1. Graham Page, EVP Head of Global Solutions

2. MULTIPLE AND CONFLICTING PERSPECTIVES ON WHAT THE MARKETING IMPERATIVE TO MAXIMISE GROWTH SHOULD BE

3. SALIENCE: top of mind awareness, the quality of standing out and grabbing attention

4. SALIENCE IS UNDENIABLY IMPORTANT

5. Source: Brandz Iconic Star Mainstream Generic Aspirational Limited Fighter Outsider Specialist

6. AUDIO VISUAL CHANNELS PLAY AN IMPORTANT PART IN DELIVERING SALIENCE TV Online Video +2.41% + 1.22 % 0 % U p lif t i n m e t ri c p o s t e x p o su re +1.15% Magazines Source: Magnetic/Millward Brown 2015 Setting trends measure: Online video n=8, TV n=60, Mags n=16, Radio n=17, News n=17, Online Display n=54, OOH n=37, Cinema n=15. 88 UK studies. Impact per person reached.

7. THE POTENTIAL AND UNINTENDED CONSEQUENCE OF PURSUING SALIENCE ALONE

8. VALUABLE BRANDS HAVE FIVE KEY PROPERTIES Consumers feel an affinity for them Consumers feel they will perform well and meet their needs They are seen as different or unique in the category They are dynamic and set category trends They are top of mind to consumers Meaningful Difference Millward Brown Meaningfully Different Framework 2013 Salience

9. BEING MEANINGFULLY DIFFERENT MATTERS

10. Brand buyers who go on to repeat purchase are more likely to perceive brands as meaningful and different, but salience makes little difference 1. CLOSER LINK BETWEEN MEANINGFUL DIFFERENCE AND REPEAT PURCHASE Source: Combined MB & Worldpanel study, actual purchase behaviour and attitudinal data

11. 2. SALIENCE FAILS TO PREDICT PRICE PREMIUM Source: PowerPurchase studies, 42 different brands

12. BUT MEANINGFUL DIFFERENCE DOES… Average Price Paid Source: PowerPurchase studies, 42 different brands

13. 3. A ‘MEANINGLESS’ BRAND THAT INCREASES SALIENCY WILL GROW Source: 2012/3 compared to 2007/8 for 2,301 brands measured in BrandZ

14. BUT DRIVING SALIENCY FOR A MEANINGFULLY DIFFERENT BRAND WOULD DRIVE SALES EVEN MORE They have the foundation and competitive edge to maximise growth Source: 2012/3 compared to 2007/8 for 2,301 brands measured in BrandZ

15. DifferentMeaningfulSalient FoundationCompetitive edge Growth lever BRANDS NEED MEANINGFUL DIFFERENCE AS WELL AS SALIENCE

16. HOW DO WE HELP GUIDE BRANDS THROUGH THEIR MEDIA CHOICES?

17. MEANINGFUL: having a real importance or value to consumers that delivers against their functional and emotional needs

18. PERONI ACHIEVES AFFINITY BY DIALING UP HERITAGE

19. BIG VISUAL IMPACT MEDIA ACHIEVE BRAND AFFINITY Cinema Magazines +3.62%+3.62% + 1.53 % % U p lif t i n m e t ri c p o s t e x p o su re + 1.89 % OOH Source: Magnetic/Millward Brown 2015 Affinity Measure: OOH n=12, TV n=15, Newspaper n=8, Online display=10, Radio n=8, Magazine n=3, Cinema n=9, Online video n=3

20. MANY HEALTHCARE & FINANCE BRANDS HAVE DRIVEN SUCCESS THROUGH FUNCTIONAL NEEDS

21. INFORMATIVE MEDIA CONVEY THAT A PRODUCT OR SERVICE MEETS NEEDS Newspapers Magazines + 1.32 % + 0.83 % % U p lif t i n m e t ri c p o s t e x p o su re + 1.08 % TV Source: Magnetic/Millward Brown 2015 Setting trends measure: OOH n=13, TV n=19, Newspaper n=3, Online disp. n=19, Radio n=6, Magazine n=7, Cinema n=7, Online video n=4

22. DIFFERENTIATION: to achieve a level of separation from other brands in the category due to sense of uniqueness or dynamism

23. JAGERMEISTER STANDS OUT

24. TARGETED, PREMIUM CHANNELS CONTRIBUTE TO UNIQUENESS Cinema Radio + 3.50 % + 0.71 % % U p lif t i n m e t ri c p o s t e x p o su re + 2.49 % Magazines Magazine media has a diverse creative canvas that allows successful delivery of differentiation

25. AUDI STAND APART THROUGH LEADERSHIP CREDENTIALS

26. SPECIALIST CHANNELS ACHIEVE DYNAMISM Cinema Radio + 2.86 % + 0.83 % % U p lif t i n m e t ri c p o s t e x p o su re + 1.45 % Magazines Specialist knowledge of magazine editors and their trusted voice on new trends means they successfully deliver differentiation

27. Salient MAGAZINES UNIQUELY IMPACT CONSUMERS STRONGLY ACROSS ALL FIVE OF THE KEY MDF METRICS Newspapers Magazines TV Online Display Radio OOHCinema Online Video Media ranking by metric (top 3 shown) Source: Magnetic/Millward Brown 2015 See additional slides for samples of individual metrics Meaningful Difference Salience Meets Needs Brand affinity Unique Sets Trends 123 321 321 2 31 1 23

28. A MEANINGFULLY DIFFERENT IMPACT affinity meet their needs unique dynamic top of mind WE CREATED A SINGLE METRIC WHICH AGGREGATES CHANNEL PERFORMANCE ACROSS ALL FIVE METRICS. WE REFER TO THIS AS MEANINGFULLY DIFFERENT IMPACT

29. MEANINGFULLY DIFFERENT IMPACT Magazines and Cinema excel at helping brands deliver a meaningfully different impact for consumers TV Cinema + 1.77 % + 0.89 % % U p lif t i n m e t ri c p o s t e x p o su re + 1.59 % Magazines Source: Magnetic/Millward Brown 2015 MDI Measure: Magazines n=22, TV = 83, Newspapers n=32, Online Display n=68, Radio n=29, OOH n=59, Cinema n=28, Online video n=9

30. COST PER 1% MDI CONTRIBUTION Magazines have the lowest overall cost to deliver 1% of MDI NewspapersMagazines TV Online Display Radio OOHCinema £0.55m£1.62m£3.32m£2.64m£1.45m£3.98m£3.99m Source: Magnetic/Millward Brown 2015 MDI Measure: Magazines n=22, TV = 83, Newspapers n=32, Online Display n=68, Radio n=29, OOH n=59, Cinema n=28, Online video n=9 *Low base size

31. CONCLUSION > SALIENCE IS UNDENIABLY IMPORTANT AS A GROWTH LEVER > MAGAZINE MEDIA IS A CONSISTENT ALL ROUNDER IN DELIVERING BRAND EQUITY > MEANINGFUL DIFFERENCE IS A POWERFUL LONG-TERM BRAND DRIVER > MAGAZINES ARE THE MOST COST-EFFICIENT CHANNEL IN THE MIX, AND PARTICULARLY STRONG AT DRIVING DIFFERENTIATION FOR A BRAND