categories. Total newspaper circulation increased by 114 000 copies compared to the previous quarter, mainly the result of increases in Free and Community Newspapers offset by losses in all other categories.

10. Trend Analysis – Total Circulation: Daily Newspapers Comment: 97 000 fewer (-6.7%) papers sold compared to the same quarter last year. 97 000 fewer (-6.7%) papers sold compared to the same quarter last year. However, only 13 000 less than the prior quarter. However, only 13 000 less than the prior quarter.

11. Q.4 – Composition Comparison: Daily Newspapers Comment: Single Copy Sales declined by 7% and Subscriptions by 8.3%. Single Copy Sales declined by 7% and Subscriptions by 8.3%. Some PMIE above 50% of cover price was replaced by PMIE below 50% of cover price.

12. Trend Analysis – by language: Daily Newspapers Comment: When compared to the prior year English titles decreased by 6.7%, and Afrikaans titles by 9.3%. Vernacular titles showed an increase of 2.7%. When compared to the prior year English titles decreased by 6.7%, and Afrikaans titles by 9.3%. Vernacular titles showed an increase of 2.7%.

13. Daily Newspapers ranked by Copy Sales: Comment: 12 titles decreased circulation, while 3 increased circulation, and 4 remained static. Son (Daily) and Isolezwe swapped positions in the ranking. RankingPublication Name Copy Sales >50% - 2011 % Change on Prior Year 1Daily Sun380,492-8.14% 2Son (Daily)105,775-8.10% 3Isolezwe102,4572.75% 4Sowetan89,719-4.05% 5Star, The52,905-17.86% 6Citizen, The (Daily)50,7551.04%

14. Q.4 – Year on Year Analysis: Daily Newspapers Comment: Isolezwe reflected the largest increase (2.7%). Isolezwe reflected the largest increase (2.7%). Pretoria News suffered the largest percentage decline (-12.5%), while Daily Sun suffered the largest numerical decline (-33 600 copies). Pretoria News suffered the largest percentage decline (-12.5%), while Daily Sun suffered the largest numerical decline (-33 600 copies).

15. Trend Analysis – Total Circulation: Weekly Newspapers Comment: Total circulation reflected a decline of 3% or 17 000 copies. Total circulation reflected a decline of 3% or 17 000 copies.

16. Q.4 – Composition Comparison: Weekly Newspapers Comment: Both Single Copy Sales and Subscriptions declined. Both Single Copy Sales and Subscriptions declined.

17. Weekly Newspapers ranked by Copy Sales: Comment: 4 titles declined, while 2 increased, and 1 remained static. RankingPublication Name Copy Sales >50% 2011 % Change on Prior Year 1Soccer Laduma300,488-4.14% 2Ilanga129,1122.63% 3Mail & Guardian38,9752.00%

18. Q.4 – Year on Year Analysis: Weekly Newspapers Comment: Ilanga showed the highest growth (2.7%), while Umafrika showed the largest percentage decline (-28.7%) and Soccer Laduma showed the largest numerical decline (-13 000 copies). Ilanga showed the highest growth (2.7%), while Umafrika showed the largest percentage decline (-28.7%) and Soccer Laduma showed the largest numerical decline (-13 000 copies).

19. Trend Analysis – Total Circulation: Weekend Newspapers Comment: Circulation declined by 4.9% (108,000 copies) over the prior year, and by 2.2% (46,000) over the previous quarter. Circulation declined by 4.9% (108,000 copies) over the prior year, and by 2.2% (46,000) over the previous quarter. 14 titles declined, 4 increased, and 5 remained static 14 titles declined, 4 increased, and 5 remained static

20. Q.4 – Composition: Weekend Newspapers Comment: Single Copy sales declined by 5.8% (96,000 copies), and Subscriptions by 1.3% (6,000 copies). Single Copy sales declined by 5.8% (96,000 copies), and Subscriptions by 1.3% (6,000 copies). Both PMIE and Third Party Bulk sales declined Both PMIE and Third Party Bulk sales declined

21. Trend Analysis – by language: Weekend Newspapers Comment: English titles declined by 3.5% (-51,000 copies), while Afrikaans titles declined by 9.8% (-53,000 copies), and Vernacular titles by 2.5% (-4,000 copies). English titles declined by 3.5% (-51,000 copies), while Afrikaans titles declined by 9.8% (-53,000 copies), and Vernacular titles by 2.5% (-4,000 copies).

22. Weekend Newspapers ranked by Copy Sales: Comment: Of the 7 largest titles, only Sunday Times and Isolezwe ngeSonto showed increases. Of the 7 largest titles, only Sunday Times and Isolezwe ngeSonto showed increases. Isolezwe ngeSonto joins the ranking at number 6. Isolezwe ngeSonto joins the ranking at number 6. RankingPublication Name Copy Sales >50% - 2011 % Change on Prior Year 1Sunday Times262,9926.03% 2Sunday Sun212,102-6.41% 3Rapport201,983-9.22% 4City Press146,036-3.38% 5Sunday World121,943-7.88% 6Isolezwe ngeSonto79,5236.96% 6Ilanga Langesonto79,521-10.08%

23. Q.4 – Year on Year Analysis: Weekend Newspapers Comment: Volksblad Saturday (7.5%) and Isolezwe ngeSonto (6.95%) showed the largest increases, while Sondag (-21%) Ilanga Langasonto (-10%), and Rapport (-10%) suffered the largest declines. Volksblad Saturday (7.5%) and Isolezwe ngeSonto (6.95%) showed the largest increases, while Sondag (-21%) Ilanga Langasonto (-10%), and Rapport (-10%) suffered the largest declines. Rapport reflected the largest numerical decline (-24 000 copies). Rapport reflected the largest numerical decline (-24 000 copies).

24. Trend Analysis – Total Circulation: Community Newspapers Comment: Total circulation increased by 8.5% because of a new entrant. Total circulation increased by 8.5% because of a new entrant. Real circulation remains stable. Real circulation remains stable.

25. Trend Analysis – Total Circulation: Free Newspapers Comment: Whilst total circulation increased by 11% (589,000 copies) because of new entrants, real circulation remained stable. Whilst total circulation increased by 11% (589,000 copies) because of new entrants, real circulation remained stable.

26. Q.4 – Composition Comparison: Hybrid Newspapers Comment: The Times grew paid circulation significantly, both Single Copy Sales (42%, 12,700 copies) and Subscriptions (39%, 26,000 copies).The Times grew paid circulation significantly, both Single Copy Sales (42%, 12,700 copies) and Subscriptions (39%, 26,000 copies). Mogul Post/Pos increased circulation by an outstanding 206%!, albeit off a small base.Mogul Post/Pos increased circulation by an outstanding 206%!, albeit off a small base.

27. Magazine Performance Relative to Economic Measures. Comment: Total Magazine circulation increased significantly over the previous quarter, because of a large new custom title (Vodacom Now!) Total Magazine circulation increased significantly over the previous quarter, because of a large new custom title (Vodacom Now!) Consumer Magazines showed growth, mainly because of new entrants. Consumer Magazines showed growth, mainly because of new entrants.

28. Trend Analysis – Total Circulation: Consumer Magazines Comment: Whilst total circulation increased by 1.4%, real circulation declined by 3.7% (233,000 copies). Whilst total circulation increased by 1.4%, real circulation declined by 3.7% (233,000 copies).

29. Q.4 – Composition: Consumer Magazines Comment: Both Single Copy Sales and Subscriptions declined. Both Single Copy Sales and Subscriptions declined. Free circulation increased by 37.4%, mainly because of new free circulating titles. Free circulation increased by 37.4%, mainly because of new free circulating titles.

30. Q.4 – Year on Year Analysis Comment: The Category increased by 9.8%. The Category increased by 9.8%. Entrepreneur increased by 34%! Entrepreneur increased by 34%! Noseweek (-12.9%) reflected the largest decline. Noseweek (-12.9%) reflected the largest decline.

31. Q.4 – Circulation Composition: Comment: Whilst Single Copy Sales fell by 4.3%, subscriptions increased by 9.3%. Whilst Single Copy Sales fell by 4.3%, subscriptions increased by 9.3%. Free circulation increased because of a new entrant. Free circulation increased because of a new entrant. Sales below 50% of cover price, and Digital editions increased significantly, albeit off small bases. Sales below 50% of cover price, and Digital editions increased significantly, albeit off small bases.

32. Q.4 – Year on Year Analysis Comment: Of the quarterly reporting titles, Drum (7%) showed the largest increase. Of the quarterly reporting titles, Drum (7%) showed the largest increase. LIG (-10%) reflected the largest decline. LIG (-10%) reflected the largest decline.

33. Q.4 – Circulation Composition: Comment: Single Copy Sales declined 3.7%, while Free circulation declined a significant 31%. Single Copy Sales declined 3.7%, while Free circulation declined a significant 31%.

34. Q.4 – Year on Year Analysis Comment: Of the quarterly reporting titles, only House and Leisure showed an increase (9.4%). Of the quarterly reporting titles, only House and Leisure showed an increase (9.4%). SA Garden/SA Tuin (-24.4%), and the 3 regional Property magazines showed the largest declines. SA Garden/SA Tuin (-24.4%), and the 3 regional Property magazines showed the largest declines.

35. Q.4 – Circulation Composition: Comment: While Single Copy Sales declined by 5.5%, Subscriptions increased by 10.9%. While Single Copy Sales declined by 5.5%, Subscriptions increased by 10.9%. Free circulation increased by 41% because of a new entrant. Free circulation increased by 41% because of a new entrant.

36. Q.4 – Year on Year Analysis Comment: Popular Mechanics increased by 8.7%. Popular Mechanics increased by 8.7%. Tech-Smart (-24.8%) and FHM (-21.7%) reflected the largest declines. Tech-Smart (-24.8%) and FHM (-21.7%) reflected the largest declines.

37. Q.4 – Circulation Composition: Comment: Single Copy Sales increased by 5.7% because of new entrants. Single Copy Sales increased by 5.7% because of new entrants. Free circulation declined by 13.2%. Free circulation declined by 13.2%.

38. Q.4 – Year on Year Analysis Comment: Topcar Road Tests (13.3%), Commercial Trader (10.5%) and Bakkie and Truck Action (10.3%), showed the largest increases. Topcar Road Tests (13.3%), Commercial Trader (10.5%) and Bakkie and Truck Action (10.3%), showed the largest increases. Cars in Action (-25.3%) showed the largest decline. Cars in Action (-25.3%) showed the largest decline.

39. Q.4 – Circulation Composition: Comment : Single Copy Sales increased by 2% because of a new member (Top Gear). Single Copy Sales increased by 2% because of a new member (Top Gear). Subscriptions, however, declined by 4.1%. Subscriptions, however, declined by 4.1%.

40. Q.4 – Year on Year Analysis Comment: Mamas and Papas increased significantly (55%), although mainly through sales below 50% of cover price. Mamas and Papas increased significantly (55%), although mainly through sales below 50% of cover price. Living and Loving reflected the largest decline (-24%). Living and Loving reflected the largest decline (-24%).

41. Q.4 – Circulation Composition: Comment: Single Copy Sales declined a disappointing 17.6%. Single Copy Sales declined a disappointing 17.6%. One title (Expectant Mothers Guide) converted Sales below 50% of cover price to Free circulation. One title (Expectant Mothers Guide) converted Sales below 50% of cover price to Free circulation.

42. Q.4 – Year on Year Analysis Comment: SA Hunter/Jagter (13%) and Fitness Magazine (13%) showed the largest increases. SA Hunter/Jagter (13%) and Fitness Magazine (13%) showed the largest increases. Golf Digest declined by 58% because of the loss of World of Golf contract. Sports Illustrated declined by 32.4%. Golf Digest declined by 58% because of the loss of World of Golf contract. Sports Illustrated declined by 32.4%.

43. Q.4 – Circulation Composition: Comment: Subscriptions fell by 20.3%, and Free circulation by 11.6%, both attributable to the declines in the titles previously mentioned. Subscriptions fell by 20.3%, and Free circulation by 11.6%, both attributable to the declines in the titles previously mentioned.

44. Q.4 – Year on Year Analysis Comment: Of the December reporting titles, Wegsleep Oordgids reflected the largest increase (17.7%). Of the December reporting titles, Wegsleep Oordgids reflected the largest increase (17.7%). SA Country Life (-9%) showed the largest decline. SA Country Life (-9%) showed the largest decline.

45. Q.4 – Circulation Composition: Comment: Free circulation grew substantially because of a new free circulating title (Cape Town Official Visitors Guide). Free circulation grew substantially because of a new free circulating title (Cape Town Official Visitors Guide).

46. Q.4 – Year on Year Analysis Comment: Kuier grew 100% (off the chart!) – all in Single Copy Sales. Destiny Magazine increased by 29.5%. Kuier grew 100% (off the chart!) – all in Single Copy Sales. Destiny Magazine increased by 29.5%. Fair Lady (-33%) and Cleo (-24%) suffered the largest declines. Fair Lady (-33%) and Cleo (-24%) suffered the largest declines.

47. Q.4 – Circulation Composition: Comment: All classes of circulation declined, other than Free circulation, which grew because of a new free title (Voila!). All classes of circulation declined, other than Free circulation, which grew because of a new free title (Voila!).

48. Trend Analysis – Total Circulation: B2B Magazines Comment: While total circulation increased by 3% because of new entrants, real circulation declined by 3%. While total circulation increased by 3% because of new entrants, real circulation declined by 3%.

49. Q.4 – Circulation Composition: B2B Magazines Comment: Bulk distribution increased by 23.5%, and Bulk Free by 69%, albeit off a small base. Bulk distribution increased by 23.5%, and Bulk Free by 69%, albeit off a small base.

50. Q.4 – Year on Year Analysis Comment: Food and Beverage Reporter (7.6%) and SA Conference Directory (6.7%) showed the largest increases. Food and Beverage Reporter (7.6%) and SA Conference Directory (6.7%) showed the largest increases. Of the December reporting titles, Conference Venues (-14.8%) reflected the largest decline. Of the December reporting titles, Conference Venues (-14.8%) reflected the largest decline.

51. Q.4 – Composition: Comment: Individual distribution declined by 12.6%. Individual distribution declined by 12.6%. Bulk distribution increased by 24% because of a new title (South Africa in the Palm of Your Hand). Bulk distribution increased by 24% because of a new title (South Africa in the Palm of Your Hand).

52. Q.4 – Year on Year Analysis Comment: 25° in Africa (19.9%) and Cold Chain (13.9%) reflected the largest increases. 25° in Africa (19.9%) and Cold Chain (13.9%) reflected the largest increases. Northern Cape Business (-22.3%) showed the largest decline. Northern Cape Business (-22.3%) showed the largest decline.

53. Q.4 – Composition: Comment: Individual distribution (10.7%) and Bulk distribution (37.5%) both increased. Individual distribution (10.7%) and Bulk distribution (37.5%) both increased.

54. Q.4 – Year on Year Analysis Comment: The african.org (66.4%), Business Brief (28.7%) and South Africa’s Top Performing Companies (28.7%) showed the largest increases. The african.org (66.4%), Business Brief (28.7%) and South Africa’s Top Performing Companies (28.7%) showed the largest increases. CEO Magazine (-19%) reflected the largest decline. CEO Magazine (-19%) reflected the largest decline.

55. Q.4 – Composition: Comment: Both Individual (27%) and Bulk (46%) distribution showed significant increases because of new entrants. Both Individual (27%) and Bulk (46%) distribution showed significant increases because of new entrants.

56. Q.4 – Year on Year Analysis Comment: Front Shop (25%) reflected the largest increase. Front Shop (25%) reflected the largest increase.

57. Trend Analysis – Total Circulation: Custom Magazines Comment: While total circulation decreased by 1%, real circulation increased by 3%. While total circulation decreased by 1%, real circulation increased by 3%.

58. Q.4 – Composition: Custom Magazines Comment: Individual distribution fell by 1% and Bulk distribution by 16%. Individual distribution fell by 1% and Bulk distribution by 16%. Paid circulation increased by 10.4%. Paid circulation increased by 10.4%.

59. Q.4 – Year on Year Analysis Comment: Dish Compact (11.3%) reflected the highest growth, while M showed the largest decline (-39%). Dish Compact (11.3%) reflected the highest growth, while M showed the largest decline (-39%).

60. Q.4 – Circulation Composition: Comments: Both Individual and Bulk Distribution declined. Both Individual and Bulk Distribution declined.

61. Q.4 – Year on Year Analysis Comment: Both Vision Magazine (40.6%) and Good Taste (31.2%) showed considerable growth. Both Vision Magazine (40.6%) and Good Taste (31.2%) showed considerable growth. Of the December reporting titles, Signature: Diners Club (-15.2%) reflected the largest decline. Of the December reporting titles, Signature: Diners Club (-15.2%) reflected the largest decline.

62. Q.4 – Circulation Composition: Comments: Individual distribution increased significantly (85%) because of new titles. Individual distribution increased significantly (85%) because of new titles. Bulk requested declined by 12%. Bulk requested declined by 12%.

63. Q.4 – Year on Year Analysis Comment: Foschini Soccer Club grew an incredible 182%! (off the chart). Foschini Soccer Club grew an incredible 182%! (off the chart). Clicks Club Card (40%) and Club X (35%) also showed significant increases. Clicks Club Card (40%) and Club X (35%) also showed significant increases. Beares Club (-42%) and A-Plus (-34%) declined the most. Beares Club (-42%) and A-Plus (-34%) declined the most.

64. Trend Analysis – Total Circulation: Free Magazines Comment: Total circulation has been significantly impacted by the resignation of Vuk’uzenzele, which has converted to a free Government newspaper. Real Circulation is stable

65. Overall Conclusion: While we continue to note a growth in ABC membership we must now view the results with increased caution given the ongoing circulation declines evident across most sectors. As a platform, print cannot continue to endure the current pessimistic trend without dire consequences. Keen publisher intervention is required on a broad scale if a clear turnaround is to be achieved. Ironically, as depressing as some of the results are, the fact remains that some publications are growing while many competing titles are declining. My own view is that with increased competition, content and consistency have become a key success factors…or not. Consistent real circulation growth (core circulation) evident amongst several vernacular titles provides some reassurance of the future (and relevance) of print in our market. It’s time perhaps to again put the reader first and have confidence in the medium.

66. An interesting analysis might be to review the circulation declines by publisher group, as corporate developments could impact on title health and well being. Declines may well be less endemic and more specific than we think. An interesting analysis might be to review the circulation declines by publisher group, as corporate developments could impact on title health and well being. Declines may well be less endemic and more specific than we think. In general, however, we note across many categories that single copy sales are down and that subscriptions are well down. Economic pressure has, for some titles, increased reliance on free or almost free distribution to prop up total circulation. This “deal driven” circulation has questionable value from a marketer perspective. Again the devil is in the detail! In general, however, we note across many categories that single copy sales are down and that subscriptions are well down. Economic pressure has, for some titles, increased reliance on free or almost free distribution to prop up total circulation. This “deal driven” circulation has questionable value from a marketer perspective. Again the devil is in the detail! Specific conclusions are: Specific conclusions are: Daily NewspapersDaily Newspapers Subscriptions declining faster than single copy sales although the latter is numerically greater. Subscriptions declining faster than single copy sales although the latter is numerically greater. PMIE below 50% increasing - which is concerning. PMIE below 50% increasing - which is concerning. Afrikaans titles are declining 40% faster than English titles. Afrikaans titles are declining 40% faster than English titles. Vernacular titles, however, continue to grow. Vernacular titles, however, continue to grow.

67. Weekly NewspapersWeekly Newspapers Largely stable with slight declines across single copy sales and subscriptions. Largely stable with slight declines across single copy sales and subscriptions. Weekend Newspapers.Weekend Newspapers. Continue to decline overall, with the sharpest declines coming from the Afrikaans press. Afrikaans titles are in total declining 2.8 times faster than their English counterparts. Continue to decline overall, with the sharpest declines coming from the Afrikaans press. Afrikaans titles are in total declining 2.8 times faster than their English counterparts. On a positive note, Sunday Times grew single copy sales by 6%. On a positive note, Sunday Times grew single copy sales by 6%. Community and Free PressCommunity and Free Press Continue to grow, driven by new entrants but without affecting existing titles. Continue to grow, driven by new entrants but without affecting existing titles. Free press grew by almost 600 000 additional copies - up 11% ! Free press grew by almost 600 000 additional copies - up 11% ! Hybrid Newspapers.Hybrid Newspapers. Doing really well. Doing really well.

68. Magazines: Magazines: New entrants and free titles have boosted the performance of this category. Real Consumer magazine circulation is down 3.7%.New entrants and free titles have boosted the performance of this category. Real Consumer magazine circulation is down 3.7%. Single copy sales and subscriptions are down generally.Single copy sales and subscriptions are down generally. Within sub-categories one has to ask how some titles are growing and others are in decline.Within sub-categories one has to ask how some titles are growing and others are in decline. Within the Business & News category we noted Entrepreneur up 34% but we also saw a growth in category reliance on Free circulation and distribution below 50% of cover price.Within the Business & News category we noted Entrepreneur up 34% but we also saw a growth in category reliance on Free circulation and distribution below 50% of cover price. Other highlights include the continued growth of Popular Mechanics (+8.7%) in the Male Interest category, Mamas & Papas (+55%) in Parenting, Wegsleep Oordgids (+17%) in Travel and Kuier (+100%) in the Woman’s General category. These titles illustrate that even in really competitive categories we see growth.Other highlights include the continued growth of Popular Mechanics (+8.7%) in the Male Interest category, Mamas & Papas (+55%) in Parenting, Wegsleep Oordgids (+17%) in Travel and Kuier (+100%) in the Woman’s General category. These titles illustrate that even in really competitive categories we see growth. Business to Business Business to Business Growing and concerning reliance on unsolicited distribution.Growing and concerning reliance on unsolicited distribution.

69. Custom Custom It’s worth reminding the audience that this categorization does not reflect reader perception. Many of these titles compete directly (and succeed) against Consumer Magazines.It’s worth reminding the audience that this categorization does not reflect reader perception. Many of these titles compete directly (and succeed) against Consumer Magazines. Highlights include, Vision up 40% and Good Taste up 31%.Highlights include, Vision up 40% and Good Taste up 31%. On the retail front, the Foschini Soccer Club grew by 182%, Clicks Card up 40% etc.On the retail front, the Foschini Soccer Club grew by 182%, Clicks Card up 40% etc. In closing, the titles that are growing have much to be proud of and should celebrate their success. Further, these titles should engage with marketers to ensure that they are receiving their share of the marketing investment. This reward should encourage others to follow and secure (ultimately) the well being of print.In closing, the titles that are growing have much to be proud of and should celebrate their success. Further, these titles should engage with marketers to ensure that they are receiving their share of the marketing investment. This reward should encourage others to follow and secure (ultimately) the well being of print. What is again clear is that the without correction / publisher intervention those titles that are in decline will continue….to the point of closure.What is again clear is that the without correction / publisher intervention those titles that are in decline will continue….to the point of closure.

70. Thank you.

71. Your ABC - Transparency you can see -