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ADVERTISING _ MARKETING SERVICES - ADSTATS--FACT BOOK ON ADVER01

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ADVERTISING _ MARKETING SERVICES - ADSTATS--FACT BOOK ON ADVER01 Powered By Docstoc
					                                                                                                 Equity Research




                                                                                                      JANUARY 2005

                Advertising &
                Marketing Services
                AdStats: Fact Book on Advertising Expenditures

                    We include comprehensive historical statistics and projections relevant to U.S. and
                    global advertising.

                    We break down advertising expenditures by geographic region, media, industry,
                    major advertisers, brands, and key events.

                    The expanded online advertising section includes ad spend by region, format,
                    category, and major advertisers. We also break down search advertising share by
                    leading portals.

                    We offer detailed information on advertising companies, their agency networks, and
                    diversified marketing specialists.




                Alexia S. Quadrani                        Tim Nollen                              Julia Choi
                (212) 272-2149                            (212) 272-4281                          (212) 272-3176
                aquadrani@bear.com                        tnollen@bear.com                        julia.choi@bear.com




Bear Stearns does and seeks to do business with companies covered in its research reports. As a result, investors should
be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Customers of Bear
Stearns in the United States can receive independent, third-party research on the company or companies covered in this
report, at no cost to them, where such research is available. Customers can access this independent research at
www.bearstearns.com/independentresearch or can call (800) 517-2327 to request a copy of this research. Investors should
consider this report as only a single factor in making their investment decision.
PLEASE READ THE IMPORTANT DISCLOSURE AND ANALYST CERTIFICATION INFORMATION IN THE ADDENDUM SECTION OF THIS REPORT.
Table of Contents                                                                                                                                        Page

U.S. Advertising Expenditures ...................................................................................................................................9
    Exhibit 1. Advertising & Marketing Services — U.S. Outlook Summary, 2000-2005E ................................10
    Exhibit 2. Advertising & Marketing Services — The Outlook for 2005 U.S. Advertising .............................11
    Exhibit 3. Change in U.S. Advertising Media Mix, 1970-2004E ....................................................................11
    Exhibit 4. Ad Spend by Media, 1970-2005E ...................................................................................................12
    Exhibit 5. 2004 U.S. Advertising Growth by Medium ....................................................................................13
    Exhibit 6. U.S. Advertising Expenditure by Media, 1Q 2003- First 9 Months 2004.......................................13
    Exhibit 7. U.S. Advertising Expenditure by Media, First 9 Months by Quarter, 1Q 2003-3Q 2004...............14
    Exhibit 8. U.S. Advertising Expenditure by Medium, 1999-2007E ................................................................14
    Exhibit 9. North America Advertising Expenditure by Medium, 1999-2007E ...............................................15
    Exhibit 10. U.S. Ad Market by Medium, 1999-2008E ......................................................................................15
    Exhibit 11. U.S. Ad Market Growth by Medium, 1999-2008E.........................................................................15
    Exhibit 12. Advertising & Marketing Services — U.S. Advertising Expenditure Versus Nominal GDP
       Growth, 1970-2005E ....................................................................................................................................16
    Exhibit 13. Advertising & Marketing Services — U.S. Advertising Expenditure Versus Nominal GDP
       Growth, 1970-2005E ....................................................................................................................................17
    Exhibit 14. 2004 Cost-per-Thousand Comparison (CPM) ................................................................................18
    Exhibit 15. Compensation Methods...................................................................................................................18
    Exhibit 16. Time Spent with Major Media ........................................................................................................19
    Exhibit 17. Estimated Annual U.S. Advertising Expenditures, 1970-2005E ....................................................20
    Exhibit 18. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2005E .......................................22
Global Advertising Expenditures .............................................................................................................................25
    Exhibit 19. Advertising & Marketing Services — Worldwide Advertising Growth, 1990-2005E ...................26
    Exhibit 20. Worldwide Ad Growth, 1990-2005E ..............................................................................................26
    Exhibit 21. Outlook for Ad Expenditure Growth by Country, 2003-05E..........................................................27
    Exhibit 22. Zenith’s World Advertising Expenditure Summary by Major Media, 2002-07E ..........................27
    Exhibit 23. Regional Shares of Display Advertising Revenue, 2003-07E.........................................................27
    Exhibit 24. Global Shares of Display Advertising Revenue by Medium, 2003-07E.........................................28
    Exhibit 25. Total Advertising Expenditure by Country, 1999-2007E ...............................................................29
    Exhibit 26. Top 10 Countries' Advertising Expenditure as a % of GDP ...........................................................30
    Exhibit 27. Top 10 Countries' Advertising Expenditure per Capita ..................................................................30
    Exhibit 28. Below-the-Line Advertising Expenditures, 2000-07E....................................................................31
    Exhibit 29. Global Advertising Expenditures by Medium, 1999-2008E...........................................................31
    Exhibit 30. Global Advertising Expenditure Growth by Medium, 1999-2008E ...............................................31
Europe, Middle East, & Africa Advertising Expenditures .......................................................................................33
    Exhibit 31. European Advertising Expenditures by Medium, 1999-2007E ......................................................34
    Exhibit 32. Europe, Middle East, & Africa Ad Market by Medium, 1999-2008E ............................................34
    Exhibit 33. Europe, Middle East, & Africa Ad Market Growth by Medium, 1999-2008E...............................34
Asia Pacific Advertising Expenditures.....................................................................................................................35
    Exhibit 34. Asia Advertising Expenditures by Medium, 1999-2007E ..............................................................36
    Exhibit 35. Asia Pacific Ad Market by Medium, 1999-2008E..........................................................................36
    Exhibit 36. Asia Pacific Ad Market Growth by Medium, 1999-2008E.............................................................36


BEAR, STEARNS & CO. INC.                                                                                                                               Page 3
Latin America Advertising Expenditures .................................................................................................................37
    Exhibit 37. Latin America Ad Market by Medium, 1999-2008E ......................................................................38
    Exhibit 38. Latin America Ad Market Growth by Medium, 1999-2008E.........................................................38
Canadian Advertising Expenditures .........................................................................................................................39
    Exhibit 39. Canada Ad Market by Medium, 1999-2008E .................................................................................40
    Exhibit 40. Canada Ad Market Growth by Medium, 1999-2008E ....................................................................40
Television Advertising Expenditures .......................................................................................................................41
    Exhibit 41. Broadcast and Cable Network Ad Market by Region, 1999-2007E ...............................................42
    Exhibit 42. Broadcast and Cable Network Ad Market by Region, 1999-2008E ...............................................43
    Exhibit 43. Broadcast and Cable Network Ad Market by Region, 1999-2008E ...............................................43
    Exhibit 44. Total U.S. Broadcast TV Ad Revenues, 1949-2005E.....................................................................44
    Exhibit 45. Total U.S. TV Revenue Growth by Category, 2005-06E ...............................................................44
Radio Advertising.....................................................................................................................................................45
    Exhibit 46. Radio/Out-of-Home Ad Market by Region, 1999-2007E...............................................................46
    Exhibit 47. Historical U.S. Radio Advertising Revenues, 1960-2004E ............................................................47
    Exhibit 48. Radio/Out-of-Home Ad Market by Region, 1999-2008E...............................................................48
    Exhibit 49. Radio/Out-of-Home Ad Market Growth by Region, 1999-2008E..................................................48
Internet Advertising Expenditures............................................................................................................................49
    Exhibit 50. Internet Advertising Expenditure, 1999-2007E ..............................................................................50
    Exhibit 51. Consumer Media Advertising by Dot-coms, 2000-04 ...................................................................51
    Exhibit 52. Online Advertising Expenditures 2000-08E ..................................................................................51
    Exhibit 53. The 10% Scenario: U.S. Online and Total Media Advertising Spending 2003-07E .....................51
    Exhibit 54. Global Internet Advertising Expenditure by Region, 1999-2008E .................................................51
    Exhibit 55. Online Access Spending by Region, 1999-2008E ..........................................................................52
    Exhibit 56. Broadband Households, 1999-2008E..............................................................................................52
    Exhibit 57. Broadband Household Growth, 2000-2008E ..................................................................................52
    Exhibit 58. International Internet Users, 1999-2008E .......................................................................................52
    Exhibit 59. Online Advertising Expenditures by Ad Type 2000-1H04.............................................................53
    Exhibit 60. 2004 Online Advertising Spending Trends, First Nine Months 2004............................................53
    Exhibit 61. Top 10 Advertiser Categories, September 2004 .............................................................................54
    Exhibit 62. U.S. Online Advertising Spending by Format, 2000-06E...............................................................54
    Exhibit 63. U.S. Paid Search Advertising Spending, 2000-06E ........................................................................54
    Exhibit 64. Online Paid Content Revenue, 1H 2001-2004 ...............................................................................54
    Exhibit 65. Consumer Spending on Online Content by Quarter, 1Q 2002-2Q 2004........................................55
    Exhibit 66. Online Content Spending by Category, 1H 2003-04 ......................................................................55
    Exhibit 67. Behavioral Targeting Ad Spending, 2003-05E ...............................................................................55
    Exhibit 68. Online Leisure Travel Spending in the U.S., 2003-09E.................................................................55
    Exhibit 69. U.S. Online Video Ad Spending, 2003-09E ..................................................................................56
    Exhibit 70. Internet Activity Index, October 2003-November 2004 .................................................................56
    Exhibit 71. Top 25 Shopping & Classifieds Web Sites .....................................................................................57
Newspaper Advertising Expenditures ......................................................................................................................59
    Exhibit 72. Historical Newspaper Advertising Revenues, 1949-2005E ............................................................60
    Exhibit 73. Newspaper Advertising Expenditure by Country, 1999-2007E......................................................61
    Exhibit 74. Newspaper Publishing Ad Market by Region, 1999-2008E ...........................................................62


Page 4                                                                                                 ADVERTISING & MARKETING SERVICES
    Exhibit 75. Newspaper Publishing Ad Market Growth by Region, 1999-2008E ..............................................62
    Exhibit 76. Print Advertising Expenditure by Country, 1999-2007E................................................................63
Magazine Advertising Expenditures ........................................................................................................................65
    Exhibit 77. Magazine Advertising Expenditures by Country, 1999-2007E ......................................................66
    Exhibit 78. Magazine Advertising Expenditures, 1993-2003............................................................................67
    Exhibit 79. Cost of Magazines, 1993-2003........................................................................................................67
Outdoor & Cinema Advertising Expenditures .........................................................................................................69
    Exhibit 80. Outdoor Advertising Expenditure, 1999-2007E .............................................................................70
    Exhibit 81. Cinema Advertising Expenditure, 1999-2007E ..............................................................................71
Event Advertising: Political, Olympics, & Super Bowl ...........................................................................................73
    Exhibit 82. Political Advertising Expenditures, 1970-2004E............................................................................74
    Exhibit 83. Political Ad Spend, 1998-2004E.....................................................................................................75
    Exhibit 84. Political Ad Spending by Medium ..................................................................................................75
    Exhibit 85. Source of Political Ad Spend, 2004E..............................................................................................75
    Exhibit 86. Political Spending, First Nine Months 2004 ...................................................................................75
    Exhibit 87. Olympics Rights Deals, 1992-2012 ................................................................................................76
    Exhibit 88. Top 5 Ad Spenders on NBC Telecasts of 2004 Summer Olympics...............................................76
    Exhibit 89. Super Bowl Spot Costs, 1967-2004 ................................................................................................77
Hispanic Advertising Expenditures ..........................................................................................................................79
    Exhibit 90. Hispanic Market Advertising Expenditures, 2001-04 .....................................................................80
    Exhibit 91. Top 50 U.S. Hispanic Marketers by Category, 2003 ......................................................................80
    Exhibit 92. Top Hispanic DMAs by Media Spend, 2003 ..................................................................................80
    Exhibit 93. Top 25 U.S. Hispanic Markets, 2004E............................................................................................81
    Exhibit 94. U.S. Hispanic Population Growth, 2002-2050E .............................................................................81
    Exhibit 95. Hispanic Consumer Spending, 2003 ...............................................................................................82
Marketing Services Expenditures.............................................................................................................................83
    Exhibit 96. Promotion Industry Revenues, 2001-03..........................................................................................84
    Exhibit 97. Total Direct Marketing Advertising Expenditures, 1997-2007E ....................................................84
    Exhibit 98. Paper Prices, 2000-2004E ...............................................................................................................85
    Exhibit 99. Paper Prices, 1988-3Q 2004............................................................................................................85
Satellite & Digital Video Recorder (DVR) Statistics ...............................................................................................87
    Exhibit 100. Share of TV Households with Satellite TV, 1999-2004E .............................................................88
    Exhibit 101. DVD & Personal Video Recorder Sales........................................................................................88
Advertiser Data.........................................................................................................................................................89
Global Advertisers....................................................................................................................................................91
    Exhibit 102. Global Entertainment and Media Market Expenditure by Segment, 1999-2008E........................92
    Exhibit 103. Global Entertainment and Media Market Expenditure Growth by Segment, 1999-2008E...........92
U.S. Advertisers .......................................................................................................................................................93
    Exhibit 104. U.S. Advertising Expenditure by Category, First Nine Months 2004...........................................94
    Exhibit 105. U.S. Advertising Expenditure by Advertiser, 2001-03 .................................................................94
    Exhibit 106. U.S. Entertainment and Media Market Expenditure by Segment, 1999-2008E............................94
    Exhibit 107. U.S. Entertainment and Media Market Expenditure Growth by Segment, 1999-2008E ..............95
    Exhibit 108. Key Categories’ Share Across Major Media.................................................................................95
T.V. Advertisers .......................................................................................................................................................97


BEAR, STEARNS & CO. INC.                                                                                                                                       Page 5
    Exhibit 109. Top 10 Categories on Television, First Nine Months 2004 by Quarter ........................................98
    Exhibit 110. Top 20 Advertisers on Television, First Nine Months 2003-04....................................................99
    Exhibit 111. Top 50 Cable TV Advertisers, 2003 ...........................................................................................100
Radio Advertisers ...................................................................................................................................................101
    Exhibit 112. Top 10 Categories on Radio, First Nine Months 2004 by Quarter .............................................102
    Exhibit 113. Top 20 Advertisers on Radio, First Nine Months 2003-04 .........................................................102
Newspaper Advertisers...........................................................................................................................................103
    Exhibit 114. Top 25 Newspaper Companies, 2003 .........................................................................................104
    Exhibit 115. Top 10 Categories in Newspapers, First Nine Months 2004.......................................................104
    Exhibit 116. Top 20 Advertisers in Newspapers, First Nine Months 2003-04................................................105
    Exhibit 117. Top 10 Advertisers in Hispanic Newspapers, 2003 ....................................................................105
    Exhibit 118. Top 10 Telecom Advertisers in Spanish Language Newspapers, January-August 2004 ............105
Magazine Advertisers.............................................................................................................................................107
    Exhibit 119. Top 10 Categories on Magazines, First Nine Months 2004........................................................108
    Exhibit 120. Top 20 Advertisers on Magazines, First Nine Months 2003-04 .................................................108
    Exhibit 121. Top 10 Advertisers in Hispanic Magazines, 2003 ......................................................................109
Outdoor Advertisers ...............................................................................................................................................111
    Exhibit 122. Top 10 Categories on Outdoor, First Nine Months 2004............................................................112
    Exhibit 123. Top 20 Advertisers on Outdoor, First Nine Months 2003-04 .....................................................112
Internet Advertisers ................................................................................................................................................113
    Exhibit 124. Top 10 Internet Companies .........................................................................................................114
    Exhibit 125. Top 10 Categories on Internet, 2003 ...........................................................................................114
    Exhibit 126. Top 10 Categories on Internet, 2002-03......................................................................................114
    Exhibit 127. Top 10 Advertisers on Internet, 2002-03 ....................................................................................115
    Exhibit 128. Top 10 U.S. Internet Properties, November 2004 ......................................................................115
    Exhibit 129. Top 20 Properties in Argentina ...................................................................................................116
    Exhibit 130. Top 20 Properties in Brazil .........................................................................................................116
    Exhibit 131. Top 20 Properties in France ........................................................................................................117
    Exhibit 132. Top 20 Properties in Germany ....................................................................................................117
    Exhibit 133. Top 20 Properties in Singapore ...................................................................................................118
    Exhibit 134. Top 20 Properties in the United Kingdom ..................................................................................118
    Exhibit 135. Share of Search by U.S. and Worldwide Internet Users .............................................................119
    Exhibit 136. Top 3 Email Service Providers....................................................................................................119
Brand Advertisers...................................................................................................................................................121
    Exhibit 137. Top 20 Global Brands Ranked by Brand Value, 2002-03...........................................................122
    Exhibit 138. Top 100 Megabrands, 1H 2003-04..............................................................................................123
    Exhibit 139. Top 10 Megabrands by Category, 1H 2003-04...........................................................................125
    Exhibit 140. Top 50 U.S. Advertisers, 2003....................................................................................................126
    Exhibit 141. 50 Leading Media Companies.....................................................................................................127
    Exhibit 142. U.S. Company Revenue per Advertising Dollar, 2003 ...............................................................128
    Exhibit 143. Top Automotive Advertisers, 2003 .............................................................................................129
    Exhibit 144. Top Light Auto Vehicle Advertisers, 2003 .................................................................................129
    Exhibit 145. Top 10 Beer Brands, 2003...........................................................................................................129
    Exhibit 146. Top 6 Cellular Handset Marketers, 2003 ....................................................................................130


Page 6                                                                                                 ADVERTISING & MARKETING SERVICES
   Exhibit 147. Top 10 LCD, Flat Panel TV Marketers, 2003.............................................................................130
   Exhibit 148. Top 10 Restaurants, 2003............................................................................................................131
   Exhibit 149. Top 10 Department Stores’ Advertising Spending, 2003 ...........................................................131
   Exhibit 150. Top Direct-to-Consumer Advertising Brand Expenditures & Agencies, 2002-03 .....................132
Advertising & Marketing Services Companies ......................................................................................................133
   Exhibit 151. Advertising Holding Company Family Tree...............................................................................134
   Exhibit 152. Advertising Agency Client Penetration.......................................................................................136
   Exhibit 153. Advertising Holding Company Ranking, 2003 ...........................................................................137
   Exhibit 154. World’s Top 25 Marketing Organizations, 2002-03 ...................................................................138
   Exhibit 155. World’s Top Ten Core Creative Agency Brands, 2002-03.........................................................138
   Exhibit 156. Advertising and Marketing Services — U.S. Revenue Split by Holding Company, 2003 .........139
   Exhibit 157. Top 25 U.S. Agency Brands by Core Advertising Revenue, 2003 .............................................140
   Exhibit 158. Top 25 U.S. Agencies, 2003 .......................................................................................................140
   Exhibit 159. Top National Agencies by Revenue per Employee, 2003...........................................................141
   Exhibit 160. World's Top Media Specialists, 2003..........................................................................................142
   Exhibit 161. Marketing Services Revenue by Discipline, 2002-03 .................................................................143
   Exhibit 162. Top 35 Direct Marketing Agencies, 2003 ...................................................................................144
   Exhibit 163. Top 35 Interactive Agencies, 2003 .............................................................................................145
   Exhibit 164. Top 35 Sales Promotion Agencies by Integrated Agency, 2003.................................................146
   Exhibit 165. Top Ad Holding Companies Ranked by Health Care Agency Revenue, 2002-03......................146
   Exhibit 166. U.S. Multicultural Agency Revenue, 2003 .................................................................................147
   Exhibit 167. Top Multicultural Advertising & Marketing Services Companies, 2002-03 ..............................148
   Exhibit 168. Top Holding Companies, 2003 ...................................................................................................149
   Exhibit 169. Advertising & Marketing Services — Reported Net New Business, 1999 to 3Q04...................149
   Exhibit 170. Advertising & Marketing Services — Share Prices Indexed to September 2000 .......................150




     Special thanks to Melody Chao for her assistance in gathering and organizing the information found in this
     report.




     Bear Stearns acts as a financial advisor and maintains an investment banking relationship with Time Warner.




BEAR, STEARNS & CO. INC.                                                                                                                     Page 7
Page 8   ADVERTISING & MARKETING SERVICES
              U.S. Advertising Expenditures




BEAR, STEARNS & CO. INC.                      Page 9
Exhibit 1. Advertising & Marketing Services — U.S. Outlook Summary, 2000-2005E ($ in billions)
Source                  2000        2001      % Change         2002      % Change        2003      % Change    2004E      % Change    2005E      % Change
CMR
  6/16/2004                                                                                                    $140.3       9.3%
  1/15/2004                                                                             $128.4       6.7%      $138.4       7.8%
  6/24/2003                                                                             $124.7       4.3%
  3/10/2003                        $112.5                     $117.3        4.2%
  1/14/2003                                                   $113.7                    $117.5       3.3%
  6/25/2002            $104.5       $94.3        -9.8%        $109.1       2.5%(1)        -            -

Coen
 12/13/2004                                                                                                    $263.7       7.4%      $280.6         6.4%
  6/22/2004                                                                             $245.5       3.6%      $263.3       7.3%      $280.0         6.5%
 12/8/2003                                                                              $249.2       5.2%      $266.4       6.9%
 6/17/2003                                                    $236.9        2.4%        $247.7       4.6%      $263.8       6.5%
 12/9/2002                                                    $237.4        2.6%        $249.3       5.0%
 7/10/2002             $247.5      $231.3        -6.5%        $236.2        2.1%        $249.2       5.5%

Zenith (Major media only)
  12/6/2004(2)                                                                          $158.4       1.8%      $167.9       6.0%      $174.8         4.1%
  10/8/2004(2)                                                $155.6                    $158.3       1.8%      $155.3       5.5%      $161.8         4.2%
  7/19/2004                                                                             $147.2                 $155.6       5.7%      $161.5         3.8%
  4/23/2004                                                                             $147.2       1.9%      $155.3       5.5%      $161.3         3.9%
  12/8/2003                                                   $144.5         2.0%       $148.8       3.0%      $156.4       5.1%      $163.0         4.2%
  4/7/2003                         $141.6                     $143.6         1.4%       $146.7       2.2%      $153.3       4.5%
  12/9/2002(3)                     $141.6                     $143.5         1.3%       $146.1       1.9%
  9/9/2002          $144.4         $135.6        -6.1%        $135.5        -0.1%       $137.5       1.5%
  7/10/2002         $144.4         $135.5        -6.1%        $133.9        -1.2%       $136.6       2.1%

Bear, Stearns & Co. (BSC)
  1/3/2005           $247.5        $231.3        -6.5%        $236.9        2.4%        $245.5       3.6%      $263.7       6.0%      $278.2         5.5%
BSC GDP               $9,817.0 $10,128.0          3.2%      $10,487.0       3.5%       $11,004.0     4.9%     $11,733.8     6.6%     $12,495.9       6.5%

(1) Not comparable. Includes estimates for Spanish language TV, B2B magazines, and local radio.
(2) Major media now includes B2B ad spend.
(3) Not comparable to previous because definition includes Internet.
Source: CMR; Robert Coen, Universal McCann; ZenithOptimedia (PUB); Bear, Stearns & Co. Inc. January 2005.




Page 10                                                                                             ADVERTISING & MARKETING SERVICES
                  Exhibit 2. Advertising & Marketing Services — The Outlook for 2005 U.S. Advertising ($ in billions)
                                                            Advertising Expenditures               % Growth
                 Media                                  2005          2004         2003      2005            2004
                 Four TV Networks                       $16.8         $16.5        $14.9     2.0%            9.5%
                 Spot TV                                10.8           10.9          9.8      -1.0           10.0
                 Cable TV                               16.7          15.6          13.8       7.0           12.0
                 Syndication TV                          4.1           3.9          3.4        3.5           15.0
                 Radio                                   4.7            4.4          4.3       5.2            2.0
                 Magazines                              13.0          12.1          11.4       7.3            6.0
                 Newspapers                               8.3           7.8          7.3       6.8            5.5
                 Consumer Media Subtotal                74.4          71.3          65.0       4.3            8.8
                 Direct Mail                            57.2          52.2          48.1       9.5            8.0
                 Yellow Pages                             2.2           2.1          2.1       5.0            1.0
                 Internet                                 8.8           7.1          5.3     25.0            25.0
                 Other National Media                   35.5           33.3         30.7       5.6            7.8
                 Total National                         178.3         166.0        151.2       7.4            8.9
                 Local Newspapers                       41.3           39.2         37.4       5.5            4.5
                 Local TV                                15.0          14.7         13.4       2.5            8.5
                 Local Radio                             16.3          15.4         14.7       5.0            4.0
                 Local Yellow Pages                     12.3           11.9         11.8       3.0            1.0
                 Other Local Media                      17.5          16.6          15.4       6.1            7.5
                 Total Local                           $102.4         $97.7        $92.7     4.8%            5.1%
                 Total National                        $178.3        $166.0       $151.2     7.4%            8.9%
                 Grand Total                           $280.6        $263.7       $244.2     6.4%            7.4%
                  Source: Robert Coen, Universal McCann. December 2004.



Exhibit 3. Change in U.S. Advertising Media Mix, 1970-2004E ($ in billions)
Medium            1970         % of total      1980       % of total       1990    % of total    2000    % of total   2005E    % of total
Magazines         $1.3            7%           $3.1          6%            $6.8       5%        $12.4       4%        $13.0       5%
Newspapers         5.7           29%            14.8        27%            32.3      25%         49.1      17%         49.6      18%
Network TV         1.7            8%            5.1         10%             9.9       8%         15.9       6%         16.8       6%
Cable TV           0.0            0%             0.1         0%             2.6       2%         15.5       6%         22.6       8%
Spot TV, other     1.9           10%            6.3         12%            16.8      13%         28.9      10%         29.9      11%
Radio              1.3            7%            3.7          7%             8.7       7%         19.3       7%         21.0       7%
Yellow Pages       0.0            0%             2.9         5%             8.9       7%         13.2       5%         14.5       5%
Direct Mail        2.8           14%            7.6         14%            23.4      18%         44.6      16%         57.2      20%
Internet           0.0            0%             0.0         0%             0.0       0%          6.5       2%          8.8       3%
Other              4.8           25%            10.4        19%            22.1      17%         42.2      15%         47.5      17%
Total             $19.5         100%           $54.0       100%           $131.5    100%        $247.5     88%        $280.9    100%
Source: Robert Coen, Universal McCann. January 2005.




BEAR, STEARNS & CO. INC.                                                                                                       Page 11
Exhibit 4. Ad Spend by Media, 1970-2005E (% share)
                                              1970                                                                                                             1980


                                                     Magazines, 7%                                                                                                   Magazines, 6%
                                                                                                                                        Other, 19%

              Other, 25%

                                                                                                                           Internet, 0%                                                     Newspapers, 27%

                                                                              Newspapers, 29%
                                                                                                                     Direct Mail, 14%
    Internet, 0%




     Direct Mail, 14%                                                                                                    Yellow Pages, 5%                                               Network TV, 10%
                                                                                                                                           Radio, 7%                              Cable TV, 0%
           Yellow Pages, 0%
                                                                   Network TV, 8%                                                                                         Spot TV, other, 12%
                         Radio, 7%
                                                               Cable TV, 0%
                                         Spot TV, other, 10%




                                                                                                                                                                   2000
                                            1990

                                                                                                                                                                      Magazines, 4%
                                               Magazines, 5%
                                                                                                                                         Other, 15%
                        Other, 17%

                                                                                                                                                                                                Newspapers, 17%

          Internet, 0%                                                   Newspapers, 25%                                  Internet, 2%




   Direct Mail, 18%
                                                                                                                                                                                                    Network TV, 6%
                                                                                                                     Direct Mail, 16%


                                                                         Network TV, 8%                                                                                                          Cable TV, 6%

          Yellow Pages, 7%                                          Cable TV, 2%
                                                                                                                               Yellow Pages, 5%
                             Radio, 7%                                                                                                                                             Spot TV, other, 10%
                                                     Spot TV, other, 13%                                                                               Radio, 7%




                                                                                                            2005E


                                                                                                              Magazines, 5%
                                                                                            Other, 17%
                                                                                                                                   Newspapers, 18%


                                                                              Internet, 3%



                                                                                                                                           Network TV, 6%


                                                                         Direct Mail, 20%
                                                                                                                                         Cable TV, 8%



                                                                                     Yellow Pages, 5%                        Spot TV, other, 11%
                                                                                                         Radio, 7%



Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. December 2004.




Page 12                                                                                                                 ADVERTISING & MARKETING SERVICES
                                             Exhibit 5. 2004 U.S. Advertising Growth by Medium (% change)
                                            Medium                                                             % growth
                                            Internet                                                             15.8%
                                            Spot TV                                                               14.3
                                            Radio (network, spot, local)                                          11.5
                                            Cable network TV                                                       9.9
                                            Network TV                                                             9.8
                                            Syndication                                                            9.8
                                            Outdoor                                                                8.4
                                            Spanish language TV                                                    7.0
                                            Magazines (consumer and Sunday)                                       6.4
                                            Newspapers (national and local)                                       6.4
                                            Magazines (B2B)                                                       -0.1
                                            Total                                                                 9.3
                                           Source: CMR; eMarketer. June 2004.



Exhibit 6. U.S. Advertising Expenditure by Media, 1Q 2003- First 9 Months 2004 ($ in millions)
Media                                    First 9 Mos 2004 First 9 Mos 2003 % change             1H04      1H03    % change           1Q04         1Q03    % change
Newspapers (Local)                            $17,752.4        $16,649.5      6.6%            $11,945.7 $11,112.0   7.5%            $5,597.1     $5,222.3   7.2%
Network TV                                     16,463.1         14,438.2     14.0%             11,214.1 10,351.2    8.3%             5,632.9      5,050.0  11.5%
Consumer Magazines (1)                         14,879.0         13,524.3     10.0%              9,773.4   9,058.7   7.9%             4,064.2      3,790.7   7.2%
Spot TV (2)                                    12,343.3         11,284.0      9.4%              7,819.5   7,242.1   8.0%             3,871.5      3,554.1   8.9%
Cable TV (3)                                   10,489.5          9,035.2     16.1%              6,881.5   5,823.4  18.2%             2,970.0      2,554.7  16.3%
Internet                                       5,593.2           4,446.1     25.8%              3,696.6   2,936.6  25.9%             1,883.7      1,470.1  28.1%
Local Radio (4)                                5,457.0           5,357.1      1.9%              3,572.6   3,451.7   3.5%             1,547.8      1,485.8   4.2%
B2B Magazines                                  3,859.5           3,802.7      1.5%              2,581.3   2,543.7   1.5%             1,232.4      1,215.3   1.4%
Syndication- National                          2,898.5           2,471.0     17.3%              1,924.9   1,637.6  17.5%               947.8        812.1  16.7%
Hispanic Media (5)                             2,872.6           2,726.3      5.4%              1,791.4   1,724.2   3.9%               791.3        790.3   0.1%
National Newspapers                            2,454.6           2,238.4      9.7%              1,692.6   1,527.5  10.8%               774.6        675.7  14.6%
Outdoor                                        2,400.8           2,041.5     17.6%              1,402.1   1,353.5   3.6%               658.2        625.9   5.2%
National Spot Radio                            1,875.1           1,924.6     -2.6%              1,214.3   1,218.0   -0.3%              515.1        526.9   -2.2%
FSIs (6)                                       1,065.4           1,017.2      4.7%                745.8     705.7   5.7%               394.2        368.1   7.1%
Sunday Magazines                               1,053.1            974.7       8.0%                698.8     678.4   3.0%               330.8        328.9   0.6%
Network Radio                                   754.2             735.0       2.6%                503.6     480.2   4.9%               232.2        227.0   2.3%
Local Magazines                                 258.5             234.3      10.3%                170.2     154.5  10.2%                82.2         77.1   6.6%
Total                                         102,469.8         92,900.1     10.3%             67,628.2 61,999.2    9.1%            31,526.0     28,774.9   9.6%

(1)   Consumer Magazine data reflect the June 2004 PIB restatement.
(2)   Spot TV figures do not include Hispanic Spot TV data.
(3)   Cable TV figures based on 43 networks.
(4)   Radio includes expenditures for 35 markets in the U.S. provided by Miller Kaplan.
(5)   Hispanic Media includes expenditures from Hispanic TV (Univision, Telemundo, Telefutura, and Galavision), Hispanic Spot TV, Hispanic Magazines, and Newspapers.
(6)   FSI data represent distribution costs only.
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. 2004.




BEAR, STEARNS & CO. INC.                                                                                                                                   Page 13
Exhibit 7. U.S. Advertising Expenditure by Media, First 9 Months by Quarter, 1Q 2003-3Q 2004 ($ in millions)
Media                                                3Q04           3Q03    % change                 2Q04             2Q03    % change              1Q04            1Q03    % change
Newspapers (Local)                                  $5,806.7       $5,537.5    4.9%                 $6,348.6         $5,889.7   7.8%               $5,597.1        $5,222.3   7.2%
Network TV                                           5,249.0        4,087.0  28.4%                   5,581.2          5,301.2   5.3%                5,632.9         5,050.0  11.5%
Consumer Magazines (1)                               5,105.6        4,465.6  14.3%                   5,709.2          5,268.0   8.4%                4,064.2         3,790.7    7.2%
Spot TV (2)                                          4,523.8        4,041.9  11.9%                   3,948.0          3,688.0   7.0%                3,871.5         3,554.1    8.9%
Cable TV (3)                                         3,608.0        3,211.8  12.3%                   3,911.5          3,268.7  19.7%                2,970.0         2,554.7  16.3%
Internet                                             1,896.6        1,509.5  25.6%                   1,812.9          1,466.5  23.6%                1,883.7         1,470.1  28.1%
Local Radio (4)                                      1,884.4        1,905.4   -1.1%                  2,024.8          1,965.9   3.0%                1,547.8         1,485.8    4.2%
B2B Magazines                                        1,278.2        1,259.0    1.5%                  1,348.9          1,328.4   1.5%                1,232.4         1,215.3    1.4%
Syndication- National                                  973.6          833.4  16.8%                     977.1            825.5  18.4%                  947.8           812.1  16.7%
Hispanic Media (5)                                   1,081.2        1,002.1    7.9%                  1,000.1            933.9   7.1%                  791.3           790.3    0.1%
National Newspapers                                    762.0          710.9    7.2%                    918.0            851.8   7.8%                  774.6           675.7  14.6%
Outdoor                                                998.7          688.0  45.2%                     743.9            727.6   2.2%                  658.2           625.9    5.2%
National Spot Radio                                    660.8          706.6   -6.5%                    699.2            691.1   1.2%                  515.1           526.9   -2.2%
FSIs (6)                                               319.6          311.5    2.6%                    351.6            337.6   4.1%                  394.2           368.1    7.1%
Sunday Magazines                                       354.3          296.3  19.6%                     368.0            349.5   5.3%                  330.8           328.9    0.6%
Network Radio                                          250.6          254.8   -1.6%                    271.4            253.2   7.2%                  232.2           227.0    2.3%
Local Magazines                                         88.3           79.8  10.7%                      88.0             77.4  13.7%                   82.2            77.1    6.6%
Total                                               34,841.4       30,901.1  12.8%                  36,102.4         33,224.0   8.7%               31,526.0        28,774.9    9.6%

(1) Consumer Magazine data reflect the June 2004 PIB restatement.
(2) Spot TV figures do not include Hispanic Spot TV data.
(3) Cable TV figures based on 43 networks.
(4) Radio includes expenditures for 35 markets in the U.S. provided by Miller Kaplan.
(5) Hispanic Media includes expenditures from Hispanic TV (Univision, Telemundo, Telefutura, and Galavision), Hispanic Spot TV, Hispanic Magazines, and Newspapers.
(6) FSI data represent distribution costs only.
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. 2004.



Exhibit 8. U.S. Advertising Expenditure by Medium, 1999-2007E ($ in millions)
Medium                  1999      2000     % change    2001     % change    2002     % change    2003     % change   2004E % change    2005E % change    2006E % change     2007E % change
Television
  Network              $15,028 $16,380       9.0%     $15,643    -4.5%     $15,799     1.0%     $16,273     3.0%     $17,412   7.0%    $17,935   3.0%    $18,473    3.0%    $19,027   3.0%
  Spot                  22,371 23,976        7.2%     22,000     -8.2%      23,430     6.5%     22,024     -6.0%      23,786   8.0%    24,024    1.0%     25,105    4.5%     26,109   4.0%
  Cable                  7,700  9,548       24.0%      9,834      3.0%      10,129     3.0%      10,940     8.0%      11,815   8.0%     12,878   9.0%     13,522    5.0%     14,334   6.0%
  Syndication            2,200  2,354        7.0%      2,236     -5.0%       2,281     2.0%      2,372      4.0%       2,491   5.0%     2,566    3.0%     2,617     2.0%     2,722    4.0%
Total TV                47,299 52,258       10.5%     49,713     -4.9%      51,639     3.9%     51,609     -0.1%      55,504   7.5%     57,403   3.4%     59,717    4.0%     62,192   4.1%

Radio
  National radio        900       1,000     11.1%      1,000       0.0%     1,000      0.0%      1,011      1.1%      1,051    4.0%     1,093    4.0%     1,159     6.0%     1,205    4.0%
  Local radio          17,681    19,819     12.1%     17,800     -10.2%    18,423      3.5%     18,570      0.8%     19,313    4.0%    19,699    2.0%    20,389     3.5%    21,204    4.0%
Total Radio            18,581    20,819     12.0%     18,800      -9.7%    19,423      3.3%     19,581      0.8%     20,364    4.0%    20,792    2.1%    21,548     3.6%    22,409    4.0%

Magazines
  Consumer magazines   15,593    17,700     13.5%     15,930     -10.0%    15,611     -2.0%     16,548      6.0%     17,541    6.0%    18,769    7.0%    20,083     7.0%    21,689    8.0%
  B-to-B magazines     5,600     6,278      12.1%     5,610      -10.6%    5,292      -5.7%     5,164      -2.4%     5,216     1.0%    5,320     2.0%    5,426      2.0%    5,589     3.0%
Total Magazines        21,193    23,978     13.1%     21,540     -10.2%    20,903     -3.0%     21,712      3.9%     22,757    4.8%    24,089    5.9%    25,509     5.9%    27,278    6.9%

Newspapers             43,697    48,700     11.4%     45,778     -6.0%     45,320     -1.0%     46,227      2.0%     48,538    5.0%    50,479    4.0%    53,508     6.0%    55,649    4.0%

Outdoor
  Billboards            2,195     2,320      5.7%      2,274     -2.0%      2,392      5.2%      2,476      3.5%      2,575    4.0%     2,678    4.0%     2,785     4.0%     2,897    4.0%
  Other out-of-home     2,370     2,592      9.4%      2,540     -2.0%      2,553      0.5%      2,617      2.5%      2,722    4.0%     2,858    5.0%     3,001     5.0%     3,151    5.0%
Total Outdoor           4,565     4,912      7.6%      4,814     -2.0%      4,945      2.7%      5,093      3.0%      5,297    4.0%     5,536    4.5%     5,786     4.5%     6,048    4.5%

Internet                4,600     6,000     30.4%      6,600     10.0%      7,250      9.8%      7,758      7.0%      8,688    12.0%    9,514    9.5%    10,560     11.0%   12,144    15.0%

Cinema                    NA        NA                   NA                  275                  303      10.2%       339     11.9%     379     11.8%     417      10.0%     467     12.0%
Total Major Media      139,935   156,667    12.0%     147,245    -6.0%     149,755     1.7%     152,283    1.7%      161,487   6.0%    168,192    4.2%   177,045    5.3%    186,187    5.2%
Direct Mail             36,287    38,029     4.8%      39,930     5.0%      40,330     1.0%      41,540     3.0%      42,869   3.2%     44,498    3.8%    45,922    3.2%     47,530    3.5%
Miscellaneous           36,626    38,563     5.3%      39,334     2.0%      39,924     1.5%      41,122    3.0%       43,507   5.8%     45,769   5.2%     47,921    4.7%     50,173   4.7%
Total                  212,848   233,259    9.6%      226,509    -2.9%     230,009     1.5%     234,945    2.1%      247,863   5.5%    258,459   4.3%    270,888    4.8%    283,890   4.8%

Source: Zenith Media, December 2004.




Page 14                                                                                                                  ADVERTISING & MARKETING SERVICES
Exhibit 9. North America Advertising Expenditure by Medium, 1999-2007E ($ in millions)
Medium            1999   % change    2000   % change    2001   % change    2002   % change    2003   % change 2004E % change 2005E % change 2006E % change 2007E % change
Newspapers     $45,992.0   5.5%   $51,127.0  11.2%   $48,141.0   -5.8%  $47,696.0   -0.9%  $48,632.0   2.0%   $50,991.0  4.9% $52,977.0  3.9% $56,051.0  5.8% $58,369.0  4.1%
Magazines        21,521    44.5%    24,345   13.1%     21,926    -9.9%    21,301    -2.9%    22,147    4.0%     23,228   4.9%   24,589   5.9%   26,037   5.9%   27,835   6.9%
TV               49,003     8.6%    54,011   10.2%     51,542    -4.6%    53,505     3.8%    53,637    0.2%     57,631  7.4%    59,612   3.4%   62,003   4.0%   64,549   4.1%
Radio            19,270    19.9%    21,543   11.8%     19,557    -9.2%    20,202     3.3%    20,428    1.1%     21,254   4.0%   21,718   2.2%   22,519   3.7%   23,430   4.0%
Cinema              6     12.5%        8     33.3%        9     12.5%       285   3066.7%      313     9.8%       350   11.8%     392   12.0%     430    9.7%     481   11.9%
Outdoor           4,738    13.3%     5,100    7.6%      5,015    -1.7%     5,140     2.5%     5,299    3.1%      5,516   4.1%    5,769   4.6%    6,034   4.6%    6,311   4.6%
Internet         4,640    139.4%    6,079    31.0%     6,669      9.7%    7,376    10.6%     7,927     7.5%     8,899   12.3%   9,766   9.7%   10,864   11.2%  12,508   15.1%
Total           145,170    15.4%   162,213   11.7%    152,859    -5.8%   155,505     1.7%   158,383    1.9%    167,869  6.0%   174,823   4.1%  183,938   5.2%  193,483  5.2%

Source: Zenith Media, December 2004.



Exhibit 10. U.S. Ad Market by Medium, 1999-2008E ($ in millions)
United States                       1999                 2000          2001        2002      2003E         2004E         2005E                2006E          2007E       2008E
Broadcast & Cable TV              $23,963              $28,417       $26,962     $28,046    $30,723       $34,460       $36,370              $39,100        $40,850     $44,220
Networks
Station, Cable and Satellite          26,345           29,496        25,438      28,260      29,093        32,550           32,900           35,600         36,350          39,300
TV Distribution
Radio                              17,215              19,295        17,861      18,877     19,493        20,680            21,690           23,100         24,210      25,670
Out-of-Home                         4,832               5,235         5,193       5,232      5,505         5,850             6,250            6,640          7,040       7,440
Internet                            4,621               8,225         7,210       6,010      7,240         8,300             9,200           10,000         10,700      11,400
Magazines                           21,346              23,260       19,493       18,222     18,967       19,860            21,000           22,400         23,800      25,100
Newspapers                          46,289              48,671       44,304       44,102     44,939       46,150            47,650           49,160         51,000      53,150
Total                              144,611             162,599       146,461     148,749    155,960       167,850           175,060          186,000        193,950     206,280
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 11. U.S. Ad Market Growth by Medium, 1999-2008E (% change)
United States                  1999             2000         2001        2002      2003E    2004E        2005E       2006E           2007E        2008E           2004-08 CAGR
Broadcast & Cable TV           9.9%            18.6%        -5.1%        4.0%       9.5%    12.2%         5.5%        7.5%            4.5%         8.2%               7.6%
Networks
Station, Cable and Satellite    3.2            12.0          -13.8       11.1       2.9      11.9         1.1         8.2             2.1             8.1             6.2
TV Distribution
Radio                          14.2            12.1           -7.4        5.7       3.3       6.1        4.9          6.5             4.8             6.0             5.7
Out-of-Home                     9.5             8.3           -0.8         0.8       5.2      6.3         6.8         6.2             6.0             5.7             6.2
Internet                       140.7           78.0          -12.3       -16.6      20.5     14.6        10.8         8.7             7.0             6.5             9.5
Magazines                       5.0             9.0          -16.2        -6.5      4.1       4.7        5.7          6.7             6.3             5.5             5.8
Newspapers                      5.4             5.1           -9.0        -0.5      1.9       2.7         3.3         3.2             3.7             4.2             3.4
Total                           8.7            12.4           -9.9        1.6       4.8       7.6        4.3          6.2             4.3             6.4             5.8
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




BEAR, STEARNS & CO. INC.                                                                                                                                              Page 15
          Exhibit 12. Advertising & Marketing Services — U.S. Advertising Expenditure Versus
          Nominal GDP Growth, 1970-2005E ($ in billions)
                                                                                                                        Advertising
                            Advertising              % Change               Nominal              % Change             Expenditures as
             Year           Expenditure              in Ad Exp                GDP                 in GDP                a % of GDP
             1970              $19.5                      -                 $1,054.2                  -                    1.9%
             1971               20.7                    6.0%                 1,153.1                9.4%                   1.8%
             1972               23.2                   12.2%                 1,289.7               11.8%                   1.8%
             1973               25.0                    7.7%                 1,435.3               11.3%                   1.7%
             1974               26.6                    6.6%                 1,551.6                8.1%                   1.7%
             1975               27.9                    4.9%                 1,710.5               10.2%                   1.6%
             1976               33.4                   19.4%                 1,885.4               10.2%                   1.8%
             1977               37.5                   12.5%                 2,112.4               12.0%                   1.8%
             1978               43.5                   15.8%                 2,418.0               14.5%                   1.8%
             1979               49.0                   12.7%                 2,663.8               10.2%                   1.8%
             1980               54.0                   10.3%                 2,918.8                9.6%                   1.8%
             1981               60.9                   12.8%                 3,203.1                9.7%                   1.9%
             1982               67.2                   10.2%                 3,315.6                3.5%                   2.0%
             1983               76.6                   14.0%                 3,688.8               11.3%                   2.1%
             1984               88.6                   15.7%                 4,033.5                9.3%                   2.2%
             1985               95.6                    7.8%                 4,319.3                7.1%                   2.2%
             1986              103.2                    8.0%                 4,537.5                5.1%                   2.3%
             1987              111.2                    7.8%                 4,891.6                7.8%                   2.3%
             1988              119.9                    7.8%                 5,258.3                7.5%                   2.3%
             1989              126.1                    5.2%                 5,588.0                6.3%                   2.3%
             1990              131.5                    4.3%                 5,847.3                4.6%                   2.2%
             1991              130.0                   -1.1%                 6,086.7                4.1%                   2.1%
             1992              135.4                    4.1%                 6,469.8                6.3%                   2.1%
             1993              142.7                    5.4%                 6,795.5                5.0%                   2.1%
             1994              155.0                    8.6%                 7,217.7                6.2%                   2.1%
             1995              167.4                    8.0%                 7,529.3                4.3%                   2.2%
             1996              180.5                    7.9%                 7,981.4                6.0%                   2.3%
             1997              193.9                    7.4%                 8,478.6                6.2%                   2.3%
             1998              209.5                    8.1%                 8,984.5                6.0%                   2.3%
             1999              225.4                    7.6%                 9,552.5                6.3%                   2.4%
             2000              247.5                    9.8%                 9,817.0                2.8%                   2.5%
             2001              231.3                   -6.5%                10,128.0               3.2%                    2.3%
             2002              236.9                    2.4%                10,487.0                3.5%                   2.3%
             2003              245.5                    3.6%                11,004.0                4.9%                   2.2%
            2004E              263.7                    7.4%                11,733.8               6.6%                    2.2%
            2005E              280.6                    6.5%                12,495.9               6.5%                    2.2%
          Source: Robert Coen of Universal McCann; Bureau of Economic Analysis; Bear, Stearns & Co. Inc. estimates. December 2004.




Page 16                                                                                       ADVERTISING & MARKETING SERVICES
         Exhibit 13. Advertising & Marketing Services — U.S. Advertising Expenditure Versus Nominal
         GDP Growth, 1970-2005E (% change)
         20.0%




         15.0%




         10.0%




          5.0%




          0.0%




          -5.0%




         -10.0%
                  1971

                         1972
                                1973

                                       1974
                                              1975

                                                     1976

                                                            1977
                                                                   1978

                                                                          1979
                                                                                 1980

                                                                                        1981
                                                                                               1982

                                                                                                      1983
                                                                                                             1984

                                                                                                                    1985
                                                                                                                           1986

                                                                                                                                  1987

                                                                                                                                         1988
                                                                                                                                                1989

                                                                                                                                                       1990
                                                                                                                                                              1991

                                                                                                                                                                     1992
                                                                                                                                                                            1993

                                                                                                                                                                                   1994
                                                                                                                                                                                          1995

                                                                                                                                                                                                 1996
                                                                                                                                                                                                        1997

                                                                                                                                                                                                               1998
                                                                                                                                                                                                                      1999

                                                                                                                                                                                                                             2000

                                                                                                                                                                                                                                    2001
                                                                                                                                                                                                                                           2002

                                                                                                                                                                                                                                                  2003
                                                                                                                                                                                                                                                         2004E

                                                                                                                                                                                                                                                                 2005E
                                                                                        % Chg in Ad Exp                                    % Chg in GDP


         Source: Robert Coen, Universal McCann; Bureau of Economic Analysis; Bear, Stearns & Co. Inc. estimates.




BEAR, STEARNS & CO. INC.                                                                                                                                                                                                                                                 Page 17
          Exhibit 14. 2004 Cost-per-Thousand Comparison (CPM)
                                                                        Men 18+     Women 18+          Adults
          TV (30 second ad unit)
          Early AM                                                       $17.90         $11.25         $14.58
          Daytime                                                         NA             $5.60          $5.60
          Early News                                                     $13.35         $10.50         $11.93
          Primetime                                                      $28.25         $21.90         $25.08
          Late Fringe                                                    $28.10         $24.00         $26.05

          Cable TV (30 second ad unit) (1)
          Primetime                                                      $10.15         $9.75           $9.95

          Radio (30 second ad unit)
          Network                                                        $10.15          $8.50          $9.33
          Spot                                                           $11.15         $10.70         $10.93

          Magazines (4 color page)
          Business                                                       $25.00            -           $25.00
          Newsweeklies                                                   $10.80            -           $10.80
          Sports                                                         $9.05             -           $9.05
          Women's Fashion                                                  -            $10.15         $10.15
          Women's Service                                                  -             $5.10          $5.10

          Newspapers (1/3 black & white page) (2)
          Dailies                                                        $23.75         $22.65         $23.20

          Outdoor (30 sheet)                                              $4.90         $5.15           $5.03

          (1) General audience cable channels.
          (2) Newspapers CPM for top 100 markets.
          Source: Media Dynamics.



          Exhibit 15. Compensation Methods
          Type                             Commission                             Fee            Fee/Commission
          Creative                            6%                                  77%                  6%
          Media Planning                      8                                   76                   9
          Media Buying                        8                                   71                  11
          Multicultural                       2                                   83                   6
          Direct Response                     3                                   70                  10
          CRM                                 3                                   78                  11
          Interactive                         7                                   65                  11
          Promotion                           2                                   72                  11
          Event Marketing                     0                                   79                   9
          Public Relations                    0                                   86                   8
          Source: Association of National Advertisers; MediaPost. June 2004.




Page 18                                                                            ADVERTISING & MARKETING SERVICES
Exhibit 16. Time Spent with Major Media (in minutes)
Audience          Television    % share     Newspapers      % share       Radio         % share   Magazines   % share   Internet   % share    Total
Adults 18+          258.4        52%           32.4           7%          120.7          24%        18.3        4%        65.8      13%       495.6
Adults 18-49        234.3        48.4          23.7           4.9         131.2          27.1       15.6        3.2       79.5      16.4      484.3
Adults 25-54        239.4        48.0          27.2           5.5         132.6          26.6       14.2        2.8       85.3      17.1      498.7
Men 18+             243.9        49.9          32.5           6.7         124.4          25.5       17.3        3.5       70.6      14.4      488.7
Men 18-49           231.8        47.2          23.7           4.8         139.7          28.4       13.2        2.7       83.0      16.9      491.4
Men 25-54           238.6        47.6          27.0           5.4         139.0          27.7       12.7        2.5       84.1      16.8      501.4
Women 18+           271.6        54.1          32.3           6.4         117.4          23.4       19.2        3.8       61.5      12.3      502.0
Women 18-49         236.7        49.6          23.8           5.0         123.2          25.8       17.8        3.7       76.1      15.9      477.6
Women 25-54         240.2        48.4          27.4           5.5         126.4          25.5       15.6        3.1       86.5      17.4      496.1
Source: Nielsen Media Research Custom Survey. Television Bureau of Advertising. 2004.




BEAR, STEARNS & CO. INC.                                                                                                                     Page 19
                                   Exhibit 17. Estimated Annual U.S. Advertising Expenditures, 1970-2005E ($ in millions)
Page 20



                                                                                             1970      1971      1972      1973      1974      1975      1976      1977      1978      1979        1980       1981        1982       1983        1984       1985
                                   Local Television
                                   Local Spot Television                                    $704      $796      $969     $1,115    $1,212    $1,334    $1,710    $1,948    $2,373    $2,682      $2,967     $3,368      $3,765     $4,345      $5,084     $5,714
                                   Local Cable Television (Non-Network)                        0         0         0          0         0         0         0         0         0         0          12         26          48         76         121        196
                                     Total Local Television                                  704       796       969      1,115     1,212     1,334     1,710     1,948     2,373     2,682       2,979      3,394       3,813      4,421       5,205      5,910

                                   Network Television (ABC, CBS, NBC)                       1,658     1,593     1,804     1,968     2,145     2,306     2,857     3,460     3,975     4,599       5,130      5,540       6,144      6,955       8,318      8,060
                                   Fox Broadcasting Company                                     0         0         0         0         0         0         0         0         0         0           0          0           0          0           0          0
                                   Spot Television (National Stations)                      1,234     1,145     1,318     1,377     1,497     1,623     2,154     2,204     2,607     2,873       3,269      3,746       4,364      4,827       5,488      6,004
                                   Cable Television (Network)                                   0         0         0         0         0         0         0         0         0         0          60        134         242        376         612        793
                                   Syndicated Television (Barter)                               0         0         0         0         0         0         0         0         0         0          50         75         150        300         420        520
                                    Total National Television                               2,892     2,738     3,122     3,345     3,642     3,929     5,011     5,664     6,582     7,472       8,509      9,495      10,900     12,458      14,838     15,377
                                   Total Television Advertising Dollars                     3,596     3,534     4,091     4,460     4,854     5,263     6,721     7,612     8,955    10,154      11,488     12,889      14,713     16,879      20,043     21,287
                                   Radio
                                   Local Spot Radio                                          881       987      1,136     1,255     1,363     1,461     1,707     1,951     2,285     2,484       2,740      3,121       3,492      3,876       4,300      4,790
                                   Network                                                    56        63         74        68        69        83       105       137       147       161         183        230         255        296         320        365
                                   National Spot (Local Stations)                            371       395        402       400       405       436       518       546       620       665         779        879         923      1,038       1,197      1,335
                                    National Total                                           427       458        476       468       474       519       623       683       767       826         962      1,109       1,178      1,334       1,517      1,700
                                   Total Radio Advertising Dollars                          1,308     1,445     1,612     1,723     1,837     1,980     2,330     2,634     3,052     3,310       3,702      4,230       4,670      5,210       5,817      6,490
                                   Newspapers
                                   Local Newspaper                                          4,813     5,195     5,876     6,432     6,737     7,125     8,276     9,279    10,673    12,093      12,831     14,269      15,242     17,848      20,441     21,818
                                   National Newspaper                                         891       972     1,062     1,049     1,105     1,109     1,342     1,472     1,541     1,770       1,963      2,259       2,452      2,734       3,081      3,352
                                     Total Newspaper Advertising Dollars                    5,704     6,167     6,938     7,481     7,842     8,234     9,618    10,751    12,214    13,863      14,794     16,528      17,694     20,582      23,522     25,170
                                   Magazines
                                    Total Magazine Advertising Dollars                      1,292     1,370     1,440     1,448     1,504     1,465     1,789     2,162     2,597     2,932       3,149      3,533       3,710      4,233       4,932      5,155
                                   Business Papers
                                   Total Business Publishing Dollars                         740       720       781       865       900       919      1,035     1,221     1,400     1,575       1,674      1,841       1,876      1,990       2,270      2,375

                                   Outdoor
                                   Billboards                                                205       233       268       289       303       333       389       438       499       591          690        754         807        897         963      1,024
                                   Other                                                      55        66        81        92       101       117       144       171       205       254          310        355         398        463         520        576
                                     Total Outdoor Dollars                                   260       299       349       381       404       450       533       609       704       845        1,000      1,109       1,205      1,360       1,483      1,600
                                   Coen's reported Outdoor numbers                                                                                                                                 578        650         721        794         872        945
                                   Internet
                                   Total Internet Advertising                                  0         0         0         0         0         0         0         0         0         0           0          0           0          0           0            0
                                   Miscellaneous
                                   National                                                 2,126     2,201     2,428     2,562     2,746     2,841     3,431     3,849     4,435     4,992       5,293      5,950       6,547      7,115       8,310      8,746
                                   Local                                                    1,722     1,878     2,149     2,370     2,502     2,665     3,121     3,539     4,120     4,641       2,396      2,595       2,620      3,002       3,544      3,432
                                     Total Miscellaneous Dollars                            3,848     4,079     4,577     4,932     5,248     5,506     6,552     7,388     8,555     9,633       7,689      8,545       9,167     10,117      11,854     12,178
                                   Yellow Pages
ADVERTISING & MARKETING SERVICES




                                   Local Yellow Pages                                          0         0         0         0         0         0         0         0         0         0        2,570      2,920       3,367      3,911       4,320      5,105
                                   National Yellow Pages                                       0         0         0         0         0         0         0         0         0         0          330        380         433        489         580        695
                                     Total Yellow Pages Advertising Dollars                    0         0         0         0         0         0         0         0         0         0        2,900      3,300       3,800      4,400       4,900      5,800
                                   Direct Mail
                                   Total Direct Mail Advertising Dollars                    2,766     3,067     3,420     3,698     4,054     4,124     4,786     5,164     5,987     6,653       7,596      8,944      10,319     11,795      13,800     15,500
                                   Total Advertising Dollars
                                   Total Local Advertising Dollars                          8,224     8,976    10,270    11,324    11,976    12,765    15,027    16,961    19,733    22,238      23,916     26,743      29,016     33,602      38,403     41,695
                                   Total National Advertising Dollars                      11,290    11,705    12,938    13,664    14,667    15,176    18,337    20,580    23,731    26,727      30,076     34,176      38,138     42,964      50,218     53,860
                                    Total Advertising Dollars                              19,514    20,681    23,208    24,988    26,643    27,941    33,364    37,541    43,464    48,965      53,992     60,919      67,154     76,566      88,621     95,555
                                   Advertising - Broken Out by Measured Media and Other
                                   Total Measured Media                                    12,900    13,535    15,211    16,358    17,341    18,311    22,026    24,989    28,922    32,679      35,807     40,130      43,868     50,254      58,067     62,077
                                   Yellow Pages                                                 0         0         0         0         0         0         0         0         0         0       2,900      3,300       3,800      4,400       4,900      5,800
                                   Direct Mail                                              2,766     3,067     3,420     3,698     4,054     4,124     4,786     5,164     5,987     6,653       7,596      8,944      10,319     11,795      13,800     15,500
                                   Other Advertising                                        3,848     4,079     4,577     4,932     5,248     5,506     6,552     7,388     8,555     9,633       7,689      8,545       9,167     10,117      11,854     12,178
                                    Total Advertising                                     $19,514   $20,681   $23,208   $24,988   $26,643   $27,941   $33,364   $37,541   $43,464   $48,965     $53,992    $60,919     $67,154    $76,566     $88,621    $95,555


                                   Notes: 2004 outdoor ad spend growth provided by Bear, Stearns & Co. Total Ad Spend does not equal Bob Coen's estimate because outdoor ad spend estimates are from OAAA. Miscellaneous National estimates revised for 1980-
                                          1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Farm publications excluded as reporting ceased in 1980.
                                   Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. December 2004.
                           Exhibit 17 (Cont’d). Estimated Annual U.S. Advertising Expenditures, 1970-2005E ($ in millions)
BEAR, STEARNS & CO. INC.


                                                                                  1986       1987       1988       1989       1990       1991       1992       1993       1994       1995       1996       1997       1998       1999       2000        2001        2002        2003       2004E       2005E
                           Local Television
                           Local Spot Television                                $6,514     $6,833     $7,270     $7,612     $7,856     $7,565     $8,079     $8,435     $9,464     $9,985    $10,944    $11,436    $12,169    $12,680    $13,542     $12,256     $13,114     $13,520     $14,670     $14,967
                           Local Cable Television (Non-Network)                    270        306        383        497        631        745      1,030      1,156      1,324      1,666      2,083      2,300      2,700      3,165      3,690       3,959       4,226       4,860       5,441       5,846
                             Total Local Television                              6,784      7,139      7,653      8,109      8,487      8,310      9,109      9,591     10,788     11,651     13,027     13,736     14,869     15,845     17,232      16,215      17,340      18,380      20,111      20,813

                           Network Television (ABC, CBS, NBC)                    8,342      8,500      9,172      9,110      9,383      8,933      9,549      9,369      9,959     10,263     11,423     11,324     12,105     12,195     14,256      12,795      13,256      13,105      14,413      14,917
                           Fox Broadcasting Company                                  0          0          0          0        480        600        700        840        983      1,337      1,658      1,696      1,631      1,766      1,632       1,505       1,744       1,925       2,045       1,870
                           Spot Television (National Stations)                   6,570      6,846      7,147      7,354      7,788      7,110      7,551      7,800      8,993      9,119      9,803      9,999     10,659     10,500     12,264       9,223      10,920       9,948      10,943      10,834
                           Cable Television (Network)                              903      1,015      1,258      1,598      2,000      2,400      2,800      3,295      3,885      4,500      5,695      6,450      7,640      9,405     11,765      11,777      12,071      13,954      15,628      16,722
                           Syndicated Television (Barter)                          600        762        901      1,288      1,109      1,253      1,370      1,576      1,734      2,016      2,218      2,438      2,609      2,870      3,108       3,102       3,034       3,434       3,949       4,087
                            Total National Television                           16,415     17,123     18,478     19,350     20,760     20,296     21,970     22,880     25,554     27,235     30,797     31,907     34,644     36,736     43,025      38,402      41,025      42,366      46,978      48,430
                           Total Television Advertising Dollars                 23,199     24,262     26,131     27,459     29,247     28,606     31,079     32,471     36,342     38,886     43,824     45,643     49,513     52,581     60,257      54,617      58,365      60,746      67,089      69,243
                           Radio
                           Local Spot Radio                                      5,178      5,463      5,955      6,300      6,609      6,411      6,725      7,342      8,164      8,899      9,611     10,476     11,628     13,256     14,847      14,194      14,762      14,762      15,352      16,275
                           Network                                                 423        413        425        476        482        490        424        458        463        480        523        560        622        684        780         711         775         798         852         924
                           National Spot (Local Stations)                        1,348      1,330      1,418      1,547      1,635      1,575      1,505      1,657      1,902      1,959      2,135      2,455      2,823      3,275      3,668       2,956       3,340       3,540       3,575       3,782
                            National Total                                       1,771      1,743      1,843      2,023      2,117      2,065      1,929      2,115      2,365      2,439      2,658      3,015      3,445      3,959      4,448       3,667       4,115       4,338       4,427       4,706
                           Total Radio Advertising Dollars                       6,949      7,206      7,798      8,323      8,726      8,476      8,654      9,457     10,529     11,338     12,269     13,491     15,073     17,215     19,295      17,861      18,877      19,100      19,779      20,981
                           Newspapers
                           Local Newspaper                                      23,614     25,918     27,611     28,664     28,414     26,724     27,135     28,405     30,450     32,321     34,002     36,654     38,890     40,290     41,821      37,640      37,225      37,486      39,173      41,328
                           National Newspaper                                    3,376      3,494      3,586      3,704      3,867      3,685      3,602      3,620      3,906      3,996      4,400      5,016      5,402      6,358      7,229       6,615       6,806       7,357       7,762       8,290
                             Total Newspaper Advertising Dollars                26,990     29,412     31,197     32,368     32,281     30,409     30,737     32,025     34,356     36,317     38,402     41,670     44,292     46,648     49,050      44,255      44,031      44,843      46,935      49,618
                           Magazines
                            Total Magazine Advertising Dollars                   5,317      5,607      6,072      6,716      6,803      6,524      7,000      7,357      7,916      8,580      9,010      9,821     10,518     11,433     12,370      11,095      10,995      11,435      12,121      13,006
                           Business Papers
                           Total Business Publishing Dollars                     2,382      2,458      2,610      2,763      2,875      2,982      3,090      3,260      3,358      3,559      3,808      4,109      4,232      4,274      4,915       4,468       3,976       4,004       4,094       4,252

                           Outdoor                                                                                                                                                                                                           (59)        (59)        (57)        (61)       (210)       (280)
                           Billboards                                            1,124     1,241      1,373      1,488      1,560      1,637      1,583      1,720      1,895      2,100      2,256      2,428      2,648      2,899      3,141       3,116       3,139       3,413       3,720       3,816
                           Other                                                   661       761        878        972      1,040      1,091      1,055      1,147      1,264      1,400      1,504      1,619      1,765      1,933      2,094       2,077       2,093       2,092       2,280       2,544
                             Total Outdoor Dollars                               1,785     2,002      2,251      2,460      2,600      2,728      2,638      2,867      3,159      3,500      3,760      4,047      4,413      4,832      5,235       5,193       5,232       5,504       6,000       6,360
                           Coen's reported Outdoor numbers                        985      1,025      1,064      1,111      1,084      1,077      1,030      1,090      1,167      1,263      1,339      1,455      1,576      1,725      5,176       5,134       5,175       5,443       5,790       6,080
                           Internet
                           Total Internet Advertising                               0          0          0          0          0          0          0          0          0          0          0        800       1,383      2,832      6,507       5,645       4,883       5,650       7,062       8,828
                           Miscellaneous
                           National                                              9,325      9,939     10,764     11,330     12,074     12,166     12,788     13,534     14,425     16,147     17,574     18,745     20,312     22,264     24,418      23,042      23,414      24,550      26,735      28,713
                           Local                                                 3,578      3,950      4,218      4,425      4,582      4,470      4,660      4,979      5,468      5,955      6,529      7,260      8,188      9,281      7,665       6,853       7,316       7,440       7,819       8,194
                             Total Miscellaneous Dollars                        12,903     13,889     14,982     15,755     16,656     16,636     17,448     18,513     19,893     22,102     24,103     26,005     28,500     31,545     32,083      29,895      30,730      31,990      34,554      36,907
                           Yellow Pages
                           Local Yellow Pages                                    5,741      6,470      6,837      7,319      7,794      8,020      8,132      8,287      8,511      8,826      9,294      9,712     10,120     10,666     11,135      11,505      11,689      11,782      11,900      12,257
                           National Yellow Pages                                   759        830        944      1,011      1,132      1,162      1,188      1,230      1,314      1,410      1,555      1,711      1,870      1,986      2,093       2,087       2,087       2,114       2,135       2,242
                             Total Yellow Pages Advertising Dollars              6,500      7,300      7,781      8,330      8,926      9,182      9,320      9,517      9,825     10,236     10,849     11,423     11,990     12,652     13,228      13,592      13,776      13,896      14,035      14,499
                           Direct Mail
                           Total Direct Mail Advertising Dollars                17,145     19,111     21,115     21,945     23,370     24,460     25,392     27,266     29,638     32,866     34,509     36,890     39,620     41,403     44,591      44,725      46,067      48,370      52,240      57,203
                           Total Advertising Dollars
                           Total Local Advertising Dollars                     45,609      49,741     53,174     55,801     56,926     55,026     56,816     59,751     64,645     69,052     73,967     79,457     85,460     91,271     94,794      88,484      90,425      92,052      96,755     101,411
                           Total National Advertising Dollars                  57,561      61,506     66,763     70,318     74,558     74,977     78,542     82,982     90,371     98,332    106,567    114,442    124,074    134,144    152,737     142,862     146,507     153,487     167,154     179,486
                            Total Advertising Dollars                         103,170     111,247    119,937    126,119    131,484    130,003    135,358    142,733    155,016    167,384    180,534    193,899    209,534    225,415    247,531     231,346     236,932     245,538     263,909     280,897
                           Advertising - Broken Out by Measured Media and Other
                           Total Measured Media                                 66,622     70,947     76,059     80,089     82,532     79,725     83,198     87,437     95,660    102,180    111,073    119,581    129,424    139,815    157,629     143,134     146,359     151,282     163,080     172,288
                           Yellow Pages                                          6,500      7,300      7,781      8,330      8,926      9,182      9,320      9,517      9,825     10,236     10,849     11,423     11,990     12,652     13,228      13,592      13,776      13,896      14,035      14,499
                           Direct Mail                                          17,145     19,111     21,115     21,945     23,370     24,460     25,392     27,266     29,638     32,866     34,509     36,890     39,620     41,403     44,591      44,725      46,067      48,370      52,240      57,203
                           Other Advertising                                    12,903     13,889     14,982     15,755     16,656     16,636     17,448     18,513     19,893     22,102     24,103     26,005     28,500     31,545     32,083      29,895      30,730      31,990      34,554      36,907
                            Total Advertising                                 $103,170   $111,247   $119,937   $126,119   $131,484   $130,003   $135,358   $142,733   $155,016   $167,384   $180,534   $193,899   $209,534   $225,415   $247,531    $231,346    $236,932    $245,538    $263,909    $280,897


                           Notes: 2004 outdoor ad spend growth provided by Bear, Stearns & Co. Total Ad Spend does not equal Bob Coen's estimate because outdoor ad spend estimates are from OAAA. Miscellaneous National estimates revised for 1980-
                                  1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Farm publications excluded as reporting ceased in 1980.
                           Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. January 2005.
Page 21
                                   Exhibit 18. Estimated Annual U.S. Advertising Expenditures Growth, 1971-2005E (% change)
Page 22



                                                                                           1971    1972    1973    1974      1975        1976       1977        1978       1979        1980       1981        1982       1983        1984       1985        1986
                                   Local Television
                                   Local Spot Television                                  13.1%   21.7%   15.1%    8.7%     10.1%       28.2%      13.9%       21.8%      13.0%       10.6%      13.5%       11.8%      15.4%       17.0%      12.4%       14.0%
                                   Local Cable Television (Non-Network)                      NA      NA      NA      NA        NA          NA         NA          NA         NA          NA     116.7%       84.6%      58.3%       59.2%      62.0%       37.8%
                                    Total Local Television                                13.1%   21.7%   15.1%    8.7%     10.1%       28.2%      13.9%       21.8%      13.0%       11.1%      13.9%       12.3%      15.9%       17.7%      13.5%       14.8%
                                   Network Television (ABC, CBS, NBC)                     -3.9%   13.2%   9.1%     9.0%      7.5%       23.9%      21.1%       14.9%      15.7%       11.5%       8.0%       10.9%      13.2%       19.6%      -3.1%        3.5%
                                   Fox Broadcasting Company                                  NA      NA     NA       NA        NA          NA         NA          NA         NA          NA         NA          NA         NA          NA         NA          NA
                                   Spot Television (National Stations)                    -7.2%   15.1%   4.5%     8.7%      8.4%       32.7%       2.3%       18.3%      10.2%       13.8%      14.6%       16.5%      10.6%       13.7%       9.4%        9.4%
                                   Cable Television (Network)                                NA      NA     NA       NA        NA          NA         NA          NA         NA          NA     123.3%       80.6%      55.4%       62.8%      29.6%       13.9%
                                   Syndicated Television (Barter)                            NA      NA     NA       NA        NA          NA         NA          NA         NA          NA      50.0%      100.0%     100.0%       40.0%      23.8%       15.4%
                                    Total National Television                             -5.3%   14.0%   7.1%     8.9%      7.9%       27.5%      13.0%       16.2%      13.5%       13.9%      11.6%       14.8%      14.3%       19.1%       3.6%        6.8%

                                   Total Television Advertising Dollars                   -1.7%   15.8%   9.0%     8.8%      8.4%       27.7%      13.3%       17.6%      13.4%       13.1%      12.2%       14.2%      14.7%       18.7%       6.2%        9.0%

                                   Radio
                                   Local Spot Radio                                       12.0%   15.1%   10.5%    8.6%      7.2%       16.8%      14.3%       17.1%       8.7%       10.3%      13.9%       11.9%      11.0%       10.9%      11.4%        8.1%
                                   Network                                                12.5%   17.5%   -8.1%    1.5%     20.3%       26.5%      30.5%        7.3%       9.5%       13.7%      25.7%       10.9%      16.1%        8.1%      14.1%       15.9%
                                   National Spot (Local Stations)                          6.5%    1.8%   -0.5%    1.3%      7.7%       18.8%       5.4%       13.6%       7.3%       17.1%      12.8%        5.0%      12.5%       15.3%      11.5%        1.0%
                                    National Total                                         7.3%    3.9%   -1.7%    1.3%      9.5%       20.0%       9.6%       12.3%       7.7%       16.5%      15.3%        6.2%      13.2%       13.7%      12.1%        4.2%

                                   Total Radio Advertising Dollars                        10.5%   11.6%   6.9%     6.6%      7.8%       17.7%      13.0%       15.9%       8.5%       11.8%      14.3%       10.4%      11.6%       11.7%      11.6%        7.1%
                                   Newspapers
                                   Local Newspaper                                        7.9%    13.1%    9.5%    4.7%      5.8%       16.2%      12.1%       15.0%      13.3%        6.1%      11.2%        6.8%      17.1%       14.5%       6.7%        8.2%
                                   National Newspaper                                     9.1%     9.3%   -1.2%    5.3%      0.4%       21.0%       9.7%        4.7%      14.9%       10.9%      15.1%        8.5%      11.5%       12.7%       8.8%        0.7%
                                    Total Newspaper Advertising Dollars                   8.1%    12.5%    7.8%    4.8%      5.0%       16.8%      11.8%       13.6%      13.5%        6.7%      11.7%        7.1%      16.3%       14.3%       7.0%        7.2%

                                   Magazines
                                    Total Magazine Advertising Dollars                    6.0%    5.1%    0.6%     3.9%      -2.6%      22.1%      20.8%       20.1%      12.9%        7.4%      12.2%        5.0%      14.1%       16.5%       4.5%        3.1%

                                   Business Papers
                                   Total Business Publishing Dollars                      -2.7%   8.5%    10.8%    4.0%      2.1%       12.6%      18.0%       14.7%      12.5%        6.3%      10.0%        1.9%       6.1%       14.1%       4.6%        0.3%

                                   Outdoor
                                   Billboards                                             13.7%   15.0%    7.8%    4.8%      9.9%       16.8%      12.6%       13.9%      18.4%       16.8%       9.3%        7.0%      11.2%        7.4%       6.3%        9.8%
                                   Other Outdoor                                          20.0%   22.7%   13.6%    9.8%     15.8%       23.1%      18.8%       19.9%      23.9%       22.0%      14.5%       12.1%      16.3%       12.3%      10.8%       14.8%
                                     Total Outdoor Dollars                                15.0%   16.7%    9.2%    6.0%     11.4%       18.4%      14.3%       15.6%      20.0%       18.3%      10.9%        8.7%      12.9%        9.0%       7.9%       11.6%
                                   Internet
                                   Total Internet Advertising                               NA      NA      NA      NA         NA         NA         NA          NA         NA          NA         NA          NA         NA          NA          NA            NA

                                   Miscellaneous
                                   National                                               3.5%    10.3%    5.5%    7.2%      3.5%       20.8%      12.2%       15.2%      12.6%        6.0%      12.4%       10.0%       8.7%       16.8%        5.2%       6.6%
                                   Local                                                  9.1%    14.4%   10.3%    5.6%      6.5%       17.1%      13.4%       16.4%      12.6%      -48.4%       8.3%        1.0%      14.6%       18.1%       -3.2%       4.3%
                                    Total Miscellaneous Dollars                           6.0%    12.2%    7.8%    6.4%      4.9%       19.0%      12.8%       15.8%      12.6%      -20.2%      11.1%        7.3%      10.4%       17.2%        2.7%       6.0%
ADVERTISING & MARKETING SERVICES




                                   Yellow Pages
                                   Local Yellow Pages                                       NA      NA      NA      NA         NA         NA         NA          NA         NA          NA       13.6%       15.3%      16.2%       10.5%      18.2%       12.5%
                                   National Yellow Pages                                    NA      NA      NA      NA         NA         NA         NA          NA         NA          NA       15.2%       13.9%      12.9%       18.6%      19.8%        9.2%
                                    Total Yellow Pages Advertising Dollars                  NA      NA      NA      NA         NA         NA         NA          NA         NA          NA       13.8%       15.2%      15.8%       11.4%      18.4%       12.1%

                                   Direct Mail
                                   Total Direct Mail Advertising Dollars                  10.9%   11.5%   8.1%     9.6%      1.7%       16.1%       7.9%       15.9%      11.1%       14.2%      17.7%       15.4%      14.3%       17.0%      12.3%       10.6%
                                   Total Advertising Dollars
                                   Total Local Advertising Dollars                        9.1%    14.4%   10.3%    5.8%      6.6%       17.7%      12.9%       16.3%      12.7%        7.5%      11.8%        8.5%      15.8%       14.3%       8.6%        9.4%
                                   Total National Advertising Dollars                     3.7%    10.5%    5.6%    7.3%      3.5%       20.8%      12.2%       15.3%      12.6%       12.5%      13.6%       11.6%      12.7%       16.9%       7.3%        6.9%
                                    Total Advertising Dollars                             6.0%    12.2%    7.7%    6.6%      4.9%       19.4%      12.5%       15.8%      12.7%       10.3%      12.8%       10.2%      14.0%       15.7%       7.8%        8.0%

                                   Advertising - Broken Out by Measured Media and Other
                                   Total Measured Media                                    4.9%   12.4%   7.5%     6.0%      5.6%       20.3%      13.5%       15.7%      13.0%        9.6%      12.1%        9.3%      14.6%       15.5%       6.9%        7.3%
                                   Yellow Pages                                              NA      NA     NA       NA        NA          NA         NA          NA         NA          NA      13.8%       15.2%      15.8%       11.4%      18.4%       12.1%
                                   Direct Mail                                            10.9%   11.5%   8.1%     9.6%      1.7%       16.1%       7.9%       15.9%      11.1%       14.2%      17.7%       15.4%      14.3%       17.0%      12.3%       10.6%
                                   Other Advertising                                       6.0%   12.2%   7.8%     6.4%      4.9%       19.0%      12.8%       15.8%      12.6%      -20.2%      11.1%        7.3%      10.4%       17.2%       2.7%        6.0%
                                    Total Advertising                                      6.0%   12.2%   7.7%     6.6%      4.9%       19.4%      12.5%       15.8%      12.7%       10.3%      12.8%       10.2%      14.0%       15.7%       7.8%        8.0%


                                   Notes: 2004 outdoor ad spend growth provided by Bear, Stearns & Co. Total Ad Spend does not equal Bob Coen's estimate because outdoor ad spend estimates are from OAAA. Miscellaneous National estimates revised for 1980-
                                          1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Farm publications excluded as reporting ceased in 1980.
                                   Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. January 2005.
                           Exhibit 18 (Cont’d). Estimated Annual U.S. Advertising Expenditures Growth, 1971-2005E (% change)
BEAR, STEARNS & CO. INC.



                                                                                1987     1988    1989    1990     1991    1992     1993    1994    1995    1996     1997     1998     1999       2000      2001      2002       2003     2004E     2005E
                           Local Television
                           Local Spot Television                                4.9%     6.4%    4.7%    3.2%    -3.7%    6.8%     4.4%   12.2%    5.5%    9.6%     4.5%     6.4%     4.2%       6.8%     -9.5%      7.0%       3.1%      8.5%      2.0%
                           Local Cable Television (Non-Network)                13.3%    25.2%   29.8%   27.0%    18.1%   38.3%    12.2%   14.5%   25.8%   25.0%    10.4%    17.4%    17.2%      16.6%      7.3%      6.7%      15.0%     12.0%      7.4%
                            Total Local Television                              5.2%     7.2%    6.0%    4.7%    -2.1%    9.6%     5.3%   12.5%    8.0%   11.8%     5.4%     8.2%     6.6%       8.8%     -5.9%      6.9%       6.0%      9.4%      3.5%
                           Network Television (ABC, CBS, NBC)                   1.9%     7.9%   -0.7%     3.0%   -4.8%    6.9%    -1.9%    6.3%    3.1%   11.3%    -0.9%     6.9%     0.7%      16.9%    -10.2%      3.6%      -1.1%     10.0%      3.5%
                           Fox Broadcasting Company                               NA       NA      NA       NA   25.0%   16.7%    20.0%   17.0%   36.0%   24.0%     2.3%    -3.8%     8.3%      -7.6%     -7.8%     15.9%      10.4%      6.2%     -8.6%
                           Spot Television (National Stations)                  4.2%     4.4%    2.9%     5.9%   -8.7%    6.2%     3.3%   15.3%    1.4%    7.5%     2.0%     6.6%    -1.5%      16.8%    -24.8%     18.4%      -8.9%     10.0%     -1.0%
                           Cable Television (Network)                          12.4%    23.9%   27.0%    25.2%   20.0%   16.7%    17.7%   17.9%   15.8%   26.6%    13.3%    18.4%    23.1%      25.1%      0.1%      2.5%      15.6%     12.0%      7.0%
                           Syndicated Television (Barter)                      27.0%    18.2%   43.0%   -13.9%   13.0%    9.3%    15.0%   10.0%   16.3%   10.0%     9.9%     7.0%    10.0%       8.3%     -0.2%     -2.2%      13.2%     15.0%      3.5%
                            Total National Television                           4.3%     7.9%    4.7%     7.3%   -2.2%    8.2%     4.1%   11.7%    6.6%   13.1%     3.6%     8.6%     6.0%      17.1%    -10.7%      6.8%       3.3%     10.9%      3.1%

                           Total Television Advertising Dollars                 4.6%    7.7%    5.1%     6.5%    -2.2%    8.6%    4.5%    11.9%   7.0%    12.7%    4.2%      8.5%     6.2%      14.6%     -9.4%      6.9%      4.1%      10.4%      3.2%

                           Radio
                           Local Spot Radio                                      5.5%   9.0%     5.8%    4.9%    -3.0%     4.9%    9.2%   11.2%   9.0%    8.0%      9.0%    11.0%    14.0%      12.0%     -4.4%      4.0%      0.0%       4.0%      6.0%
                           Network                                              -2.4%   2.9%    12.0%    1.3%     1.7%   -13.5%    8.0%    1.1%   3.7%    9.0%      7.1%    11.1%    10.0%      14.0%     -8.8%      9.0%      3.0%       6.8%      8.5%
                           National Spot (Local Stations)                       -1.3%   6.6%     9.1%    5.7%    -3.7%    -4.4%   10.1%   14.8%   3.0%    9.0%     15.0%    15.0%    16.0%      12.0%    -19.4%     13.0%      6.0%       1.0%      5.8%
                            National Total                                      -1.6%   5.7%     9.8%    4.6%    -2.5%    -6.6%    9.6%   11.8%   3.1%    9.0%     13.4%    14.3%    14.9%      12.4%    -17.6%     12.2%      5.4%       2.1%      6.3%

                           Total Radio Advertising Dollars                      3.7%    8.2%    6.7%     4.8%    -2.9%    2.1%    9.3%    11.3%   7.7%    8.2%     10.0%    11.7%    14.2%      12.1%     -7.4%      5.7%      1.2%       3.6%      6.1%
                           Newspapers
                           Local Newspaper                                      9.8%    6.5%    3.8%     -0.9%   -5.9%     1.5%   4.7%    7.2%    6.1%     5.2%     7.8%     6.1%     3.6%       3.8%    -10.0%      -1.1%     0.7%       4.5%      5.5%
                           National Newspaper                                   3.5%    2.6%    3.3%      4.4%   -4.7%    -2.3%   0.5%    7.9%    2.3%    10.1%    14.0%     7.7%    17.7%      13.7%     -8.5%       2.9%     8.1%       5.5%      6.8%
                            Total Newspaper Advertising Dollars                 9.0%    6.1%    3.8%     -0.3%   -5.8%     1.1%   4.2%    7.3%    5.7%     5.7%     8.5%     6.3%     5.3%       5.1%     -9.8%      -0.5%     1.8%       4.7%      5.7%

                           Magazines
                            Total Magazine Advertising Dollars                  5.5%    8.3%    10.6%    1.3%    -4.1%    7.3%    5.1%    7.6%    8.4%    5.0%     9.0%      7.1%     8.7%      8.2%     -10.3%      -0.9%     4.0%       6.0%      7.3%

                           Business Papers
                           Total Business Publishing Dollars                    3.2%    6.2%    5.9%     4.1%    3.7%     3.6%    5.5%    3.0%    6.0%    7.0%     7.9%      3.0%     1.0%     15.0%      -9.1%     -11.0%     0.7%       2.2%      3.9%

                           Outdoor
                           Billboards                                          10.4%    10.6%    8.4%    4.8%    4.9%     -3.3%   8.7%    10.2%   10.8%   7.4%     7.6%      9.0%     9.5%      8.3%      -0.8%      0.8%       8.7%      9.0%      2.6%
                           Other Outdoor                                       15.1%    15.4%   10.7%    7.0%    4.9%     -3.3%   8.7%    10.2%   10.8%   7.4%     7.6%      9.0%     9.5%      8.3%      -0.8%      0.8%      -0.1%      9.0%     11.6%
                             Total Outdoor Dollars                             12.2%    12.4%    9.3%    5.7%    4.9%     -3.3%   8.7%    10.2%   10.8%   7.4%     7.6%      9.0%     9.5%      8.3%      -0.8%      0.8%       5.2%      9.0%      6.0%
                           Internet
                           Total Internet Advertising                             NA      NA      NA       NA      NA       NA      NA      NA      NA      NA       NA     72.9%   104.8%     129.8%    -13.2%     -13.5%     15.7%     25.0%     25.0%

                           Miscellaneous
                           National                                             6.6%    8.3%    5.3%     6.6%     0.8%    5.1%    5.8%    6.6%    11.9%   8.8%      6.7%     8.4%     9.6%       9.7%     -5.6%      1.6%      4.9%       8.9%      7.4%
                           Local                                               10.4%    6.8%    4.9%     3.5%    -2.4%    4.3%    6.8%    9.8%     8.9%   9.6%     11.2%    12.8%    13.3%     -17.4%    -10.6%      6.8%      1.7%       5.1%      4.8%
                            Total Miscellaneous Dollars                         7.6%    7.9%    5.2%     5.7%    -0.1%    4.9%    6.1%    7.5%    11.1%   9.1%      7.9%     9.6%    10.7%       1.7%     -6.8%      2.8%      4.1%       8.0%      6.8%

                           Yellow Pages
                           Local Yellow Pages                                  12.7%     5.7%   7.0%     6.5%    2.9%     1.4%    1.9%    2.7%    3.7%     5.3%     4.5%     4.2%     5.4%      4.4%       3.3%      1.6%      0.8%       1.0%      3.0%
                           National Yellow Pages                                9.4%    13.7%   7.1%    12.0%    2.7%     2.2%    3.5%    6.8%    7.3%    10.3%    10.0%     9.3%     6.2%      5.4%      -0.3%      0.0%      1.3%       1.0%      5.0%
                            Total Yellow Pages Advertising Dollars             12.3%     6.6%   7.1%     7.2%    2.9%     1.5%    2.1%    3.2%    4.2%     6.0%     5.3%     5.0%     5.5%      4.6%       2.8%      1.4%      0.9%       1.0%      3.3%

                           Direct Mail
                           Total Direct Mail Advertising Dollars               11.5%    10.5%   3.9%     6.5%    4.7%     3.8%    7.4%    8.7%    10.9%   5.0%     6.9%      7.4%     4.5%      7.7%       0.3%      3.0%      5.0%       8.0%      9.5%
                           Total Advertising Dollars
                           Total Local Advertising Dollars                      9.1%    6.9%    4.9%     2.0%    -3.3%    3.3%    5.2%    8.2%    6.8%    7.1%     7.4%      7.6%     6.8%       3.9%     -6.7%      2.2%      1.8%       5.1%      4.8%
                           Total National Advertising Dollars                   6.9%    8.5%    5.3%     6.0%     0.6%    4.8%    5.7%    8.9%    8.8%    8.4%     7.4%      8.4%     8.1%      13.9%     -6.5%      2.6%      4.8%       8.9%      7.4%
                            Total Advertising Dollars                           7.8%    7.8%    5.2%     4.3%    -1.1%    4.1%    5.4%    8.6%    8.0%    7.9%     7.4%      8.1%     7.6%       9.8%     -6.5%      2.4%      3.6%       7.5%      6.4%

                           Advertising - Broken Out by Measured Media and Other
                           Total Measured Media                                  6.5%    7.2%   5.3%     3.1%    -3.4%    4.4%    5.1%    9.4%     6.8%   8.7%     7.7%      8.2%     8.0%      12.7%     -9.2%      2.3%      3.4%       7.8%      5.6%
                           Yellow Pages                                         12.3%    6.6%   7.1%     7.2%     2.9%    1.5%    2.1%    3.2%     4.2%   6.0%     5.3%      5.0%     5.5%       4.6%      2.8%      1.4%      0.9%       1.0%      3.3%
                           Direct Mail                                          11.5%   10.5%   3.9%     6.5%     4.7%    3.8%    7.4%    8.7%    10.9%   5.0%     6.9%      7.4%     4.5%       7.7%      0.3%      3.0%      5.0%       8.0%      9.5%
                           Other Advertising                                     7.6%    7.9%   5.2%     5.7%    -0.1%    4.9%    6.1%    7.5%    11.1%   9.1%     7.9%      9.6%    10.7%       1.7%     -6.8%      2.8%      4.1%       8.0%      6.8%
                            Total Advertising                                    7.8%    7.8%   5.2%     4.3%    -1.1%    4.1%    5.4%    8.6%     8.0%   7.9%     7.4%      8.1%     7.6%       9.8%     -6.5%      2.4%      3.6%       7.5%      6.4%


                           Notes: 2004 outdoor ad spend growth provided by Bear, Stearns & Co. Total Ad Spend does not equal Bob Coen's estimate because outdoor ad spend estimates are from OAAA. Miscellaneous National estimates revised for 1980-
Page 23




                                  1999 as of September 8, 2004. Therefore, 1970-1979 estimates are not comparable. Farm publications excluded as reporting ceased in 1980.
                           Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. January 2005.
Page 24   ADVERTISING & MARKETING SERVICES
            Global Advertising Expenditures




BEAR, STEARNS & CO. INC.                      Page 25
          Exhibit 19. Advertising & Marketing Services — Worldwide Advertising Growth, 1990-2005E
          ($ in billions)
                                      U.S.A.                               Overseas                                        Total World
               Year           $ Spend      % Change                 $ Spend     % Change                              $ Spend     % Change
               1990           $130.0          3.9%                  $145.9        11.8%                               $275.9         7.9%
               1991             128.4        -1.2%                    153.9         5.5%                                282.3        2.3%
               1992             133.8         4.2%                    165.4         7.5%                                299.2        6.0%
               1993             141.0         5.4%                    163.2        -1.3%                                304.2        1.7%
               1994             153.0         8.6%                    179.0         9.7%                                332.0        9.1%
               1995             165.1         7.9%                    205.9       15.0%                                 371.0       11.7%
               1996             178.1         7.9%                    212.1         3.0%                                390.2        5.2%
               1997             191.3         7.4%                    210.0        -1.0%                                401.3        2.8%
               1998             206.7         8.0%                    205.2        -2.3%                                411.9        2.6%
               1999             222.3         7.6%                    213.8         4.2%                                436.1        5.9%
               2000             247.5        11.3%                    226.8         6.1%                                474.3        8.8%
               2001             231.3        -6.5%                    209.6        -8.6%                                440.9       -7.9%
               2002             236.9         2.4%                    213.6         1.9%                                450.5        2.2%
               2003             245.5         3.6%                    244.4       14.4%                                 489.9        8.7%
              2004E             263.7         7.4%                    257.8         5.5%                                521.5        6.5%
              2005E             280.6         6.4%                    272.8         5.8%                                553.4        6.1%
          Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. December 2004.



          Exhibit 20. Worldwide Ad Growth, 1990-2005E (% change)
            15.0%




            10.0%




             5.0%




             0.0%
                     1990   1991   1992   1993   1994   1995     1996      1997      1998      1999     2000     2001    2002   2003   2004E   2005E




             -5.0%




            -10.0%

                                                         % change in U.S. ad spend          % change in WW ad spend


          Source: Robert Coen, Universal McCann; Bear, Stearns & Co. Inc. December 2004.




Page 26                                                                                               ADVERTISING & MARKETING SERVICES
                           Exhibit 21. Outlook for Ad Expenditure Growth by Country, 2003-05E (% change)
                           Country                                        2003                   2004E           2005E
                           Japan                                          0.7%                    2.0%            1.5%
                           Australia                                       8.0                    11.0             7.0
                           Germany                                        -2.0                     2.5             3.0
                           United Kingdom                                  3.0                     6.0             7.0
                           France                                          3.0                     4.5             5.0
                           Italy                                          -1.0                     5.0             2.0
                           Spain                                           1.5                     3.5             4.0
                           Canada                                          2.6                     4.0             4.0
                           Mexico                                         12.3                    15.1            12.0
                           Brazil                                          5.0                    22.0            10.0
                           Netherlands                                     1.0                     2.0             2.0
                           Belgium                                        10.6                     4.0             5.0
                           Greece                                          6.2                    10.5             4.0
                           Finland                                         2.3                     1.5             2.0
                           Indonesia                                      23.9                    46.0            26.0
                           China                                          42.2                    35.0            38.0
                           Czech Republic                                  4.6                     6.3             4.5
                           Slovakia                                        5.9                    32.1            27.9
                           Poland                                          4.8                     8.0            10.0
                           Russia                                          5.9                    20.2            12.7
                           Portugal                                        2.0                     4.5             4.0
                           South Korea                                     8.0                     8.0             7.5
                           Taiwan                                          4.0                     6.0             5.5
                           India                                          14.0                    11.0            11.0
                           Source: Robert Coen, Universal McCann. December 2004.



   Exhibit 22. Zenith’s World Advertising Expenditure Summary by Major Media, 2002-07E ($ in millions)
   Major Media                   2002     2003 % change              2004E % change           2005E % change     2006E % change     2007E % change
   North America             $155,505 $158,383    2%               $167,869   6%            $174,823   4%      $183,938   5%      $193,483   5%
   Europe                      88,326   89,531    1%                 94,354   5%              98,611   5%       103,578   5%       108,380   5%
   Asia/Pacific                66,311   69,646     5%                75,564    8%             80,100    6%       85,442    7%       91,467   7%
   Latin America               13,735   14,238    4%                 15,896   12%             16,664    5%       17,700    6%       18,999   7%
   Africa/M. East/ROW          11,686   13,922    19%                16,022   15%             18,070   13%       20,155   12%       22,126   10%
   Total                     $335,563 $345,720    3%               $369,705   7%            $388,268   5%      $410,813   6%      $434,455   6%

   Note: Major media includes newspapers, magazines, television, radio, cinema, outdoor, Internet.
   Source: Zenith Optimedia. December 2004.



                         Exhibit 23. Regional Shares of Display Advertising Revenue, 2003-07E (%)
                         Region                             2003            2004E            2005E       2006E       2007E
                         North America                     45.8%            45.4%            45.0%       44.8%       44.5%
                         Europe                             25.9             25.5             25.4        25.2        25.0
                         Asia/Pacific                       20.1             20.4             20.6        20.8        21.0
                         Latin America                       4.1              4.3              4.3        4.3         4.4
                         Africa/M. East/ROW                  4.0              4.3              4.7         4.9         5.1
                         Source: Zenith Optimedia. December 2004.




BEAR, STEARNS & CO. INC.                                                                                                                 Page 27
          Exhibit 24. Global Shares of Display Advertising Revenue by Medium, 2003-07E (%)
          Medium                           2003            2004E            2005E           2006E              2007E
          Newspapers                       30.3             29.7             29.5            29.4               29.2
          Magazines                        13.8             13.5             13.4            13.4               13.4
          TV                               37.0             37.6             37.7            37.7               37.6
          Radio                             9.0              8.9              8.7            8.6                 8.6
          Cinema                            0.4              0.4              0.4            0.4                 0.4
          Out-of-home                       5.4             5.2              5.2             5.1                5.1
          Internet                          3.2             3.6              3.9             4.1                 4.4

          Note: These shares sum to 99% because a few countries, including Russia and the Philippines, group
                newspapers and magazines together.
          Source: Zenith Optimedia. December 2004.




Page 28                                                               ADVERTISING & MARKETING SERVICES
     Exhibit 25. Total Advertising Expenditure by Country, 1999-2007E ($ in millions)
     Country                         1999          2000      2001      2002      2003    2004E     2005E     2006E     2007E
     Canada                        $5,235        $5,545    $5,613    $5,749    $6,101    $6,381    $6,630    $6,892    $7,296
     USA                          139,935       156,667   147,246   149,756   152,282   161,487   168,193   177,046   186,187
     North America                145,170       162,212   152,859   155,505   158,383   167,868   174,823   183,938   193,483

     Austria                        1,947         2,137     2,121     2,100     2,154     2,270     2,372     2,484     2,585
     Belgium                        1,893         2,055     1,990     2,195     2,436     2,679     2,945     3,239     3,535
     Czech Rep.                       857           998     1,163     1,149     1,238     1,356     1,457     1,572     1,685
     Denmark                        1,600         1,676     1,676     1,628     1,681     1,769     1,863     1,953     2,044
     Estonia                           46            49        54        59        66        70        75        80        85
     Finland                        1,177         1,272     1,207     1,188     1,218     1,279     1,333     1,380     1,423
     France                        10,447        11,584    10,988    10,777    10,769    11,149    11,483    11,815    12,184
     Germany                       20,887        22,565    20,843    18,969    18,036    18,309    18,646    19,298    19,876
     Greece                         1,679         2,058     2,112     2,318     2,502     2,782     3,040     3,277     3,524
     Hungary                          771         1,000     1,189     1,423     1,651     1,923     2,250     2,624     3,023
     Ireland                          642           878       988     1,168     1,310     1,428     1,515     1,595     1,652
     Italy                          7,931         9,110     8,809     8,519     8,831     9,454     9,999    10,755    11,511
     Latvia                            49            53        60        71        75        83        93       101       109
     Lithuania                         66            62        65        76        86        95       104       113       121
     Netherlands                    4,058         4,435     4,271     4,157     3,907     3,862     3,926     4,047     4,146
     Norway                         1,666         1,840     1,825     1,890     2,175     2,358     2,490     2,601     2,697
     Poland                         1,788         2,045     2,530     2,655     2,945     3,135     3,319     3,482     3,615
     Portugal                         982         1,095     1,026       936       957     1,047     1,106     1,158     1,203
     Spain                          5,768         6,384     6,172     6,099     6,278     6,653     7,004     7,352     7,721
     Sweden                         2,006         2,284     2,034     1,955     1,958     2,000     2,109     2,253     2,367
     Switzerland                    2,968         3,233     3,097     2,845     2,670     2,736     2,810     2,888     3,023
     UK                            15,716        17,329    16,567    16,586    17,043    18,400    19,206    20,097    20,896
     Europe                        84,944        94,142    90,787    88,763    89,986    94,837    99,145   104,164   109,025

     Australia                      4,806         5,250     4,879     4,977     5,433     5,972     6,290     6,611     6,954
     China                          4,159         4,771     5,122     6,339     7,658     9,036    10,494    12,223    14,222
     Hong Kong                      3,090         3,546     1,867     1,851     1,999     2,148     2,287     2,422     2,543
     India                          1,293         1,536     1,768     1,917     2,091     2,716     2,864     3,057     3,299
     Indonesia                        644           904     1,121     1,523     1,885     2,809     3,511     4,213     5,055
     Japan                         36,739        39,556    38,897    36,251    36,222    38,019    39,185    40,277    41,511
     Malaysia                         672           818       842       913       985     1,181     1,296     1,495     1,642
     New Zealand                      827           864       866       911     1,028     1,112     1,163     1,176     1,178
     Philippines                      343           396       430       451       528       600       689       793       914
     Singapore                        698           861       885       968     1,014     1,124     1,171     1,196     1,236
     South Korea                    4,591         5,714     5,643     6,513     6,785     6,415     6,281     6,574     6,895
     Taiwan                         1,724         1,737     1,879     1,900     2,078     2,193     2,287     2,385     2,481
     Thailand                       1,151         1,236     1,449     1,635     1,727     2,022     2,337     2,741     3,229
     Vietnam                          116           131       147       162       215       217       246       278       308
     Asia Pacific                  60,853        67,320    65,795    66,311    69,648    75,564    80,101    85,441    91,467

     Argentina                      3,233         2,675     2,569       504       825       892       884       926       970
     Brazil                         4,378         5,366     3,967     3,312     3,714     3,934     4,033     4,196     4,325
     Chile                            427           473       488       515       531       561       593       626       659
     Colombia                       1,024         1,032     1,075     1,018       961       989     1,058     1,133     1,211
     Mexico                         2,955         3,449     3,562     3,552     3,635     4,023     4,506     5,099     5,795
     Panama                           180           173       152       165       196       222       240       261       285
     Peru                             233           198       184       188       235       246       268       290       315
     Puerto Rico                    1,563         1,638     1,776     1,796     1,768     1,891     2,024     2,167     2,321
     Uruguay                          171           149       100        50        43        48        47        52        56
     Venezuela                      1,426         1,572     1,625     1,283       951     1,657     1,492     1,325     1,338
     Latin America                 15,590        16,725    15,498    12,383    12,859    14,463    15,145    16,075    17,275

     Bulgaria                          58            85       119       165       238       254       273       289       295
     Israel                           931         1,067       789       792       713       743       765       797       831
     Kuwait                           178           207       240       286       307       351       388       424       457
     Romania                          125           128       118       126       154       201       218       240       256
     Russia                           573           826     1,336     2,010     2,630     3,360     4,087     4,690     5,234
     Saudi Arabia/Pan Arab            856         1,006     1,333     1,629     1,903     2,187     2,483     2,845     3,129
     South Africa                   1,054         1,174     1,275     1,523     1,726     2,029     2,257     2,513     2,796
     Turkey                           941         1,070       551       719       881     1,013     1,119     1,220     1,348
     UAE                              195           214       263       352       453       519       576       640       699
     Total                        311,468       346,176   330,963   330,564   339,881   363,389   381,380   403,276   426,295
     Source: Zenith Optimedia. December 2004.



BEAR, STEARNS & CO. INC.                                                                                                   Page 29
          Exhibit 26. Top 10 Countries' Advertising Expenditure as a % of GDP (% of total)
          Country              % of 1993       Country       % of 1998    Country        % of 2003
          Puerto Rico           1.87%          Puerto Rico    2.54%       Puerto Rico     2.38%
          Israel                1.72%          Hong Kong      1.65%       Hungary         1.99%
          Colombia              1.52%          Hungary        1.44%       Panama          1.53%
          South Korea           1.42%          Panama         1.40%       Czech Rep.      1.45%
          Panama                1.41%          USA            1.38%       Greece          1.44%
          New Zealand           1.39%          Venezuela      1.37%       Poland          1.41%
          USA                   1.32%          New Zealand    1.33%       USA             1.38%
          Venezuela             1.30%          Australia      1.22%       New Zealand     1.33%
          Hong Kong             1.28%          Argentina      1.21%       Hong Kong       1.28%
          Australia             1.13%          Greece         1.16%       Colombia        1.22%
          Source: Zenith Optimedia. December 2004.



          Exhibit 27. Top 10 Countries' Advertising Expenditure per Capita (in US$)
          Country                 1993         Country         1998       Country            2003
          USA                     338.7        USA             432.8      USA                517.9
          Switzerland             322.6        Hong Kong       412.6      Norway             480.2
          Japan                   264.6        Switzerland     372.4      Puerto Rico        448.7
          Hong Kong               249.9        Puerto Rico     361.1      Switzerland        372.4
          Denmark                 228.6        Norway          347.0      Ireland            330.9
          Germany                 195.9        Denmark         321.1      Denmark            313.6
          Puerto Rico             191.9        Japan           296.4      UK                 287.7
          New Zealand             183.6        UK              254.0      Japan              283.8
          Australia               182.0        Australia       245.6      Hong Kong          283.5
          UK                      163.5        Netherlands     242.0      Australia          275.4
          Source: Zenith Optimedia. December 2004.




Page 30                                                                  ADVERTISING & MARKETING SERVICES
Exhibit 28. Below-the-Line Advertising Expenditures, 2000-07E ($ in millions)
Media                   2000      2001     % change     2002       % change     2003      % change      2004E     % change    2005E     % change     2006E    % change     2007E    % change
Specialist media
  USA(1)               38,563    39,334       2%       39,924            1%     41,122        3%       43,507       6%        45,769       5%        47,921     5%         50,173     5%
  Japan(2)              9,940     9,810      -1%       9,997             2%     9,797        -2%       10,091       3%        10,444       3%        10,914     5%         11,350     4%


Direct mail
  North America        38,885    40,866      5%        41,312            1%     42,571        3%       43,948       3%        45,628       4%        47,103     3%         48,779     4%
  Europe               26,688    27,912      5%        29,028            4%     29,899        3%       31,394       5%        33,591       7%        35,943     7%         38,099     6%
  Japan                 2,980     3,142      5%        3,274             4%      3,176       -3%        3,303       4%        3,449        4%         3,635     5%          3,817     5%

Other below the line   79,750    80,136      0%        84,163            5%     89,476       6%        86,632       -3%       85,526      -1%        86,818     2%         89,584     3%
direct marketing(3)

Consumer and B2B promotion(4)
  USA                   85,295   82,077      -4%       83,776            2%     86,804       4%        94,616       9%        102,186      8%       110,361     8%        118,086     7%
  Rest of World         69,528   67,323      -3%       68,819            2%     71,386       4%        75,669       6%        79,452       5%       84,219      6%        90,115      7%

Directories (World     25,000    24,460      -2%       26,000            6%     25,600       -2%       26,624       4%        27,955       5%        29,353     5%         30,527     4%
excluding the U.S.)


Market research        15,319    15,890      4%        16,601            4%     18,900      14%        20,790       10%       22,453       8%        23,800     6%         25,228     6%


Public Relations        6,763     6,487      -4%        6,448            -1%    6,770        5%         7,244       7%         7,824       8%        8,371      7%         8,874      6%
Total                  398,712   397,437      0%       409,342            3%   425,501       4%        443,818      4%        464,277      5%       488,437     5%        514,632     5%
Display advertising    349,967   335,427     -4%       335,563            0%   345,720       3%        369,705      7%        388,268      5%       410,813     6%        434,456     6%
Total                  748,679   732,864     -2%       744,905            2%   771,221       4%        813,523      5%        852,545      5%       899,250     5%        949,088     6%

(1) Yellow Pages, B2B media and interactive advertising
(2) Flyers, point-of-purchase, telephone directories and exhibitions/screen displays
(3) This comprises USA and Europe outbound telemarketing, and Asia Pacific ex Japan direct mail
(4) Includes event sponsorship
Historical figures drawn or derived from Dentsu, ESOMAR, Veronis Suhler, DMA (USA), CPRF.
Source: Zenith Media, December 2004.

Exhibit 29. Global Advertising Expenditures by Medium, 1999-2008E ($ in millions)
Segment                                1999           2000            2001              2002           2003E         2004E          2005E           2006E         2007E           2008E
Television                          $101,988       $114,851         $108,629          $113,671       $119,898      $131,221       $136,422         $146,386     $152,693        $163,888
Radio                                 25,627        28,522           26,771            27,768         28,848         30,352         31,821          33,720        35,327         37,284
Out-of-Home                          14,057         15,394           15,384            15,548         16,229         17,067         17,967          18,950        19,913         20,886
Internet                              5,461          10,319           9,360             8,469          10,410        12,223         13,983          15,719        17,337          18,908
Magazines                            44,722         48,747           44,433            42,228         42,908         44,309         46,022          48,286        50,644          52,883
Newspapers                           100,726        108,249          101,012           98,284         99,874        102,248        105,532         109,239       113,306         117,753
Total                                292,581        326,082         305,589           305,968         318,167      337,420        351,747          372,300       389,220         411,602
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 30. Global Advertising Expenditure Growth by Medium, 1999-2008E (% change)
Segment                            1999        2000              2001          2002         2003E         2004E           2005E         2006E        2007E        2008E       2004-08 CAGR
Television                         5.3%        12.6%             -5.4%         4.6%          5.5%          9.4%            4.0%          7.3%         4.3%         7.3%           6.5%
Radio                               11.6        11.3              -6.1          3.7           3.9           5.2             4.8           6.0          4.8          5.5             5.3
Out-of-Home                          5.8         9.5              -0.1          1.1           4.4           5.2             5.3           5.5          5.1          4.9             5.2
Internet                           153.5        89.0              -9.3         -9.5          22.9          17.4            14.4          12.4         10.3          9.1            12.7
Magazines                           4.8         9.0               -8.8         -5.0           1.6           3.3             3.9           4.9          4.9          4.4             4.3
Newspapers                          4.7         7.5               -6.7         -2.7           1.6           2.4             3.2           3.5          3.7          3.9            3.3
Total                                6.7        11.5              -6.3          0.1           4.0           6.1             4.2           5.8          4.5          5.8             5.3
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




BEAR, STEARNS & CO. INC.                                                                                                                                                       Page 31
Page 32   ADVERTISING & MARKETING SERVICES
              Europe, Middle East, & Africa
                Advertising Expenditures




BEAR, STEARNS & CO. INC.                      Page 33
Exhibit 31. European Advertising Expenditures by Medium, 1999-2007E ($ in millions)
Medium         1999    % change   2000    % change   2001    % change   2002    % change   2003    % change 2004E % change 2005E % change 2006E % change 2007E % change
Newspapers   $29,904.0   6.6%   $32,725.0   9.4%   $30,636.0   -6.4%  $29,167.0   -4.8%  $28,891.0   -0.9%  $29,949.0  3.7% $30,962.0 3.4%  $32,116.0 3.7%  $33,184.0 3.3%
Magazines     17,378     7.1%    18,885     8.7%    18,474     -2.2%   17,674     -4.3%   17,529     -0.8%   18,114   3.3%   18,696   3.2%   19,383   3.7%   19,969   3.0%
TV            26,718     11.1%   29,683     11.1%   28,851     -2.8%   28,947      0.3%   29,777      2.9%   31,737   6.6%   33,450   5.4%   35,552   6.3%   37,656   5.9%
Radio          4,420    13.7%     4,908    11.0%     4,670     -4.8%    4,707      0.8%    5,004      6.3%    5,392   7.8%    5,757   6.8%    6,107   6.1%    6,508   6.6%
Cinema          685     13.8%      751      9.6%      786      4.7%      800      1.8%      823       2.9%     840    2.1%     878    4.5%     921    4.9%     959    4.1%
Outdoor        5,049    12.0%     5,744    13.8%     5,908      2.9%    5,888     -0.3%    6,031      2.4%    6,210    3.0%   6,459    4.0%   6,747    4.5%   7,033    4.2%
Internet        433     276.0%    1,041    140.4%    1,045      0.4%    1,144      9.5%    1,476    29.0%     2,113   43.2%   2,410   14.1%   2,752   14.2%   3,071   11.6%
Total         84,587      9.2%   93,737     10.8%   90,370     -3.6%   88,327     -2.3%   89,531      1.4%   94,355    5.4%  98,612    4.5%  103,578   5.0%  108,380   4.6%

Source: Zenith Media, December 2004.



Exhibit 32. Europe, Middle East, & Africa Ad Market by Medium, 1999-2008E ($ in millions)
EMEA                               1999          2000          2001                2002        2003E       2004E        2005E         2006E         2007E          2008E
Broadcast & Cable TV             $25,685       $28,513       $27,699             $28,316      $29,357     $31,376      $32,809       $34,913       $36,778        $38,916
Networks
Radio                              4,233         4,768            4,520           4,538        4,739       4,931         5,163          5,410         5,663        5,923
Out-of-Home                        4,972        5,734            5,825            5,903        6,125       6,440         6,734         7,100         7,442         7,789
Internet                            511          1,147            1,121           1,247        1,626       2,005         2,391          2,763         3,111        3,418
Magazines                         16,995        18,584           18,202          17,427       17,315      17,710        18,101         18,767        19,473       20,159
Newspapers                        32,443        35,817           33,400          31,618       31,232      31,502        32,188         33,154        34,181       35,287
Total                             84,839        94,563           90,767          89,049       90,394      93,964        97,386        102,107       106,648       111,492
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 33. Europe, Middle East, & Africa Ad Market Growth by Medium, 1999-2008E (% change)
EMEA                            1999         2000         2001            2002        2003E       2004E      2005E        2006E        2007E        2008E     2004-08 CAGR
Broadcast & Cable TV           10.3%        11.0%        -2.9%            2.2%         3.7%        6.9%       4.6%         6.4%         5.3%         5.8%         5.8%
Networks
Radio                           12.3         12.6         -5.2             0.4          4.4         4.1        4.7          4.8          4.7         4.6            4.6
Out-of-Home                     9.8          15.3          1.6             1.3          3.8         5.1        4.6          5.4          4.8         4.7            4.9
Internet                       333.1        124.5         -2.3            11.2         30.4        23.3       19.3         15.6         12.6         9.9           16.0
Magazines                       6.2          9.3          -2.1            -4.3         -0.6        2.3         2.2          3.7          3.8         3.5           3.1
Newspapers                       7.8         10.4         -6.7            -5.3         -1.2         0.9        2.2          3.0          3.1         3.2            2.5
Total                            9.0         11.5         -4.0            -1.9          1.5         3.9        3.6          4.8          4.4         4.5            4.3
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 34                                                                                                     ADVERTISING & MARKETING SERVICES
      Asia Pacific Advertising Expenditures




BEAR, STEARNS & CO. INC.                  Page 35
Exhibit 34. Asia Advertising Expenditures by Medium, 1999-2007E ($ in millions)
Medium         1999    % change   2000    % change  2001   % change   2002    % change   2003    % change 2004E % change 2005E % change 2006E % change 2007E % change
Newspapers   $19,706.0    5.3%  $22,028.0  11.8% $21,317.0   -3.2%  $20,891.0   -2.0%  $21,728.0   4.0%   $23,443.0 7.9%  $24,650.0 5.1%  $26,341.0 6.9%  $28,486.0  8.1%
Magazines      5,177      2.3%    5,632     8.8%   5,418     -3.8%    5,406     -0.2%    5,616     3.9%     5,973   6.4%    6,190   3.6%    6,518   5.3%    6,979    7.1%
TV            26,174      2.9%   28,944    10.6%   28,239    -2.4%   28,931      2.5%   30,471     5.3%    33,373   9.5%   35,606   6.7%   38,040   6.8%   40,439    6.3%
Radio          3,011      0.0%    3,238     7.5%   3,226     -0.4%    3,256      0.9%    3,412     4.8%     3,617   6.0%    3,781   4.5%    4,010   6.1%    4,234    5.6%
Cinema           73       0.7%     86      17.8%     83      -3.5%     84        1.2%     98      16.7%      119    21.4%    141    18.5%    153    8.5%     174    13.7%
Outdoor        6,408     -2.4%    6,666     4.0%   6,683     0.3%     6,701      0.3%    6,856     2.3%     7,157   4.4%    7,441   4.0%    7,759   4.3%    8,183    5.5%
Internet        302     207.3%     728     141.1%   827     13.6%     1,042    26.0%     1,464    40.5%     1,883   28.6%   2,291   21.7%   2,621   14.4%   2,973   13.4%
Total         60,851      9.2%   67,322    10.6%   65,793    -2.3%   66,311      0.8%   69,645     5.0%    75,565   8.5%   80,100   6.0%   85,442   6.7%   91,468    7.1%

Source: Zenith Media, December 2004.



Exhibit 35. Asia Pacific Ad Market by Medium, 1999-2008E ($ in millions)
Asia/Pacific                        1999              2000         2001         2002         2003E          2004E             2005E            2006E       2007E            2008E
Broadcast & Cable TV              $20,495           $22,611      $22,596      $22,851       $24,146        $25,769           $26,998          $28,770     $30,400          $32,675
Networks
Radio                               2,727            2,917       2,920         2,891          2,970          3,070            3,198           3,338        3,476            3,612
Out-of-Home                         3,851            3,995       3,966         4,041          4,208          4,362            4,538           4,729        4,917            5,108
Internet                             267              819         903          1,067          1,371          1,706            2,124           2,620        3,115            3,586
Magazines                           5,085            5,507       5,363         5,315          5,331          5,424            5,560           5,701        5,889            6,080
Newspapers                         17,492           19,454       19,008        18,291        19,334         20,109           21,041           22,095      23,121           24,153
Total                              49,917           55,303       54,756        54,456        57,360         60,440           63,459           67,253      70,918           75,214
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 36. Asia Pacific Ad Market Growth by Medium, 1999-2008E (% change)
Asia/Pacific                  1999           2000         2001      2002       2003E        2004E       2005E        2006E         2007E          2008E       2004-08 CAGR
Broadcast & Cable TV          0.8%          10.3%        -0.1%      1.1%        5.7%         6.7%        4.8%         6.6%          5.7%           7.5%           6.2%
Networks
Radio                          -0.3           7.0          0.1       -1.0        2.7        3.4           4.2          4.4              4.1         3.9              4.0
Out-of-Home                    -2.0           3.7         -0.7        1.9        4.1        3.7           4.0          4.2              4.0         3.9              4.0
Internet                      186.6         206.7        -10.3       18.2       28.5        24.4         24.5         23.4             18.9        15.1             21.2
Magazines                       1.8          8.3          -2.6       -0.9       0.3         1.7          2.5          2.5              3.3          3.2              2.7
Newspapers                      3.2          11.2         -2.3       -3.8        5.7        4.0           4.6          5.0              4.6         4.5              4.6
Total                           1.8          10.8         -1.0       -0.5        5.3        5.4           5.0          6.0              5.4         6.1              5.6
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 36                                                                                                         ADVERTISING & MARKETING SERVICES
    Latin America Advertising Expenditures




BEAR, STEARNS & CO. INC.                Page 37
Exhibit 37. Latin America Ad Market by Medium, 1999-2008E ($ in millions)
Latin America                   1999                2000         2001       2002    2003E      2004E           2005E            2006E      2007E           2008E
Broadcast & Cable TV           $3,796              $4,061       $4,106     $4,278   $4,545     $4,903          $5,053           $5,583     $5,771          $6,118
Networks
Radio                               772             827          722        691       811        775             807              841        879             912
Out-of-Home                         198             209          179        143       152        162             174              188        200             214
Internet                             22              49           57         61        62         73             104              150        204             276
Magazines                           782             815          793        698       703        719             739              761        787             812
Newspapers                         2,769           2,465        2,515      2,481     2,552      2,631           2,732            2,825      2,919           3,008
Total                              8,339           8,426        8,372      8,352     8,825      9,263           9,609           10,348     10,760          11,340
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 38. Latin America Ad Market Growth by Medium, 1999-2008E (% change)
Latin America               1999           2000         2001       2002    2003E    2004E    2005E      2006E           2007E      2008E       2004-08 CAGR
Broadcast & Cable TV       -9.8%           7.0%         1.1%       4.2%     6.2%     7.9%     3.1%      10.5%            3.4%       6.0%           6.1%
Networks
Radio                        7.7            7.1         -12.7       -4.3    17.4    -4.4      4.1        4.2            4.5         3.8              2.4
Out-of-Home                -12.4            5.6         -14.4      -20.1    6.3      6.6     7.4        8.0             6.4         7.0              7.1
Internet                   340.0           122.7         16.3        7.0     1.6    17.7     42.5       44.2            36.0        35.3            34.8
Magazines                   -9.5            4.2          -2.7      -12.0    0.7     2.3      2.8        3.0             3.4         3.2              2.9
Newspapers                 -21.5           -11.0          2.0       -1.4     2.9     3.1     3.8         3.4            3.3         3.0              3.3
Total                       12.7            1.0          -0.6       -0.2    5.7     5.0      3.7        7.7             4.0         5.4             5.1
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 38                                                                                          ADVERTISING & MARKETING SERVICES
         Canadian Advertising Expenditures




BEAR, STEARNS & CO. INC.                     Page 39
Exhibit 39. Canada Ad Market by Medium, 1999-2008E ($ in millions)
Canada                          1999               2000         2001      2002    2003E      2004E           2005E            2006E      2007E           2008E
Broadcast & Cable TV           $1,704             $1,753       $1,828    $1,920   $2,034     $2,163          $2,292           $2,420     $2,544          $2,659
Networks
Radio                               680            715          748       771       835        896             963            1,031      1,099           1,167
Out-of-Home                         204            221          221       229       239        253             271             293        314             335
Internet                            40              79           69        84       111        139             164             186        207             228
Magazines                           514            581          582       566       592        596             622             657        695             732
Newspapers                         1,733          1,842        1,785     1,792     1,817      1,856           1,921           2,005      2,085           2,155
Total                              4,875          5,191        5,233     5,362     5,628      5,903           6,233           6,592      6,944           7,276
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 40. Canada Ad Market Growth by Medium, 1999-2008E (% change)
Canada                     1999            2000        2001       2002   2003E    2004E    2005E      2006E           2007E      2008E       2004-08 CAGR
Broadcast & Cable TV       3.3%            2.9%        4.3%       5.0%    5.9%     6.3%     6.0%       5.6%            5.1%       4.5%           5.5%
Networks
Radio                       2.4             5.1          4.6       3.1    8.3     7.3      7.5        7.1             6.6         6.2             6.9
Out-of-Home                10.9            8.3          0.0       3.6     4.4     5.9      7.1        8.1             7.2         6.7             7.0
Internet                   122.2           97.5        -12.7      21.7    32.1    25.2     18.0       13.4            11.3        10.1            15.5
Magazines                   4.3            13.0          0.2      -2.7    4.6     0.7      4.4        5.6             5.8         5.3             4.3
Newspapers                  2.1            6.3          -3.1      0.4     1.4     2.1      3.5        4.4             4.0         3.4              3.5
Total                       3.6             6.5          0.8       2.5    5.0     4.9      5.6        5.8             5.3         4.8             5.3
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 40                                                                                        ADVERTISING & MARKETING SERVICES
        Television Advertising Expenditures




BEAR, STEARNS & CO. INC.                      Page 41
     Exhibit 41. Broadcast and Cable Network Ad Market by Region, 1999-2007E ($ in millions)
     Country                         1999      2000      2001      2002      2003     2004E     2005E     2006E     2007E
     Canada                          1,704     1,753     1,829     1,865     2,027     2,127     2,210     2,286     2,357
     USA                            47,299    52,258    49,714    51,640    51,610    55,504    57,403    59,717    62,192
     North America                  49,003    54,011    51,543    53,505    53,637    57,631    59,613    62,003    64,549

     Austria                           480       540       524       515       523       558       598       631       661
     Belgium                           780       883       915       976     1,067     1,163     1,264     1,377     1,501
     Czech Rep.                        426       515       637       550       598       652       704       764       825
     Denmark                           273       277       265       254       293       322       334       349       360
     Estonia                             9        11        12        14        17        18        19        20        22
     Finland                           232       240       220       227       234       253       266       278       282
     France                          3,029     3,438     3,235     3,297     3,395     3,561     3,721     3,877     4,103
     Germany                         4,873     5,315     5,044     4,465     4,302     4,376     4,465     4,687     4,854
     Greece                            692       763       755       810       819       878       913       949       988
     Hungary                           423       578       711       910     1,081     1,260     1,483     1,737     2,011
     Ireland                           195       225       222       234       220       255       262       275       283
     Italy                           4,154     4,666     4,519     4,546     4,767     5,216     5,529     5,999     6,478
     Latvia                             16        18        20        24        25        28        32        35        39
     Lithuania                          27        24        25        31        36        41        44        46        48
     Netherlands                       765       884       847       894       842       854       871       898       920
     Norway                            534       654       646       630       690       720       749       779       803
     Poland                          1,041     1,145     1,559     1,646     1,700     1,700     1,785     1,852     1,914
     Portugal                          513       586       547       502       523       582       623       656       685
     Spain                           2,370     2,608     2,428     2,466     2,628     2,892     3,125     3,346     3,582
     Sweden                            425       490       434       426       435       449       457       497       521
     Switzerland                       361       386       367       391       396       420       431       444       469
     UK                              5,101     5,438     4,920     5,139     5,186     5,541     5,773     6,055     6,309
     Europe                         26,719    29,684    28,852    28,947    29,777    31,739    33,448    35,551    37,658

     Australia                       1,600     1,790     1,623     1,738     1,906     2,115     2,221     2,310     2,413
     China                           1,887     2,041     2,167     2,791     3,081     3,389     3,728     4,101     4,511
     Hong Kong                       1,426     1,491       643       572       578       676       752       805       855
     India                             510       603       717       803       899     1,052     1,095     1,202     1,288
     Indonesia                         402       575       706       977     1,202     1,747     2,184     2,620     3,144
     Japan                          16,494    17,936    17,839    16,692    16,803    17,996    18,896    19,652    20,300
     Malaysia                          217       246       231       242       262       348       383       517       568
     New Zealand                       283       292       279       300       345       375       383       387       384
     Philippines                       215       248       265       280       341       388       456       536       629
     Singapore                         235       289       319       399       416       475       494       504       519
     South Korea                     1,286     1,737     1,649     2,040     2,226     2,185     2,164     2,272     2,386
     Taiwan                            937       891       928     1,105     1,261     1,356     1,430     1,509     1,575
     Thailand                          628       735       793       900     1,019     1,145     1,282     1,470     1,687
     Vietnam                            56        71        80        90       131       124       139       156       179
     Asia Pacific                   26,176    28,945    28,239    28,929    30,470    33,371    35,607    38,041    40,438

     Argentina                       1,372     1,183     1,052       211       358       375       371       389       407
     Brazil                          2,424     3,105     2,334     2,014     2,237     2,465     2,527     2,628     2,707
     Chile                             187       205       221       232       270       288       305       322       338
     Colombia                          592       598       660       619       572       582       623       667       713
     Mexico                          1,594     1,986     2,102     2,179     2,041     2,303     2,623     3,009     3,458
     Panama                            110       105        95       113       129       151       166       183       201
     Peru                              102        85        72        80       101       113       131       152       175
     Puerto Rico                       896       978     1,118     1,104     1,024     1,096     1,172     1,254     1,342
     Uruguay                            88        75        51        25        22        25        25        28        30
     Venezuela                         970     1,052       984       886       698     1,297     1,119       965       956
     Latin America                   8,335     9,372     8,689     7,463     7,452     8,695     9,062     9,597    10,327

     Bulgaria                          36         51        82        96       151       165       180       195       201
     Israel                           229        234       217       229       237       260       272       286       298
     Kuwait                            11         12         9         8        16        18        21        24        27
     Romania                           80         76        70        75       100       130       145       160       170
     Russia                           190        270       510       900     1,210     1,650     2,062     2,347     2,581
     Saudi Arabia/Pan Arab            482        583       822     1,026     1,258     1,450     1,670     1,920     2,112
     South Africa                     438        472       548       658       762       921     1,032     1,150     1,294
     Turkey                           396        455       232       348       462       547       559       576       595
     UAE                               35         26        28        32        89       103       119       137       150
     Total                        112,130    124,191   119,841   122,216   125,621   136,680   143,790   151,987   160,400
     Source: Zenith Media, December 2004.


Page 42                                                                          ADVERTISING & MARKETING SERVICES
Exhibit 42. Broadcast and Cable Network Ad Market by Region, 1999-2008E ($ in millions)
Region                          1999              2000        2001       2002     2003E      2004E        2005E             2006E        2007E       2008E
United States                 $33,404           $39,166     $39,572    $42,626   $47,003    $52,310      $55,690           $59,810      $62,920     $67,580
EMEA                           41,075            44,107      43,974     44,985    46,397     48,610       50,585            52,983       55,054      57,347
Asia/Pacific                   25,898            27,894      27,996     28,369    29,788     31,536       32,894            34,800       36,567      38,857
Latin America                  3,796              4,061       4,106     4,278      4,545     4,903         5,053            5,583        5,771        6,118
Canada                         2,210              2,367       2,558      2,751     3,005     3,255         3,481            3,694         3,904       4,105
Total                         106,383           117,595     118,206    123,009   130,738    140,614      147,703           156,870      164,216     174,007
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 43. Broadcast and Cable Network Ad Market by Region, 1999-2008E (% change)
Region                     1999         2000         2001       2002     2003E   2004E     2005E      2006E        2007E        2008E        2004-08 CAGR
United States             10.8%         17.2%        1.0%       7.7%     10.3%   11.3%      6.5%       7.4%         5.2%         7.4%            7.5%
EMEA                        6.7           7.4        -0.3        2.3      3.1     4.8        4.1        4.7          3.9          4.2             4.3
Asia/Pacific                1.2          7.7          0.4        1.3      5.0     5.9        4.3        5.8          5.1          6.3             5.5
Latin America              -9.8           7.0         1.1        4.2      6.2     7.9        3.1       10.5          3.4          6.0             6.1
Canada                      7.1          7.1          8.1        7.5      9.2     8.3        6.9        6.1          5.7          5.1             6.4
Total                       5.9          10.5         0.5        4.1      6.3     7.6        5.0        6.2          4.7          6.0             5.9
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




BEAR, STEARNS & CO. INC.                                                                                                                          Page 43
Exhibit 44. Total U.S. Broadcast TV Ad Revenues, 1949-2005E ($ in millions)
                    Network                        Spot                        Local                   National Syndication                  Cable            Total TV Advertising
          $ Million Change     Share     $ Million Change    Share   $ Million Change     Share     $ Million Change Share        $ Million Change    Share    $ Million Change
1949           $30       NA    51.7%            $9     NA    15.5%        $19      NA     32.8%              --     NA      NA            --    NA      NA          $58       NA
1950             85      NM    49.7%            31     NM    18.1%          55     NM     32.2%              --     NA      NA            --    NA      NA          171       NM
1951           181       NM    54.5%            70     NM    21.1%          81  47.3%     24.4%              --     NA      NA            --    NA      NA          332    94.2%
1952           256     41.4%   56.4%            94  34.3%    20.7%        104   28.4%     22.9%              --     NA      NA            --    NA      NA          454    36.7%
1953           320     25.0%   52.8%          145   54.3%    23.9%        141   35.6%     23.3%              --     NA      NA            --    NA      NA          606    33.5%
1954           422     31.9%   52.2%          207   42.8%    25.6%        180   27.7%     22.2%              --     NA      NA            --    NA      NA          809    33.5%
1955           550     30.3%   53.1%          260   25.6%    25.1%        225   25.0%     21.7%              --     NA      NA            --    NA      NA        1,035    27.9%
1956           643     16.9%   52.5%          329   26.5%    26.9%        253   12.4%     20.7%              --     NA      NA            --    NA      NA        1,225    18.4%
1957           690      7.3%   53.7%          352     7.0%   27.4%        244   (3.6)%    19.0%              --     NA      NA            --    NA      NA        1,286      5.0%
1958           742      7.5%   53.5%          397   12.8%    28.6%        248     1.6%    17.9%              --     NA      NA            --    NA      NA        1,387      7.9%
1959           776      4.6%   50.8%          486   22.4%    31.8%        267     7.7%    17.5%              --     NA      NA            --    NA      NA        1,529    10.2%
1960           820      5.7%   50.4%          527     8.4%   32.4%        280     4.9%    17.2%              --     NA      NA            --    NA      NA        1,627      6.4%
1961           887      8.2%   52.5%          548     4.0%   32.4%        256   (8.6)%    15.1%              --     NA      NA            --    NA      NA        1,691      3.9%
1962           976     10.0%   51.4%          629   14.8%    33.2%        292   14.1%     15.4%              --     NA      NA            --    NA      NA        1,897    12.2%
1963         1,025      5.0%   50.4%          698   11.0%    34.4%        309     5.8%    15.2%              --     NA      NA            --    NA      NA        2,032      7.1%
1964         1,132     10.4%   49.5%          806   15.5%    35.2%        351   13.6%     15.3%              --     NA      NA            --    NA      NA        2,289    12.6%
1965         1,237      9.3%   49.2%          892   10.7%    35.5%        386   10.0%     15.3%              --     NA      NA            --    NA      NA        2,515      9.9%
1966         1,393     12.6%   49.3%          988   10.8%    35.0%        442   14.5%     15.7%              --     NA      NA            --    NA      NA        2,823    12.2%
1967         1,455      4.5%   50.0%          988     0.0%   34.0%        466     5.4%    16.0%              --     NA      NA            --    NA      NA        2,909      3.0%
1968         1,523      4.7%   47.1%        1,131   14.5%    35.0%        577   23.8%     17.9%              --     NA      NA            --    NA      NA        3,231    11.1%
1969         1,678     10.2%   46.8%        1,253   10.8%    35.0%        654   13.3%     18.2%              --     NA      NA            --    NA      NA        3,585    11.0%
1970         1,658    (1.2)%   46.1%        1,234   (1.5)%   34.3%        704     7.6%    19.6%              --     NA      NA            --    NA      NA        3,596      0.3%
1971         1,593    (3.9)%   45.1%        1,145   (7.2)%   32.4%        796   13.1%     22.5%              --     NA      NA            --    NA      NA        3,534    (1.7)%
1972         1,804     13.2%   44.1%        1,318   15.1%    32.2%        969   21.7%     23.7%              --     NA      NA            --    NA      NA        4,091    15.8%
1973         1,968      9.1%   44.1%        1,377     4.5%   30.9%      1,115   15.1%     25.0%              --     NA      NA            --    NA      NA        4,460      9.0%
1974         2,145      9.0%   44.2%        1,497     8.7%   30.8%      1,212     8.7%    25.0%              --     NA      NA            --    NA      NA        4,854      8.8%
1975         2,306      7.5%   43.8%        1,623     8.4%   30.8%      1,334   10.1%     25.3%              --     NA      NA            --    NA      NA        5,263      8.4%
1976         2,857     23.9%   42.5%        2,154   32.7%    32.0%      1,710   28.2%     25.4%              --     NA      NA            --    NA      NA        6,721    27.7%
1977         3,460     21.1%   45.5%        2,204     2.3%   29.0%      1,948   13.9%     25.6%              --     NA      NA            --    NA      NA        7,612    13.3%
1978         3,975     14.9%   44.4%        2,607   18.3%    29.1%      2,373   21.8%     26.5%              --     NA      NA            --    NA      NA        8,955    17.6%
1979         4,599     15.7%   45.3%        2,873   10.2%    28.3%      2,682   13.0%     26.4%              --     NA      NA            --    NA      NA       10,154    13.4%
1980         5,130     11.5%   44.7%        3,269   13.8%    28.5%      2,967   10.6%     25.8%             50      NA     0.4%          72     NA     0.6%      11,488    13.1%
1981         5,540      8.0%   43.0%        3,746   14.6%    29.1%      3,368   13.5%     26.1%             75   50.0%     0.6%        160 122.2%      1.2%      12,889    12.2%
1982         6,144     10.9%   41.8%        4,364   16.5%    29.7%      3,765   11.8%     25.6%           150 100.0%       1.0%        290    81.3%    2.0%      14,713    14.2%
1983         6,955     13.2%   41.2%        4,827   10.6%    28.6%      4,345   15.4%     25.7%           300 100.0%       1.8%        452    55.9%    2.7%      16,879    14.7%
1984         8,318     19.6%   41.5%        5,488   13.7%    27.4%      5,084   17.0%     25.4%           420    40.0%     2.1%        733    62.2%    3.7%      20,043    18.7%
1985         8,060    (3.1)%   37.9%        6,004     9.4%   28.2%      5,714   12.4%     26.8%           520    23.8%     2.4%        989    34.9%    4.6%      21,287      6.2%
1986         8,342      3.5%   36.0%        6,570     9.4%   28.3%      6,514   14.0%     28.1%           600    15.4%     2.6%      1,173    18.6%    5.1%      23,199      9.0%
1987         8,500      1.9%   35.0%        6,846     4.2%   28.2%      6,833     4.9%    28.2%           762    27.0%     3.1%      1,321    12.6%    5.4%      24,262      4.6%
1988         9,172      7.9%   35.1%        7,147     4.4%   27.4%      7,270     6.4%    27.8%           901    18.2%     3.4%      1,641    24.2%    6.3%      26,131      7.7%
1989         9,110    (0.7)%   33.2%        7,354     2.9%   26.8%      7,612     4.7%    27.7%        1,288     43.0%     4.7%      2,095    27.7%    7.6%      27,459      5.1%
1990         9,863      8.3%   33.7%        7,788     5.9%   26.6%      7,856     3.2%    26.9%        1,109 -13.9%        3.8%      2,631    25.6%    9.0%      29,247      6.5%
1991         9,533    (3.3)%   33.3%        7,110   (8.7)%   24.9%      7,565   (3.7)%    26.4%        1,253     13.0%     4.4%      3,145    19.5%   11.0%      28,606    (2.2)%
1992        10,249      7.5%   33.0%        7,551     6.2%   24.3%      8,079     6.8%    26.0%        1,370       9.3%    4.4%      3,830    21.8%   12.3%      31,079      8.6%
1993        10,209    (0.4)%   31.4%        7,800     3.3%   24.0%      8,435     4.4%    26.0%        1,576     15.0%     4.9%      4,451    16.2%   13.7%      32,471      4.5%
1994        10,942      7.2%   30.1%        8,993   15.3%    24.7%      9,464   12.2%     26.0%        1,734     10.0%     4.8%      5,209    17.0%   14.3%      36,342    11.9%
1995        11,600      6.0%   29.8%        9,119     1.4%   23.5%      9,985     5.5%    25.7%        2,016     16.3%     5.2%      6,166    18.4%   15.9%      38,886      7.0%
1996        13,081     12.8%   29.8%        9,803     7.5%   22.4%     10,944     9.6%    25.0%        2,218     10.0%     5.1%      7,778    26.1%   17.7%      43,824    12.7%
1997        13,020    (0.5)%   28.5%        9,999     2.0%   21.9%     11,436     4.5%    25.1%        2,438       9.9%    5.3%      8,750    12.5%   19.2%      45,643      4.2%
1998        13,736      5.5%   27.7%       10,659     6.6%   21.5%     12,169     6.4%    24.6%        2,609       7.0%    5.3%     10,340    18.2%   20.9%      49,513      8.5%
1999        13,961      1.6%   26.6%       10,500   (1.5)%   20.0%     12,680     4.2%    24.1%        2,870     10.0%     5.5%     12,570    21.6%   23.9%      52,581      6.2%
2000        15,888     13.8%   26.4%       12,264   16.8%    20.4%     13,542     6.8%    22.5%        3,108       8.3%    5.2%     15,455    23.0%   25.6%      60,257    14.6%
2001        14,300 (10.0)%     26.2%        9,223 (24.8)%    16.9%     12,256   (9.5)%    22.4%        3,102     (0.2)%    5.7%     15,736     1.8%   28.8%      54,617    (9.4)%
2002        15,000      4.9%   25.7%       10,920   18.4%    18.7%     13,114     7.0%    22.5%        3,034      -2.2%    5.2%     16,297     3.6%   27.9%      58,365      6.9%
2003        15,030      0.2%   24.7%        9,948    -8.9%   16.4%     13,520     3.1%    22.3%        3,434     13.2%     5.7%     18,814    15.4%   31.0%      60,746      4.1%
2004E       16,458      9.5%   24.5%       10,943   10.0%    16.3%     14,670     8.5%    21.9%        3,949     15.0%     5.9%     21,069    12.0%   31.4%      67,089    10.4%
2005E       16,787      2.0%   24.2%       10,834    -1.0%   15.6%     14,967     2.0%    21.6%        4,087       3.5%    5.9%     22,568     7.1%   32.6%      69,243      3.2%

Note: Syndication includes UPN and WB.
Includes all costs (time & talent, space, and production). Thus, these data are different from the TVB statistics.
Source: Robert Coen, Universal McCann. December 2004.



                                    Exhibit 45. Total U.S. TV Revenue Growth by Category, 2005-06E (% growth)
                                       Category                             2005E                                    2006E
                                       Local Spot                       +2.0 to +4.0%                            +4.0 to +6.0%
                                       National Spot                     -4.0 to -2.0%                          -10.0 to -14.0%
                                       Total Spot                       -1.0 to +1.0%                            +7.0 to +9.0%
                                       Network                          +2.0 to +3.0%                            +4.0 to +5.0%
                                       Syndication                      +5.0 to +6.0%                            +5.0 to +6.0%
                                       Network Cable                    +8.0 to +9.0%                           +9.0 to +10.0%
                                       Local Cable                      +7.0 to +9.0%                            +6.0 to +8.0%
                                    Source: Center for Media Research; Television Bureau of Advertising. September 2004.



Page 44                                                                                                       ADVERTISING & MARKETING SERVICES
                           Radio Advertising




BEAR, STEARNS & CO. INC.                       Page 45
     Exhibit 46. Radio/Out-of-Home Ad Market by Region, 1999-2007E ($ in millions)
     Country                        1999     2000     2001     2002     2003     2004E       2005E    2006E    2007E
     Canada                           689      724      757      779      847       889         925      971    1,020
     USA                           18,581   20,819   18,800   19,423   19,581    20,364      20,793   21,548   22,410
     North America                 19,270   21,543   19,557   20,202   20,428    21,253      21,718   22,519   23,430

     Austria                          171      178      183      166      165          183      193      208      221
     Belgium                          174      210      228      235      258          284      312      342      376
     Czech Rep.                        41       37       37       60       77           82       87       92       98
     Denmark                           29       32       36       34       33           36       50       52       53
     Estonia                            6        6        5        6        6            6        7        7        8
     Finland                           39       42       45       50       54           54       55       55       58
     France                           727      807      739      805      840          888      937      977    1,015
     Germany                          780      827      765      672      654          664      674      688      709
     Greece                            78       80       81      101      116          142      156      173      190
     Hungary                           46       54       58       64       71          109      128      146      172
     Ireland                           55       62       79       73       98          106      112      121      125
     Italy                            431      513      466      437      497          571      662      763      878
     Latvia                             8        9        8        9        9           10       11       11       12
     Lithuania                          4        3        6        6        6            7        7        8        8
     Netherlands                      219      266      247      259      277          279      284      293      299
     Norway                            94       85       71       92       99          127      153      155      177
     Poland                           126      140      159      194      235          264      290      305      335
     Portugal                          66       69       69       61       61           65       69       72       74
     Spain                            526      566      552      547      574          588      603      618      633
     Sweden                            66       73       63       58       55           60       64       68       71
     Switzerland                       89      103       96       96       94           96      100      108      112
     UK                               646      744      677      683      726          770      804      843      886
     Europe                         4,421    4,906    4,670    4,708    5,005        5,391    5,758    6,105    6,510

     Australia                        420      446      453      458      480          537      564      589      619
     China                            151      190      221      265      309          386      483      603      724
     Hong Kong                        118      130       72       88      137          139      147      159      168
     India                             32       39       48       56       61           69       72       77       82
     Indonesia                         22       30       38       48       60           69       87      104      125
     Japan                          1,762    1,786    1,723    1,585    1,559        1,560    1,542    1,545    1,538
     Malaysia                          22       27       32       38       40           46       51       56       61
     New Zealand                      104      111      114      118      130          143      146      148      148
     Philippines                       57       67       74       77       81           94      106      120      136
     Singapore                         36       44       66       75       95          110      114      117      123
     South Korea                      122      177      167      194      191          185      181      190      196
     Taiwan                            62       67       91      105      107          109      111      112      117
     Thailand                          99      122      124      149      161          169      178      188      198
     Vietnam                            4        3        2        2        1            1        1        1        1
     Asia Pacific                   3,011    3,239    3,225    3,258    3,412        3,617    3,783    4,009    4,236

     Argentina                        204      231      226       22       29           38       38       40       42
     Brazil                           206      263      189      152      166          179      183      190      196
     Chile                             42       49       50       54       49           50       52       54       57
     Colombia                         166      167       99      104       93          101      108      115      123
     Mexico                           466      530      494      497      799          837      883      934      984
     Panama                             9       10        7        7        8           10        8        8        8
     Peru                              25       22       21       21       16           16       16       16       17
     Puerto Rico                      116      111      118      119      100          107      114      123      133
     Uruguay                           25       22       12        7        5            6        6        6        7
     Venezuela                         32       52       93       49       29           38       52       50       59
     Latin America                  1,291    1,457    1,309    1,032    1,294        1,382    1,460    1,536    1,626

     Bulgaria                           0        0        0        0        5         7           7        7        7
     Israel                            69       88       54       58       52        52          53       55       58
     Kuwait                             3        3        2        3        3         4           5        5        5
     Romania                            4        5        5        6        7         9          10       12       13
     Russia                            30       45       70       90      115       135         157      176      199
     Saudi Arabia/Pan Arab              0        0        0        0        0         0           0        0        0
     South Africa                     122      162      159      190      226       256         281      302      340
     Turkey                            61       76       37       36       40        38          38       38       52
     UAE                               12       19       20       18       15        17          19       20       21
     Total                         28,294   31,543   29,108   29,601   30,602    32,161      33,289   34,784   36,497
     Source: Zenith Media. December 2004.


Page 46                                                                     ADVERTISING & MARKETING SERVICES
  Exhibit 47. Historical U.S. Radio Advertising Revenues, 1960-2004E ($ in millions)
                     Local/Retail                   National Spot                    Network                   Total
  Year       $ Million Change Share $ Million Change Share $ Million Change                     Share   $ Million Change
  1960           $402        N/A 61.4%           $208       N/A 31.8%            $45      N/A    6.9%      $655        N/A
  1961            398      -1.0% 61.0%            206     -1.0% 31.6%             48     6.7%    7.4%       652      -0.5%
  1962            434       9.0% 62.3%            218      5.8% 31.3%             45    -6.3%    6.5%       697       6.9%
  1963            465       7.1% 62.2%            231      6.0% 30.9%             52    15.6%    7.0%       748       7.3%
  1964            504       8.4% 62.8%            244      5.6% 30.4%             54     3.8%    6.7%       802       7.2%
  1965            553       9.7% 63.7%            261      7.0% 30.1%             54     0.0%    6.2%       868       8.2%
  1966            608       9.9% 63.5%            293    12.3% 30.6%              57     5.6%    5.9%       958      10.4%
  1967            641       5.4% 64.3%            298      1.7% 29.9%             58     1.8%    5.8%       997       4.1%
  1968            733     14.4% 64.9%             342    14.8% 30.3%              55    -5.2%    4.9%     1,130      13.3%
  1969            800       9.1% 66.6%            350      2.3% 29.1%             51    -7.3%    4.2%     1,201       6.3%
  1970            853       6.6% 67.9%            355      1.4% 28.2%             49    -3.9%    3.9%     1,257       4.7%
  1971            955     12.0% 68.8%             378      6.5% 27.2%             55    12.2%    4.0%     1,388      10.4%
  1972          1,098     15.0% 71.0%             384      1.6% 24.8%             65    18.2%    4.2%     1,547      11.5%
  1973          1,205       9.7% 73.2%            382     -0.5% 23.2%             59    -9.2%    3.6%     1,646       6.4%
  1974          1,309       8.6% 74.5%            387      1.3% 22.0%             60     1.7%    3.4%     1,756       6.7%
  1975          1,403       7.2% 74.2%            416      7.5% 22.0%             73    21.7%    3.9%     1,892       7.7%
  1976          1,639     16.8% 73.6%             495    19.0% 22.2%              92    26.0%    4.1%     2,226      17.7%
  1977          1,873     14.3% 74.6%             521      5.3% 20.7%            118    28.3%    4.7%     2,512      12.8%
  1978          2,179     16.3% 75.3%             590    13.2% 20.4%             126     6.8%    4.4%     2,895      15.2%
  1979          2,397     10.0% 75.5%             637      8.0% 20.1%            139    10.3%    4.4%     3,173       9.6%
  1980          2,643     10.3% 74.5%             746    17.1% 21.0%             158    13.7%    4.5%     3,547      11.8%
  1981          3,007     13.8% 74.1%             854    14.5% 21.1%             196    24.1%    4.8%     4,057      14.4%
  1982          3,365     11.9% 74.9%             909      6.4% 20.2%            218    11.2%    4.9%     4,492      10.7%
  1983          3,739     11.1% 74.5%           1,023    12.5% 20.4%             254    16.5%    5.1%     5,016      11.7%
  1984          4,412     18.0% 75.0%           1,184    15.7% 20.1%             288    13.4%    4.9%     5,884      17.3%
  1985          4,915     11.4% 74.9%           1,319    11.4% 20.1%             329    14.2%    5.0%     6,563      11.5%
  1986          5,313       8.1% 75.6%          1,333      1.1% 19.0%            380    15.5%    5.4%     7,026       7.1%
  1987          5,605       5.5% 76.9%          1,315     -1.4% 18.0%            371    -2.4%    5.1%     7,291       3.8%
  1988          6,109       9.0% 77.4%          1,402      6.6% 17.8%            382     3.0%    4.8%     7,893       8.3%
  1989          6,463       5.8% 76.8%          1,530      9.1% 18.2%            427    11.8%    5.1%     8,420       6.7%
  1990          6,780       4.9% 76.7%          1,626      6.3% 18.4%            433     1.4%    4.9%     8,839       5.0%
  1991          6,578      -3.0% 76.6%          1,573     -3.3% 18.3%            440     1.6%    5.1%     8,591      -2.8%
  1992          6,725       2.2% 77.7%          1,505     -4.3% 17.4%            424    -3.6%    4.9%     8,654       0.7%
  1993          7,342       9.2% 77.6%          1,657    10.1% 17.5%             458     8.0%    4.8%     9,457       9.3%
  1994          8,164     11.2% 77.5%           1,902    14.8% 18.1%             463     1.1%    4.4%    10,529      11.3%
  1995          9,124     11.8% 79.5%           1,920      0.9% 16.7%            426    -8.0%    3.7%    11,470       8.9%
  1996          9,854       8.0% 79.4%          2,093      9.0% 16.9%            465     9.2%    3.7%    12,412       8.2%
  1997         10,741       9.0% 77.9%          2,407    15.0% 17.4%             646    38.9%    4.7%    13,794      11.1%
  1998         11,923     11.0% 77.3%           2,768    15.0% 17.9%             739    14.4%    4.8%    15,430      11.9%
  1999         13,592     14.0% 76.9%           3,211    16.0% 18.2%             878    18.8%    5.0%    17,681      14.6%
  2000         15,223     12.0% 76.7%           3,596    12.0% 18.1%           1,029    17.2%    5.2%    19,848      12.3%
  2001         14,552      -4.4% 79.2%          2,898 -19.4% 15.8%               919 -10.7%      5.0%    18,369      -7.5%
  2002         15,134       4.0% 78.0%          3,275    13.0% 16.9%           1,000     8.8%    5.2%    19,409       5.7%
  2003         15,100      -0.2% 77.0%          3,470      6.0% 17.7%          1,033     3.3%    5.3%    19,603       1.0%
  2004E        15,553       3.0% 77.4%          3,470      0.0% 17.3%          1,059     2.5%    5.3%    20,082       2.4%

  Network figures have been restated for 1997, making prior year comparisons not meaningful.
  Source: FCC (1960-1980); Radio Advertising Bureau (1981-1999); Bear, Stearns & Co. Inc.




BEAR, STEARNS & CO. INC.                                                                                            Page 47
Exhibit 48. Radio/Out-of-Home Ad Market by Region, 1999-2008E ($ in millions)
Region                           1999              2000         2001       2002     2003E     2004E       2005E         2006E         2007E          2008E
United States                  $22,047           $24,530      $23,055    $24,133   $25,123   $26,832     $28,507       $30,622       $32,570        $34,826
EMEA                            16,416            17,818       17,991     18,282    18,858    19,439      20,229        20,963        21,637         22,296
Asia/Pacific                     8,762             9,039        9,058     9,148      9,439    9,741       10,092        10,472        10,849         11,225
Latin America                     970              1,036         901       834        963      937          981         1,029         1,079           1,126
Canada                            884               936          969      1,000      1,074    1,149        1,234         1,324         1,413          1,502
Total                           49,079            53,359       51,974     53,397    55,457    58,098      61,043        64,410        67,548         70,975
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 49. Radio/Out-of-Home Ad Market Growth by Region, 1999-2008E (% change)
Region                      1999          2000         2001       2002     2003E   2004E     2005E     2006E       2007E     2008E             2004-08 CAGR
United States              13.1%         11.3%        -6.0%       4.7%      4.1%    6.8%      6.2%      7.4%        6.4%      6.9%                 6.7%
EMEA                         6.6           8.5          1.0        1.6       3.2     3.1       4.1       3.6         3.2       3.0                  3.4
Asia/Pacific                -0.5           3.2          0.2        1.0       3.2     3.2       3.6       3.8         3.6       3.5                  3.5
Latin America                2.9           6.8        -13.0       -7.4      15.5    -2.7       4.7       4.9         4.9       4.4                  3.2
Canada                       4.2           5.9          3.5        3.2       7.4     7.0       7.4       7.3         6.7       6.3                  6.9
Total                        7.9           8.7         -2.6        2.7       3.9     4.8       5.1       5.5         4.9       5.1                  5.1
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 48                                                                                         ADVERTISING & MARKETING SERVICES
           Internet Advertising Expenditures




BEAR, STEARNS & CO. INC.                       Page 49
      Exhibit 50. Internet Advertising Expenditure, 1999-2007E ($ in millions)
      Country                        1999    2000     2001       2002      2003           2004    2005E    2006E    2007E
      Canada                            40      79       69        126       169            211      253      303      364
      USA                            4,600   6,000    6,600      7,250     7,758          8,688    9,514   10,560   12,144
      North America                  4,640   6,079    6,669      7,376     7,927          8,899    9,767   10,863   12,508

      Austria                            0       0        0          0        12             27       32       35       37
      Belgium                            6      15       12         12        20             32       45       59       73
      Czech Rep.                         2       4        7          9        12             22       28       36       44
      Denmark                            0       0       47         63        74             87       99      110      121
      Estonia                            0       1        1          1         2              2        3        3        3
      Finland                            7      13       17         17        19             26       33       40       44
      France                            89     163      130        112       112            173      199      219      237
      Germany                           87     173      209        256       278            293      325      367      406
      Greece                             0       0        0          0         0              0        0        0        0
      Hungary                            0       0        0          0         0              0        0        0        0
      Ireland                            0       2        3          5         7             10       12       14       15
      Italy                             33     156      121        112       117            125      136      157      172
      Latvia                             0       0        1          1         1              2        2        2        3
      Lithuania                          0       0        0          0         1              2        2        2        2
      Netherlands                       23      43       38         36        45             74       97      121      146
      Norway                            24      42       33         35        46             64       81      101      121
      Poland                             0       0        6          8        10             11       14       19       23
      Portugal                           5       6        6          5         5              5        6        6        7
      Spain                             17      60       58         59        62             68       75       84       95
      Sweden                            61     128      111        132       141            158      178      200      218
      Switzerland                        9      19       14         15        22             30       37       43       54
      UK                                70     216      230        265       490            902    1,005    1,135    1,249
      Europe                           433   1,041    1,044      1,143     1,476          2,113    2,409    2,753    3,070

      Australia                         23     54        40        109       154            196      254      319      404
      China                              0      0         0          0         0              0        0        0        0
      Hong Kong                          0     14        10         10        15             16       17       18       20
      India                              1      5         8          8         8              9       10       11       13
      Indonesia                          0      0         0          0         0              0        0        1        1
      Japan                            208    509       634        729     1,020          1,359    1,665    1,906    2,145
      Malaysia                           0      0         0          0         0              0        0        0        0
      New Zealand                        0      0         0          0         5              9       10       12       13
      Philippines                        0      0         0          0         0              0        0        0        0
      Singapore                          0      0         0          0         0              0        0        0        0
      South Korea                       68    114       108        155       227            254      287      300      315
      Taiwan                             0     25        25         28        32             37       42       46       52
      Thailand                           2      5         4          4         4              5        6        7        9
      Vietnam                            0      0         0          0         0              0        0        1        1
      Asia Pacific                     302    726       829      1,043     1,465          1,885    2,291    2,621    2,973

      Argentina                          0      0         0         4             6          7        7        7        9
      Brazil                             0      0         0         0            55         57       60       63       66
      Chile                              0      0         0         0             5          5        7        9       11
      Colombia                           0      0         0         0             0          0        0        0        0
      Mexico                             0      0         0         0             0          0        0        0        0
      Panama                             0      0         0         0             0          0        0        0        0
      Peru                               0      0         0         0             0          0        0        0        0
      Puerto Rico                        0      1         1         1             1          1        1        2        2
      Uruguay                            2      2         1         1             1          1        1        1        1
      Venezuela                          0      0         0         0             0          0        0        0        0
      Latin America                      2      3         2         6            68         71       76       82       89

      Bulgaria                           0       0        0          0         0              0        0        0        0
      Israel                             0       3        6          8        12             30       38       43       45
      Kuwait                             0       0        0          0         3              5       11       12       13
      Romania                            0       0        0          0         1              1        1        1        2
      Russia                             1       3        6         11        18             35       60       95      140
      Saudi Arabia/Pan Arab              0       0        0          0         9             18       36       80      110
      South Africa                       0       0        7          6         7             15       16       17       18
      Turkey                             0       0        1          2         3              3        3        3        3
      UAE                                0       0        0          0         5              8       14       20       27
      Total                          5,378   7,855    8,564      9,595    10,994         13,083   14,722   16,590   18,998
      Source: Zenith Media, December 2004.



Page 50                                                                               ADVERTISING & MARKETING SERVICES
                                       Exhibit 51. Consumer Media Advertising by
                                       Dot-coms, 2000-04 ($ in billions)
                                       Year                 Ad Expenditures                      % Change
                                       2000                      $5.6                             81.0%
                                       2001                       2.7                              -52.4
                                       2002                       2.2                              -19.2
                                       2003                       2.2                               2.8
                                       2004                       2.7                              21.9
                                       Source: Robert Coen, Universal McCann. December 2004.

                                       Exhibit 52. Online Advertising Expenditures 2000-08E
                                       ($ in billions)
                                       Year                      Ad Spend                        % Change
                                       2000                        $8.1                              -
                                       2001                         7.1                           -12.3%
                                       2002                         6.0                            -15.5
                                       2003                         7.3                            21.7
                                       2004E                        9.1                            24.7
                                       2005E                       11.2                            23.1
                                       2006E                       13.5                            20.5
                                       2007E                       16.0                            18.5
                                       2008E                       18.5                            15.6
                                       Source: eMarketer; Interactive Advertising Bureau; PricewaterhouseCoopers.
                                       July 2004.

                                       Exhibit 53. The 10% Scenario: U.S. Online and Total Media Advertising
                                       Spending 2003-07E ($ in billions; % share of total media spending)
                                       Year                      Online                       Total                  Online Share
                                       2003                       $7.3                       $245.5                      3.0%
                                       2004E                      12.0                       264.5                        4.5
                                       2005E                      15.0                       280.0                        5.4
                                       2006E                      23.0                       293.5                        7.8
                                       2007E                      31.0                        305.5                      10.1

                                       Note: The 10% scenario means the online ad spending figures for 2004-07E are not eMarketer's
                                             actual projections but an extrapolation designed to show how high online ad spending would
                                             have to reach to become 10% of total media spending.
                                       Source: eMarketer. July 2004.

Exhibit 54. Global Internet Advertising Expenditure by Region, 1999-2008E ($ in millions)
Region                               1999         2000          2001         2002         2003        2004E          2005E        2006E     2007E       2008E
United States                      $4,621       $8,225        $7,210       $6,010       $7,240        $8,300         $9,200      $10,000   $10,700     $11,400
% growth                                          78%          -12%         -17%          20%           15%            11%           9%        7%          7%
Canada                                40           79            69           84          111           139            164          186       207         228
% growth                                          98%          -13%          22%          32%           25%            18%          13%       11%         10%
Western Europe                       486        1,092         1,068        1,182        1,549         1,912          2,280        2,636     2,966       3,257
% growth                                         125%           -2%          11%          31%           23%            19%          16%       13%         10%
Eastern Europe                        19           37            37           48           57            69             83           95       107         119
% growth                                          95%            0%          30%          19%           21%            20%          14%       13%         11%
Middle East & Africa                 511        1,147         1,121        1,247        1,626         2,005          2,391        2,763     3,111       3,418
% growth                                         124%           -2%          11%          30%           23%            19%          16%       13%         10%
Asia Pacific                         267          819           903        1,067        1,371         1,706          2,124        2,620     3,115       3,586
% growth                                         207%           10%          18%          28%           24%            25%          23%       19%         15%
Latin America                         22           49            57           61           62            73            104          150       204         276
% growth                                         123%           16%           7%           2%           18%            42%          44%       36%         35%
Total                              $5,966      $11,448       $10,465       $9,699      $12,016       $14,204        $16,346      $18,450   $20,410     $22,284
% growth                                          92%           -9%          -7%          24%           18%            15%          13%       11%          9%
International (includes Canada)    $1,345       $3,223        $3,255       $3,689       $4,776        $5,904         $7,146       $8,450    $9,710     $10,884
% growth                                        140%            1%           13%          29%           24%           21%           18%      15%         12%
% of total                          23%          28%           31%           38%          40%           42%           44%           46%      48%         49%
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



BEAR, STEARNS & CO. INC.                                                                                                                             Page 51
Exhibit 55. Online Access Spending by Region, 1999-2008E ($ in millions)
Region                               1999        2000         2001        2002         2003     2004E      2005E      2006E      2007E        2008E
 United States                     $8,305     $11,858      $16,953     $19,866      $23,112    $25,494    $27,784    $29,634    $31,338      $32,832
% growth                                         43%          43%         17%          16%        10%         9%         7%         6%           5%
 Canada                              471         713          905       1,002        1,114      1,275      1,467      1,619      1,791        1,952
% growth                                         51%          27%         11%          11%        14%        15%        10%        11%           9%
 Western Europe                    9,938      14,359       20,656      26,743       32,269     37,381     43,702     49,495     54,755       59,735
% growth                                         44%          44%         29%          21%        16%        17%        13%        11%           9%
 Eastern Europe                      450         824        2,229       2,838        3,420      4,011      4,642      5,144      5,776        6,529
% growth                                         83%         171%         27%          21%        17%        16%        11%        12%          13%
 Middle East & Africa                537         821          889       1,083        1,305      1,528      1,670      1,941      2,214        2,525
% growth                                         53%           8%         22%          20%        17%         9%        16%        14%          14%
 Asia Pacific                      4,986      11,606       15,863      21,842       29,181     37,905     49,129     63,008     80,082       95,496
% growth                                        133%          37%         38%          34%        30%        30%        28%        27%          19%
 Latin America                       397         828        1,227       1,550        2,030      2,549      3,157      3,982      4,925        5,901
% growth                                        109%          48%         26%          31%        26%        24%        26%        24%          20%
Total                             $25,084     $41,009      $58,722     $74,924      $92,431   $110,143   $131,551   $154,823   $180,881     $204,970
% growth
International (includes Canada)   $16,779     $29,151      $41,769     $55,058      $69,319    $84,649   $103,767   $125,189   $149,543     $172,138
% growth                                         74%          43%         32%          26%        22%        23%        21%        19%          15%
% of total                           67%         71%          71%         73%          75%        77%        79%        81%        83%          84%
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 56. Broadband Households, 1999-2008E (in millions)
Region                    1999      2000       2001        2002                     2003E     2004E      2005E      2006E      2007E      2008E
United States              1.7        5.1      10.0        15.1                      21.6      29.0       36.0       42.0       48.0       54.0
EMEA                       0.3        1.5       5.3        10.7                      18.3      29.2       42.7       56.0       68.8       81.4
Asia/Pacific               2.1        5.9      12.6        23.7                      37.6      54.5       78.4      104.8      137.1      169.3
Latin America               -          -        0.1         0.3                      0.6       1.1        1.8        2.9        4.3        5.8
Canada                     0.3       0.8        1.7         2.8                       3.9      5.2         6.6        7.5        8.5        9.4
Total                      4.4       13.3      29.7        52.6                      82.0     119.0      165.5      213.2      266.7      319.9
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 57. Broadband Household Growth, 2000-2008E (% change)
                                                                                                                                          2004-08
Region                             2000        2001         2002        2003E       2004E      2005E     2006E      2007E      2008E       CAGR
United States                      200.0        96.1         51.0        43.0        34.3       24.1      16.7       14.3       12.5        20.1
EMEA                               400.0       253.3        101.9        71.0        59.6       46.2      31.1       22.9       18.3        34.8
Asia/Pacific                       181.0       113.6        88.1         58.6        44.9       43.9      33.7       30.8       23.5        35.1
Latin America                        -           -          200.0       100.0        83.3       63.6      61.1       48.3       34.9        57.4
Canada                             166.7       112.5         64.7        39.3        33.3       26.9      13.6       13.3       10.6        19.2
Total                              202.3       123.3        77.1         55.9        45.1       39.1      28.8       25.1       19.9        31.3
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.

Exhibit 58. International Internet Users, 1999-2008E (in millions)
Region                              1999         2000         2001           2002     2003      2004E      2005E      2006E      2007E        2008E
Western Europe                       67           96          131            163      186         204        223        239        252          265
% growth                                         44%          37%            24%      14%        10%          9%         7%         6%           5%
Eastern Europe                         4           8           22             29       36          44         52         58         64           69
% growth                                         84%         175%            31%      24%        21%        17%        12%        10%            9%
Middle East/Africa                    76         112          163            204      236         266        295        321        343          363
% growth                                         47%          46%            25%      16%        13%        11%          9%         7%           6%
Asia Pacific                          56         122          153            191      234         282        339        405        483          552
% growth                                        118%          26%            25%      22%        21%        20%        20%        19%          14%
Latin America                          7          15           22             28       36          44         53         65         78           90
% growth                                        108%          47%            28%      27%        22%        22%        23%        19%          16%
Total                                210         352          492            615      728         840        961      1,087      1,219        1,339
% growth                                         68%          40%            25%      18%        15%        14%        13%        12%          10%
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 52                                                                                       ADVERTISING & MARKETING SERVICES
Exhibit 59. Online Advertising Expenditures by Ad Type 2000-1H04 (% share)
                                             2000                                                                                    2001

                          Interstitial                                                                                                 Referrals
                                          Referrals                                                                   Interstitial
                 Email        4%                                                                                                         2%
                                            4%                                                                            3%
                  3%
                                                                                                    Slotting Fees     Email
         Slotting Fees
                                                                                                          8%           3%
               3%
                                                                                                                                                                Display Ads
           Rich Media                                                                           Rich Media
                                                                                                                                                                   36%
               2%                                                                                   2%
                                                                      Display Ads
                                                                         48%

          Sponsorship
             28%                                                                                  Sponsorship
                                                                                                     26%


                                                                                                                                                             Keyword Search
                                                                                                                                                                  4%
                               Classifieds        Keyword Search                                                                       Classifieds
                                  7%                   1%                                                                                 16%



                                           2002                                                                                           1H04
                                                                                                                               Email             Referrals
                                               Referrals                                                                        2%                 2%
                           Interstitial          1%                                                           Slotting Fees
                               5%                                                                                   2%                                                 Display Ads
                          Email                                                                       Rich Media                                                          20%
          Slotting Fees                                            Display Ads
                           4%                                                                             8%
                8%                                                    29%

                                                                                                Sponsorship
        Rich Media                                                                                 9%
            5%



                                                                                                             Classifieds
        Sponsorship                                                                                             17%                                           Keyword Search
           18%                                                                                                                                                    40%
                                                                Keyword Search
                                                                    15%
                                    Classifieds
                                       15%


Source: Internet Advertising Bureau; PriceWaterhouseCoopers. 2004.



                                                  Exhibit 60. 2004 Online Advertising Spending Trends, First
                                                  Nine Months 2004 ($ in millions)
                                                    Month                        Expenditures           Impressions
                                                    January                         $826.1                76,797
                                                    February                        664.4                 59,888
                                                    March                           687.5                 66,875
                                                    April                            746.0                71,374
                                                    May                             652.5                 58,392
                                                    June                             690.4                64,956
                                                    July                             684.6                64,069
                                                    August                           611.1                52,335
                                                    September                        696.2                61,516
                                          Source: AdZone, November 2004.




BEAR, STEARNS & CO. INC.                                                                                                                                                 Page 53
          Exhibit 61. Top 10 Advertiser Categories, September 2004 ($ in millions)
               Rank                Category                   Expenditures              Impressions
                 1         Technology                            $181.4                   14,602
                 2         Finance                                89.7                     7,021
                 3         Automotive                             64.0                     6,976
                 4         Retail                                 61.7                     5,688
                 5         Business                               50.3                     4,428
                 6         Travel                                 47.4                     4,287
                 7         Home                                   33.8                     1,924
                 8         Entertainment                          32.5                     2,258
                 9         Sports & Leisure                       30.7                     2,184
                10         Health                                 28.1                     2,775
          Source: AdZone, November 2004.



          Exhibit 62. U.S. Online Advertising Spending by Format, 2000-06E ($ in millions)
          Ad Format                 2000         2001         2002            2003     2004E     2005E    2006E
          Paid search               $109         $299         $927           $2,543    $3,595    $4,592   $5,670
          Rich media                 161          177          301             581       956     1,540     2,160
          Classified                 601         1,118         902            1,235     1,456     1,680    2,025
          Display ads               3,783        2,526        1,764          1,526      1,456     1,512    1,553
          Sponsorships              2,294        1,890        1,093            727       865      1,008    1,283
          E-mail                     220          196          240             218       273       280      270
          Interstitials              302          214          240             145       182       224      203
          Slotting fees              268          553          481             218       228       252      203
          Referrals                  347          143           60              73        91       112      135
          Total                     8,085        7,116        6,008           7,266     9,102    11,200   13,502

          Note: eMarketer benchmarks U.S. online ad spending against IAB/PwC data.
          Source: eMarketer, July 2004.



          Exhibit 63. U.S. Paid Search Advertising Spending, 2000-06E ($ in millions)
          Year             Ad Spend                 % Growth                  Online Ad Spend
          2000                 $108.5                  NA                           1.3%
          2001                  298.7                175.3%                         4.2%
          2002                  927.4                210.5%                        15.4%
          2003                 2,543.5               174.3%                        35.0%
          2004E                3,594.5                41.3%                        39.5%
          2005E                4,312.0                20.0%                        38.5%
          2006E                4,995.0                15.8%                        37.0%
          Source: eMarketer, July 2004.



          Exhibit 64. Online Paid Content Revenue,
          1H 2001-2004 ($ in millions)
          Year                 1H Revenue                 % Growth
          2001                    $264                        -
          2002                     609                      131%
          2003                     748                      23%
          2004                     853                      14%
          Source: Online Publishers' Association; comScore. November 2004.




Page 54                                                               ADVERTISING & MARKETING SERVICES
                      Exhibit 65. Consumer Spending on Online Content by Quarter,
                      1Q 2002-2Q 2004 ($ in millions)
                       Year                 1Q                 2Q                 3Q                     4Q
                       2002                $294               $316               $359                   $336
                       2003                 368                380                407                    408
                       2004                418                435                 NA                     NA
                      Source: Online Publishers' Association; comScore. November 2004.



                      Exhibit 66. Online Content Spending by Category, 1H 2003-04 ($ in millions)
                                                                                 Ad Spend
                       Category                                            1H 04          1H 03                % Change
                       Personals/Dating                                    $227.9         $214.3                  6%
                       Entertainment/Lifestyles                            182.8          102.5                   78
                       Business/Investment                                 154.9          168.5                    -8
                       Research                                             54.8           47.3                   16
                       Personal Growth                                      48.6           41.4                   17
                       General News                                         45.6           39.2                   16
                       Games                                                44.4           34.8                   28
                       Community- Made Directories                          34.6           46.3                   -25
                       Sports                                               24.3           14.4                   69
                       Greeting Cards                                       21.3           18.8                   13
                       Credit Help                                          13.7           20.4                   -33
                      Source: Online Publishers' Association; comScore. November 2004.



                      Exhibit 67. Behavioral Targeting Ad Spending, 2003-05E ($ in millions)
                                     Total Online                   Behavioral Targeting
                      Year          Ad Spending        % Growth          Spending            % of Total % Growth
                      2003             $7,300              -               $275                3.8%     -
                      2004E             9,100           24.7%               627                6.9%       128.0%
                      2005E            11,200           23.1%               934                8.3%        49.0%

                      Note: Behavioral targeted ad spending drives both response and brand awareness.
                      Source: eMarketer. August 2004.



                      Exhibit 68. Online Leisure Travel Spending in the
                      U.S., 2003-09E ($ in billions)
                       Year                  Ad Spend                  % Growth
                       2003                    $42.9                       -
                       2004E                    53.0                    23.5%
                       2005E                   63.6                      20.0
                       2006E                   74.4                      17.0
                       2007E                   86.0                      15.6
                       2008E                   98.1                      14.1
                       2009E                   110.5                     12.6
                      Source: eMarketer; Forrester Research, March 2004.




BEAR, STEARNS & CO. INC.                                                                                                  Page 55
                                          Exhibit 69. U.S. Online Video Ad Spending, 2003-09E
                                          ($ in millions)
                                          Year                    Ad Spend                    % Growth
                                          2003                      $77                          NA
                                          2004E                     121                        57.1%
                                          2005E                     198                        63.6%
                                          2006E                     282                        42.4%
                                          2007E                     372                        31.9%
                                          2008E                     509                        36.8%
                                          2009E                     657                        29.1%
                                          Source: Center for Media Research; JupiterResearch. July 2004.

Exhibit 70. Internet Activity Index, October 2003-November 2004
Metric                               Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04                                Nov-04
Unique Visitors (in millions)
Commerce                                98.2    101.0     103.5    109.3    109.9     111.2    109.5    109.4     107.3   105.8     107.7    103.9    106.2        107.9
Communications                         109.0    111.7     113.6    119.7    120.7     123.6    121.1    121.3     118.9   117.0     117.3    118.9    118.4        119.8
Content                                115.5    119.8     120.8    130.7    130.0     132.1    130.0    131.1     129.3   126.5     128.7    127.6    127.4        129.6
Search                                  96.3    105.1     103.9    111.8    112.8     115.3    115.5    114.9     111.7   107.9     112.4    108.4    111.8        113.4

Share of Time Spent Online (%)
Commerce                                16.5      17.1     18.2     17.0      17.7     17.6     16.4     16.4      15.7    15.2      16.1      15.2     15.8        17.0
Communications                          45.2      44.5     44.1     44.2      43.4     43.4     43.1     42.9      43.3    41.6      41.4      39.8     39.8        40.1
Content                                 35.3      34.6     34.0     34.9      35.0     35.6     35.9     36.1      36.5    38.9      38.3      41.0     40.2        38.7
Search                                   3.0       3.8      3.7      3.8       3.9      3.5      4.6      4.6       4.4     4.2       4.1       4.0      4.3         4.3

% Sequential Change in Share of Time (Month-Over-Month)
Commerce                            7.1     3.6     6.4              -6.6      4.1     -0.6     -6.8        0.0    -4.3     -3.2      5.9      -5.6      3.9         7.6
Communications                     -1.7    -1.5    -0.9               0.2     -1.8      0.0     -0.7       -0.5     0.9     -3.9     -0.5      -3.9      0.0         0.8
Content                             2.0    -2.0    -1.7               2.6      0.3      1.7      0.8        0.6     1.1      6.6     -1.5       7.0     -2.0        -3.7
Search                            -25.0    26.7    -2.6               2.7      2.6    -10.3     31.4        0.0    -4.3     -4.5     -2.4      -2.4      7.5         0.0

Page Views (in billions)
Commerce                                23.8      24.6     25.9     28.3      28.2     30.3     26.4     25.4      23.6    23.4      25.4      23.0     25.2        27.5
Communications                          21.8      20.7     21.3     23.9      23.2     25.1     24.0     23.6      23.2    23.0      23.8      21.3     22.8        22.4
Content                                 32.2      30.0     30.8     35.4      33.6     35.6     34.4     34.1      34.6    34.2      35.5      35.7     37.5        32.7
Search                                   4.8       7.0      7.1      8.2       8.4      8.8     11.1     10.9      10.2    10.1       9.0       8.4      9.1         9.2

Reach (%)
Commerce                                72.1      72.2     73.0     72.5      72.5     72.3     71.4     71.7      71.9    72.1      72.9      71.1     71.8        72.4
Communications                          80.0      79.8     80.1     79.5      79.6     80.3     78.9     79.4      79.7    79.7      79.3      81.3     80.1        80.4
Content                                 84.8      85.6     85.2     86.7      85.8     85.8     84.8     85.8      86.6    86.2      87.0      87.3     86.1        87.0
Search                                  70.7      75.2     73.2     74.2      74.4     74.9     75.3     75.2      74.9    73.5      76.0      74.2     75.6        76.1

Definitions: Commerce - Web sites and Internet applications that are designed for shopping online. Examples of those included in this segment are Amazon, eBay,
Shopping.com, and Dell.com; Communications - Web sites and Internet applications that are designed to facilitate the exchange of thoughts, messages, or information
directly between individuals or groups of individuals. Examples of those included in this segment are Yahoo! Mail, AOL Instant Messenger, and MSN Groups; Content - Web
sites and Internet applications that are designed primarily to provide news, information, and entertainment. Examples of those included in this segment are CNN.com,
ESPN.com, Windows Media Player, and MapQuest; Search - Web sites and Internet applications that scan the Web to provide prioritized results based on specific criteria
from user-generated requests. Examples of those included in this segment are Google Search, MSN Search, and Yahoo! Search. Note: Excludes .gov and .edu Web sites,
as well as pornographic domains.
Source: OPA and Nielsen//NetRatings. 2004.




Page 56                                                                                                ADVERTISING & MARKETING SERVICES
            Exhibit 71. Top 25 Shopping & Classifieds Web Sites
            Rank     Company                                    Domain                 Market Share
               1     eBay                                       www.ebay.com                   24.7%
               2     My eBay                                    my.ebay.com                    10.8%
               3     Amazon.com                                 www.amazon.com                 3.1%
               4     eBay Motors                                www.ebaymotors.com              2.2%
               5     Dell USA                                   www.dell.com                    1.6%
               6     eBay Stores                                www.ebaystores.com              1.3%
               7     Walmart.com                                www.walmart.com                 1.3%
               8     Yahoo! Shopping                            shopping.yahoo.com             1.1%
               9     Target                                     www.target.com                  1.0%
              10     NexTag                                     www.nextag.com                  0.9%
              11     BestBuy.com                                www.bestbuy.com                 0.9%
              12     BizRate.com                                www.bizrate.com                0.7%
              13     Ticketmaster                               www.ticketmaster.com            0.7%
              14     Sears.com                                  www.sears.com                   0.6%
              15     CircuitCity.com                            www.circuitcity.com             0.6%
              16     Shopping.com                               www.shopping.com                0.6%
              17     JC Penney                                  www.jcpenney.com                0.5%
              18     QVC.com                                    www.qvc.com                     0.5%
              19     Overstock.com                              www.overstock.com               0.5%
              20     Sprint PCS                                 www.sprintpcs.com               0.5%
              21     The Home Depot                             www.homedepot.com               0.5%
              22     eMachines                                  www.emachines.com               0.4%
              23     Half.com                                   www.half.ebay.com               0.4%
              24     Barnes & Noble.com                         www.bn.com                      0.4%
              25     Publishers Clearing House                  www.pch.com                     0.4%
            Source: Hitwise U.S. Data Week ending 9/25/04; MediaPost.




BEAR, STEARNS & CO. INC.                                                                               Page 57
Page 58   ADVERTISING & MARKETING SERVICES
       Newspaper Advertising Expenditures




BEAR, STEARNS & CO. INC.                    Page 59
          Exhibit 72. Historical Newspaper Advertising Revenues, 1949-2005E ($ in millions)
                               National                            Retail                             Classified                 Total
            Year      $ Million Change       Share       $ Million Change       Share         $ Million Change     Share   $ Million Change
            1949         $463         NA     24.2%        $1,105         NA     57.8%            $343         NA   17.9%    $1,911         NA
            1950          518      11.9%     25.0%         1,175       6.3%     56.8%             377       9.9%   18.2%     2,070       8.3%
            1951          529       2.1%     23.5%         1,259       7.1%     55.9%             463     22.8%    20.6%     2,251       8.7%
            1952          537       1.5%     21.8%         1,411     12.1%      57.3%             516     11.4%    20.9%     2,464       9.5%
            1953          606      12.8%     23.0%         1,455       3.1%     55.3%             571     10.7%    21.7%     2,632       6.8%
            1954          607       0.2%     22.6%         1,539       5.8%     57.3%             539      -5.6%   20.1%     2,685       2.0%
            1955          712      17.3%     23.1%         1,755     14.0%      57.0%             610     13.2%    19.8%     3,077     14.6%
            1956          768       7.9%     23.7%         1,808       3.0%     55.9%             661       8.4%   20.4%     3,237       5.2%
            1957          738     (3.9)%     22.8%         1,835       1.5%     56.7%             665       0.6%   20.5%     3,238       0.0%
            1958          724     (1.9)%     22.8%         1,802     (1.8)%     56.7%             650     (2.3)%   20.5%     3,176     (1.9)%
            1959          774       6.9%     22.0%         2,014     11.8%      57.1%             738     13.5%    20.9%     3,526     11.0%
            1960          778       0.5%     21.1%         2,100       4.3%     57.0%             803       8.8%   21.8%     3,681       4.4%
            1961          744     (4.4)%     20.7%         2,053     (2.2)%     57.0%             804       0.1%   22.3%     3,601     (2.2)%
            1962          722     (3.0)%     19.7%         2,103       2.4%     57.5%             834       3.7%   22.8%     3,659       1.6%
            1963          702     (2.8)%     18.6%         2,211       5.1%     58.5%             867       4.0%   22.9%     3,780       3.3%
            1964          773      10.1%     18.8%         2,344       6.0%     56.9%           1,003     15.7%    24.3%     4,120       9.0%
            1965          783       1.3%     17.7%         2,429       3.6%     54.9%           1,214     21.0%    27.4%     4,426       7.4%
            1966          887      13.3%     18.2%         2,645       8.9%     54.4%           1,333       9.8%   27.4%     4,865       9.9%
            1967          846     (4.6)%     17.2%         2,760       4.3%     56.2%           1,304     (2.2)%   26.6%     4,910       0.9%
            1968          889       5.1%     17.0%         2,919       5.8%     55.8%           1,424       9.2%   27.2%     5,232       6.6%
            1969          943       6.1%     16.5%         3,166       8.5%     55.4%           1,605     12.7%    28.1%     5,714       9.2%
            1970          891     (5.5)%     15.6%         3,292       4.0%     57.7%           1,521     (5.2)%   26.7%     5,704     (0.2)%
            1971          972       9.1%     15.8%         3,565       8.3%     57.8%           1,630       7.2%   26.4%     6,167       8.1%
            1972        1,062       9.3%     15.3%         3,964     11.2%      57.1%           1,913     17.4%    27.6%     6,939     12.5%
            1973        1,049     (1.2)%     14.0%         4,245       7.1%     56.7%           2,187     14.3%    29.2%     7,481       7.8%
            1974        1,105       5.3%     14.1%         4,563       7.5%     58.2%           2,174     (0.6)%   27.7%     7,842       4.8%
            1975        1,109       0.4%     13.5%         4,966       8.8%     60.3%           2,159     (0.7)%   26.2%     8,234       5.0%
            1976        1,342      21.0%     14.0%         5,668     14.1%      58.9%           2,608     20.8%    27.1%     9,618     16.8%
            1977        1,472       9.7%     13.7%         6,241     10.1%      58.1%           3,038     16.5%    28.3%    10,751     11.8%
            1978        1,541       4.7%     12.6%         7,023     12.5%      57.5%           3,649     20.1%    29.9%    12,213     13.6%
            1979        1,770      14.9%     12.8%         7,845     11.7%      56.6%           4,248     16.4%    30.6%    13,863     13.5%
            1980        1,963      10.9%     13.3%         8,609       9.7%     58.2%           4,222     (0.6)%   28.5%    14,794       6.7%
            1981        2,258      15.0%     13.7%         9,686     12.5%      58.6%           4,583       8.6%   27.7%    16,527     11.7%
            1982        2,452       8.6%     13.9%        10,390       7.3%     58.7%           4,852       5.9%   27.4%    17,694       7.1%
            1983        2,734      11.5%     13.3%        11,841     14.0%      57.5%           6,006     23.8%    29.2%    20,581     16.3%
            1984        3,081      12.7%     13.1%        12,784       8.0%     54.3%           7,657     27.5%    32.6%    23,522     14.3%
            1985        3,352       8.8%     13.3%        13,443       5.2%     53.4%           8,375       9.4%   33.3%    25,170       7.0%
            1986        3,376       0.7%     12.5%        14,311       6.5%     53.0%           9,303     11.1%    34.5%    26,990       7.2%
            1987        3,494       3.5%     11.9%        15,227       6.4%     51.8%          10,691     14.9%    36.3%    29,412       9.0%
            1988        3,821       9.4%     12.2%        15,790       3.7%     50.6%          11,586       8.4%   37.1%    31,197       6.1%
            1989        3,948       3.3%     12.2%        16,504       4.5%     51.0%          11,916       2.8%   36.8%    32,368       3.8%
            1990        4,122       4.4%     12.8%        16,652       0.9%     51.6%          11,506     (3.4)%   35.6%    32,280     (0.3)%
            1991        3,924     (4.8)%     12.9%        15,839     (4.9)%     52.2%          10,587     (8.0)%   34.9%    30,350     (6.0)%
            1992        3,834     (2.3)%     12.5%        16,041       1.3%     52.4%          10,764       1.7%   35.1%    30,639       1.0%
            1993        3,853       0.5%     12.1%        16,859       5.1%     52.9%          11,157       3.7%   35.0%    31,869       4.0%
            1994        4,150       7.7%     12.2%        17,496       3.8%     51.3%          12,464     11.7%    36.5%    34,109       7.0%
            1995        4,251       2.4%     11.8%        18,099       3.4%     50.1%          13,742     10.3%    38.1%    36,092       5.8%
            1996        4,667       9.8%     12.3%        18,344       1.4%     48.2%          15,065       9.6%   39.6%    38,076       5.5%
            1997        5,315      13.9%     12.9%        19,242       4.9%     46.6%          16,773     11.3%    40.6%    41,330       8.5%
            1998        5,721       7.6%     13.0%        20,331       5.7%     46.3%          17,873       6.6%   40.7%    43,925       6.3%
            1999        6,732      17.7%     14.5%        20,907       2.8%     45.2%          18,650       4.3%   40.3%    46,289       5.4%
            2000        7,653      13.7%     15.7%        21,409       2.4%     44.0%          19,608       5.1%   40.3%    48,670       5.1%
            2001        7,004     (8.5)%     15.8%        20,679     (3.4)%     46.7%          16,621 (15.2)%      37.5%    44,304     (9.0)%
            2002        7,210       2.9%     16.3%        20,994       1.5%     47.6%          15,898     (4.3)%   36.0%    44,102     (0.5)%
            2003        7,797       8.1%     17.4%        21,341       1.7%     47.5%          15,801      -0.6%   35.2%    44,939       1.9%
           2004E        8,100       3.9%     17.3%        22,000       3.1%     47.1%          16,600       5.1%   35.5%    46,700       3.9%
           2005E        8,500       4.9%     17.5%        22,700       3.2%     46.7%          17,400       4.8%   35.8%    48,600       4.1%
          Source: Newspaper Association of America; Bear, Stearns & Co. Inc. December 2004.



Page 60                                                                                           ADVERTISING & MARKETING SERVICES
       Exhibit 73. Newspaper Advertising Expenditure by Country, 1999-2007E ($ in millions)
       Country                        1999      2000      2001       2002     2003     2004E     2005E     2006E     2007E
       Canada                        2,295      2,427     2,363     2,376     2,405     2,453     2,497     2,542     2,720
       USA                          43,697     48,700    45,778    45,320    46,227    48,538    50,479    53,508    55,649
       North America                45,992     51,127    48,141    47,696    48,632    50,991    52,976    56,050    58,369

       Austria                         613        666       644       606       620       634       655       674       694
       Belgium                         446        460       317       436       533       623       717       818       903
       Czech Rep.                      174        196       194       230       242       267       286       306       324
       Denmark                         830        847       795       728       715       721       725       729       732
       Estonia                          22         22        26        27        29        31        33        35        37
       Finland                         670        719       676       655       673       699       723       745       771
       France                        1,836      2,040     1,869     1,787     1,688     1,718     1,746     1,770     1,795
       Germany                       9,191      9,812     8,769     7,904     7,349     7,429     7,552     7,738     7,963
       Greece                          289        375       320       317       381       476       523       576       633
       Hungary                         131        147       167       176       197       214       247       285       321
       Ireland                         309        486       559       709       823       889       951       999     1,032
       Italy                         1,784      2,052     1,927     1,794     1,785     1,838     1,906     1,992     2,072
       Latvia                           19         19        22        25        24        25        27        30        32
       Lithuania                        26         24        23        24        26        28        31        34        38
       Netherlands                   1,907      2,009     1,930     1,807     1,685     1,620     1,635     1,685     1,718
       Norway                          760        785       797       838       990     1,072     1,109     1,144     1,158
       Poland                          194        253       270       272       393       455       477       517       525
       Portugal                        103        111       100        80        78        80        85        88        90
       Spain                         1,727      1,910     1,799     1,728     1,688     1,746     1,807     1,870     1,936
       Sweden                        1,083      1,155     1,030       956       961       967     1,006     1,046     1,089
       Switzerland                   1,573      1,671     1,596     1,382     1,222     1,240     1,270     1,299     1,354
       UK                            6,216      6,966     6,807     6,688     6,788     7,178     7,451     7,737     7,969
       Europe                       29,903     32,725    30,637    29,169    28,890    29,950    30,962    32,117    33,186

       Australia                     2,004      2,190     2,041     1,950     2,120     2,287     2,378     2,473     2,560
       China                         1,357      1,770     1,905     2,277     2,936     3,670     4,404     5,285     6,342
       Hong Kong                     1,105      1,307       791       849       898       932       970     1,021     1,068
       India                             0          0       693       751       808     1,204     1,277     1,339     1,442
       Indonesia                       165        231       302       408       510       779       974     1,169     1,403
       Japan                         9,950     10,760    10,374     9,236     9,057     9,215     9,186     9,237     9,432
       Malaysia                        387        491       509       576       622       728       801       857       943
       New Zealand                     329        347       353       366       401       419       450       451       453
       Philippines                       -          -         -         -         -         -         -         -         -
       Singapore                       350        431       390       397       391       416       433       441       455
       South Korea                   2,440      2,847     2,824     3,119     3,113     2,801     2,659     2,791     2,931
       Taiwan                          548        545       630       424       405       409       415       425       437
       Thailand                        342        262       397       424       322       422       528       658       820
       Vietnam                           -          -         -         -         -         -         -         -         -
       Asia Pacific                 18,977     21,181    21,209    20,777    21,583    23,282    24,475    26,147    28,286

       Argentina                     1,092        654       808       200       332       354       351       368       384
       Brazil                        1,035      1,154       844       664       664       679       696       724       745
       Chile                           154        168       166       174       150       157       165       174       183
       Colombia                        203        203       250       232       230       238       255       273       292
       Mexico                          525        541       557       547       496       494       495       498       499
       Panama                           62         58        50        45        50        52        57        61        67
       Peru                             75         66        63        60        78        77        78        78        79
       Puerto Rico                     500        489       478       508       549       587       629       673       720
       Uruguay                           -          -         -         -         -         -         -         -         -
       Venezuela                       317        343       403       242       156       227       194       166       163
       Latin America                 3,963      3,676     3,619     2,672     2,705     2,865     2,920     3,015     3,132

       Bulgaria                         18         21        18        29        44        41        41        41        41
       Israel                          530        627       415       398       331       307       305       314       328
       Kuwait                          116        140       167       200       218       251       272       299       323
       Romania                           -          -         -         -         -         -         -         -         -
       Russia                            -          -         -         -         -         -         -         -         -
       Saudi Arabia/Pan Arab           238        276       312       359       399       460       500       550       591
       South Africa                    294        327       333       411       453       520       583       668       731
       Turkey                          334        367       206       241       281       321       373       419       472
       UAE                             105        126       164       222       235       270       293       322       349
       Total                       100,470    110,593   105,221   102,174   103,771   109,258   113,700   119,942   125,808
       Source: Zenith Media. December 2004.


BEAR, STEARNS & CO. INC.                                                                                                      Page 61
Exhibit 74. Newspaper Publishing Ad Market by Region, 1999-2008E ($ in millions)
Region                           1999             2000         2001       2002     2003E      2004E       2005E         2006E        2007E      2008E
United States                  $56,761          $59,212      $55,087    $55,128   $56,198    $57,626     $59,367       $61,095      $63,139    $65,491
EMEA                            51,426           55,076       52,798     51,125    50,911     51,412      52,388        53,674       55,031     56,500
Asia/Pacific                    38,166           40,765       40,558     40,035    41,415     42,229      43,279        44,550       45,883     47,315
Latin America                   4,316             4,047        4,101      4,015     4,078     4,160        4,269        4,370        4,479       4,577
Canada                           2,235            2,336        2,271      2,272    2,290      2,325        2,387         2,470       2,550       2,621
Total                          152,904          161,436      154,815    152,575   154,892    157,752     161,690       166,159      171,082    176,504
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 75. Newspaper Publishing Ad Market Growth by Region, 1999-2008E (% change)
Region                      1999         2000        2001        2002     2003E   2004E     2005E      2006E       2007E    2008E         2004-08 CAGR
United States               4.7%         4.3%        -7.0%       0.1%      1.9%    2.5%      3.0%       2.9%        3.3%     3.7%             3.1%
EMEA                         5.0          7.1         -4.1       -3.2      -0.4     1.0       1.9        2.5         2.5      2.7              2.1
Asia/Pacific                 1.9          6.8         -0.5       -1.3       3.4     2.0       2.5        2.9         3.0      3.1              2.7
Latin America               -15.2        -6.2          1.3       -2.1       1.6     2.0       2.6        2.4         2.5      2.2              2.3
Canada                       1.1          4.5         -2.8        0.0       0.8     1.5       2.7        3.5         3.2      2.8              2.7
Total                        3.4          5.6         -4.1       -1.4       1.5     1.8       2.5        2.8         3.0      3.2              2.6
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 62                                                                                        ADVERTISING & MARKETING SERVICES
      Exhibit 76. Print Advertising Expenditure by Country, 1999-2007E ($ in millions)
      Country                        1999       2000      2001      2002      2003    2004E     2005E     2006E     2007E
      Canada                       $2,623     $2,794    $2,749    $2,774    $2,841    $2,924    $2,997    $3,070    $3,277
      USA                          64,890     72,678    67,318    66,223    67,939    71,294    74,568    79,017    82,927
      North America                67,513     75,472    70,067    68,997    70,780    74,218    77,565    82,087    86,204

      Austria                       1,152      1,279     1,261     1,256     1,287     1,330     1,369     1,422     1,467
      Belgium                         726        737       608       740       839       947     1,061     1,191     1,304
      Czech Rep.                      355        401       414       459       488       535       571       612       648
      Denmark                         893        905       850       778       767       776       781       786       792
      Estonia                          28         29        33        34        37        39        41        44        46
      Finland                         862        935       884       857       874       907       939       967       998
      France                        5,295      5,761     5,529     5,255     5,157     5,249     5,330     5,418     5,490
      Germany                      14,183     15,210    13,776    12,589    11,820    11,977    12,169    12,515    12,845
      Greece                          719        929       949     1,026     1,184     1,432     1,625     1,791     1,964
      Hungary                         248        288       327       350       393       425       492       568       633
      Ireland                         332        503       578       736       861       930       994     1,044     1,079
      Italy                         2,945      3,359     3,269     3,023     3,026     3,099     3,207     3,340     3,460
      Latvia                           23         23        28        33        35        37        42        45        49
      Lithuania                        31         29        31        33        37        40        44        50        55
      Netherlands                   2,901      3,071     2,974     2,806     2,588     2,497     2,515     2,571     2,614
      Norway                          960      1,004     1,022     1,064     1,239     1,331     1,377     1,421     1,440
      Poland                          480        578       631       633       807       936       994     1,061     1,088
      Portugal                        295        315       281       244       242       252       265       275       283
      Spain                         2,489      2,739     2,624     2,515     2,484     2,565     2,651     2,743     2,839
      Sweden                        1,361      1,478     1,325     1,230     1,216     1,222     1,279     1,341     1,399
      Switzerland                   2,105      2,252     2,143     1,891     1,709     1,738     1,778     1,819     1,895
      UK                            8,901      9,785     9,573     9,290     9,332     9,798    10,133    10,476    10,764
      Europe                       47,284     51,610    49,110    46,842    46,422    48,062    49,657    51,500    53,152

      Australia                     2,523      2,735     2,545     2,464     2,656     2,864     2,980     3,112     3,224
      China                         1,465      1,907     2,049     2,461     3,231     4,082     4,940     5,982     7,248
      Hong Kong                     1,459      1,779     1,033     1,068     1,119     1,161     1,211     1,270     1,325
      India                           640        753       856       904       974     1,417     1,503     1,567     1,696
      Indonesia                       188        267       352       469       588       907     1,134     1,360     1,632
      Japan                        13,558     14,529    13,980    12,730    12,538    12,755    12,715    12,799    13,075
      Malaysia                        414        526       558       617       664       772       847       906       993
      New Zealand                     422        438       449       466       514       541       574       576       580
      Philippines                      52         59        64        68        77        86        90        94        99
      Singapore                       386        470       431       435       443       471       490       499       514
      South Korea                   2,624      3,079     3,069     3,393     3,364     3,031     2,869     3,008     3,154
      Taiwan                          725        754       836       662       679       691       704       718       737
      Thailand                        390        328       472       512       432       564       699       870     1,085
      Vietnam                          37         37        43        48        66        74        85        98       104
      Asia Pacific                 24,883     27,661    26,737    26,297    27,345    29,416    30,841    32,859    35,466

      Argentina                      1,398       985     1,080       225       376       398       395       414       433
      Brazil                         1,464     1,720     1,259       978     1,012     1,017     1,043     1,085     1,117
      Chile                            169       185       184       193       170       178       187       197       207
      Colombia                         266       266       316       295       295       306       327       351       375
      Mexico                           895       933       966       877       796       882     1,000     1,156     1,353
      Panama                            62        58        50        45        59        61        66        70        76
      Peru                              81        71        68        65        84        82        83        84        85
      Puerto Rico                      538       535       526       559       605       647       693       742       795
      Uruguay                           40        34        16         7         6         7         6         7         7
      Venezuela                        340       370       438       267       171       248       219       191       194
      Latin America                  5,253     5,157     4,903     3,511     3,574     3,826     4,019     4,297     4,642

      Bulgaria                         22        26        25        48        56        55         57        59        60
      Israel                          568       671       462       451       381       362        363       372       388
      Kuwait                          153       175       203       240       257       293        316       346       373
      Romania                          26        31        29        32        36        48         49        53        57
      Russia                          260       340       470       600       745       875      1,010     1,152     1,280
      Saudi Arabia/Pan Arab           336       379       481       537       583       660        710       775       829
      South Africa                    452       488       502       602       652       734        817       925     1,015
      Turkey                          394       435       231       272       314       354        410       459       515
      UAE                             138       159       206       277       306       347        374       409       442

      Total                       147,282    162,604   153,426   148,706   151,451   159,250   166,188   175,293   184,423
      Source: Zenith Media. December 2004.



BEAR, STEARNS & CO. INC.                                                                                                     Page 63
Page 64   ADVERTISING & MARKETING SERVICES
        Magazine Advertising Expenditures




BEAR, STEARNS & CO. INC.                    Page 65
     Exhibit 77. Magazine Advertising Expenditures by Country, 1999-2007E ($ in millions)
     Country                        1999      2000    2001     2002      2003    2004E      2005E    2006E    2007E
     Canada                           328      367      386      398      435       471        500      528      557
     USA                           21,193   23,978   21,540   20,903   21,712    22,757     24,089   25,509   27,278
     North America                 21,521   24,345   21,926   21,301   22,147    23,228     24,589   26,037   27,835

     Austria                          538      614      617      650      667       695        714      748      773
     Belgium                          280      277      291      304      306       324        344      372      401
     Czech Rep.                       181      205      220      229      245       268        286      306      324
     Denmark                           62       58       55       51       53        55         56       58       59
     Estonia                            6        7        7        8        8         8          8        9        9
     Finland                          192      216      208      202      201       209        216      222      227
     France                         3,459    3,721    3,660    3,468    3,468     3,531      3,584    3,648    3,695
     Germany                        4,992    5,398    5,007    4,685    4,471     4,549      4,617    4,777    4,883
     Greece                           430      553      628      709      802       956      1,103    1,216    1,331
     Hungary                          117      141      160      173      195       211        244      283      312
     Ireland                           23       17       19       27       38        41         43       45       47
     Italy                          1,161    1,307    1,342    1,229    1,240     1,261      1,301    1,348    1,388
     Latvia                             4        4        6        8       10        13         15       15       17
     Lithuania                          4        4        8        9       11        12         13       15       17
     Netherlands                      993    1,062    1,044      999      903       877        879      886      896
     Norway                           199      219      226      226      249       260        269      277      282
     Poland                           286      324      361      362      414       481        516      544      564
     Portugal                         192      204      181      164      164       172        181      187      193
     Spain                            762      830      825      787      795       819        844      873      904
     Sweden                           278      323      296      274      254       256        273      295      310
     Switzerland                      532      581      547      509      487       498        509      519      541
     UK                             2,685    2,819    2,765    2,602    2,545     2,620      2,682    2,739    2,795
     Europe                        17,376   18,884   18,473   17,675   17,526    18,116     18,697   19,382   19,968

     Australia                        519      546      504      514      536       577        602      638      664
     China                            108      137      143      184      295       412        536      697      906
     Hong Kong                        354      472      242      219      221       229        241      249      257
     India                              -        -      163      154      166       213        225      228      254
     Indonesia                         23       36       49       61       78       128        160      192      230
     Japan                          3,608    3,769    3,606    3,494    3,481     3,540      3,530    3,562    3,644
     Malaysia                          27       34       48       42       42        44         46       48       51
     New Zealand                       93       91       97      101      113       122        123      125      127
     Philippines                        -        -        -        -        -         -          -        -        -
     Singapore                         36       39       41       37       52        55         57       57       59
     South Korea                      184      233      245      274      250       229        210      216      223
     Taiwan                           177      209      205      239      274       282        289      293      300
     Thailand                          49       65       75       88      110       142        171      212      265
     Vietnam                            -        -        -        -        -         -          -        -        -
     Asia Pacific                   5,178    5,631    5,418    5,407    5,618     5,973      6,190    6,517    6,980

     Argentina                        306      331      271      25       44        44          44       46       49
     Brazil                           429      566      415     314      348       338         347      361      372
     Chile                             15       16       19      19       20        21          22       23       24
     Colombia                          63       63       66      63       65        67          72       78       83
     Mexico                           369      392      409     329      300       388         504      658      855
     Panama                             -        -        -       -        -         -           -        -        -
     Peru                               6        5        5       5        5         5           6        6        7
     Puerto Rico                       38       46       48      51       56        60          64       69       75
     Uruguay                            -        -        -       -        -         -           -        -        -
     Venezuela                         23       27       35      26       15        21          25       25       31
     Latin America                  1,249    1,446    1,268     832      853       944       1,084    1,266    1,496

     Bulgaria                           5        5        6       19       12        14         16       18       19
     Israel                            38       44       46       53       49        54         57       57       60
     Kuwait                            37       35       36       40       39        42         44       47       50
     Romania                            -        -        -        -        -         -          -        -        -
     Russia                             -        -        -        -        -         -          -        -        -
     Saudi Arabia/Pan Arab             98      103      169      181      184       200        210      225      238
     South Africa                     158      161      169      190      199       213        235      258      284
     Turkey                            60       68       25       31       33        33         37       40       43
     UAE                               33       33       42       55       71        77         81       87       93
     Total                         45,753   50,755   47,578   45,784   46,731    48,894     51,240   53,934   57,066
     Source: Zenith Media. December 2004.


Page 66                                                                     ADVERTISING & MARKETING SERVICES
                      Exhibit 78. Magazine Advertising Expenditures, 1993-2003 ($ in millions)
                       Year                        Pages               Rate Card Revenue
                       1993                       176,976                    $7,625
                       1994                       180,589                     8,505
                       1995                       208,378                    10,115
                       1996                       213,781                    11,179
                       1997                       231,371                    12,755
                       1998                       242,383                    13,813
                       1999                       255,383                    15,508
                       2000                       286,932                    17,665
                       2001                       237,613                    16,214
                       2002                       225,620                    16,700
                       2003                       226,050                    18,347
                      Source: MPA. 2004.



                      Exhibit 79. Cost of Magazines, 1993-2003
                                                                       Average 1-Year Basic
                       Year             Average Single-Copy Price       Subscription Price
                       1993                       $2.75                      $26.17
                       1994                        2.81                       28.51
                       1995                        2.93                       29.42
                       1996                        3.06                       29.44
                       1997                        3.22                       28.60
                       1998                        3.33                       25.38
                       1999                        3.44                       24.83
                       2000                        3.83                       24.41
                       2001                        3.88                       25.30
                       2002                        4.11                       25.70
                       2003                        4.22                       26.55
                      Source: MPA; ABC Publishers Statements. 2004.




BEAR, STEARNS & CO. INC.                                                                         Page 67
Page 68   ADVERTISING & MARKETING SERVICES
             Outdoor & Cinema Advertising
                     Expenditures




BEAR, STEARNS & CO. INC.                    Page 69
      Exhibit 80. Outdoor Advertising Expenditure, 1999-2007E ($ in millions)
      Country                          1999     2000     2001     2002     2003      2004E    2005E    2006E    2007E
      Canada                            173      188      201      195      206         219      233      248      264
      USA                             4,565    4,912    4,814    4,945    5,093       5,297    5,536    5,786    6,047
      North America                   4,738    5,100    5,015    5,140    5,299       5,516    5,769    6,034    6,311

      Austria                           135      126      141      153      155         160      167      174      182
      Belgium                           179      182      195      206      223         225      233      239      248
      Czech Rep.                         35       42       66       69       59          58       58       58       58
      Denmark                            41       51       52       51       52          55       58       61       64
      Estonia                             3        2        2        3        4           5        5        6        6
      Finland                            36       40       38       36       35          36       37       38       40
      France                          1,229    1,324    1,274    1,225    1,192       1,204    1,222    1,247    1,262
      Germany                           769      842      857      805      801         815      825      849      865
      Greece                            182      271      313      365      367         314      328      345      363
      Hungary                            50       75       88       95      100         122      140      165      196
      Ireland                            54       79       97      111      114         115      122      129      137
      Italy                             320      359      370      332      345         358      371      390      405
      Latvia                              3        3        3        4        4           5        6        6        6
      Lithuania                           4        6        3        5        6           6        7        7        8
      Netherlands                       137      157      155      155      148         150      151      156      159
      Norway                             36       37       35       53       81          95      108      121      133
      Poland                            138      176      163      162      166         194      199      203      211
      Portugal                           97      112      116      116      118         135      135      141      146
      Spain                             318      347      459      461      477         486      496      506      516
      Sweden                             84      105       92       99      102         103      120      136      147
      Switzerland                       373      440      448      424      420         423      431      442      460
      UK                                827      968      941      959    1,059       1,144    1,239    1,329    1,422
      Europe                          5,050    5,744    5,908    5,889    6,028       6,208    6,458    6,748    7,034

      Australia                         203      180      177      170      194         213      221      230      241
      China                               0        0        0        0        0           0        0        0        0
      Hong Kong                          85      131      105      109      148         154      159      168      173
      India                             105      129      133      134      135         152      161      174      193
      Indonesia                          31       31       24       27       33          84      105      126      151
      Japan                           4,717    4,796    4,720    4,516    4,302       4,349    4,366    4,375    4,453
      Malaysia                           16       16       18       13       15          11       11       12       13
      New Zealand                        10       16       19       22       27          35       39       41       41
      Philippines                        19       23       27       27       28          32       37       43       50
      Singapore                          31       45       55       52       54          62       67       70       74
      South Korea                       490      606      651      732      777         759      780      804      844
      Taiwan                              0        0        0        0        0           0        0        0        0
      Thailand                           25       39       48       57       89         108      130      157      188
      Vietnam                            19       20       22       22       16          18       20       23       24
      Asia Pacific                    5,751    6,032    5,999    5,881    5,818       5,977    6,096    6,223    6,445

      Argentina                        204      228      168       33       44          58       58       60       63
      Brazil                           284      278      185      168      244         216      220      230      239
      Chile                             28       33       32       35       35          37       39       41       43
      Colombia                           0        0        0        0        0           0        0        0        0
      Mexico                             0        0        0        0        0           0        0        0        0
      Panama                             0        0        0        0        0           0        0        0        0
      Peru                              25       20       23       22       23          24       24       24       24
      Puerto Rico                        9        9        9       10       30          32       35       37       40
      Uruguay                           16       16       19       10        8          10        9       10       10
      Venezuela                         45       53       60       44       33          48       67       83       87
      Latin America                    611      637      496      322      417         425      452      485      506

      Bulgaria                            0        0        0        0        0           0        0        0        0
      Israel                             63       70       47       42       28          36       37       38       39
      Kuwait                             10       17       25       35       28          31       35       37       39
      Romania                            15       16       14       12       10          12       12       12       13
      Russia                             92      165      275      400      530         650      780      900    1,010
      Saudi Arabia/Pan Arab              27       27       10       41       37          41       47       50       56
      South Africa                       33       43       50       57       68          78       84       90       98
      Turkey                             76       91       45       55       51          53       79      103      131
      UAE                                10       10       10       25       34          38       43       46       50
      Total                          16,476   17,952   17,894   17,899   18,348      19,065   19,892   20,766   21,732
      Source: Zenith Media, December 2004.



Page 70                                                                           ADVERTISING & MARKETING SERVICES
     Exhibit 81. Cinema Advertising Expenditure, 1999-2007E ($ in millions)
      Country                        1999    2000   2001       2002      2003      2004    2005E   2006E   2007E
      Canada                            6       8      9         10        11        11       12      13      14
      USA                               0       0      0        275       303       339      379     417     467
      North America                     6       8      9        285       314       350      391     430     481

      Austria                           10     13     11         10        13        12       14      15      16
      Belgium                           28     28     31         26        28        29       30      32      33
      Czech Rep.                         0      0      3          2         4         6        8      10      12
      Denmark                            7      7      8         11         8         9        9       9      10
      Estonia                            0      0      0          0         0         0        0       0       0
      Finland                            2      2      2          2         2         2        2       2       2
      France                            77     91     82         84        73        73       75      77      78
      Germany                          194    198    192        181       181       184      187     192     196
      Greece                             8     14     15         15        16        16       17      18      19
      Hungary                            4      5      5          5         6         7        7       8      10
      Ireland                            6      7      8         10        10        11       12      12      14
      Italy                             48     56     64         69        79        85       93     107     118
      Latvia                             0      0      0          1         1         1        1       1       1
      Lithuania                          0      0      0          0         0         0        0       0       0
      Netherlands                       14     15     10          8         8         8        8       8       8
      Norway                            18     18     18         17        20        20       22      23      23
      Poland                             4      7     12         11        25        30       36      41      44
      Portugal                           6      7      7          7         7         8        8       8       8
      Spain                             48     62     50         51        54        54       54      55      55
      Sweden                             9     10     10         10         9         9       11      11      12
      Switzerland                       31     33     30         28        28        30       31      33      33
      UK                               172    178    227        252       250       245      252     258     266
      Europe                           686    751    785        800       822       839      877     920     958

      Australia                         38     45     42         38           43     47       49      51      53
      China                              0      0      0          0            0      0        0       0       0
      Hong Kong                          3      2      4          3            2      2        2       3       3
      India                              5      8      7         13           14     17       24      26      28
      Indonesia                          1      1      1          1            1      2        2       2       2
      Japan                              0      0      0          0            0      0        0       0       0
      Malaysia                           3      3      3          3            3      4        5       6       6
      New Zealand                        7      8      5          5            7      9       11      12      12
      Philippines                        0      0      0          0            0      0        0       0       0
      Singapore                         10     13     13          7            6      6        7       7       7
      South Korea                        0      0      0          0            0      0        0       0       0
      Taiwan                             0      0      0          0            0      0        0       0       0
      Thailand                           6      8      9         14           22     31       41      48      63
      Vietnam                            0      0      0          0            0      0        0       0       0
      Asia Pacific                      73     88     84         84           98    118      141     155     174

      Argentina                         54     48     44          9           13     15       15      16      17
      Brazil                             0      0      0          0            0      0        0       0       0
      Chile                              2      1      1          2            2      3        3       3       3
      Colombia                           0      0      0          0            0      0        0       0       0
      Mexico                             0      0      0          0            0      0        0       0       0
      Panama                             0      0      0          0            0      0        0       0       0
      Peru                               0      0      0          0           12     12       13      14      14
      Puerto Rico                        4      4      4          4            8      8        9       9      10
      Uruguay                            0      0      0          0            0      0        0       0       0
      Venezuela                         38     44     50         37           21     27       34      36      43
      Latin America                     98     97     99         52           56     65       74      78      87

      Bulgaria                           0      0      0          0         0          0       0       0       0
      Israel                             3      3      3          3         3          3       3       3       3
      Kuwait                             0      0      0          0         0          0       0       0       0
      Romania                            0      0      0          1         1          1       1       2       2
      Russia                             0      3      5          9        12         15      18      20      24
      Saudi Arabia/Pan Arab              0      0      0          0         0          0       0       0       0
      South Africa                       9      9      8         10        12         26      27      29      31
      Turkey                            13     13      5          6        12         19      31      41      52
      UAE                                0      0      0          0         4          6       7       8       9
      Total                            888    972    998      1,250     1,334      1,442   1,570   1,686   1,821
     Source: Zenith Media, December 2004.



BEAR, STEARNS & CO. INC.                                                                                       Page 71
Page 72   ADVERTISING & MARKETING SERVICES
                   Event Advertising:
          Political, Olympics, & Super Bowl




BEAR, STEARNS & CO. INC.                      Page 73
 Exhibit 82. Political Advertising Expenditures, 1970-2004E ($ in millions)
                                                                 Network             Local            Total      Network   Local
 Year                          Type of Elections                 Stations           Stations         Political    Share    Share
 1970                          Congressional                       $0.3               $11.8           $12.0       2.2%     97.8%
 1971                          Off-Election Year                    0.0                5.5              5.5         0.5     99.5
 1972                          Presidential                         6.5                18.1            24.6        26.5     73.5
 1973                          Off-Election Year                    1.2                7.9              9.1        13.2     86.8
 1974                          Congressional                        1.5               21.8             23.3         6.4     93.6
 1975                          Off-Election Year                    1.7                6.3              8.0        21.8     78.2
 1976                          Presidential                         7.9                42.9            50.8        15.6     84.4
 1977                          Off-Election Year                    0.0               15.0             15.0         0.0    100.0
 1978                          Congressional                        1.1               56.5             57.6         1.9     98.1
 1979                          Off-Election Year                    0.3               16.9             17.1         1.5     98.5
 1980                          Presidential                        20.7               69.9             90.6        22.9     77.1
 1981                          Off-Election Year                    0.7               20.1             20.8         3.4     96.6
 1982                          Congressional                        0.0               122.8           122.8         0.0    100.0
 1983                          Off-Election Year                    2.7               24.6             27.3        10.0     90.0
 1984                          Presidential                        43.7               110.2           153.8        28.4     71.6
 1985                          Off-Election Year                    0.0               22.7             22.7         0.0    100.0
 1986                          Congressional                        0.5              161.2            161.6         0.3     99.7
 1987                          Off-Election Year                    0.0               24.9             24.9         0.0    100.0
 1988                          Presidential                        38.5               189.4           227.9        16.9     83.1
 1989                          Off-Election Year                    0.0               51.5             51.5         0.0    100.0
 1990                          Congressional                        0.0               203.3           203.3         0.0    100.0
 1991                          Off-Election Year                    0.0               37.3             37.3         0.0    100.0
 1992                          Presidential                        73.8               225.8           299.6        24.6     75.4
 1993                          Off-Election Year                    0.0               70.2             70.2         0.0    100.0
 1994                          Congressional                        0.0               355.0           355.0         0.0    100.0
 1995                          Off-Election Year                    0.0               55.0             55.0         0.0    100.0
 1996                          Presidential                        33.8              366.7            400.5        8.4      91.6
 1997                          Off-Election Year                    0.0               78.9             78.9         0.0    100.0
 1998                          Congressional                        0.0               498.9           498.9         0.0    100.0
 1999                          Off-Election Year                    0.0               65.0             65.0         0.0    100.0
 2000                          Presidential                         0.8               605.2           606.0         0.1     99.9
 2001                          Off-Election Year                    0.0              115.0            115.0         0.0    100.0
 2002                          Congressional                        0.0               698.5           698.5         0.0    100.0
 2003                          Off-Election Year                    0.0              175.0            175.0         0.0    100.0
 2004E                         Presidential                       180.0              1020.0          1,200.0       15.0     85.0

  Congressional             1/3 of Senate, all of House, and about 3/4 of Governors.
  Presidential              President, 1/3 of Senate, all of the House, and 1/4 of Governors.
  Off-Election Year         Some local and county elections.
 Source: Television Bureau of Advertising; CMR/MediaWatch; Bear, Stearns & Co. Inc. December 2004.




Page 74                                                                                          ADVERTISING & MARKETING SERVICES
                      Exhibit 83. Political Ad Spend, 1998-2004E ($ in millions)
                       Year                                                         Ad Spend
                       1998                                                           $211
                       1999                                                            124
                       2000                                                            625
                       2001                                                            218
                       2002                                                            840
                       2003                                                            300
                       2004E                                                          1,500
                      Source: CMR. June 16, 2004.



                      Exhibit 84. Political Ad Spending by Medium ($ in millions)
                       Medium                                2004      % of Total         2000      % of Total
                       Broadcast TV                         $1,504.5      56%            $676.0        56%
                       Cable & Satellite TV                   79.0         3%              19.3        2%
                       Radio                                 188.5         7%             128.3        11%
                       Newspapers                             57.5        2%               26.4        2%
                       Outdoor                                17.7        1%               12.9        1%
                       Internet                               25.3        1%               2.7         0%
                       Magazines & iTV (1)                     1.8        0%                0.8        0%
                       Direct Mail                           564.2        21%             242.2       20%
                       Promotions                            244.1        9%               97.1        8%
                       Total                                2,682.6      100%            1,205.7      100%

                      (1) Too small to report separately.
                      Source: PQ Media; MediaPost, October 2004.



                      Exhibit 85. Source of Political Ad Spend, 2004E ($ in millions)
                       Type                                                         Ad Spend
                       Presidential                                                   $600
                       Congressional                                                   275
                       Gubernatorial                                                   75
                       State and Local                                                 200
                       State Ballot Initiatives                                        150
                       Issue Advocacy                                                  200
                       Total                                                         $1,500
                      Source: CMR. June 16, 2004.



                      Exhibit 86. Political Spending, First Nine Months 2004 ($ in millions)
                       Sponsor                                                       Total TV Spending
                       Bush/Cheney Campaign                                                $145.5
                       Kerry/Edwards Campaign                                               105.3
                       Pro-Republican Groups                                                 10.9
                       Pro-Democrat Groups                                                  148.5
                       Other Political and Issue Advocacy Groups                            356.8
                       Total                                                                767.0
                      Source: TNSMI/Campaign Media Analysis Group. November 2004.




BEAR, STEARNS & CO. INC.                                                                                         Page 75
          Exhibit 87. Olympics Rights Deals, 1992-2012 ($ in millions)
          Company                                      Games                       Value
          NBC Universal                                Summer 2012                $1,180
          NBC Universal                                Winter 2010                   820
          NBC Universal                                Summer 2008                   894
          NBC Universal                                Winter 2006                   613
          NBC Universal                                Summer 2004                   793
          NBC/CNBC/MSNBC                               Winter 2002                   555
          NBC/CNBC/MSNBC                               Summer 2000                   715
          CBS                                          Winter 1998                   375
          NBC                                          Summer 1996                   456
          CBS                                          Winter 1994                   300
          TNT                                          Winter 1994                    25
          CBS                                          Winter 1992                   243
          TNT                                          Winter 1992                    25
          NBC                                          Summer 1992                   401
          SportsChannel                                Summer 1992                    75
          Source: Magna Global USA; Broadcasting & Cable. June 7, 2004.



          Exhibit 88. Top 5 Ad Spenders on NBC Telecasts of 2004
          Summer Olympics ($ in millions)
          Company                                               Total Spending
          General Motors Corp                                        $106
          Coca-Cola Co                                                 62
          Anheuser-Busch Cos                                           54
          Visa USA Inc                                                 46
          AT&T Wireless Services                                       44
          Total of Top 5 Spenders                                     312
          Source: TNSMI/Campaign Media Analysis Group. November 2004.




Page 76                                                             ADVERTISING & MARKETING SERVICES
            Exhibit 89. Super Bowl Spot Costs, 1967-2004 (Actual $)
                                     Average :30
                 Year                 Spot Cost                 Network    Rating   Viewers
                 2004                  $2,250,000                CBS        41.4    89,795,000
                 2003                   2,100,000                ABC        40.7    88,637,000
                 2002                   1,900,000                FOX        40.4    86,801,000
                 2001                   2,050,000                CBS        40.4    84,335,000
                 2000                   2,100,000                ABC        43.3    88,465,000
                 1999                   1,600,000                FOX        40.2    83,720,000
                 1998                   1,300,000                NBC        44.5    90,000,000
                 1997                   1,200,000                FOX        43.3    87,870,000
                 1996                   1,100,000                NBC        46.0    94,080,000
                 1995                   1,000,000                ABC        41.3    83,420,000
                 1994                     900,000                NBC        45.5    90,000,000
                 1993                     850,000                NBC        45.1    90,990,000
                 1992                     800,000                CBS        40.3    79,590,000
                 1991                     800,000                ABC        41.9    79,510,000
                 1990                     700,000                CBS        39.0    73,852,000
                 1989                     675,000                NBC        43.5    81,590,000
                 1988                     600,000                ABC        41.9    80,140,000
                 1987                     575,000                CBS        45.8    87,190,000
                 1986                     550,000                NBC        48.3    92,570,000
                 1985                     500,000                ABC        46.4    85,530,000
                 1984                     450,000                CBS        46.4    77,620,000
                 1983                     400,000                NBC        48.6    81,770,000
                 1982                     345,000                CBS        49.1    85,230,000
                 1981                     324,300                NBC        44.4    68,290,000
                 1980                     275,000                CBS        46.3    76,240,000
                 1979                     222,000                NBC        47.1    74,740,000
                 1978                     185,000                CBS        47.2    78,940,000
                 1977                     162,000                NBC        44.4    62,060,000
                 1976                     125,000                CBS        42.3    57,710,000
                 1975                     110,000                NBC        42.4    56,050,000
                 1974                     107,000                CBS        41.6    51,700,000
                 1973                     103,500                NBC        42.7    53,320,000
                 1972                      86,000                CBS        44.2    56,640,000
                 1971                      72,000                NBC        39.9    45,960,000
                 1970                      78,200                CBS        39.4    44,270,000
                 1969                      67,500                NBC        36.0            NA
                 1968                      54,000                CBS        36.8            NA
                 1967                      42,000              CBS + NBC    40.8            NA
            Source: Advertising Age; Nielsen Media Research. 2004.




BEAR, STEARNS & CO. INC.                                                                         Page 77
Page 78   ADVERTISING & MARKETING SERVICES
         Hispanic Advertising Expenditures




BEAR, STEARNS & CO. INC.                     Page 79
Exhibit 90. Hispanic Market Advertising Expenditures, 2001-04 ($ in millions)
Medium                                        2004           % change            2003           % change            2002            % change               2001
Network/national TV                         $1,387.2           14%             $1,216.8           20%             $1,014.0            20%                $845.0
Local TV                                     602.8              8%              558.1             10%              507.4              10%                 461.3
National radio                               191.2              6%              180.3              6%              170.1                7%                159.0
Local radio                                  473.2              6%              448.3              7%              419.0                2%                410.8
National newspapers                          110.2             16%               95.0              5%               90.5                5%                 86.1
Local newspapers                             161.9             13%              143.7              6%              135.7                5%                129.2
Magazines                                     88.3             20%               73.6             20%               61.3                2%                 60.0
Out-of-home                                   76.3              3%               74.3             13%               65.6               -5%                 69.1
Total                                       $3,091.2           11%             $2,790.1           13%             $2,463.4            11%               $2,220.5

Note: Media Markets Report Methodology: Figures were compiled by HispanTelligence, the research arm of Hispanic Business Inc.
      DMA estimates are based on data from Spanish-language TV, radio, and print outlets. National totals from CMR, advertisers, media industry experts, advertising
      agencies, and public records. Current-year figures may not be directly comparable to previous-year figures because of additional input from data sources.
Source: Hispanic Business Magazine (www.hispanicbusiness.com); CMR. January 2005.



Exhibit 91. Top 50 U.S. Hispanic Marketers by Category, 2003 ($ in millions)

                                                                                                            2003 Ad Spend ($1.8B)
  Category                          2003 Spend         % Share
  Automotive                          $340.3             19%                                                 Other
  Personal Care                        236.6             13%                                                                         Automotive
                                                                                                       Drugs 10%                        19%
  Retail                               234.1             13%                                            5%
  Food & Beverages                     224.8             13%
                                                                                                   Dining
  Telecommunications                   169.1            10%
                                                                                                    8%
  Media                                166.1             9%
  Dining                               142.7              8%                                                                                    Personal Care
                                                                                                   Media                                            13%
  Drugs                                 84.3              5%
                                                                                                    9%
  Other                                181.3             10%
  Total                              $1,779.3           100%
                                                                                               Telecommuni-
                                                                                                                                       Retail
                                                                                                  cations
                                                                                                                  Food &               13%
                                                                                                    10%
                                                                                                                 Beverages
                                                                                                                   13%


Source: CMR; Association of Hispanic Advertising Agencies; Advertising Age. 2004.



                    Exhibit 92. Top Hispanic DMAs by Media Spend, 2003 ($ in millions)
                     DMA                                                TV                 Radio               Print             Total
                     Los Angeles                                      $307.3              $167.0              $89.3             $563.5
                     Miami-Ft. Lauderdale                             116.8                94.2                57.2              268.2
                     New York                                          99.3                84.4                49.9              233.6
                     Houston                                           55.8                56.3                 8.2              120.3
                     Chicago                                           47.2                43.8                24.1              115.1
                     San Francisco-Oakland-San Jose                    42.1                27.2                 5.0               74.3
                     Dallas                                            33.8                27.9                 7.5               69.2
                     San Antonio                                       21.9                31.1                 3.9               56.9
                     Phoenix                                           26.9                13.1                16.0               56.1
                     San Diego                                         27.2                18.0                 4.9               50.1
                     Total                                            778.3               563.1               265.9             1,607.3
                    Source: Hispanic Business Magazine (www.hispanicbusiness.com). January 2005.




Page 80                                                                                              ADVERTISING & MARKETING SERVICES
                      Exhibit 93. Top 25 U.S. Hispanic Markets, 2004E (in thousands)

                           Rank       Market                                Hispanic Population       % of Total
                             1        Los Angeles                                      7,811.1              45%
                             2        New York                                         4,316.4               21
                             3        Chicago                                          1,838.0               19
                             4        Miami                                            1,836.8               43
                             5        Houston                                          1,822.6               33
                             6        Dallas-Fort Worth                                1,509.7               24
                             7        San Francisco                                    1,491.8               21
                             8        San Antonio                                      1,293.7               60
                             9        Phoenix                                          1,208.0               27
                            10        McAllen, TX                                      1,142.0               95
                            11        San Diego                                          927.6               31
                            12        Fresno-Visalia, CA                                 893.0               51
                            13        Sacramento, CA                                     892.4               24
                            14        El Paso, TX                                        782.5               88
                            15        Albuquerque, NM                                    740.7               42
                            16        Denver                                             740.6               20
                            17        Washington                                         545.2                9
                            18        Philadelphia                                       534.3                7
                            19        Austin, TX                                         471.7               29
                            20        Las Vegas                                          438.8               26
                            21        Atlanta                                            433.6                8
                            22        Orlando                                            432.2               13
                            23        Boston                                             417.7                7
                            24        Tampa, FL                                          415.4               10
                            25        Tucson-Nogales, AZ                                 385.9               35
                      Source: Synovate; Advertising Age. 2004.



                      Exhibit 94. U.S. Hispanic Population Growth, 2002-2050E (in millions)

                           Year            Hispanic Population             Total U.S. Population   % of Total
                           2002                    38.8                            288.4             13%
                           2005                    41.8                            295.5              14
                           2010                    47.8                            308.9              15
                           2015                    53.6                            322.4              17
                           2020                    59.8                            335.8              18
                           2025                    66.2                            349.4              19
                           2030                    73.1                            363.6              20
                           2040                    87.6                            391.9              22
                           2050                   102.6                            419.9              24
                      Source: U.S. Census Bureau; Advertising Age. 2004.




BEAR, STEARNS & CO. INC.                                                                                           Page 81
          Exhibit 95. Hispanic Consumer Spending, 2003 ($ in billions)
          Category                                                  2003
          Food & beverages                                         $108.3
          Housing                                                   103.3
          Other services                                            67.5
          Medical services                                          61.2
          Other non-durables                                        43.4
          Utilities & household services                            36.5
          Clothing & shoes                                           34.7
          Motor vehicles & parts                                    34.4
          Furniture & consumer electronics                          29.9
          Transportation services                                   23.9
          Gasoline & motor oil                                      15.8
          Other durables                                            12.1
          Source: U.S. Census Bureau; Advertising Age. 2004.




Page 82                                                        ADVERTISING & MARKETING SERVICES
           Marketing Services Expenditures




BEAR, STEARNS & CO. INC.                     Page 83
Exhibit 96. Promotion Industry Revenues, 2001-03 ($ in billions)
Segment                                                  2003           % change              2002         % change       2001
Event Marketing                                        $151.8              15.0%             $132.0             15%      $115.0
Premiums/Incentives                                       45.9                4.1              44.1              4.3       42.3
Direct Mail                                               29.2                5.5              27.7              NA         NA
Retail/P-O-P/In-Store Services                            17.6                1.2              17.4              NA         NA
Sponsorships                                               9.8                4.3               9.4              1.0        9.3
Coupons                                                    7.0                2.9               6.8              4.6        6.5
Licensing                                                  6.1                1.7               6.0              3.4        5.8
Specialty Printing                                         5.9                2.3               5.8             -2.2        5.9
Fulfillment                                                4.1               11.8               3.7             13.5        3.2
Agency Net Revenues                                        3.8               15.4               3.3             14.8        2.8
Interactive                                                2.0               17.6               1.7             13.3        1.5
Loyalty                                                    1.9                1.6               1.8              NA         NA
Games, Contests, Sweepstakes                               1.8                0.0               1.8              9.1        1.7
Sampling                                                   1.5               11.9               1.3              8.9        1.2
Total                                                  $288.3               9.7%             $262.7              NM      $195.2
Source: PROMO Magazine; Promotion Marketing Association. April 2004.



Exhibit 97. Total Direct Marketing Advertising Expenditures, 1997-2007E ($ in billions)
Media                            1997               2001                 2002         2003         2007E   CAGR 02-07E
Teleservices                    $58.2              $72.1                $75.3        $79.7         $99.7          5.8%
Direct Mail                      36.9               44.7                 46.0         48.6          59.6          5.3%
Television                       17.1               21.9                 22.7         24.3          31.0          6.4%
Newspaper                        15.1               17.0                 17.4         18.5          22.5          5.2%
Other                            12.2               14.9                 15.2         16.1          20.6          6.2%
Magazine                          7.8                9.2                  9.2          9.8          12.3          5.9%
Radio                             5.4                6.8                  7.1          7.7           9.8          6.6%
Total                          $152.6             $186.6               $193.0       $204.8        $255.4          5.8%
Source: Direct Marketing Association. December 2003.




Page 84                                                                                      ADVERTISING & MARKETING SERVICES
               Exhibit 98. Paper Prices, 2000-2004E
                                                    2000              Chg                    2001               Chg                  2002            Chg                       2003           Chg                   2004                Chg
                         01                             $515                                 $610                                    $490                                      $475                                      530
                         02                             510                                       610                                 470                                        475                                     530
                         03                             510                                       610                                 465                                        475                                     530
                        Avg:                            $512          (7.5)%                 $610          19.2%                     $475           -22.1%                     $475           0.0%                  $530               11.6%


                         04                             $555                                 $625                                    $455                                      $505                                      545
                         05                             555                                       625                                 450                                        505                                     560
                         06                             560                                       625                                 450                                        505                                     550
                        Avg:                            $557          12.8%                  $625          12.3%                     $452           -27.7%                     $505          11.8%                  $552               9.2%


                         07                             $560                                 $600                                    $445                                      $505                                      550
                         08                             560                                       590                                 445                                        510                                     550
                         09                             610                                       560                                 465                                        510                                     555
                        Avg:                            $577          21.0%                  $583           1.2%                     $452           -22.6%                     $508          12.5%                  $552               8.5%


                         10                             $610                                 $540                                    $480                                      $520                                      560
                         11                             610                                       520                                 480                                        530                                     565
                         12                             610                                       505                                 480                                        530                                     580
                        Avg:                            $610          19.2%                  $522          -14.5%                    $480            -8.0%                     $527           9.7%                  $568               7.9%


               Yearly
               Avg:                                 $564              10.8%                  $585           3.8%                     $465          -20.6%                      $504           8.4%                  $550               9.3%
               Source: Pulp and Paper Week; Bear, Stearns & Co. Inc. 2004.



       Exhibit 99. Paper Prices, 1988-3Q 2004

       $800


       $750


       $700


       $650


       $600


       $550


       $500


       $450


       $400
              1Q88
                     3Q88
                            1Q89
                                   3Q89
                                          1Q90
                                                 3Q90
                                                        1Q91
                                                               3Q91
                                                                      1Q92
                                                                             3Q92
                                                                                    1Q93
                                                                                           3Q93
                                                                                                  1Q94
                                                                                                         3Q94
                                                                                                                1Q95
                                                                                                                       3Q95
                                                                                                                              1Q96
                                                                                                                                     3Q96
                                                                                                                                            1Q97
                                                                                                                                                   3Q97
                                                                                                                                                          1Q98
                                                                                                                                                                 3Q98
                                                                                                                                                                        1Q99
                                                                                                                                                                               3Q99
                                                                                                                                                                                      1Q00
                                                                                                                                                                                             3Q00
                                                                                                                                                                                                    1Q01
                                                                                                                                                                                                           3Q01
                                                                                                                                                                                                                  1Q02
                                                                                                                                                                                                                         3Q02
                                                                                                                                                                                                                                1Q03
                                                                                                                                                                                                                                       3Q03
                                                                                                                                                                                                                                              1Q04
                                                                                                                                                                                                                                                     3Q04




       Source: Pulp and Paper Week; Bear, Stearns & Co. Inc.




BEAR, STEARNS & CO. INC.                                                                                                                                                                                                                                    Page 85
Page 86   ADVERTISING & MARKETING SERVICES
  Satellite & Digital Video Recorder (DVR)
                   Statistics




BEAR, STEARNS & CO. INC.                Page 87
          Exhibit 100. Share of TV Households with Satellite TV, 1999-2004E
          Category                    1999       2000         2001        2002                              2003          2004E
          % of Hispanic TV HHs         2.2        5.1          9.3        10.9                              14.5           16.8
          % of Total U.S. TV HHs       6.8        9.2         12.3        12.9                              15.4           17.5

               20
               18
               16
               14
               12
               10
                8
                6
                4
                2
                0
                           1999              2000              2001             2002              2003               2004E

                                              % of Hispanic TV HHs                   % of Total U.S. TV HHs

          Source: Nielsen Media Research; Advertising Age. 2004.



          Exhibit 101. DVD & Personal Video Recorder Sales
                                       DVD Players                        PVRs
               Year        Unit Sales (000) HH Penetration Unit Sales (000) HH Penetration
               1997                349              0%            NA              NA
               1998               1,079             1%            NA              NA
               1999               4,072            5%             100             NA
               2000               8,499            13%            249             NA
               2001              12,707            21%            336             NA
               2002              17,090            29%            170             NA
              2003E              22,142             NA            535             NA
              2004E              23,787             NA            750             NA

          Note: DVD Player includes Laserdisc combinations, DVD/VCRs, and portable PVR total includes both stand-alone units and those
                integrated into satellite and cable TV set-top boxes.
          Source: Consumer Electronics Association/eBrain Market Research; Television Bureau of Advertising. 2004.




Page 88                                                               ADVERTISING & MARKETING SERVICES
                           Advertiser Data




BEAR, STEARNS & CO. INC.                     Page 89
Page 90   ADVERTISING & MARKETING SERVICES
                           Global Advertisers




BEAR, STEARNS & CO. INC.                        Page 91
Exhibit 102. Global Entertainment and Media Market Expenditure by Segment, 1999-2008E ($ in millions)
Segment                                            1999                2000            2001            2002         2003E        2004E       2005E       2006E        2007E         2008E
Filmed Entertainment                             $49,386             $55,002         $61,514         $68,804       $75,325      $82,082     $89,434     $95,898     $102,052      $108,026
Broadcast and Cable TV Networks                  106,383             117,595         118,206         123,009       130,738      140,614     147,703     156,870      164,216       174,007
Station, Cable and Satellite TV Distribution      94,257             106,964         110,964         120,883       129,296      140,796     149,741     160,961      170,683       182,572
Recorded Music                                    37,059              36,553          35,296          32,679        30,476       29,586      29,578      30,208       31,707       33,660
Radio/Out-of-Home                                 49,079              53,359          51,974          53,397        55,457       58,098      61,043      64,410       67,548       70,975
Internet Advertising & Access                     30,545              51,328          68,082          83,393       102,841      122,366     145,534     170,542      198,218       223,878
Video Games                                       18,379              17,603          18,675          21,008        22,304       24,564      28,371      36,149       46,862       55,637
Business Information                              63,943              68,655          68,405          67,592        67,864       70,115      73,333      77,346      81,527        85,301
Magazine Publishing                               80,695              86,224          81,771          79,893        80,674       82,369      84,501      87,316       90,410       93,387
Newspaper Publishing                             152,904             161,436         154,815         152,575       154,892      157,752     161,690     166,159      171,082       176,504
Consumer Book Publishing                          54,167              53,597          53,098          53,628        55,147       55,191      56,622      58,210      59,850        61,492
Education & Professional Books, & Training       211,145             220,940         228,420         231,500       229,376      233,796     241,671     253,371      265,620       278,311
Theme & Amusement Parks                              16,830          17,760           18,349          19,290        19,779       20,415      21,255      22,470      23,527        24,713
Sports                                               55,575          61,672           65,246          71,560        74,611       80,493      85,118      94,764      95,930        102,466
Total                                           1,020,347        1,108,688           1,134,815       1,179,211     1,228,780    1,298,237   1,375,594   1,474,674   1,569,232     1,670,929

Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 103. Global Entertainment and Media Market Expenditure Growth by Segment, 1999-2008E (% change)
Segment                                        1999            2000           2001          2002           2003E        2004E       2005E     2006E       2007E      2008E      2004-08 CAGR
Filmed Entertainment                           3.9%           11.4%           11.8%        11.9%            9.5%         9.0%        9.0%      7.2%        6.4%       5.9%          7.5%
Broadcast and Cable TV Networks                 5.9            10.5             0.5          4.1             6.3          7.6         5.0       6.2         4.7        6.0            5.9
Station, Cable and Satellite TV Distribution    9.3            13.5             3.7          8.9             7.0          8.9         6.4       7.5         6.0        7.0           7.1
Recorded Music                                  1.6            -1.4            -3.4         -7.4            -6.7         -2.9         0.0       2.1         5.0        6.2           2.0
Radio/Out-of-Home                               7.9             8.7            -2.6          2.7             3.9          4.8         5.1       5.5         4.9        5.1            5.1
Internet Advertising & Access                  73.8            68.0            32.6         22.5            23.3         19.0        18.9      17.2        16.2       12.9           16.8
Video Games                                    14.6            -4.2             6.1         12.5             6.2         10.1        15.5      27.4        29.6       18.7           20.1
Business Information                            6.7             7.4            -0.4         -1.2             0.4          3.3         4.6       5.5         5.4        4.6           4.7
Magazine Publishing                             4.0             6.9            -5.2         -2.3             1.0          2.1         2.6       3.3         3.5        3.3           3.0
Newspaper Publishing                            3.4             5.6            -4.1         -1.4             1.5          1.8         2.5       2.8         3.0        3.2           2.6
Consumer Book Publishing                        1.7            -1.1            -0.9          1.0             2.8          0.1         2.6       2.8         2.8        2.7           2.2
Education & Professional Books, & Training      4.8             4.6             3.4          1.3            -0.9          1.9         3.4       4.8         4.8        4.8            3.9
Theme & Amusement Parks                        4.2             5.5             3.3             5.1          2.5          3.2         4.1       5.7         4.7        5.0           4.6
Sports                                         9.3            11.0             5.8             9.7          4.3          7.9         5.7       11.3        1.2        6.8           6.6
Total                                          6.6             8.7             2.3             3.9          4.2          5.7         6.0        7.2        6.4        6.5           6.3

Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 92                                                                                                                      ADVERTISING & MARKETING SERVICES
                           U.S. Advertisers




BEAR, STEARNS & CO. INC.                      Page 93
Exhibit 104. U.S. Advertising Expenditure by Category, First Nine Months 2004 ($ in millions)
 Rank Category                                                    1Q04          2Q04            3Q04                             First 9 Months
   1     Business, Personal, & Residential Phone Services        958,391.3   1,044,773.0        964,932.3                            2,968,096.6
   2     National Restaurants                                    862,576.3     953,425.3      1,034,396.7                            2,850,398.3
   3     Prescription Medications                                918,074.9   1,106,659.1        822,321.0                            2,847,055.0
   4     Motion Pictures                                         941,217.0     899,283.1        777,589.8                            2,618,089.9
   5     Domestic Factory Light Trucks                           620,288.6     640,070.0        554,411.7                            1,814,770.3
   6     Asian Factory Cars                                      509,160.3     518,259.8        432,482.8                            1,459,902.9
   7     Car & Truck Dealers                                     408,394.2     429,456.0        414,873.3                            1,252,723.5
   8     Domestic Car & Light Truck Local Dealers                397,532.8     411,127.2        428,526.6                            1,237,186.6
   9     Banks                                                   354,670.7     431,280.5        400,105.8                            1,186,057.0
  10     Asian Factory Light Trucks                              383,361.3     406,117.1        366,760.1                            1,156,238.5
         Top 10 Total                                          6,353,667.4   6,840,451.1      6,196,400.1                           19,390,518.6

Note: Measured media excludes Yellow Pages and Internet.
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. 2005.



Exhibit 105. U.S. Advertising Expenditure by Advertiser, 2001-03 ($ in millions)
Rank Advertiser                               2003         % change                                  2002              % change                    2001
   1     Procter & Gamble Co              $2,514.9               25%                             $2,014.8                   19%                $1,699.0
   2     General Motors Corp               2,366.4                 0%                             2,375.5                   11%                 2,136.4
   3     Time Warner Inc                   1,674.0               11%                              1,508.8                    3%                 1,464.6
   4     DaimlerChrysler AG                1,498.2               13%                              1,324.3                   -4%                 1,376.9
   5     Ford Motor Co                     1,344.3                -1%                             1,363.8                   11%                 1,231.1
   6     Walt Disney Co                    1,312.4               19%                              1,102.1                    5%                 1,044.9
   7     Verizon Communications            1,136.7                 9%                             1,039.3                   23%                   842.3
   8     Johnson & Johnson                 1,116.8               11%                              1,002.6                   20%                   832.2
   9     SBC Communications Inc            1,000.8                  na                                 na                    na                      na
  10     Pfizer                              979.0               10%                                890.0                   11%                   801.9
         Top 10 Total                     14,943.4               18%                             12,621.3                   10%                11,429.2
         All Other                        87,580.3                 5%                            83,405.9                    6%                78,405.7
         Total                          $102,523.7                 7%                            $96,027.2                   7%                $89,834.9

Note: Measured media excludes Yellow Pages and Internet.
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. 2004.



Exhibit 106. U.S. Entertainment and Media Market Expenditure by Segment, 1999-2008E ($ in millions)
Segment                                            1999       2000        2001       2002     2003E     2004E     2005E     2006E     2007E     2008E
Filmed Entertainment                             $24,501    $26,274     $28,961    $31,703   $34,288   $36,806   $39,752   $42,285   $44,532   $46,616
Broadcast and Cable TV Networks                   33,404     39,166      39,572     42,626    47,003    52,310    55,690    59,810    62,920    67,580
Station, Cable and Satellite TV Distribution      62,941     70,228      70,426     76,825    80,367    86,207    89,124    94,101    97,015   102,082
Recorded Music                                    14,585     14,324      13,741     12,627    11,925    11,939    12,258    12,714    13,373    13,982
Radio/Out-of-Home                                 22,047     24,530      23,055     24,133    25,123    26,832    28,507    30,622    32,570    34,826
Internet Advertising & Access                     12,926     20,083      24,163     25,876    30,352    33,794    36,984    39,634    42,038    44,232
Video Games                                       6,198      6,059       6,479      7,216     7,562     8,104     9,149     10,997    13,742    15,298
Business Information                              37,100     39,950      38,800     38,300    38,500    40,000    41,900    44,300    46,800    49,000
Magazine Publishing                               34,280     36,577      32,432     31,182    31,872    32,698    33,833    35,298    36,892    38,364
Newspaper Publishing                              56,761     59,212      55,087     55,128    56,198    57,626    59,367    61,095    63,139    65,491
Consumer Book Publishing                          17,640     17,433      17,204     17,683    18,888    18,325    18,955    19,620    20,285    20,940
Education & Professional Books, & Training        83,640     86,560      91,574     91,911    91,225    94,430    98,820   103,890   109,050   114,430
Theme & Amusement Parks                           9,097      9,600       9,600      9,903     10,300    10,651    11,005    11,413    11,814    12,205
Sports                                            27,930     31,873      33,576     36,422    39,556    43,185    45,422    49,855    51,966    55,400
Total                                            443,050    481,869     484,670    501,535   523,159   552,907   580,766   615,634   646,136   680,446
Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.




Page 94                                                                                           ADVERTISING & MARKETING SERVICES
Exhibit 107. U.S. Entertainment and Media Market Expenditure Growth by Segment, 1999-2008E (% change)
Segment                                        1999      2000    2001        2002   2003E     2004E     2005E    2006E     2007E     2008E   2004-08 CAGR
Filmed Entertainment                           5.1%      7.2%    10.2%       9.5%    8.2%      7.3%      8.0%     6.4%      5.3%      4.7%       6.3%
Broadcast and Cable TV Networks                10.8      17.2      1.0        7.7    10.3      11.3       6.5      7.4       5.2       7.4         7.5
Station, Cable and Satellite TV Distribution    6.6      11.6      0.3        9.1     4.6       7.3       3.4      5.6       3.1       5.2         4.9
Recorded Music                                  6.4      -1.8     -4.1       -8.1    -5.6       0.1       2.7      3.7       5.2       4.6         3.2
Radio/Out-of-Home                              13.1      11.3     -6.0        4.7     4.1       6.8       6.2      7.4       6.4       6.9         6.7
Internet Advertising & Access                  64.5      55.4     20.3        7.1    17.3      11.3       9.4      7.2       6.1       5.2        7.8
Video Games                                    14.7      -2.2      6.9       11.4     4.8       7.2      12.9     20.2      25.0      11.3        15.1
Business Information                            7.8       7.7     -2.9       -1.3     0.5       3.9       4.8      5.7       5.6       4.7        4.9
Magazine Publishing                             3.4       6.7    -11.3       -3.9     2.2       2.6       3.5      4.3       4.5       4.0        3.8
Newspaper Publishing                            4.7       4.3     -7.0        0.1     1.9       2.5       3.0      2.9       3.3       3.7        3.1
Consumer Book Publishing                        3.1      -1.2     -1.3        2.8     6.8      -3.0       3.4      3.5       3.4       3.2        2.1
Education & Professional Books, & Training      6.4       3.5      5.8        0.4    -0.7       3.5       4.6      5.1       5.0       4.9         4.6
Theme & Amusement Parks                         4.5       5.5      0.0        3.2     4.0       3.4       3.3      3.7       3.5       3.3        3.5
Sports                                         11.0      14.1      5.3        8.5     8.6       9.2       5.2      9.8       4.2       6.6        7.0
Total                                           8.0       8.8      0.6        3.5     4.3       5.7       5.0      6.0       5.0       5.3        5.4

Source: PriceWaterhouseCoopers LLP; Wilkofsky Gruen Associates. June 2004.



Exhibit 108. Key Categories’ Share Across Major Media (% share)
                   Newspapers                                    Television (Spot, Non-Network)                        Consumer Magazines
 Rank Category                                   Share      Rank Category                       Share     Rank Category                             Share
  1 Retail General Merchandise                    17%         1 Auto (Mfg. and Dealers)          27%        1 Automotive                             11%
  2 Classified Auto                               12%         2 Restaurants                       9%        2 Toiletries and Cosmetics                9%
  3 Classified Recruitment                        10%         3 Government                        6%        3 Drugs and Remedies                      8%
  4 Classified Real Estate                         8%         4 Telecommunications                4%        4 Household Furnishings                   8%
  5 Retail Computers/ Electronics                  7%         5 Food Products                     4%        5 Food and Food Products                  8%
  6 Retail Home/Furniture                          6%         6 Retail Furniture Stores           4%        6 Apparel and Accessories                 8%
  7 Retail Financial                               6%         7 Travel and Hotels                 3%        7 Direct Response                         7%
  8 Classified Other                               6%         8 Movies and Media                  5%        8 Technology                              7%
  9 Retail Food                                    4%         9 Financial and Insurance           5%        9 Media and Advertising                   6%
  10 National Public Service                       3%        10 Leisure Activities                2%       10 Fin., Insurance, and Real Estate        6%
Top 10                                            80%      Top 10                                70%     Top 10                                      77%


                      Radio                                             Yellow Pages                                         Outdoor
 Rank Category                                   Share      Rank Category                      Share      Rank Category                             Share
  1 Retail                                        15%        1 Attorneys                         6%        1 Local Services and Amusements           13%
  2 Automotive (Dealers and Equipment)             9%        2 Physicians                        4%        2 Financial, Insurance and Real Estate    13%
  3 Telecommunications                             7%        3 Insurance                         2%        3 Automotive (Dealers and Equipment)      12%
  4 Media and Advertising                          7%        4 Dentists                          2%        4 Public Transp., Hotel, and Resorts      10%
  5 Beverages                                      7%        5 Auto (Dealers and Repair)         2%        5 Retail                                  10%
  6 Fin., Insurance, and Real Estate               6%        6 Plumbers                          2%        6 Media and Advertising                    9%
  7 Restaurants                                    4%        7 Storage                           1%        7 Restaurants                              8%
  8 Government and Organizations                   4%        8 Movers                            1%        8 Beverages                                4%
  9 Drugs and Remedies                             4%        9 Roofers                           1%        9 Telecommunications                       3%
  10 Public Transp., Hotel, and Resorts            3%        10 Glass                            1%        10 Government and Organizations            3%
Top 10                                            66%      Top 10                               24%      Top 10                                      85%
Source: NAA; TVB; MPA; RAB; YPIMA; OAAA; Bear, Stearns, & Co. Inc. estimates.




BEAR, STEARNS & CO. INC.                                                                                                                         Page 95
Page 96   ADVERTISING & MARKETING SERVICES
                           T.V. Advertisers




BEAR, STEARNS & CO. INC.                      Page 97
Exhibit 109. Top 10 Categories on Television, First Nine Months 2004 by Quarter ($ in 000s)
Top 10 Network TV Categories                                                                                       Top 10 Syndicated TV Categories

Rank   Category                                               1Q04          2Q04          3Q04    First 9 Months    Rank   Category                                            1Q04          2Q04         3Q04     First 9 Months
 1     Prescription Medications                           $417,420.8    $449,918.2    $283,541.6 $1,150,880.6        1     Prescription Medications                         $84,707.8     $88,702.3    $70,907.9    $244,318.0
 2     National Restaurants                                337,768.9     371,218.7     359,786.0   1,068,773.6        2    National Restaurants                              41,748.8      50,824.4     55,875.4     148,448.6
 3     Motion Pictures                                     338,289.4     339,622.2     232,773.3    910,684.9        3     Motion Pictures                                   36,209.1     38,959.4      36,452.7     111,621.2
 4     Business, Personal, & Residential Phone Services    253,835.4     234,894.7     262,251.6    750,981.7         4    Credit Cards                                      23,860.9      29,985.4     29,933.8      83,780.1
 5     Domestic Factory Light Trucks                       260,199.9     208,825.4     178,191.2    647,216.5         5    Business, Personal, & Residential Phone Services 20,192.8       18,510.6     17,871.8      56,575.2
 6     Credit Cards                                        173,289.6     165,087.2     221,692.2    560,069.0         6    Clothing Stores                                   15,772.2          na       22,775.5      38,547.7
 7     Asian Factory Cars                                  112,749.1     163,276.3      99,844.3    375,869.7         7    Asian Factory Light Trucks                        11,158.6       4,551.6     14,077.1      29,787.3
  8    Asian Factory Light Trucks                          108,235.2     117,513.1      79,232.1    304,980.4         8    Asian Factory Cars                                7,673.3       12,481.3      7,376.9      27,531.5
  9    Home Centers & Hardware Stores                      57,699.1      104,503.1      72,009.5    234,211.7         9    Consumer Electronics Stores                       20,735.0       6,634.5         na        27,369.5
 10    Department Stores                                    41,814.6      63,409.3      43,803.9    149,027.8        10    Domestic Factory Light Trucks                     5,306.9       6,128.8      3,805.3       15,241.0
       Top 10 Total                                       2,101,302.0   2,218,268.2   1,833,125.7 6,152,695.9              Top 10 Total                                     267,365.4     256,778.3    259,076.4     783,220.1
       Other                                              3,531,568.2   3,362,851.7   3,415,657.9 10,310,077.8             Other                                            680,369.5     720,320.1    714,446.6    2,115,136.2
       Total                                              5,632,870.2   5,581,119.9   5,248,783.6 16,462,773.7             Total                                            947,734.9     977,098.4    973,523.0    2,898,356.3

Top 10 Spot TV Categories                                                                                          Top 10 Cable TV Networks

Rank   Category                                               1Q04          2Q04          3Q04    First 9 Months    Rank   Category                                               1Q04        2Q04        3Q04    First 9 Months
  1    National Restaurants                               $279,351.2    $266,554.0    $339,021.4    $884,926.6        1    Prescription Medications                           $124,628.7 $158,705.2 $145,011.7      $428,345.6
  2    Domestic Car & Truck Dealer Association             187,571.6     203,543.9     231,186.8    622,302.3        2     National Restaurants                                117,170.4 152,183.7 154,758.4         424,112.5
  3    Furniture Stores                                    173,336.9     151,383.9     176,163.8    500,884.6        3     Motion Pictures                                     117,931.0 134,683.4 115,823.1         368,437.5
  4    Domestic Factory Light Trucks                       151,890.9     155,783.4     185,147.6    492,821.9         4    Business, Personal, & Residential Phone Services     89,867.0   103,316.7    68,029.8     261,213.5
  5    Asian Factory Cars                                  169,266.7     125,141.3     145,264.4    439,672.4        5     Credit Cards                                         55,546.5   69,549.6     77,259.4    202,355.5
 6     Asian Factory Light Trucks                          123,347.8     138,648.3     149,963.0    411,959.1        6     Asian Factory Cars                                   60,723.5   77,507.6     53,158.5     191,389.6
  7    Business, Personal, & Residential Phone Services     94,853.6     129,021.3     140,477.8    364,352.7         7    Domestic Factory Light Trucks                        46,169.6    78,207.9    52,963.0     177,340.5
  8    Motion Pictures                                      86,023.5      71,604.4      88,393.2    246,021.1        8     Asian Factory Light Trucks                           40,864.7    57,575.8    44,667.0     143,107.5
  9    Domestic Car & Light Truck Local Dealers             78,275.7      74,737.9      75,902.9    228,916.5         9    Home Centers & Hardware Stores                       29,515.3   66,460.7     42,771.5     138,747.5
 10    Asian Car & Light Truck Local Dealers                70,011.9      72,342.0      76,802.6    219,156.5        10    Domestic Hotels & Resorts                            36,174.6    52,648.0    33,678.5     122,501.1
       Top 10 Total                                       1,413,929.8   1,388,760.4   1,608,323.5 4,411,013.7              Top 10 Total                                        718,591.3 950,838.6 788,120.9       2,457,550.8
       Other                                              2,374,837.6   2,528,809.1   2,874,266.3 7,777,913.0              Other                                              2,268,828.8 2,979,262.2 2,837,189.1 8,085,280.1
       Total                                              3,788,767.4   3,917,569.5   4,482,589.8 12,188,926.7             Total                                              2,987,420.1 3,930,100.8 3,625,310.0 10,542,830.9

Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.




Page 98                                                                                                                                      ADVERTISING & MARKETING SERVICES
Exhibit 110. Top 20 Advertisers on Television, First Nine Months 2003-04 ($ in thousands)
Network TV                                                                          Cable TV
Rank Advertiser                          2004         2003     % Change             Rank       Advertiser                              2004        2003     % Change
   1 Public Service Announcements     $673,322.9 $622,316.8       8%                    1      Procter & Gamble                     $535,812.9 $356,287.8      50%
   2 Procter & Gamble                  644,506.3   618,206.0      4%                    2      General Motors                       226,170.4    231,317.2     -2%
   3 General Motors                    561,975.4   472,709.7      19%                   3      Altria Group                         159,713.9    156,673.0     2%
   4 Ford Motor Company                353,008.4   344,378.8      3%                    4      GlaxoSmithKline Plc                  146,286.2     82,005.0     78%
   5 Johnson & Johnson                 352,405.3   366,352.0      -4%                   5      Walt Disney                          139,970.4    119,354.2     17%
   6 PepsiCo                           346,942.4   369,624.7      -6%                   6      Johnson & Johnson                    132,554.5    124,616.6     6%
   7 Walt Disney                       332,842.6   269,422.1      24%                   7      Dell Computer Corp                   127,638.7     89,195.1     43%
   8 Pfizer                            326,241.9   332,636.6      -2%                   8      PepsiCo                              124,033.1    112,460.1     10%
   9 Time Warner Inc                   292,425.4   270,269.1      8%                    9      Time Warner Inc                      121,939.9    156,384.5    -22%
  10 SBC Communications                281,211.2   129,630.6     117%                  10      Pfizer                               115,509.6    114,349.8     1%
  11 GlaxoSmithKline Plc               256,154.1   187,003.6      37%                  11      Novartis AG                          115,470.5     74,868.3     54%
  12 DaimlerChrysler AG                246,179.9   146,969.2      68%                  12      Public Service Announcements         112,290.3     72,717.4     54%
  13 General Electric                  231,265.0   157,144.6      47%                  13      DaimlerChrysler AG                   111,552.8     66,568.0     68%
  14 Anheuser-Busch Cos                221,462.4   173,442.9      28%                  14      Sony Corporation                     107,133.4    104,143.0     3%
  15 Yum Brands Inc                    209,772.3   231,567.1      -9%                  15      General Mills Inc                    106,795.4    104,795.5     2%
  16 Toyota Motor                      202,474.3   200,464.0      1%                   16      Kellogg                               96,500.2     75,919.6     27%
  17 Sony Corporation                  200,927.8   237,711.1     -15%                  17      Berkshire Hathaway                    87,817.0     41,034.2    114%
  18 Novartis AG                       199,051.0    99,653.5     100%                  18      National Amusements                   82,607.7     96,478.6    -14%
  19 Coca-Cola Co                      189,072.7   125,071.5      51%                  19      Yum Brands                            82,440.0     74,902.2     10%
  20 Unilever                          181,048.9       na          na                  20      Home Depot                            81,132.2     49,792.1     63%
      Top 20 Total                    6,302,290.2 5,354,573.9     18%                          Top 20 Total                        2,813,369.1 2,303,862.2     22%
      All Other                      10,834,088.5 9,705,928.8     12%                          All Other                           7,847,767.2 6,859,167.0     14%
      Total                          17,136,378.7 15,060,502.7    14%                          Total                               10,661,136.3 9,163,029.2    16%

Syndication                                                                         Spot TV
Rank Advertiser                         2004          2003     % Change             Rank       Advertiser                              2004         2003     % Change
   1 Procter & Gamble                $251,486.8    $243,415.0     3%                    1      DaimlerChrysler AG                   $410,522.7 $441,114.2       -7%
   2 Pfizer                           91,151.9       64,289.9     42%                   2      General Motors                       327,295.4    283,030.5      16%
   3 Johnson & Johnson                88,796.5       66,293.4     34%                   3      Ford Motor Dealer Association        324,713.9    305,728.8      6%
   4 GlaxoSmithKline Plc              71,649.4       65,927.1     9%                    4      General Motors Dealer Association    300,341.1    280,842.4      7%
   5 Mars Inc                         58,061.1       64,613.1    -10%                   5      Public Service Announcements         295,308.0    317,240.9      -7%
   6 Loreal SA                        56,003.8       42,162.7    33%                    6      Nissan Motor                         291,421.4    223,981.8      30%
   7 Gillette Co                      54,357.9       32,521.2    67%                    7      Honda Motor Co Ltd                   250,627.4    230,387.8      9%
   8 Kellogg Co                       53,096.4       38,330.0    39%                    8      Toyota Motor Dealer Association      230,471.5    194,053.0      19%
   9 Hyundai Co                       48,931.7       16,734.9    192%                   9      Ford Motor Company                   203,079.4    207,163.3      -2%
  10 Reckitt Benckiser Plc            45,785.6       14,550.9    215%                  10      Toyota Motor                         179,361.8    149,984.9      20%
  11 Wyeth                            42,515.2       28,168.2     51%                  11      SBC Communications                   171,961.3    191,957.1     -10%
  12 Gap Inc                          36,953.3       27,899.5    32%                   12      Yum Brands                           164,602.1    156,847.8      5%
  13 PepsiCo                          36,686.7       38,162.0     -4%                  13      Verizon Communications Inc           150,928.2    124,285.5      21%
  14 Walt Disney                      36,147.0       41,841.2    -14%                  14      General Mills                        142,471.9    153,614.5      -7%
  15 Texas Pacific Group              35,230.8       29,727.6    19%                   15      General Motors Corp Local Dealers    136,290.9    130,053.7      5%
  16 Nestle SA                        34,616.2       37,480.9     -8%                  16      Hyundai Corp                         119,851.2    108,875.4      10%
  17 Unilever                         33,493.0          na         na                  17      Toyota Motor Corp Local Dealers      117,315.7     95,912.3     22%
  18 General Motors                   33,352.5       37,526.3    -11%                  18      McDonald's Corp                      115,783.5    106,485.8      9%
  19 Capital One Financial            32,997.9          na         na                  19      Time Warner Inc                       97,554.7    103,933.8      -6%
  20 Time Warner Inc                  32,771.2       29,481.6    11%                   20      Walt Disney                           95,897.6    112,328.8     -15%
      Top 20 Total                   1,174,084.9    919,125.5     28%                          Top 20 Total                        4,125,799.7 3,917,822.3      5%
      All Other                      1,724,390.2   1,551,862.1    11%                          All Other                           9,271,583.2 8,330,413.7      11%
      Total                          2,898,475.1   2,470,987.6    17%                          Total                               13,397,382.9 12,248,236.0    9%
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.




BEAR, STEARNS & CO. INC.                                                                                                                                Page 99
           Exhibit 111. Top 50 Cable TV Advertisers, 2003 ($ in millions)
                Rank        Advertiser                       2003 Ad Spend
                   1        Procter & Gamble Co.                  $514.6
                   2        General Motors Corp.                   369.0
                   3        Time Warner Inc.                       259.0
                   4        Altria Group Inc.                      187.4
                   5        Walt Disney Co.                        168.3
                   6        Sony Corp.                             166.0
                   7        WorldCom Inc.                          162.3
                   8        Johnson & Johnson                      157.4
                   9        Pfizer Inc.                            147.1
                  10        GlaxoSmithKline PLC                    140.4
                  11        General Mills Inc.                     131.8
                  12        PepsiCo Inc.                           130.4
                  13        Dell Computer Corp.                    129.0
                  14        National Amusements Inc                127.1
                  15        Sears Roebuck & Co.                    109.2
                  16        Ford Motor Co.                         104.6
                  17        Vivendi Universal SA                   100.0
                  18        Yum Brands Inc.                         99.9
                  19        Public Service Ann                      98.9
                  20        Novartis AG                             98.2
                  21        DaimlerChrysler AG                      93.4
                  22        Microsoft Corp.                         93.4
                  23        Kellogg Co.                             92.8
                  24        Petmeds Express Inc.                    92.6
                  25        US Govt.                                89.0
                  26        Honda Motor Co. Ltd.                    87.7
                  27        Mattel Inc.                             87.0
                  28        Hyundai Corp.                           84.9
                  29        Progressive Corp.                       83.9
                  30        Nestle SA                               82.8
                  31        Clorox Co.                              82.4
                  32        Unilever                                82.4
                  33        Mars Inc.                               79.4
                  34        IAC/InterActive Corp.                   78.2
                  35        Toyota Motor Corp.                      77.8
                  36        Home Depot Inc.                         76.6
                  37        Reckitt Benckiser PLC                   76.2
                  38        Gateway Inc.                            75.5
                  39        Verizon Communications                  73.9
                  40        American Express Co.                    71.5
                  41        McDonald's Corp.                        71.3
                  42        Wal-Mart Stores Inc.                    69.0
                  43        Nissan Motor Co. Ltd.                   66.2
                  44        News Corp. Ltd.                         64.9
                  45        Bowflex Inc.                            60.4
                  46        Gillette Co.                            58.9
                  47        Wyeth                                   58.2
                  48        Loews Cos. Inc.                         57.9
                  49        Berkshire Hathaway Inc.                 57.1
                  50        Campbell Soup Co.                       55.6
                            Total                                $5,681.4
           Source: Adweek; Cabletelevision Advertising Bureau; CMR. April 12, 2004.




Page 100                                                               ADVERTISING & MARKETING SERVICES
                           Radio Advertisers




BEAR, STEARNS & CO. INC.                       Page 101
               Exhibit 112. Top 10 Categories on Radio, First Nine Months 2004 by Quarter ($ in 000s)
               Top 10 Network Radio

                 Rank     Category                                                        1Q04     2Q04      3Q04    First 9 Months
                   1      Prescription Medications                                      $3,429.2 $11,362.9 $6,785.1    $21,577.2
                   2      Department Stores                                             5,680.6   7,161.2   4,690.8     17,532.6
                   3      National Restaurants                                           5,763.2  2,921.8   5,507.3     14,192.3
                   4      Consumer Electronics Stores                                   6,340.4   7,129.1      na       13,469.5
                   5      Home Centers & Hardware Stores                                1,694.3   5,339.2   3,810.4     10,843.9
                   6      Business, Personal, & Residential Phone Services               2,092.3  2,570.4   2,815.7      7,478.4
                   7      Domestic Hotels & Resorts                                     1,092.6   1,788.5   2,929.6      5,810.7
                   8      Motion Pictures                                               1,630.1   2,254.2   1,516.3      5,400.6
                   9      Domestic Cars & Light Trucks                                  3,740.9      na        na        3,740.9
                  10      Domestic Factory Light Trucks                                   407.5   1,027.2    425.0       1,859.7
                          Top 10 Total                                                 31,871.1 41,554.5 28,480.2      101,905.8
                          Other                                                        200,200.4 229,715.5 221,855.8   651,771.7
                          Total                                                        232,071.5 271,270.0 250,336.0   753,677.5

               Top 10 National Spot Radio

                 Rank     Category                                                        1Q04           2Q04            3Q04   First 9 Months
                   1      Business, Personal, & Residential Phone Services             $49,626.1      $62,254.4       $51,531.5 $163,412.0
                   2      Domestic Car & Truck Dealer Association                       23,706.7       32,355.0        42,348.3    98,410.0
                   3      National Restaurants                                          24,996.6       32,692.4        33,226.3    90,915.3
                   4      Home Centers & Hardware Stores                               23,225.3       40,414.8        17,596.4     81,236.5
                   5      Banks                                                         15,071.0       32,574.4        25,520.4    73,165.8
                   6      Motion Pictures                                               17,996.3       10,015.1        18,455.0    46,466.4
                   7      Department Stores                                             6,301.4        9,368.3         7,934.7     23,604.4
                   8      Furniture Stores                                              4,218.6        3,437.6         6,778.6     14,434.8
                   9      Domestic Hotels & Resorts                                      2,918.0        6,469.9         3,861.5    13,249.4
                  10      Credit Cards                                                   2,680.3        4,704.3         4,575.0    11,959.6
                          Top 10 Total                                                 170,740.3      234,286.2       211,827.7   616,854.2
                          Other                                                        343,140.9      463,455.7       447,288.0 1,253,884.6
                          Total                                                        513,881.2      697,741.9       659,115.7 1,870,738.8
                Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.

Exhibit 113. Top 20 Advertisers on Radio, First Nine Months 2003-04 ($ in millions)
Network Radio                                                                          National Spot Radio
Rank Advertiser                                2004       2003      % Change           Rank Advertiser                                   2004        2003    % Change
   1 General Motors                         $31,955.1   $25,662.3     25%                1 SBC Communications                         $78,780.8 $131,412.6     -40%
   2 Pfizer                                  18,307.1   19,860.1       -8%               2 Verizon Communications Inc                  72,162.9    56,216.3     28%
   3 Ford Motor Company                      16,454.2   18,987.4      -13%               3 Home Depot Inc                              68,148.0    83,318.4    -18%
   4 Procter & Gamble                        16,273.0   17,921.1       -9%               4 Time Warner Inc                             60,704.7    53,305.1     14%
   5 IAC/Interactive Corp                    15,623.4   18,827.1      -17%               5 DaimlerChrysler AG Dealer Association       58,925.3    67,893.1    -13%
   6 Altria Group                            14,103.8    6,856.1      106%               6 News Corp                                   35,215.3    36,542.6     -4%
   7 Wal-Mart Stores Inc.                    12,413.5    2,076.8      498%                7 General Motors Corp Dealer Association     31,120.6    24,622.8     26%
   8 JC Penney Co Inc.                       12,356.1   14,994.8      -18%               8 Berkshire Hathaway Inc.                     27,296.6    19,569.9     39%
   9 Johnson & Johnson                       11,983.0    8,278.3      45%                9 General Electric                            26,626.9    28,972.9     -8%
  10 Cendant Corp                            11,631.3    2,025.8      474%               10 Allstate Corp.                             25,726.4        na        na
  11 Kohls Corp                              10,269.7    9,019.6      14%                11 National Amusements Inc                    23,831.2    32,303.9    -26%
  12 Walt Disney                              9,388.5   10,739.6      -13%               12 Ford Motor Co Dealer Association           23,543.1    21,849.5      8%
  13 Wyeth                                    9,208.6   13,870.4      -34%               13 Walt Disney                                23,234.2    23,870.8     -3%
  14 Dell Computer Corp                       9,195.1      na           na               14 Bank of America Corp                       19,118.6       na         na
  15 General Electric                        8,814.3     4,939.1      78%                15 Nextel Communications Inc.                 17,376.9    11,035.0     57%
  16 State Farm Mutual Auto Insurance Co     8,088.9     4,128.8      96%                16 U.S. Government                            15,402.6     6,654.1    131%
  17 Sanofi-Aventis                          7,653.7     1,278.2      499%               17 Lowes Cos. Inc.                            13,085.8    13,915.6     -6%
  18 Time Warner Inc                         7,610.3     8,657.2      -12%               18 Toyotal Motor Corp Dealer Association      12,505.7     8,916.0     40%
  19 National Amusements Inc.                6,993.1    12,856.4      -46%               19 Procter & Gamble                           11,876.1    9,555.6      24%
  20 Berkshire Hathaway Inc.                 6,964.7     5,468.9      27%                20 General Motors                             11,318.1    11,989.4     -6%
      Top 20 Total                          245,287.4   206,448.0     19%                     Top 20 Total                            655,999.8 641,943.6        2%
      All Other                             508,866.2   528,570.9      -4%                    All Other                              1,219,071.1 1,282,618.0    -5%
      Total                                 754,153.6   735,018.9       3%                    Total                                  1,875,070.9 1,924,561.6    -3%
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.




Page 102                                                                                              ADVERTISING & MARKETING SERVICES
                     Newspaper Advertisers




BEAR, STEARNS & CO. INC.                     Page 103
Exhibit 114. Top 25 Newspaper Companies, 2003 ($ in millions)
     Rank                                         Newspaper Net Revenue
 2003 2002 Company                                   2003     % change                                                             Top Newspaper                                                        Circulation
   1      1    Gannett Co.                          $5,610      5.8%                                                               USA Today                                                             2,251,035
   2      2    Tribune Co.                           4,017        2.4                                                              Los Angeles Times                                                      983,727
   3      3    The New York Times Co.                3,008       5.0                                                               The New York Times                                                    1,133,763
   4      4    Knight Ridder                         2,768       -0.4                                                              The Philadelphia Inquirer                                              387,692
   5      5    Advance Publications                  2,128        5.6                                                              The Star Ledger (Newark, NJ)                                           407,945
   6      7    Hearst Corp.                          1,458      10.5                                                               Houston Chronicle                                                      549,300
   7      6    Cox Enterprises                       1,400        3.7                                                              The Atlanta Journal-Constitution                                       401,077
   8      8    Dow Jones & Co.                       1,227       -1.9                                                              The Wall Street Journal                                               2,101,017
   9      9    McClatchy Co.                         1,098        2.8                                                              Star Tribune (Minneapolis)                                             377,058
  10     10 The Washington Post Co.                   873         3.7                                                              The Washington Post                                                    772,553
  11     11 Belo                                      746         1.7                                                              The Dallas Morning News (1)                                            529,879
  12     12 MediaNews Group                           738         2.6                                                              Denver Post                                                            286,197
  13     14 Freedom Communications                    714         7.9                                                              Orange County Register                                                 310,001
  14     13 E.W. Scripps Co.                          692         1.5                                                              Rocky Mountain News                                                    286,004
  15     17 Lee Enterprises                           648       25.0                                                               North County Times (Oceanside, CA)                                      94,360
  16     15 Copley Press                              573         8.1                                                              San Diego Union-Tribune                                                355,771
  17     16 Media General                             544         2.9                                                              Tampa Tribune                                                          238,877
  18     20 Landmark Communications                   448         5.1                                                              The Virginia-Pilot                                                     201,300
  19     18 Hollinger International                   445         0.8                                                              Chicago Sun-Times (1)                                                  486,936
  20     19 Morris Communications                     438         1.1                                                              Jacksonville Times-Union                                               169,093
  21     21 Pulitzer                                  423         1.6                                                              St. Louis Post-Dispatch                                                281,198
  22     22 Community Newspaper Holdings              410         5.1                                                              Tribune-Democrat (Johnstown, PA)                                        41,973
  23     23 Journal Register Co.                      389         0.2                                                              New Haven Register                                                      92,022
  24     25 Harte-Hanks                               360         7.4                                                              PennySaver (S. Calif. Shopper)                                       10,000,000
  25     24 Seattle Times Co.                         346        -4.2                                                              Seattle Times                                                          237,303

(1) Newspaper overstated its circulation. Its numbers are under review.
Source: AdAge, August 2004.



Exhibit 115. Top 10 Categories in Newspapers, First Nine Months 2004 ($ in thousands)
Top 10 Newspaper Categories                                                                                        Top 10 National Newspaper Categories

Rank   Category                                               1Q04         2Q04          3Q04     First 9 Months   Rank   Category                                              1Q04        2Q04        3Q04   First 9 Months
 1     Business, Personal, & Residential Phone Services   $370,637.9    $405,621.9    $349,902.7 $1,126,162.5       1     Motion Pictures                                    $67,962.8   $46,916.5   $51,217.2 $166,096.5
 2     Domestic Car & Light Truck Local Dealers            310,168.9     325,938.3     340,579.5    976,686.7       2     Business, Personal, & Residential Phone Services    41,671.5    41,220.0    35,197.3   118,088.8
 3     Car & Truck Dealers                                 316,579.3     325,312.3     334,016.1    975,907.7       3     Domestic Hotels & Resorts                           31,519.7   35,214.3     33,034.9    99,768.9
 4     Asian Car & Light Truck Local Dealers               270,588.3     277,390.2     292,058.8    840,037.3       4     Banks                                               17,548.9   20,854.0     14,948.9    53,351.8
 5     Motion Pictures                                     259,237.3     214,130.6     218,196.8    691,564.7       5     Asian Factory Cars                                  11,626.0    10,941.5     5,933.9    28,501.4
 6     Banks                                               193,308.1     210,381.4     182,147.4    585,836.9       6     Asian Factory Light Trucks                          7,892.1      6,451.0     4,392.2    18,735.3
 7     Furniture Stores                                    178,765.5     163,990.5     176,119.2    518,875.2       7     Domestic Factory Light Trucks                       6,419.7      8,046.4     3,761.6    18,227.7
 8     Department Stores                                   130,018.4     147,896.2     150,628.2    428,542.8       8     Prescription Medications                             4,281.7     9,020.5     4,882.2    18,184.4
 9     Domestic Car & Truck Dealer Association             126,345.1     145,368.6     119,155.1    390,868.8       9     Credit Cards                                        4,888.7      6,163.2     6,912.7    17,964.6
 10    Domestic Hotels & Resorts                            92,925.8     114,207.3     112,551.5    319,684.6       10    Domestic Car & Truck Dealer Association             4,483.0     4,712.3     3,942.9     13,138.2
       Top 10 Total                                       2,248,574.6   2,330,237.3   2,275,355.3 6,854,167.2             Top 10 Total                                       198,294.1   189,539.7   164,223.8   552,057.6
       Other                                              3,206,090.4   3,360,705.3   3,188,303.0 9,755,098.7             Other                                              572,812.6   633,639.4   545,619.0 1,752,071.0
       Total                                              5,454,665.0   5,690,942.6   5,463,658.3 16,609,265.9            Total                                              771,106.7   823,179.1   709,842.8 2,304,128.6

Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.




Page 104                                                                                                                              ADVERTISING & MARKETING SERVICES
Exhibit 116. Top 20 Advertisers in Newspapers, First Nine Months 2003-04 ($ in thousands)
Newspapers                                                                                 National Newspapers
Rank Advertiser                                   2004         2003       % Change         Rank Advertiser                               2004          2003       % Change
   1 SBC Communications                         529,383.0   563,623.8        -6%              1 Time Warner Inc                        64,166.1      58,199.5       10%
   2 General Motors Corp Local Dealers          423,843.7   377,160.8       12%               2 SBC Communications                     58,805.2      46,538.3       26%
   3 Verizon Communications Inc                 408,380.7   327,852.8       25%               3 Verizon Communications Inc             47,066.7      38,967.6       21%
   4 Ford Motor Co Local Dealers                385,866.4   334,569.0       15%               4 General Motors                         46,057.5      42,319.4        9%
   5 News Corp                                  351,636.6   322,916.4         9%              5 Toyota Motor                           42,828.6      30,118.2       42%
   6 May Department Stores                      276,031.0   314,024.6       -12%              6 Dell Computer Corp                     38,823.3      24,782.3       57%
   7 DaimlerChrysler AG Local Dealers           274,038.2   266,960.0         3%              7 Walt Disney                            38,752.3      46,615.9       -17%
   8 General Motors                             266,256.4   159,819.5       67%               8 Sprint Corp                            36,684.7      34,651.7        6%
   9 Federated Department Stores Inc.           264,600.4   297,266.6       -11%              9 IBM Corp                               36,666.9      37,953.9        -3%
  10 Sprint Corp                                262,331.5   281,299.0        -7%             10 Ford Motor Company                     35,808.1      34,286.7        4%
  11 Toyota Motor Corp Local Dealers            231,057.2   214,841.8         8%             11 Federated Dept Stores Inc.             31,871.8      27,519.1       16%
  12 Valassis Communications Inc.               229,378.7   187,147.6       23%              12 General Electric                       31,324.8      32,726.8        -4%
  13 Ford Motor Co Dealer Association           209,602.0   159,268.0       32%              13 Sony Corporation                       30,577.3      28,959.9        6%
  14 General Motors Corp Dealer Association     203,571.7   162,947.2       25%              14 Hewlett-Packard Co.                    28,190.1      45,550.3       -38%
  15 Time Warner Inc                            200,843.1   189,433.2         6%             15 National Amusements Inc.               26,461.4      30,529.7       -13%
  16 Car & Truck Dealer- Direct                 181,020.8   153,616.8       18%              16 News Corp                              25,837.2      31,070.9       -17%
  17 Honda Motor Co Ltd Local Dealers           171,111.4   168,731.9         1%             17 DaimlerChrysler AG                     22,816.8      18,586.6       23%
  18 Nissan Motor Co Ltd Local Dealers          151,713.0   124,041.9       22%              18 American Express Co                    17,522.6      20,584.2       -15%
  19 Dillard Inc                                145,500.4   153,817.2        -5%             19 Dreamworks SKG                         14,924.0         na            na
  20 Walt Disney                                141,448.7   168,979.6       -16%             20 Ford Motor Co Dealer Association       13,958.8      11,323.3       23%
      Top 20 Total                             5,307,614.9 4,928,317.7        8%                  Top 20 Total                        689,144.2     641,284.3        7%
      All Other                               12,577,611.1 11,877,065.9       6%                  All Other                          1,802,074.7   1,636,174.3      10%
      Total                                   17,885,226.0 16,805,383.6      6%                   Total                              2,491,218.9   2,277,458.6       9%
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.



                                              Exhibit 117. Top 10 Advertisers in Hispanic Newspapers, 2003
                                              ($ in millions)
                                                     Rank      Advertiser                               Ad Spend
                                                        1      AT&T Wireless                               $3.8
                                                        2      News Corp.                                   3.1
                                                        3      Sears, Roebuck & Co.                        2.6
                                                        4      Federated Department Stores                 2.4
                                                        5      J.C. Penney                                  2.3
                                                        6      SBC Communications                          2.1
                                                        7      Rooms To Go                                 2.1
                                                        8      Time Warner                                  1.9
                                                        9      Kmart Corp.                                 1.9
                                                       10      Best Buy Co.                                1.6

                                              Note Data reflect five Spanish-language newspapers in Chicago, four in New York and San
                                                   Francisco, three in Los Angeles and Miami, two in Dallas, Houston, Phoenix, San Diego,
                                                   and San Antonio, and one in Washington.
                                              Source: CMR; Association of Hispanic Advertising Agencies; Advertising Age. 2004.



                                              Exhibit 118. Top 10 Telecom Advertisers in Spanish Language
                                              Newspapers, January-August 2004 ($ in millions)
                                                             Advertiser               Ad Expenditure
                                                             SBC                              $2.4
                                                             Verizon                           1.6
                                                             AT&T Wireless                     1.5
                                                             Nextel                            0.7
                                                             Sprint                            0.4
                                                             First Data                       0.4
                                                             US Cellular                       0.3
                                                             Deutsche Telekom                  0.3
                                                             Forte                             0.3
                                                             AT&T Corp                         0.2
                                              Source: CMR; Portada Year 2 Number 12.




BEAR, STEARNS & CO. INC.                                                                                                                                         Page 105
Page 106   ADVERTISING & MARKETING SERVICES
                       Magazine Advertisers




BEAR, STEARNS & CO. INC.                      Page 107
           Exhibit 119. Top 10 Categories on Magazines, First Nine Months 2004 ($ in millions)
            Rank Category                                                1Q04        2Q04                                   3Q04    First 9 Months
              1     Prescription Medications                         $234,230.2 $318,829.6                              $265,595.5   $818,655.3
              2     Domestic Factory Light Trucks                     117,901.3 157,963.1                                121,229.6    397,094.0
              3     Asian Factory Cars                                103,067.4 109,081.3                                107,733.8    319,882.5
              4     Asian Factory Light Trucks                         79,841.7    73,609.3                               68,536.0    221,987.0
              5     Clothing Stores                                    85,721.2       na                                 134,887.3    220,608.5
              6     Domestic Hotels & Resorts                          57,915.3    70,349.2                               63,774.3    192,038.8
              7     Credit Cards                                       28,932.9    56,201.1                               80,352.1    165,486.1
              8     National Restaurants                               20,930.0    33,531.6                               43,948.0     98,409.6
              9     Business, Personal, & Residential Phone Services 24,495.1      33,837.8                               21,747.0     80,079.9
             10 Home Centers & Hardware Stores                         18,004.1    31,648.7                               29,619.1     79,271.9
                    Top 10 Total                                      771,039.2 885,051.7                                937,422.7   2,593,513.6
                    Other                                            3,489,256.9 4,629,838.6                            4,166,945.0 12,286,040.5
                    Total                                            4,260,296.1 5,514,890.3                            5,104,367.7 14,879,554.1


           Top 10 Sunday Magazine Categories

             Rank     Category                                                          1Q04             2Q04               3Q04        First 9 Months
               1      Prescription Medications                                       $19,448.1         $19,195.8          $16,286.2       $54,930.1
              2       Credit Cards                                                    5,296.2           7,929.8           10,146.2         23,372.2
              3       Furniture Stores                                                7,805.2           6,174.7            8,659.4         22,639.3
              4       Clothing Stores                                                  6,364.1             na              8,473.6         14,837.7
               5      Domestic Hotels & Resorts                                        4,826.4          5,644.8            3,031.2         13,502.4
               6      National Restaurants                                             2,012.8          3,822.1            3,858.8          9,693.7
               7      Home Centers & Hardware Stores                                    718.9           5,718.1            2,741.4          9,178.4
               8      Banks                                                            1,479.6          2,132.3             898.7           4,510.6
               9      Asian Factory Cars                                               1,799.8          1,242.7            1,321.1          4,363.6
              10      Asian Factory Light Trucks                                        688.4           1,089.4            1,011.7          2,789.5
                      Top 10 Total                                                    50,439.5         52,949.7           56,428.3        159,817.5
                      Other                                                          310,578.2         313,031.0          314,776.1       938,385.3
                      Total                                                          361,017.7         365,980.7          371,204.4      1,098,202.8

           Note: Includes Sunday magazines.
           Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.



Exhibit 120. Top 20 Advertisers on Magazines, First Nine Months 2003-04 ($ in millions)
Magazines                                                                             Sunday Magazines
Rank Advertiser                             2004         2003       % Change          Rank Advertiser                                2004          2003     % Change
   1 Procter & Gamble                    $442,832.0   438,933.7        1%                1 Dell Computer Corp                      $59,971.7    $58,203.8      3%
   2 General Motors                      318,582.3    317,782.1        0%                2 Altria Group                             22,649.6    10,922.2      107%
   3 Altria Group                        316,766.5    281,254.6       13%                3 Procter & Gamble                         20,868.5     21,607.1      -3%
   4 Loreal SA                           243,467.4    211,548.3       15%                4 Citigroup Inc                            18,140.9         na         na
   5 Johnson & Johnson                   230,899.1    240,868.7        -4%               5 AstraZeneca Plc                          17,361.0    15,042.7       15%
   6 DaimlerChrysler AG                  220,483.4    230,065.6        -4%               6 Wal-Mart Stores Inc                      17,134.5      5,217.7     228%
   7 Ford Motor Company                  217,241.8    203,714.8        7%                7 Walt Disney                              16,213.2      6,518.5     149%
   8 Time Warner Inc                     211,212.0    199,745.5        6%                8 Sears Roebuck & Co                       12,717.3    39,013.1      -67%
   9 Toyota Motor                        185,448.9    184,991.5        0%                9 Sanofi-Aventis                           9,632.0       3,875.6     149%
  10 Pfizer                              180,216.1    156,627.5       15%               10 Ford Motor Company                       9,108.9       4,284.9     113%
  11 Nissan Motor                        170,900.3    157,936.4        8%               11 Johnson & Johnson                        8,592.4     15,421.9      -44%
  12 GlaxoSmithKline Plc                 140,478.2    131,811.8        7%               12 Time Warner Inc                          7,910.9       4,460.2      77%
  13 Clorox Co                           125,074.5    140,223.2       -11%              13 Bristol-Myers Squibb Co.                 7,295.8       7,301.8      0%
  14 Unilever                            120,548.8        na            na              14 Wyeth                                    7,095.1       9,660.9     -27%
  15 Merck & Co Inc                       99,647.8    109,464.3        -9%              15 Pfizer                                   6,871.0       4,813.7      43%
  16 PepsiCo                              90,263.6     87,689.3        3%               16 Unilever                                 6,254.2          na         na
  17 Nestle SA                            89,398.9     89,773.6        0%               17 Kellogg Co                               6,139.9       7,524.0     -18%
  18 Walt Disney                          87,738.9     85,707.9         2%              18 Hewlett-Packard Co.                      5,658.0     12,651.3      -55%
  19 Honda Motor Co Ltd                   84,575.8     91,001.8        -7%              19 State Farm Mutual Auto Insurance Co.     5,509.1     14,392.7      -62%
  20 Sanofi-Aventis                       82,608.6     69,398.2       19%               20 National Amusements Inc.                 5,230.3       2,854.6      83%
      Top 20 Total                      3,658,384.9 3,428,538.8        7%                   Top 20 Total                           270,354.3    243,766.7      11%
      All Other                         11,255,577.6 10,160,103.5     11%                   All Other                              782,707.1    730,911.0      7%
      Total                             14,913,962.5 13,588,642.3     10%                   Total                                 1,053,061.4   974,677.7      8%
Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.



Page 108                                                                                               ADVERTISING & MARKETING SERVICES
                      Exhibit 121. Top 10 Advertisers in Hispanic Magazines, 2003 ($ in millions)
                             Rank          Advertiser                                                 Ad Spend
                               1           Procter & Gamble Co.                                         $15.7
                               2           Ford Motor Co.                                                11.7
                               3           General Motors Corp.                                          9.1
                               4           L'Oreal                                                        7.1
                               5           Esteé Lauder Co.                                              5.6
                               6           DaimlerChrysler                                                4.7
                               7           Toyota Motor Corp.                                            3.8
                               8           Johnson & Johnson                                              3.7
                               9           Time Warner                                                   3.1
                              10           Altria Group                                                  3.1
                      Source: CMR; Association of Hispanic Advertising Agencies; Advertising Age. 2004.




BEAR, STEARNS & CO. INC.                                                                                         Page 109
Page 110   ADVERTISING & MARKETING SERVICES
                           Outdoor Advertisers




BEAR, STEARNS & CO. INC.                         Page 111
           Exhibit 122. Top 10 Categories on Outdoor, First Nine Months 2004 ($ in millions)
              Rank     Category                                                  1Q04         2Q04         3Q04   First 9 Months
                1      Domestic Hotels & Resorts                              $40,643.0    $42,774.3    $34,318.1 $117,735.4
                2      National Restaurants                                    24,990.9     30,228.0     29,787.9    85,006.8
                3      Car & Truck Dealers                                    22,270.7     32,007.2      9,825.6     64,103.5
                4      Banks                                                   16,263.4     23,524.2     21,852.4    61,640.0
                5      Motion Pictures                                         10,095.7     32,059.3     5,929.8     48,084.8
                6      Business, Personal, & Residential Phone Services        11,045.3     13,229.4     14,083.9    38,358.6
                7      Domestic Car & Light Truck Local Dealers                8,642.8      9,393.4      8,762.6     26,798.8
                8      Asian Car & Light Truck Local Dealers                   4,835.9      4,687.6      4,544.0     14,067.5
                9      Furniture Stores                                        3,667.4      3,860.5      3,899.1     11,427.0
               10      Domestic Cars & Light Trucks                            8,528.0         na           na        8,528.0
                       Top 10 Total                                           150,983.1    191,763.9    133,003.4   475,750.4
                       Other                                                  536,753.9    627,155.9    691,162.3 1,855,072.1
                       Total                                                  687,737.0    818,919.8    824,165.7 2,330,822.5
           Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.



           Exhibit 123. Top 20 Advertisers on Outdoor, First Nine Months 2003-04 ($ in millions)
                                                                       Outdoor
           Rank Advertiser                                      2004            2003           % Change
              1 Anheuser-Busch Cos Inc.                       32,709.5        49,045.6           -33%
              2 General Motors                                25,889.3        23,635.2            10%
              3 McDonald's Corp                               22,013.8        35,485.2           -38%
              4 Time Warner Inc                               19,703.6        26,140.0           -25%
              5 Verizon Communications Inc                    17,634.5        21,443.6           -18%
              6 Cendant Corp                                  17,060.0        20,533.6           -17%
              7 Nissan Motor                                  14,165.0        27,052.4           -48%
              8 Walt Disney                                   13,631.3        21,144.7           -36%
              9 SABMiller Plc                                 12,857.4        21,191.1           -39%
             10 General Motors Corp Local Dealers             12,738.9        17,803.7           -28%
             11 Toyota Motor                                  10,748.6        10,337.6            4%
             12 DaimlerChrysler AG                            10,167.1        10,563.9            -4%
             13 Ford Motor Co Local Dealers                    9,648.0        14,343.2           -33%
             14 Bank of America Corp.                         9,388.2             na               na
             15 Nextel Communications Inc.                    9,019.5         14,039.4           -36%
             16 Berkshire Hathaway Inc.                       8,360.9          2,790.4           200%
             17 News Corp                                     7,669.0          5,542.1            38%
             18 SBC Communications                            7,587.5         15,114.2           -50%
             19 Coca-Cola Co.                                 7,434.9          4,628.3            61%
             20 Allstate Corp.                                7,132.6             na               na
                   Top 20 Total                              275,559.6       340,834.2           -19%
                   All Other                                2,125,218.8     1,700,678.5           25%
                   Total                                    2,400,778.4     2,041,512.7          18%
           Source: Television Bureau of Advertising; CMR Media Watch; Bear, Stearns & Co. Inc. January 2005.




Page 112                                                               ADVERTISING & MARKETING SERVICES
                           Internet Advertisers




BEAR, STEARNS & CO. INC.                          Page 113
           Exhibit 124. Top 10 Internet Companies ($ in millions)
           Rank      Company                                 2003                   % Change     Top Property In Medium
              1      Time Warner                           $8,600                     -5.4%      America Online
              2      Yahoo! Inc.                             1,355                     68.0      Yahoo.com
              3      Google                                   962                     176.5      Google.com
              4      MSN Network (Microsoft Corp.)            836                      48.0      MSN Network
              5      Dow Jones & Co.                          322                       4.0      The Wall Street Journal Online
              6      CNET Networks                            197                       7.5      CNET.com
              7      International Data Group                 170                      4.9       PCWorld.com
              8      Primedia                                 107                       4.7      About.com
              9      RCN                                       95                       8.4      RCN Internet
             10      Knight Ridder                             80                      44.2      Real Cities Network
           Source: AdAge, August 2004.

           Exhibit 125. Top 10 Categories on Internet, 2003 ($ in millions)
                Rank       Category                                                            2003              % Share
                   1       Retail                                                          $1,115.3                18%
                   2       Movies, Media & Advertising                                      1,055.3                17
                   3       Financial Services                                                 916.3                14
                   4       Computers, Software & Internet                                     643.8                10
                   5       Airlines, Hotels, & Car Rental                                     334.3                 5
                   6       Telecommunications                                                 295.7                 5
                   7       Medicines & Proprietary Medicines                                  217.7                 3
                   8       Automotive                                                         215.5                 3
                   9       Insurance & Real Estate                                            158.1                 2
                  10       Government, Politics, & Organizations                              125.1                 2
                           Top 10 Total                                                    $5,077.1                80%
                           All Other                                                       $1,280.8                20%
                           Total                                                           $6,357.9               100%

           Note: Advertising Age estimates.
           Source: Advertising Age. June 28, 2004.

           Exhibit 126. Top 10 Categories on Internet, 2002-03
                                                            Total Ad Spend                           Online Ad Spend
           Category                              2002               2003        % Growth       2002         2003    % Growth
           Automotive (10)                    $13,065,188       $13,778,059       5.5%       $120,518    $164,198    36.2%
           Computers (5)                      $3,333,223         $3,866,752      16.0%       $139,619    $152,933     9.5%
           Consumer Electronics (3)           $2,099,270         $2,450,712      16.7%       $51,828      $57,655    11.2%
           Cosmetics (2)                      $1,922,952         $2,144,974      11.5%        $4,547       $2,729    -40.0%
           CPG (23)                           $17,324,982       $18,054,925       4.2%       $125,990    $155,816    23.7%
           Financial Services (4)             $1,525,759         $1,994,886      30.7%       $70,547      $85,875    21.7%
           Media (5)                          $8,186,159         $9,082,839      11.0%       $242,205    $229,143     -5.4%
           Pharmaceuticals (11)               $10,608,414       $12,125,212      14.3%       $49,743      $82,721    66.3%
           Restaurants (5)                    $3,430,593         $3,447,660       0.5%        $5,337       $5,268     -1.3%
           Retail (16)                        $10,902,671       $11,606,554       6.5%       $62,329     $110,715    77.6%
           Telecommunications (9)             $6,473,295         $7,442,807      15.0%       $64,892      $68,543     5.6%

           Note: Advertising Age estimates. Number of advertisers in parentheses.
           Source: Advertising Age. June 28, 2004.




Page 114                                                                            ADVERTISING & MARKETING SERVICES
                Exhibit 127. Top 10 Advertisers on Internet, 2002-03 ($ in millions)
                     Rank        Advertiser                            2003                       2002      % Change
                        1        Time Warner                        $120.2                      $175.2          -31%
                        2        InterActive Corp                      77.2                       51.4           50%
                        3        Dell                                  48.9                       28.1           74%
                        4        General Motors Corp.                 48.0                        40.7           18%
                        5        Toyota Motor Corp                     47.9                       22.2          116%
                        6        Microsoft Corp.                       46.8                       64.9          -28%
                        7        Hewlett-Packard Co.                   42.3                       29.9           41%
                        8        General Electric Co.                  42.1                       13.9          203%
                        9        Citigroup                             32.3                       27.6           17%
                       10        Philips Electronics                   30.5                       20.8           47%

                Note: AAdvertising Age estimates.
                Source: Advertising Age. June 28, 2004.



                   Exhibit 128. Top 10 U.S.                     Internet    Properties,   November   2004
                   (in thousands)
                     Rank Property                                    Unique Visitors      % Penetration
                        1    Yahoo! Sites                                 116.3                73%
                        2    Time Warner Network                          113.1                71%
                        3    MSN-Microsoft Sites                          110.7                69%
                        4    Google Sites                                  69.0                43%
                        5    eBay                                          61.2                38%
                        6    Amazon Sites                                  43.1                27%
                        7    Ask Jeeves                                    39.1                24%
                        8    About Primedia                                38.3                24%
                        9    Viacom Online                                 34.7                22%
                       10    Symantec                                      32.4                20%
                             Total Audience                               159.7

                   Note: Includes home, work, and university users.
                   Source: comScore Media Metrix. December 2004.




BEAR, STEARNS & CO. INC.                                                                                          Page 115
              Exhibit 129. Top 20 Properties in Argentina (in thousands)
               Rank Property                        Unique Visitors        % Penetration
                 1     MSN-Microsoft Sites               3,469                 92%
                 2     Yahoo! Sites                      2,712                 72%
                 3     Google Sites                      2,243                 60%
                 4     Terra Lycos                       1,720                 46%
                 5     MercadoLibre                      1,389                 37%
                 6     Click Diario Network              1,195                 32%
                 7     IMPRESIONESWEB.COM                 995                  26%
                 8     Wanadoo Sites                      896                  24%
                 9     Symantec                           800                  21%
                10 Time Warner Network                    729                  19%
                11 UOL Red                                687                  18%
                12 Hispavista Sites                       662                  18%
                13 About/Primedia                         611                  16%
                14 Deremate.com Sitios                    573                  15%
                15 Lycos Europe Sites                     477                  13%
                16 Macromedia                             451                  12%
                17 MIARROBA.COM                           426                  11%
                18 eBay                                   418                  11%
                19 Groupe ACC                             387                  10%
                20 T-Online Sites                         339                   9%
                       Total Audience                    3,763

              Note: August 2004 data.
              Source: comScore Media Metrix. October 2004.



           Exhibit 130. Top 20 Properties in Brazil (in thousands)
             Rank Property                     Unique Visitors        % Penetration
               1     MSN-Microsoft Sites             20,386               88%
               2     UOL Red                         18,064               78%
               3     IG.COM.BR                       17,865               77%
               4     Terra Lycos                     17,202               74%
               5     Yahoo! Sites                    16,882               73%
               6     Google Sites                    14,589               63%
               7     MercadoLibre                    13,343               57%
               8     GLOBO.COM                       12,773               55%
               9     Time Warner Network             10,159               44%
              10 IBEST.COM.BR                         8,140               35%
              11 UBBI.COM.BR                          6,716               29%
              12 BLOGGER.COM.BR                       6,569               28%
              13 Claria                               5,986               26%
              14 CLIC3.NET                            5,844               25%
              15 ABRIL.COM.BR                         5,374               23%
              16 FOTOLOG.NET                          4,828               21%
              17 BUSCAPE.COM.BR                       4,531               20%
              18 CAIXA.GOV.BR                         4,122               18%
              19 SUBMARINO.COM.BR                     4,121               18%
              20 ESTADAO.COM.BR                       3,877               17%
                     Total Audience                  23,235

           Note: August 2004 data.
           Source: comScore Media Metrix. October 2004.




Page 116                                                             ADVERTISING & MARKETING SERVICES
                Exhibit 131. Top 20 Properties in France (in thousands)
                 Rank Property                      Unique Visitors       % Penetration
                    1    MSN-Microsoft Sites            14,143                75%
                    2    Wanadoo Sites                  13,232                70%
                    3    Google Sites                   10,758                57%
                    4    Iliad/Free.fr Sites             9,186                49%
                    5    Yahoo! Sites                    8,580                46%
                    6    Time Warner Network             6,789                36%
                    7    eBay                            6,079                32%
                    8    Lycos Europe Sites              5,898                31%
                    9    Tiscali Sites                   5,622                30%
                   10 SNCF                               5,461                29%
                   11 Claria                            5,135                 27%
                   12 Kelkoo                             4,717                25%
                   13 Groupe PPR                        4,618                 25%
                   14 Credit Agricole                   4,346                 23%
                   15 T-Online Sites                     4,296                23%
                   16 Groupe Aprovia                     3,967                21%
                   17 Vivendi-Universal Sites            3,920                21%
                   18 Cdiscount                          3,883                21%
                   19 SONNERIE.NET                       3,833                20%
                   20 Symantec                           3,785                20%
                         Total Audience                 18,769

                Note: August 2004 data.
                Source: comScore Media Metrix. October 2004.



                Exhibit 132. Top 20 Properties in Germany (in thousands)
                 Rank Property                              Unique Visitors       % Penetration
                   1     MSN-Microsoft Sites                     24,053               72%
                   2     Google Sites                            23,805               71%
                   3     eBay                                    23,772               71%
                   4     Time Warner Network                     15,590               47%
                   5     T-Online Sites                          15,579               47%
                   6     Yahoo! Sites                            14,959               45%
                   7     Web.de Sites                            13,739               41%
                   8     Freenet.de Sites                        10,825               32%
                   9     United-Internet Sites                   10,588               32%
                  10 Deutsche Telekom                            10,031               30%
                  11 Amazon Sites                                 9,957               30%
                  12 Otto Gruppe                                  9,816               29%
                  13 RTL Group Sites                              8,985               27%
                  14 Scout24 Sites                                8,572               26%
                  15 Lycos Europe Sites                           8,538               26%
                  16 Sparkassen-Finanzgruppe                      8,315               25%
                  17 ProSiebenSat1 Sites                          8,114               24%
                  18 Jamba! Sites                                 6,932               21%
                  19 DE.VU                                        6,246               19%
                  20 PROFIWIN.DE                                  6,143               18%
                         Total Audience                          33,418

                Note: August 2004 data.
                Source: comScore Media Metrix. October 2004.




BEAR, STEARNS & CO. INC.                                                                          Page 117
           Exhibit 133. Top 20 Properties in Singapore (in thousands)
            Rank Property                              Unique Visitors      % Penetration
              1     Yahoo! Sites                             2,228              88%
              2     MSN-Microsoft Sites                      2,216              87%
              3     Google Sites                             1,195              47%
              4     Claria                                   1,153              45%
              5     Time Warner Network                       899               35%
              6     Match.com Sites                           700               28%
              7     eBay                                      679               27%
              8     FRIENDSTER.COM                            677               27%
              9     DBS.COM.SG                                676               27%
             10 Terra Lycos                                   600               24%
             11 About/Primedia                                543               21%
             12 CNET Networks                                 534               21%
             13 SINGNET.COM.SG                                507               20%
             14 Symantec                                      461               18%
             15 Kazaa                                         451               18%
             16 Real.com Network                              397               16%
             17 STARHUB.COM                                   389               15%
             18 ASIA1.COM.SG                                  380               15%
             19 SINGAPOREPOOLS.COM.SG                         377               15%
             20 MediaCorpTV Singapore Pte Ltd                 375               15%
                    Total Audience                           2,544

           Note: August 2004 data.
           Source: comScore Media Metrix. October 2004.



           Exhibit 134. Top 20 Properties in the United Kingdom (in thousands)
            Rank Property                          Unique Visitors       % Penetration
               1    MSN-Microsoft Sites                 21,434                 79%
               2    Google Sites                        16,426                 61%
               3    Yahoo! Sites                        15,624                 58%
               4    eBay                                12,826                 47%
               5    Time Warner Network                 11,925                 44%
               6    BBC Sites                            9,250                 34%
               7    Wanadoo Sites                        8,850                 33%
               8    Ask Jeeves                           8,515                 31%
               9    Claria                               7,472                 28%
              10 Amazon Sites                            6,832                 25%
              11 British Telecommunications              5,650                 21%
              12 Shopping.com Sites                      4,396                 16%
              13 GUS                                     4,183                 15%
              14 Expedia Travel                          4,170                 15%
              15 About/Primedia                          4,158                 15%
              16 MULTIMAP.COM                            4,123                 15%
              17 Terra Lycos                             4,083                 15%
              18 Kazaa                                   4,016                 15%
              19 Virgin Group                            4,015                 15%
              20 The Royal Bank Of Scotland              3,818                 14%
                    Total Audience                      27,140

           Note: August 2004 data.
           Source: comScore Media Metrix. October 2004.




Page 118                                                           ADVERTISING & MARKETING SERVICES
   Exhibit 135. Share of Search by U.S. and Worldwide Internet Users (% of total users)

                         Share of U.S. Internet Users                                       Share of WW Internet Users

                       Ask Jeeves       Other                                         Time
             Time                                                                            Ask Jeeves Other
                           2%            3%                                          Warner              3%
            Warner                                                                               2%
                                                                                     Network
            Network                                        Google                      7%
             13%                                            Sites
                                                            36%                  MSN-                                        Google
          MSN-                                                                  Microsoft                                     Sites
         Microsoft                                                               Sites                                        43%
          Sites                                                                   14%
           16%



                                   Yahoo!                                                   Yahoo!
                                    Sites                                                    Sites
                                    30%                                                      31%

   Source: qSearch; comScore Media Metrix. May 20, 2004.



     Exhibit 136. Top 3 Email Service Providers
                              % Reach                      Average Usage Days per Visitor            Average Pages per Visitor
     Provider            Nov-04     Jun-04                  Nov-04             Jun-04                Nov-04          Jun-04
     Yahoo!                37          35                      10                 9                    177             144
     AOL                   30          31                      11                 12                   114             121
     MSN Hotmail           27          30                       9                  9                   150             160
     Source: comScore Media Metrix. January 2005.




BEAR, STEARNS & CO. INC.                                                                                                     Page 119
Page 120   ADVERTISING & MARKETING SERVICES
                           Brand Advertisers




BEAR, STEARNS & CO. INC.                       Page 121
           Exhibit 137. Top 20 Global Brands Ranked by Brand Value, 2002-03 ($ in billions)
                Rank       Brand                           2003                 2002          % Change
                  1        Coca-Cola                      $70.5                 $69.6             1.2%
                  2        Microsoft                        65.2                 64.1               1.7
                  3        IBM                              51.8                 51.2               1.1
                  4        GE                               42.3                 41.3               2.5
                  5        Intel                            31.1                 30.9               0.8
                  6        Nokia                            29.4                 30.0              -1.8
                  7        Disney                           28.0                 29.3              -4.2
                  8        McDonald's                       24.7                 26.4              -6.4
                  9        Marlboro                         22.2                 24.2              -8.2
                 10        Mercedes                         21.4                 21.0               1.7
                 11        Toyota                           20.8                 19.5               6.8
                 12        Hewlett-Packard                  19.9                 16.8              18.4
                 13        Citibank                         18.6                 18.1               2.8
                 14        Ford                             17.1                 20.4             -16.3
                 15        American Express                 16.8                 16.3               3.3
                 16        Gillette                         16.0                 15.0               6.8
                 17        Cisco                            15.8                 16.2              -2.7
                 18        Honda                            15.6                 15.1               3.8
                 19        BMW                              15.1                 14.4               4.7
                 20        Sony                             13.2                 13.9              -5.4
           Source: Business Week; Interbrand. August 2003.




Page 122                                                           ADVERTISING & MARKETING SERVICES
                      Exhibit 138. Top 100 Megabrands, 1H 2003-04 ($ in millions)
                                                                       Measured
                                                                       Media Ad
                       Rank    Megabrand                                Spend       % Change
                         1     Verizon telecommunications                730.8        19.3%
                         2     AT&T telecommunications                   519.1          9.5
                         3     Nissan vehicles                           456.3         32.9
                         4     Chevrolet vehicles                        429.9          7.0
                         5     Ford vehicles                             411.4          0.6
                         6     Toyota vehicles                           386.2          4.4
                         7     Sprint telecommunications                 375.2         12.8
                         8     Cingular telecommunications               359.0         17.3
                         9     Dodge vehicles                            332.1         17.0
                        10     Home Depot building supply stores         330.7          0.4
                        11     McDonald's restaurants                    317.9         -5.6
                        12     Chrysler vehicles                         292.7         12.5
                        13     Sears department stores                   271.9         -5.5
                        14     Honda vehicles                            255.9          2.8
                        15     Dell computers                            244.6         12.2
                        16     Wal-Mart discount stores                  240.0         22.3
                        17     General Motors corporate                  238.2         18.6
                        18     Citibank financial services               233.9        133.8
                        19     Macy's department stores                  227.2         26.3
                        20     Hewlett-Packard computers                 225.7         17.5
                        21     Microsoft software                        212.9        -14.8
                        22     SBC telecommunications                    207.4         -0.4
                        23     IBM computers & services                  193.6          3.5
                        24     Target discount stores                    188.8         17.1
                        25     T-Mobile telecommunications               188.1         27.6
                        26     Lowe's building supply stores             184.0         14.2
                        27     Nextel telecommunications                 183.9         47.4
                        28     Wendy's restaurants                       179.1         10.9
                        29     Hyundai vehicles                          178.4         50.7
                        30     J.C. Penney department stores             176.4         -1.3
                        31     Kellogg cereals                           176.2         25.1
                        32     Mitsubishi vehicles                       166.5         -7.2
                        33     American Express financial services       165.0           2
                        34     Volkswagen vehicles                       162.5        -15.4
                        35     Mazda vehicles                            161.9         -4.9
                        36     Miller beers                              160.8         11.8
                        37     Subway restaurants                        155.4         16.8
                        38     L'Oreal cosmetics                         153.6         -5.8
                        39     Best Buy retail stores                    153.3         16.0
                        40     MasterCard credit cards                   150.7          5.9
                        41     Burger King restaurants                   150.5          2.2
                        42     Budweiser & Bud Light beers               147.9          7.6
                        43     AOL Internet service                      144.7          6.2
                        44     Coke & Diet Coke soft drinks              137.8          4.3
                        45     Olay skincare products                    134.7         34.6
                        46     Kohl's department stores                  133.2         16.4
                        47     Allstate insurance                        132.1        125.6
                        48     Pepsi & Diet Pepsi soft drinks            131.9         -5.0
                        49     Kia vehicles                              131.7         -5.5
                        50     State Farm insurance                      131.5         37.6
                      Source: Advertising Age. October 2004.




BEAR, STEARNS & CO. INC.                                                                       Page 123
           Exhibit 138 (Cont’d). Top 100 Megabrands, 1H 2003-04 ($ in millions)
                                                                     Measured
                                                                     Media Ad
           Rank     Megabrand                                         Spend     % Change
             51     Nexium heartburn Rx                                128.8       11.7
             52     Visa credit cards                                  128.7       -9.6
             53     Jeep vehicles                                      126.9      -18.5
             54     Crest dental products                              124.5       -6.8
             55     Tylenol pain remedies                              122.6       47.2
             56     Gillette shaving products                          122.3      149.3
             57     Geico insurance                                    121.9       40.9
             58     Comcast cable services                             119.1       97.9
             59     Office of National Drug Control                    115.9        3.4
             60     Sony electronics                                   114.5       29.4
             61     Lexus vehicles                                     114.0      -16.5
             62     Disney entertainment & resorts                     112.9       14.9
             63     KFC restaurants                                    109.7       -4.8
             64     General Mills cereals                              109.0      -24.7
             65     Cadillac vehicles                                  108.1        6.0
             66     Claritin allergy Rx                                107.9       -8.5
             67     Dilliard's department stores                       107.5       -7.6
             68     Bank of America financial services                 106.6       33.3
             69     DirecTV satellite television                       105.1       52.0
             70     GMC vehicles                                       104.2       21.2
             71     Kraft packaged foods                               101.7       -0.9
             72     Cialis erectile dysfunction Rx                     101.1        NA
             73     UPS shipping services                              100.3        5.9
             74     Crestor cholesterol Rx                              99.9        NA
             75     Nabisco cookies & crackers                          99.7        8.1
             76     Clorox bleaches & cleaners                          98.1      -11.6
             77     Pantene hair products                               98.0        3.4
             78     GE appliances, lighting & financial services        98.0        1.1
             79     Nike shoes & apparel                                97.9       -2.7
             80     Mercedes-Benz vehicles                              96.4       46.8
             81     Progressive auto insurance                          95.5       45.2
             82     Pizza Hut restaurants                               95.3       -2.4
             83     Taco Bell restaurants                               94.2      -11.9
             84     Wachovia financial services                         93.3      120.4
             85     Infiniti vehicles                                   93.3       -6.9
             86     Clairol hair products                               93.2      -11.0
             87     Acura vehicles                                      92.5      -12.2
             88     Saturn vehicles                                     92.3      -31.0
             89     Expedia.com online travel service                   91.3       69.3
             90     Neutrogena skincare products                        89.4       -1.8
             91     Levitra erectile dysfunction Rx                     88.7        NA
             92     Capital One financial services                      87.8        2.2
             93     Dove skincare products                              86.5       23.0
             94     Fry's electronics stores                            84.4       28.7
             95     Coors & Coors Light beers                          83.7        -6.8
             96     Gatorade sports drinks                              83.3        3.6
             97     Quaker cereals                                      83.2        9.3
             98     Circuit City stores                                 83.1        1.2
             99     Charles Schwab financial services                   83.0       81.4
            100     Fidelity financial services                         81.3       84.8
           Source: Advertising Age. October 2004.




Page 124                                                           ADVERTISING & MARKETING SERVICES
                      Exhibit 139. Top 10 Megabrands by Category, 1H 2003-04 ($ in millions)
                                                                           Share of
                       Rank Megabrand         1H 04 Ad Spend % change Spending Market Share
                      Automotive
                         1 Nissan                 $456.3       32.9%        9.0%             4.9%
                         2 Chevrolet               429.9          7.0         8.5             15.5
                         3 Ford                    411.4          0.6         8.1             16.8
                         4 Toyota                  386.2          4.4         7.6              9.9
                         5 Dodge                   332.1         17.0         6.5             7.4
                         6 Chrysler                292.7         12.5         5.8             3.4
                         7 Honda                   255.9          2.8         5.0              7.0
                         8 Hyundai                 178.4         50.7         3.5             2.4
                         9 Mitsubishi              166.5         -7.2         3.3             1.2
                        10 Volkswagen              162.5        -15.4         3.2             1.5
                             Total Market         5,085.5         5.8       100.0            100.0
                      General Retail
                         1 Sears                   271.9         -5.5        14.3             6.3
                         2 Wal-Mart                240.0         22.3        12.6            39.2
                         3 Macy's                  227.2         26.3        11.9             2.6
                         4 Target                  188.8         17.1         9.9             9.0
                         5 J.C. Penney Co.         176.4         -1.3         9.2             3.4
                         6 Kohl's                  133.2         16.4         7.0             2.1
                         7 Dilliard's              107.5         -7.6         5.6             1.5
                         8 Kmart                    65.9        -29.5         3.5             4.1
                         9 Robinson's May           50.7         -4.0         2.7             0.5
                        10 Foley's                  47.6          0.7         2.5              0.4
                             Total Market         1,907.7         3.0       100.0            100.0
                      Telecommunications
                         1 Verizon                 730.8         19.3        24.6            23.9
                         2 AT&T                    519.1          9.5        17.5             17.9
                         3 Sprint                  375.2         12.8        12.6             9.9
                         4 Cingular                359.0         17.3        12.1             6.1
                         5 SBC                     207.4         -0.4         7.0            13.7
                         6 T-Mobile                188.1         27.6         6.3             3.9
                         7 Nextel                  183.9         47.4         6.2             4.8
                         8 BellSouth                76.7         16.6         2.6             6.8
                         9 Qwest                    54.0         -9.4         1.8             5.2
                        10 Alltel                   52.1          2.0         1.8              2.3
                             Total Market         2,973.2         5.5       100.0            100.0
                      Dining
                         1 McDonald's              317.9         -5.6        16.3             7.9
                         2 Wendy's                 179.1         10.9         9.2             3.0
                         3 Subway                  155.4         16.8         8.0             2.1
                         4 Burger King             150.5          2.2         7.7              2.5
                         5 KFC                     109.7         -4.8         5.6             1.6
                         6 Pizza Hut                95.3         -2.4         4.9             1.8
                         7 Taco Bell                94.2        -11.9         4.8             1.9
                         8 Domino's Pizza           73.4         10.2         3.8             1.1
                         9 Applebees                63.8         14.3         3.3             1.3
                        10 Chili's                  50.1         11.5         2.6             0.9
                             Total Market         1,947.4         0.0       100.0            100.0
                      Source: Advertising Age. October 2004.




BEAR, STEARNS & CO. INC.                                                                             Page 125
Exhibit 140. Top 50 U.S. Advertisers, 2003 ($ in millions)
                                                                                           U.S. Measured Media Breakout for 2003
     Rank                                 Total U.S. Ad Spending Measured                                Consumer                       Yellow      Unmeasured
 2003 2002    Advertiser                         2003 % Change      Media     TV     Radio Newspaper Magazine Outdoor Internet Pages              Media Estimates
   1      1   General Motors Corp.           $3,429.9       -1.4%  $2,366.5 $1,453.8 $52.5       $274.3      $466.7      $32.3    $48.0   $38.9          $1,063.3
   2      3   Procter & Gamble Co.            3,322.7         24.3 2,684.5 1,956.9    37.4         54.4      617.0         5.3    13.5      -               638.3
   3      2   Time Warner Inc                 3,097.3          6.0 1,847.2    904.9   84.8        381.0      319.3        37.0   120.2      -             1,250.1
   4      4   Pfizer                          2,838.5         10.6 1,011.5    722.0   28.6         24.3      224.6         0.2    11.8      -             1,827.0
   5      6   DaimlerChrysler                 2,317.5         14.1 1,608.4    959.2   28.2        264.9      311.3        14.6    21.8      8.4             709.2
   6      5   Ford Motor Co.                  2,233.8         -0.8 1,444.6    870.1   32.2        193.0      291.3        10.5    25.8    21.7              789.3
   7      7   Walt Disney Co.                 2,129.3         18.1 1,391.7    808.3   55.6        313.0      158.6        28.5    27.7      -               737.6
   8      8   Johnson & Johnson               1,995.7         10.9 1,251.9    881.8   22.9          6.4      328.1         0.8    11.9      -               743.8
   9     11   Sony Corp.                      1,814.8         12.0 1,003.6    655.2   15.9        167.0      128.2        11.3    26.0      -               811.0
  10     13   Toyota Motor Corp.              1,682.7          8.4 1,014.3    607.9    8.2         76.3      260.4        13.6    47.9      -               668.5
  11     14   Verizon Communications          1,674.2          9.6 1,197.8    505.9   79.4        513.7        38.6       28.2    21.2    10.8              476.5
  12      9   Sears, Roebuck & Co.            1,633.6         -1.7   785.8    518.0   20.0        123.6        93.6        0.8    14.8    15.0              847.8
  13     17   General Electric                1,575.7         25.4   787.9    394.6   45.4        161.3      124.7        13.3    42.1      6.5             787.8
  14     12   GlaxoSmithKline                 1,553.7          0.0   776.1    547.5    7.7         22.8      181.2         2.8    14.1      -               777.7
  15     23   SBC Communications              1,511.0         38.4 1,037.7    415.7 144.8         441.7         7.9        8.1    12.5      7.0             473.3
  16     15   McDonald's Corp.                1,368.3          2.4   638.4    562.9    8.5          2.8        21.5       41.6     1.1      -               729.9
  17     10   Unilever                        1,332.1        -18.8   571.8    435.8    7.1          1.4      121.5         0.8     5.2      -               760.3
  18     18   Altria Group                    1,311.0          8.7 1,006.8    555.1   18.3         13.1      390.1         3.6    26.6      -               304.1
  19     26   Nissan Motor Co.                1,300.7         34.6   961.8    651.9    3.0         52.7      216.9        32.2     5.1      -               338.9
  20     20   Merck & Co.                     1,264.4          9.1   355.4    187.3    0.5         16.7      147.8         -       3.1      -               909.0
  21     16   Viacom                          1,248.8         -0.9   782.1    375.0   62.0        167.9      137.7        19.4    20.1      -               466.6
  22     21   L'Oreal                         1,239.4         10.9   636.1    349.1    0.5          2.3      280.7         1.1     2.4      -               603.3
  23     22   PepsiCo                         1,212.2          8.8   891.1    740.2    4.8          7.5      108.4         4.3    25.9      -               321.0
  24     32   Home Depot                      1,149.9         29.9   561.4    300.5 104.1          95.4        49.5        2.4     1.9      7.6             588.7
  25     31   Microsoft Corp.                 1,147.2         26.2   569.9    261.4    2.5         42.7      216.1         0.4    46.8      -               577.3
  26     19   Honda Motor Co.                 1,143.7         -4.1   709.0    549.4    0.9         27.9      120.8         2.7     7.3      -               434.8
  27     25   Nestle                          1,112.7          3.7   520.3    364.3    7.0          2.7      129.0         0.8    16.5      -               592.4
  28     24   U.S. Government                 1,102.3          1.8   642.7    420.6   22.1         49.6      134.7         6.2     9.5      -               459.5
  29     28   Target                          1,083.3         12.8   600.9    272.5   15.7        228.5        64.8        5.5    13.9      -               482.4
  30     34   Sprint Corp.                    1,069.3         23.0   805.7    289.4   10.5        477.0        20.5        2.9     5.4      -               263.5
  31     33   AT&T Wireless                   1,034.9         18.6   817.0    196.6   39.6        510.4        42.6       13.0    14.8      -               217.8
  32     30   News Corp                       1,031.8          9.2   779.0    432.0   72.6        162.0        80.8       12.6    19.0      -               252.8
  33     27   J.C. Penney Co.                 1,024.8          6.2   410.0    201.9   35.0        118.4        32.7        0.3    21.7      -               614.9
  34     56   Novartis                          966.5         69.8   394.8    295.7    6.1          5.5        84.2        -       3.3      -               571.6
  35     29   General Mills                     955.6          0.2   615.9    563.5    4.3          0.2        43.0        1.0     3.9      -               339.7
  36     38   Esteé Lauder                      905.6         12.5   146.6     23.2    1.2          1.6      119.7         0.6     0.3      -               758.9
  37     41   Hewlett-Packard Co.               898.9         22.1   511.2    147.5    2.7        109.3      208.0         1.4    42.3      -               387.6
  38     35   IBM Corp.                         862.0          3.6   427.9    153.5    0.5         72.7      184.8         4.3    12.1      -               434.2
  39     36   Best Buy Co.                      837.5          2.3   324.9    126.0    0.4        150.1        31.0        0.5    16.9      -               512.6
  40     44   Wyeth                             821.4         13.4   343.0    246.1   22.1         12.6        53.1        0.3     8.8      -               478.5
  41     48   Mars Inc.                         813.4         24.5   431.5    316.0    4.6          1.1      102.0         3.5     4.3      -               381.8
  42     58   Bristol-Myers Squibb Co.          778.1         38.1   230.3    119.7    0.5         20.3        85.8        0.1     3.9      -               547.7
  43     40   Anheuser-Busch Cos.               776.4         -2.1   445.2    338.8    0.5         12.0        33.2       57.0     3.7      -               331.2
  44     43   Cendant Corp.                     773.1          6.4   231.6    104.5    5.7         40.8        19.8       25.4     8.2    27.2              541.4
  45     46   ConAgra Foods                     764.8         12.4   189.3    110.5    8.0          0.8        67.9        0.2     1.9      -               575.5
  46     42   Yum Brands                        761.1          3.9   659.9    636.4    8.8          0.8         0.6        5.7     0.5      7.1             101.2
  47     39   Diageo                            748.2         -6.2   206.1     87.1    9.8          2.6        80.9       20.5     5.2      -               542.1
  48     45   Federated Department Stores       707.2         -1.1   615.7     80.2    3.6        493.7        27.0        1.9     9.3      -                91.5
  49     52   Wal-Mart Stores                   677.9          9.7   479.5    421.7    4.3         14.1        25.6        0.4    10.8      2.6             198.4
  50     59   American Express                  673.1         24.2   379.7    178.0   18.5         58.5      101.7         8.6    14.4      -               293.4
Source: Advertising Age. June 28, 2004.




Page 126                                                                                          ADVERTISING & MARKETING SERVICES
Exhibit 141. 50 Leading Media Companies ($ in millions)
     Rank                                          Total Net U.S. Media Revenue    WW Parent WW Net           Net Revenue From The U.S. By Medium in 2003
 2003 2002    Media Company                        2003          2002     % Change Revenue Income     Newspaper Magazine       TV        Radio    Cable     Other
   1      1   Time Warner Inc                    $29,247       $28,203       3.7%   $39,565  $2,639       $0       $4,514     $660         $0    $15,473    $8,600
   2      2   Comcast Corp.                      17,492         16,002       9.3%    18,348   3,240       0           0         0           0    17,492        0
   3      3   Viacom                              17,252        15,939       8.2%    26,585   1,417        0          51      7,761      2,098    5,595      1,748
   4      4   Walt Disney Co.                    11,239          9,991      12.5%    27,061   1,267       0          298      4,806       612     5,523         0
   5      5   NBC Universal (General Electric)    8,177         8,325       -1.8%   134,187  15,002       0           0       6,193         0     1,984        0
   6      6   Cox Enterprises                     8,108          7,348      10.3%    10,796    NA       1,400          0       523        426     5,759         0
   7      8   DirecTV Group                       7,696          6,445      19.4%    10,121   -362        0           0         0           0        0      7,696
   8      7   News Corp                           7,532          6,884       9.4%    19,217   1,428      168           5      4,422         0     2,313       624
   9      9   Gannett Co.                         6,330          6,076       4.2%     6,711   1,211     5,610         0        720          0        0         0
  10     10   Clear Channel Communications        6,138          5,851       4.9%     8,931   1,146       0            0       268       3,695       0      2,175
  11     11   Advance Publications                5,909          5,409       9.2%     5,909    NA       2,128       2,197       0           0     1,585         0
  12     14   EchoStar Communications Corp.       5,410          4,430      22.1%     5,739    225        0           0         0           0        0      5,410
  13     12   Tribune Co.                         5,398          5,199       3.8%     5,595    891      4,017         20      1,323        38        0          0
  14     13   Charter Communications              4,819          4,566       5.5%     4,819   -238        0            0        0           0     4,819         0
  15     15   Hearst Corp.                        4,045          3,731       8.4%      NA      NA       1,458       1,900      687          0        0          0
  16     17   Cablevision Systems Corp.           3,694          3,292      12.2%     4,177   -297        0           0         0           0     3,694        0
  17     16   Adelphia Communications Corp.       3,584          3,426       4.6%     3,584    NA          0           0        0           0     3,584         0
  18     18   The New York Times Co.              3,227          3,079       4.8%     3,227    303      3,008         0        130         15        0         74
  19     19   Knight Ridder                       2,848          2,835       0.5%     2,946    296      2,768          0        0           0        0         80
  20     20   Bloomberg                           2,380          2,240       6.3%     3,400    NA          0           0        0          11       63      2,306
  21     21   The Washington Post Co.             2,001          1,963       1.9%     2,839    241       873         354       315          0      459          0
  22     22   Dow Jones & Co.                     1,549         1,559       -0.6%    1,549     171      1,227         0         0          0         0        322
  23     24   E.W. Scripps Co.                    1,531         1,402        9.2%    1,875     271       692          0        304          0      535         0
  24     23   Belo                                1,436          1,428       0.6%     1,436    129       746           0       647          0       19         25
  25     25   Univision Communications            1,392          1,292       7.7%     1,311    155        0            0      1,059       278       39         16
  26     41   Yahoo! Inc.                         1,355           807       67.9%     1,625    238        0            0        0           0        0      1,355
  27     28   Discovery Communications            1,264          1,121      12.8%     1,995    NA          0           0        0           0     1,264         0
  28     26   Primedia                            1,241         1,280       -3.0%    1,346      39        0         1,079       0           0       55        107
  29     27   Advo                                1,163          1,130       2.9%     1,163     50        0            0        0           0        0      1,163
  30     29   McClatchy Co.                        1,098         1,069       2.7%     1,099    150      1,098          0         0          0        0          0
  31     31   Meredith Corp.                       1,080          957       12.9%     1,080     91         0         808       272          0        0          0
  32     32   MediaCom Communications Corp.       1,005           923        8.9%     1,005    -63        0            0        0           0     1,005         0
  33     72   Google                                962           348      176.4%      962     106        0           0         0           0        0        962
  34     30   International Data Group              930           963       -3.4%     2,410    NA          0         760        0           0        0        170
  35     34   A&E Television Networks               905           846        7.0%      905     NA          0          23        0           0      882          0
  36     38   Insight Communications Co.            903           812       11.2%      903     -14         0           0         0          0      903          0
  37     37   Valassis Communications               878           816        7.6%      917     104        0            0        0           0        0        878
  38     35   Media General                         837           832        0.6%      837      59       544           0       286          0        0          7
  39     49   MSN Network (Microsoft Corp.)         836           565       48.0%    32,187   9,993       0            0        0           0        0        836
  40     33   Reader's Digest Association           835           854       -2.2%     2,388     67        0          835        0           0        0          0
  41     44   Freedom Communications                824           768        7.3%       0      NA        714           0       110          0        0          0
  42     42   Lifetime Entertainment Services       813           787        3.3%      813     NA          0          12        0           0      802          0
  43     43   Lamar Advertising Co.                 810           776        4.4%      810     -47        0            0        0           0        0        810
  44     36   Gruner & Jahr USA (Bertelsmann)       788           830       -5.1%    19,175    237        0          788        0           0        0          0
  45     39   McGraw-Hill Cos.                      773           809       -4.4%     4,328    688        0          668       105          0        0          0
  46     47   MediaNews Group                       744           723        2.9%      744      36       738           0         7          0        0          0
  47     46   Landmark Communications               743           728        2.1%       0      NA        448           0        65          0      231          0
  48     45   Sinclair Broadcast Group              724           731       -1.0%      739      24        0            0       724          0        0          0
  49     40   Gemstar-TV Guide International        680           809      -15.9%      879    -577        0          365        0           0      153        162
  50     55   Lee Enterprises                       657           524       25.4%      657      78       648           0        0           0        0          8
Source: BIA Financial Network; Kagan World Media; TNS Media Intelligence/CMR; Audit Bureau of Circulations and public documents; Advertising Age. August 2004.




BEAR, STEARNS & CO. INC.                                                                                                                              Page 127
           Exhibit 142. U.S. Company Revenue per Advertising Dollar, 2003 ($ in millions)
                                                                                         U.S. Revenue            Total U.S.
            Category                     Rank        Advertiser                           per Ad Dollar         Advertising        U.S. Revenue
            Automotive                     6         Ford Motor                                    $46              $2,234              $103,435
                                           1         General Motors                                39               3,430               133,897
                                          26         Honda Motor                                   35               1,144                40,306
                                           5         DaimlerChrysler                               31               2,317                72,814
                                          10         Toyota Motor                                  31               1,683                52,323
                                          55         Volkswagen                                    27                  608               16,701
                                          19         Nissan Motor                                  22               1,301                29,028
                                          89         Mitsubishi Motors                             14                  382                5,247
                                          92         Kia Motors                                      9                 347                3,131
                                          96         Hyundai Motor                                 NA                  333                   NA
            Beer, Wine & Liquor           43         Anheuser-Busch                                17                  776               13,510
                                          77         SAB Miller                                    11                  433                4,778
                                          95         Adolph Coors                                    7                 339                2,410
                                          47         Diageo                                          7                 748                5,197
            Cleaners                      60         Clorox                                          6                 553                3,540
                                          87         Reckitt Benckiser                               4                 393                1,675
                                          99         SC Johnson                                    NA                  318                   NA
            Computers &                   58         Dell                                          51                  565               28,603
            Software                      38         IBM                                           39                  862               33,762
                                          37         Hewlett-Packard                               32                  899               29,200
                                          86         Intel                                         19                  394                7,644
                                          25         Microsoft                                     19               1,147                22,100
            Drugs                         84         AstraZeneca                                   24                  404                9,835
                                          73         Aventis                                       20                  459                9,096
                                          76         Bayer                                         17                  434                7,567
                                          42         Bristol-Myers Squibb                          17                  778               12,897
                                           8         Johnson & Johnson                             13               1,996                25,274
                                          40         Wyeth                                         12                  821                9,581
                                          20         Merck & Co.                                   11               1,264                13,321
                                          14         GlaxoSmithKline                               10               1,554                15,481
                                           4         Pfizer                                          9              2,838                26,844
                                          34         Novartis                                        7                 967                6,568
                                          54         Schering-Plough                                 6                 609                3,559
            Electronics                   100        Canon                                         28                  317                8,953
                                          98         Philips Electronics                           27                  319                8,596
            Entertainment                 13         General Electric                              54               1,576                84,795
            & Media                       21         Viacom                                        17               1,249                21,698
                                          32         News Corp.                                    14               1,032                14,601
                                           9         Sony Corp.                                    11               1,815                20,727
                                           7         Walt Disney Co.                               10               2,129                22,124
                                           3         Time Warner                                   10               3,097                32,123
            Financial                     50         American Express                              31                  673               20,859
                                          78         Berkshire Hathaway                            10                  431                4,460
                                          75         MasterCard International                        3                 439                1,406
                                          71         Visa International                            NA                  462                   NA
                                          80         Citigroup                                     NA                  420                   NA
            Food                          18         Altria Group                                  31               1,311                40,298
                                          45         ConAgra Foods                                 23                  765               17,739
                                          27         Nestlé                                        18               1,113                20,527
                                          56         Sara Lee Corp.                                18                  583               10,662
                                          82         Campbell Soup Co.                             11                  412                4,549
                                          57         Kellogg Co.                                   10                  570                5,629
                                          35         General Mills                                 10                  956                9,144
                                          41         Mars Inc.                                     NA                  813                   NA
            Miscellaneous                 94         United Parcel Service                         82                  340               27,924
                                          44         Cendant Corp.                                 21                  773               15,997
                                          72         InterActive Corp.                             11                  461                5,227
                                          59         Nike                                            8                 559                4,658
                                          66         Mattel                                          7                 488                3,204
                                          28         U.S. Government                               NA               1,102                    NA
            Personal Care                 91         Kimberly-Clark Corp.                          25                  348                8,657
                                          17         Unilever                                        8              1,332                11,155
                                          97         Colgate-Palmolive Co.                           7                 332                2,356
                                           2         Procter & Gamble Co.                            7              3,323                21,853
                                          52         Gillette Co.                                    6                 612                3,448
                                          22         L'Oreal                                         3              1,239                 4,318
                                          36         Esteé Lauder Cos.                               3                 906                2,953
            Restaurants                   62         Burger King Corp.                             15                  525                7,900
                                          83         Doctor's Associates                           14                  408                5,699
                                          46         Yum Brands                                      7                 761                5,655
                                          88         Wendy's International                           6                 386                2,197
                                          16         McDonald's Corp.                                4              1,368                 6,039
            Retail                        49         Wal-Mart Stores                              308                  678              208,757
                                          53         Kroger Co.                                    88                  612               53,791
                                          70         Albertson's                                   76                  467               35,436
                                          65         Lowe's Cos.                                   61                  504               30,838

           Note: Revenue per ad dollar are actuals. Some U.S. revenue estimates may be from North America. Sales are from public documents
                 and represent most current fiscal year. Advertisers are ranked in most advertised categories that may not reflect segments that
                 generate the most revenue or income.
           Source: Advertising Age. June 28, 2004.



Page 128                                                                                        ADVERTISING & MARKETING SERVICES
      Exhibit 143. Top Automotive Advertisers, 2003 ($ in millions)
      Rank Company                                    2003 Ad Spend   Agencies
                                                                      Interpublic shops Campbell- Ewald, Lowe & Partners, McCann-Erickson,
        1     General Motors Corp.                       $2,366.4     GM Mediaworks. Chemistri (PUB). Goodby, Silverstein & Partners (OMC).
        2     DaimlerChrysler                            1,498.2      Omnicom shops BBDO, Merkley & Partners, PHD.
                                                                      WPP Shops J. Walter Thompson, Y&R Advertising, Ogilvy & Mather,
         3    Ford Motor Co.                             1,344.3      Mediaedge:CIA. Ford Motor Media. Euro RSCG (HAVS).
         4    Nissan North America                        943.1       Omnicom shops TBWA and OMD.
         5    Toyota Motor Sales USA                      912.5       Publicis shops Saatchi & Saatchi, Zenith Optimedia, Team One. Attik.
         6    Honda Motor Co.                             668.4       Rubin Postaer & Associates.
         7    Volkswagen of America                       429.1       Havas shops Arnold, McKinney & Silver, MPG.
         8    Mitsubishi Motors N.A..                     274.9       Deutsch (IPG).
         9    Kia Motors America                          239.7       David & Goliath, Carat (Aegis).
        10    Mazda N.A. Operations                       227.7       Doner, Ford Motor Media.
        11    Hyundai Motor America                       218.1       Richards Group, Carat (Aegis).
        12    BMW of North America                        157.8       Fallon, Optimedia (PUB), Crispin, Porter & Bogusky (MDC).
        13    Subaru of America                           136.9       Interpublic shops TM Advertising and Universal McCann.
        14    Suzuki Motor                                 62.5       Colby & Partners (Dentsu).
      Source: Advertising Age; CMR; April 12, 2004.



      Exhibit 144. Top Light Auto Vehicle Advertisers, 2003 ($ in millions)
                                                                                                             Ad Spend in 11
                                                                   % Market Share                            Measured Media
             Rank      Advertiser                             2003               2002                    2003               2002
               1       Ford Division                          17.3               17.7                   $757.0             $659.4
               2       Chevrolet                              15.8               15.6                   630.1              791.5
               3       Toyota Division                         9.6                9.0                   651.9              620.6
               4       Dodge                                   7.3                7.5                   544.9              472.3
               5       Honda Division                          7.1                6.4                   423.4              445.3
               6       Nissan Division                         4.1                3.9                    758.0             544.2
               7       GMC                                     3.4                3.2                   176.0              208.8
               8       Pontiac                                 2.9                3.1                   164.0              150.2
               9       Chrysler Division                       2.8                2.9                   472.3              400.7
              10       Jeep                                    2.6                2.7                   309.5              267.4
                       Top 10 Share                           72.9               72.0                  $4,887.1           $4,560.4
      Source: Advertising Age; TNS/CMR; Automotive News. June 28, 2004.



      Exhibit 145. Top 10 Beer Brands, 2003 ($ in millions)
                                                                                                             Ad Spend in 11
                                                                % Market Share                               Measured Media
         Rank       Advertiser                             2003               2002                      2003                2002
           1        Bud Light                              18.3               17.8                     $130.4             $113.1
           2        Budweiser                              14.9               15.6                      121.0              139.7
           3        Coors Light                             8.0                8.1                      126.7              133.0
           4        Miller Lite                             7.6                7.4                      122.6              126.1
           5        Natural Light                           4.0                3.9                       0.2                 0.2
           6        Busch                                   3.4                3.5                      10.9                 8.9
           7        Corona Extra                            3.4                3.3                      33.1                30.3
           8        Busch Light                             2.8                2.7                       2.6                 1.6
           9        Miller High Life                        2.6                2.6                       21.5               24.3
          10        Miller Genuine Draft                    2.2                2.4                       42.6               36.6
                    Top 10 Share                           67.2               67.3                     $611.6             $613.8
      Source: Advertising Age; TNS/CMR. June 28, 2004.




BEAR, STEARNS & CO. INC.                                                                                                                     Page 129
           Exhibit 146. Top 6 Cellular Handset Marketers, 2003 ($ in millions)
                                            % Market Share      Ad Spend in 11 Measured Media
           Rank Advertiser                   2003     2002            2003           2002
             1 Nokia                         27.7     29.8            $56.3          $22.8
             2 Motorola                      26.3     27.6            17.9           17.6
             3 Samsung                       12.1     10.4            20.5           28.5
             4 LG                            11.8      8.5             8.7            2.7
             5 Kyocera                        6.3      9.1             2.7            6.7
             6 SEMC                           4.1      3.0             9.0            NA
                   Top 6 Share               88.3     88.4           $115.1          $78.3
           Source: Advertising Age; TNS/CMR. June 28, 2004.



           Exhibit 147. Top 10 LCD, Flat Panel TV Marketers, 2003 ($ in millions)
                                                                             Ad Spend in 11
                                              % Market Share                 Measured Media
           Rank Advertiser                   2003        2002           2003             2002
              1 Sony                         23.8         21.4          $10.5            $2.6
              2 Sharp                        16.5         23.3           20.2            16.3
              3 Panasonic                    11.5         16.3           11.1             6.7
              4 Pioneer                       9.9         12.1            4.1             0.5
              5 Samsung                       9.0          7.5           14.6            15.2
              6 Philips                       5.2          4.1           13.6            11.1
              7 Hitachi                       4.0          3.8            2.4             1.1
              8 Zenith                        3.7          1.4            5.4            24.7
              9 Toshiba                       2.8          0.5            2.1             1.1
             10 Fujitsu                       1.9          5.1            0.2             0.0
                   Top 10 Total              88.3         95.5          $84.2           $79.3
           Source: Advertising Age; TNS/CMR. June 28, 2004.




Page 130                                                                ADVERTISING & MARKETING SERVICES
   Exhibit 148. Top 10 Restaurants, 2003 ($ in millions)
   Casual Dining                                                                                        Ad Spend in 11
                                                                      % Market Share                    Measured Media
          Rank         Advertiser                                2003               2002           2003                2002
            1          Applebee's                                 9.8                9.1          $106.1              $93.6
            2          Outback Steakhouse                         6.9                6.6           56.3                42.6
            3          Chili's Grill & Bar                        6.7                6.2           94.8                80.5
            4          Red Lobster                                6.6                6.7           91.5                74.4
            5          Olive Garden                               5.6                5.5           86.3                82.2
            6          T.G.I. Friday's                            4.9                5.0           63.0                44.8
            7          Ruby Tuesday                               3.7                3.3            2.5                 0.2
            8          Cheesecake Factory                         2.0                1.7            1.1                 0.0
            9          Romano's Macaroni Grill                    1.8                1.7           17.2                10.9
           10          Bennigan's                                 1.6                1.8            1.2                 8.4
                       Top 10 Share                              49.6               47.6          $520.0             $437.6

   Fast Food
                                                                                                         Ad Spend in 11
                                                                      % Market Share                     Measured Media
          Rank         Advertiser                                2003               2002            2003                2002
            1          McDonald's Corp.                          19.5               19.0           $551.5              $537.6
            2          Burger King                                7.0                7.8            272.1              336.3
            3          Wendy's                                    6.5                6.4            297.5              271.0
            4          Subway                                     5.0                4.9            249.5              218.4
            5          Taco Bell                                  4.7                4.9            201.0              195.8
            6          Pizza Hut                                  4.4                4.8            171.4              154.1
            7          KFC                                        4.4                4.6           222.7               224.5
            8          Starbucks                                  3.3                2.8             19.0               15.5
            9          Domino's Pizza                             2.7                2.7            114.6              122.3
           10          Dunkin' Donuts                             2.7                2.5             50.3               43.8
                       Top 10 Share                              60.2               60.4          $2,149.6            $2,119.3
   Source: Advertising Age; TNS/CMR. June 28, 2004.



   Exhibit 149. Top 10 Department Stores’ Advertising Spending, 2003 ($ in millions)
                                                     Ad Spend in 11
                                                     Measured Media           TV Share of Total       Newspaper Share of Total
   Rank    Advertiser                              2003          2002        2003          2002        2003            2002
     1     Sears, Roebuck & Co.                   $634.7        $645.1       62.6          56.4        19.3            30.4
     2     Federated Department Stores            604.8          676.4       13.3          10.1        81.4            85.5
     3     Target Corp.                            573.7         479.5       45.7          38.8        39.8            45.3
     4     May Department Stores                  543.4          531.5       12.0           7.4        80.9            88.3
     5     Home Depot                              522.7         299.4       52.1          64.9        18.2            24.3
     6     J.C. Penney                            436.4          368.6       42.0          55.5        41.4            34.3
     7     Wal-Mart Stores                        428.6          348.4       89.8          86.0         3.2             3.9
     8     Gap                                    356.0          229.3       75.4          67.9         4.0             3.2
     9     Best Buy Co.                            302.0         294.0       40.2          35.7        49.7            59.6
    10     Lowe's Cos.                            299.2          161.2       69.1          60.6        18.8            29.1
           Top 10 Share                          $4,701.5      $4,033.4      47.7          42.5        38.1            47.2
   Source: Advertising Age; TNS/CMR. June 28, 2004.




BEAR, STEARNS & CO. INC.                                                                                                  Page 131
Exhibit 150. Top Direct-to-Consumer Advertising Brand Expenditures & Agencies, 2002-03 ($ in millions)
Brand              Company         2003 2002 % Change      Consumer Advertising Agency             Health-Care Advertising Agency Disease/Medical Use
Nexium               AZN         $257.2 $211.0  21.9%      Saatchi & Saatchi Consumer Healthcare   Klemtner Advertising (PUB)     Gastroesophageal reflux disease, erosive esophagitis, Helicobacter
                                                           (PUB)                                                                  pylori
Prevacid              Tap        132.9    98.1    35.4%    Merkley Newman Harty Healthworks        Abelson-Taylor                 Ulcers, gastroesophageal reflux disease, erosive esophagitis, H.
                                                           (OMC)                                                                  pylori, pathological hypersecretory conditions
Singulair            MRK         130.5    62.0   110.4%    FCB HealthCare (IPG)                    FCB HealthCare (IPG)           Asthma, allergic rhinitis
Clarinex             SGP         129.2   142.3    -9.2%    The Quantum Group (WPPGY)               Thomas Ferguson Associates     Allergic rhinitis, urticaria
Allegra              AVE         125.5   134.3    -6.5%    McCann-Erickson Consumer Health         Abelson-Taylor                 Allergic rhinitis, urticaria
                                                           (IPG)
Viagra                PFE        111.6   104.5     6.8%    Cline, Davis & Mann (OMC)               Cline, Davis & Mann (OMC)             Erectile dysfunction
Lipitor               PFE        109.2    84.5    29.3%    Merkley Newman Harty Healthworks        Cline, Davis & Mann (OMC)             Cholesterol
                                                           (OMC)
Zoloft               PFE         108.9    53.1   105.2%    Kaplan Thaler Group (PUB)               Lyons Lavey Nickel Swift (OMC)        Depression, social and mood disorders
Zyrtec               PFE         105.3    80.8    30.4%    Berlin Cameron/Red Cell (WPPGY)         Lyons Lavey Nickel Swift (OMC)        Allergic rhinitis, urticaria
Advair               GSK         101.7   119.8   -15.1%    Ogilvy & Mather (WPPGY)                 Grey Healthcare Group                 Asthma, chronic obstructive pulmonary disease
Celebrex             PFE          95.9    90.4     6.1%    Publicis (PUB)                          Grey Healthcare Group                 Rheumatoid arthritis, osteoarthritis, acute pain, colorectal polyps,
                                                                                                   (GREY/WPPGY)                          primary dysmenorrhea
Zocor                MRK          95.1    98.5    -3.5%    Ogilvy & Mather (WPPGY)                 FCB HealthCare (IPG)                  Cholesterol, heart conditions, first-risk stroke reduction
Plavix               BMY          90.2    54.2    66.6%    Saatchi & Saatchi Consumer (WPPGY)      NA                                    Thrombotic events
Flonase              GSK          86.5    74.8    15.6%    Grey Worldwide (GREY/WPPGY)             NA                                    Allergic and nonallergic rhinitis
Ortho Evra           JNJ          86.0    35.7   141.1%    Alchemy                                 Integrated Communications (IPG)       Prevention of pregnancy
Procrit              JNJ          82.7    78.3     5.7%    OgilvyOne (WPPGY)                       Thomas Ferguson Associates            Anemia, transfusion reduction, red blood cell level maintenance
Elidel               NVS          79.7     0.0       NM    NA                                      Noesis Healthcare Interactions        Atopic dermatitis
Valtrex              GSK          77.9    51.2    52.0%    Euro RSCG (HAVS)                        FCB HealthCare (IPG)                  Herpes
Vioxx                MRK          69.6    72.7    -4.2%    DDB (OMC)                               FCB HealthCare (IPG)                  Rheumatoid arthritis, osteoarthritis, acute pain, primary dysmenorrhea,
                                                                                                                                         migraine
Paxil CR             GSK          62.9    43.5    44.6%    McCann-Erickson Consumer Health         Torre Lazur McCann (IPG)              Depression, panic, premenstrual dysphoric, social anxiety, and major
                                                           (IPG)                                                                         depressive disorder
Srattera             LLY          62.7     0.0        NM   FCB HealthCare (IPG)                    GSW Worldwide                         Attention-deficit hyperactivity disorder
Zelnorm              NVS          53.2     0.0        NM   Deutsch (IPG)                           Cline, Davis & Mann (OMC)             Irritable bowel syndrome
Wellbutrin XL        GSK          52.4     0.0        NM   NA                                      FCB HealthCare (IPG)                  Depressive disorder
Fosamax              MRK          50.5    76.0    -33.5%   FCB HealthCare (IPG)                    FCB HealthCare (IPG)                  Osteoporosis, Paget disease
Enbrel              AMGN          48.8     0.0        NM   Saatchi & Saatchi Consumer Healthcare   Klemtner Advertising (PUB)            Arthritis, plaque psoriasis, ankylosing spondylitis
                                                           (PUB)
Lamisil              NVS          47.7    36.8     29.7%   Integrated Communications (IPG)         Integrated Communications (IPG)       Fungal infections
Levitra              Bayer        46.9     0.0        NM   The Quantum Group (WPPGY)               Palio Communications                  Erectile dysfunction
Flumist              MEDI         45.7     0.0        NM   Saatchi & Saatchi Consumer (PUB)        Euro RSCG Life LM&P (HAVS)            Influenza prevention
Effexor XR           WYE          43.2     4.0        NM   Euro RSCG Life (HAVS)                   Euro RSCG Life LM&P (HAVS)            Depression, social and generalized anxiety disorder
Aricept               PFE         41.2    26.1     58.1%   TBWA (OMC)                              Lyons Lavey Nickel Swift (OMC)        Alzheimer disease
Botox                AGN          41.1    22.7     81.3%   Grey Worldwide (GREY/WPPGY)             Pacific Communications                Glabellar lines, cervical dystonia, blepharospasm, strabismus
Ambien               Sanofi       39.9    62.3    -35.9%   NA                                      NA                                    Insomnia
Diflucan              PFE         36.0    48.5    -25.7%   Cline, Davis & Mann (OMC)               Cline, Davis & Mann (OMC)             Fungal infections, candidiasis
Adderall XR         SHPGY         35.0    34.3      2.1%   Integrated Communications (IPG)         Harte-Hanks (HHS)                     Attention-deficit hyperactivity disorder
Detrol LA             PFE         34.7    45.4    -23.6%   Saatchi & Saatchi Consumer (PUB)        Lyons Lavey Nickel Swift (OMC)        Overactive bladder
Remicade              JNJ         30.9     2.5   1127.8%   Insight Interactive Group               Nelson Communications (OMC)           Rheumatoid arthritis, Crohn disease
Avandia              GSK          29.3    41.7    -29.8%   The Quantum Group (WPPGY)               Thomas Ferguson Associates            Type 2 diabetes, glycemic control
Pravachol            BMY          25.6    28.9    -11.4%   NA                                      Interlink Healthcare Communications   Cholesterol and reduce risk of stroke, myocardial infarction, myocardial
                                                                                                   (IPG)                                 revascularization procedures, and cardiovascular mortality
Arimidex             AZN          20.7     0.0       NM    Medicus New York (PUB)                  Medicus New York (PUB)                Breast cancer
Patanol              Nestle       20.2    20.9    -3.3%    FCB HealthCare (IPG)                    Corbett Accel Healthcare (OMC)        Eye itch due to allergic conjunctivitis
Rhinocort Aqua       AZN          18.8     1.9   897.6%    Medicus New York (PUB)                  Medicus New York (PUB)                Allergic rhinitis
Concerta              JNJ         18.1     4.3   316.0%    NA                                      Healthworld Communications            Attention-deficit hyperactivity disorder
Femring              GALN         15.6     0.0       NM    Regan Campbell Ward (IPG)               Regan Campbell Ward (IPG)             Menopausal symptoms, vulvar and vaginal atrophy
Retin-A Micro         JNJ         15.6    12.6    24.0%    The Quantum Group                       Kane and Finkel Healthcare            Acne vulgaris
EpiPen                Dey         14.6     0.0       NM    BBDO Worldwide (OMC)                    Wishbone/ITP                          Allergic reactions, anaphylaxis
Synvisc              WYE          14.4    16.7   -14.0%    Healthworld Communications (WPPGY)      Euro RSCG Life Chelsea (HAVS)         Pain from knee osteoarthritis
Nasacort AQ           AVE         12.3    11.3     8.8%    Marketing Drive Worldwide               Euro RSCG Life MetaMax (HAVS)         Allergic rhinitis
Yasmin            Schering AG     11.3    12.2    -7.7%    McCann-Erickson Consumer Health         Thomas Ferguson Associates            Prevention of pregnancy
                                                           (IPG)                                   (WPPGY)
WelChol             Sankyo        11.0     4.7   136.3%    Lyons Lavey Nickel Swift (OMC)          Lyons Lavey Nickel Swift (OMC)        Cholesterol
Penlac                AVE         10.7     7.4    44.4%    Donahoe Purohit Miller                  Donahoe Purohit Miller                Onychomycosis
Nicotrol              PFE         10.5     6.1    72.0%    BBDO Health Work (OMC)                  Strategic Medical Communications      Smoking cessation
Denavir               NVS          9.1     3.1   193.0%    NA                                      NA                                    Herpes
Glucovance            BMY          9.1    25.9   -64.9%    NA                                      NA                                    Type 2 diabetes, glycemic control
AndroGel             Solvay        8.1     4.8    67.5%    No current agency                       Cline, Davis & Mann (OMC)             Male testosterone deficiency
Allegra-D             AVE          7.7    10.8   -28.8%    NA                                      NA                                    NA
Effexor               WYE          6.9     0.0       NM    NA                                      NA                                    NA
Zaditor               NVS          6.7     0.0       NM    KSP Communications                      KSP Communications                    Eye itch due to allergic conjunctivitis
Protopic            Fujisawa       6.3     4.6    34.9%    Williams-Labadie (PUB)                  Williams-Labadie (PUB)                Atopic dermatitis
Famvir                NVS          6.1     0.0       NM    Deutsch (IPG)                           Integrated Communications (IPG)       Herpes
NuvaRing           Akzo Nobel      6.1     7.8   -21.8%    The Quantum Group (WPPGY)               Adient                                Prevention of pregnancy
Transderm Scop        NVS          5.9     0.0       NM    NA                                      Corbett Accel Healthcare (OMC)        Nausea and vomiting due to motion sickness
Tamiflu              Roche         5.1     0.0       NM    Sudler & Hennessey (WPPGY)              Sudler & Hennessey (WPPGY)            Influenza
Novolin InnoLet   Novo Nordisk     5.0     0.0       NM    Harrison & Star (OMC)                   NA                                    Type 1 diabetes
Neulasta             AMGN          4.6     3.3    41.7%    FCB HealthCare (IPG)                    Abelson-Taylor                        Neutropenia
MetaGlip              BMY          4.3     0.0       NM    NA                                      Interlink Healthcare Communications   Type 2 diabetes, glycemic control
                                                                                                   (IPG)
Imitrex              GSK           4.1    73.5    -94.4%   Grey Worldwide (GREY/WPPGY)             Grey Healthcare Group                 Migraine, cluster headache

Source: MedAdNews; Bear, Stearns & Co. Inc. 2003.




Page 132                                                                                                                 ADVERTISING & MARKETING SERVICES
                    Advertising &
             Marketing Services Companies




BEAR, STEARNS & CO. INC.                    Page 133
                                   Exhibit 151. Advertising Holding Company Family Tree
Page 134



                                                                                                                                                   Advertising Age’s
                                                                                                                                   Agency Family Tree
                                                                                                  THE 2004 GUIDE TO THE TOP SIX AD HOLDING COMPANIES
                                                   Omnicom Group
                                                   $8.62 billion                              1                        CRM
                                                                                                                       $2.92 billion                             MindShare
                                                                                                                                                                                                     Interpublic Group
                                                                                                                                                                                                     $5.86 billion                              3
                                                                                                                       Agency.com                                $371.1 million*
                                                           Advertising & Media                                                                                                                             Advertising & Media
                                                           $3.74 billion                                               Alcone Marketing Group
                                                                                                                       Atmosphere BBDO                           Ogilvy & Mather                           $3.75 billion
                                                                                                                       BBDO Detroit CRM                          $706.3 million*
                                                                 Arnell Group                                                                                                                                    Austin Kelley
                                                                                                                       GMR Marketing
                                                                 $21.2 million*                                                                                                                                  $9.5 million*
                                                                                                                       Grizzard Communications                   SicolaMartin
                                                                                                                       Integer Group                             $8.0 million*
                                                                BBDO Worldwide                                         Lieber, Levett, Koenig, Farese,                                                           Avrett, Free & Ginsberg
                                                                $1.24 billion*                                          Babcock                                  J. Walter Thompson                              $21.5 million*
                                                                                                                       Organic                                   $1.18 billion*
                                                                 DDB Worldwide Communications                          Rapp Collins Worldwide
                                                                                                                       Russ Reid Co.                             Y&R Advertising                                  Berenter Greenhouse & Webster
                                                                 $943.4 million*
                                                                                                                       Targetbase                                $517.1 million*                                  $4.6 million*
                                                                                                                       Tracy Locke Partnership
                                                                 Element 79                                                                                                                                      Campbell-Ewald
                                                                                                                       U.S. Marketing & Promotions               Branding & Identity, Healthcare
                                                                 $29.1 million *                                                                                                                                 $146.3 million*
                                                                                                                                                                 $1.71 billion
                                                                                                                                                                 Bravo Group
                                                                 Goodby, Silverstein & Partners                                                                  Brouillard                                      Campbell Mithun
                                                                 $39.7 million*                                        Specialty                                 CommonHealth                                    $95.7 million*
                                                                                                                       $1.01 billion                             connect@JWT
                                                                GSD&M                                                                                            Einson Freeman                                  Carmichael Lynch
                                                                $66.2 million*                                         1Health Communications                    Fitch: Worldwide
                                                                                                                       Bernard Hodes Group                                                                       $34.0 million*
                                                                                                                                                                 Glendinning
                                                                                                                       Cline Davis & Mann                        Healthworld
                                                                Martin/Williams                                        Corbett Accel Healthcare Group            JWT Specialized Communications                  Cash Plus
                                                                $32.5 million*                                         Dieste, Harmel & Partners                 JWT Technologies                                $3.3 million*
                                                                                                                       Doremus & Co.                             Kang & Lee
                                                                Merkley & Partners                                     Eden Communications Group                 Landor & Associates
                                                                $54.6 million*                                         Harrison & Star Business Group                                                             Dailey & Associates
                                                                                                                                                                 Mendoza Dillon & Asociados
                                                                                                                       Ketchum Directory Advertising                                                              $89.2 million*
                                                                                                                                                                 Mosaica
                                                                  OMD                                                  KPR                                       OgilvyOne Worldwide
ADVERTISING & MARKETING SERVICES




                                                                  $365.6 million*                                      Lyons Lavey Nickel Swift                  141 Worldwide                                    Deutsch
                                                                                                                                                                 RTC Relationship Marketing                       $167.2 million*
                                                                  PHD                                                                                            Sudler & Hennessey
                                                                  $93.5 million*                                                                                 UniWorld Group
                                                                                                                                                                                                                  Foote, Cone & Belding Worldwide

                                                                 TBWA Worldwide
                                                                                                       WPP Group
                                                                                                       $6.76 billion
                                                                                                                                                         2       VML
                                                                                                                                                                 Wunderman
                                                                                                                                                                                                                  $452.8 million*

                                                                 $771 million*
                                                                                                                                                                                                                  Gotham
                                                                                                                  Advertising & Media                                                                             $62.6 million*
                                                                                                                  $3.19 billion                                  Information & Consultancy
                                                                Zimmerman & Partners
                                                                $85.6 million*                                                                                   $1.16 billion
                                                                                                                                                                                                                   Hill, Holliday, Connors & Cosmopulos
                                                                                                                            Berlin Cameron/Red Cell              Kantar Group
                                                                                                                                                                                                                   $102.6 million*
                                                                                                                            $83.1 million*
                                                               Public Relations
                                                               $955.1 million                                                                                    Public Relations & Public Affairs                 Initiative Media Worldwide
                                                                                                                            Cole, Weber/Red Cell
                                                                                                                            $12.2 million*                       $701.4 million                                    $349.4 million*
                                                               Brodeur Worldwide
                                                                                                                                                                 Burson-Marsteller
                                                               CONE                                                                                                                                               Lowe & Partners Worldwide
                                                                                                                            Mediaedge: cia                       Cohn & Wolfe
                                                               Fleishman-Hillard                                                                                                                                  $406.0 million*
                                                                                                                            $272.0 million*                      Hill & Knowlton
                                                               Karwoski & Courage
                                                                                                                                                                 Ogilvy Public Relations Worldwide
                                                               Ketchum                                                                                                                                             Continued on next page
                                                                                                                                                                 Robinson Lerer & Montgomery
                                                               Porter Novelli
                                                  Source: AdvertisingAge, April 21, 2003
                                   Source: Advertising Age, April 2004.
                           Exhibit 151 (Cont’d). Advertising Holding Company Family Tree
BEAR, STEARNS & CO. INC.




                                                                                                                                                              Advertising Age’s
                                                                                                                                            Agency Family Tree
                                                                                                THE 2004 GUIDE TO THE TOP SIX ADVERTISING ORGANIZATIONS
                                      Interpublic Group (continued)
                                      $5.86 billion                                       3
                                                                                                                                                                             Publicis Groupe
                                                                                                                                                                             $4.41 billion                              4    Dentsu
                                                                                                                                                                                                                             $2.55 billion                                              5
                                             Advertising & Media                                                       Marketing Communications                                     Advertising & Media                              Advertising & Media
                                             $3.75 billion                                                             $1.68 billion                                                $3.39 billion                                    NA

                                                   Martin Agency                                                     Adair-Greene                                                              Leo Burnett Worldwide                           DCA Advertising
                                                   $52.5 million*                                                    Analytici                                                                 $886.5 million*                                 $34.3 million
                                                                                                                     Botsford Group
                                                                                                                                                                                               Fallon Worldwide                               Oasis
                                                     McCann Erickson Worldwide                                       DeVries Public Relations
                                                                                                                                                                                               $90.7 million*                                 $8.2 million
                                                     $1.22 billion*                                                  Draft
                                                                                                                     FCB HealthCare                                                            Kaplan Thaler Group
                                                                                                                     Gillespie                                                                                                          Integrated Marketing
                                                     Media First International                                                                                                                 $43.5 million*
                                                                                                                     Golin/Harris International                                                                                         NA
                                                     NA
                                                                                                                     Hacker Group                                                              Publicis Worldwide
                                                                                                                     Lowe Healthcare Worldwide                                                 $1.02 billion*                           Renegade Marketing Group
                                                   Mullen                                                            Marketing Corp. of America
                                                   $72.9 million*                                                    Marketing Drive Worldwide                                                 Saatchi & Saatchi
                                                                                                                     Momentum Worldwide                                                        $543.1 million*
                                                                                                                                                                                                                                                                                           6
                                                                                                                                                                                                                             Havas
                                                   Temerlin McClain                                                  MRM Partners
                                                                                                                                                                                                                             $1.88 billion
                                                   $59.6 million*                                                    MWW Group                                                                 Starcom MediaVest Worldwide
                                                                                                                     Nationwide Advertising Services                                           $361.9 million*
                                                                                                                                                                                                                                     Advertising & Media
                                                                                                                     R/GA                                                                                                            $1.14 billion
                                                   Tierney Communications                                            Stein Rogan & Partners                                                    Team One Advertising
                                                   $14.6 million*                                                    Torre Lazur McCann Healthcare                                             $57.4 million*
                                                                                                                     Worldwide                                                                                                                 Arnold Worldwide
                                                                                                                     Weber Shandwick                                                           Zenith Optimedia Group                          $190.3 million*
                                                   Universal McCann                                                                                                                            $295.4 million*
                                                   $375.4 million*                                                   Zipatoni Co.
                                                                                                                                                                                                                                                 Euro RSCG Worldwide
                                                                                                                                                                                     Public Relations                                            $756.1 million*
                                                                                                                       Marketing Intelligence                                        NA
                                                                                                                       NA
                                                                                                                                                                                     Manning, Selvage & Lee
                                                                                                                                                                                     Publicis Consultants                                      McKinney & Silver
                                                                                                                     FutureBrand                                                                                                               $21.8 million*

                                                                                                                                                                                     Integrated/Specialty Marketing
                                                                                                                                                                                                                                               Media Planning Group
                                                                                                                                                                                     NA
                                                                                                                                                                                                                                               $176.6 million*
                                                                                                                       Marketing Services
                                                                                                                       NA                                                            ARC
                                                                                                                                                                                     Capps Digital                                    Integrated Marketing/Healthcare
                                                                                                                     Bragman Nyman Cafarelli                                         Conill Advertising                               $732.7 million*
                                                                                                                                                                                     Frankel
                                                                                                                     Jack Morton Worldwide
                                                                                                                     Octagon                                                         Lapiz                                            Arnold W’wide Integrated Solutions
                                                                                                                     PMK/HBH                                                         Leo Burnett Customer Group                       Euro RSCG 4D (A)
                                                                                                                     The Works                                                       Publicis Dialog                                  Euro RSCG Latino
                                                                                                                                                                                     Vigilante                                        Euro RSCG Life (B)
                                                                                                                                                                                                                                      Magnet Communications

                                        HOW TO READ THE TREES                                                                                                                        Healthcare
                                        Integrated marketing companies are grouped together by discipline. Not all units are shown. Total revenue by specialty are taken             $308.7 million*
                                        from company reports. AA estimates are marked with an asterisk (*). Figures are worldwide 2003 revenue in U.S. dollars. Foreign                                                      Notes:
                                        currencies were converted at $1.141325 per euro in 2003 versus $0.926829 per euro in 2002; $1.645217 per British pound in 2003                                                       A- Euro RSCG 4D created in 2004 and includes Euro RSCG Devon
                                                                                                                                                                                     Klemtner Advertising
Page 135




                                        versus $1.479289 per British pound in 2002, and $0.008566 per Japanese yen in 2003 versus $0.007944 per Japanese yen in 2002.                                                        Direct, Euro RSCG Impact, Euro RSCG Tyee MCM, Euro RSCG Circle,
                                        Agency networks are generally known by the lead agency. Some networks are part of larger corporate divisions. Excluded are foreign           Medicus Group International             Euro RSCG Interaction, and Brann Worldwide.
                                        and minority-owned shops and some specialty agencies. Revenues shown for media specialists were based on billings obtained from              Nelson Communications                   B- Euro RSCG Life was created in 2004 and includes Euro RSCG Life
                                                                                                                                                                                                                             Becker, Euro RSCG Life LM&P, and Lena Chow Euro RSCG.
                                        Recma Institute. NOTE: WPP Group not adjusted for GREY acquisition.                                                                          Williams-Labadie


                           Source: Advertising Age, April 2004.
     Exhibit 152. Advertising Agency Client Penetration
                                                                                Advertising Agency
                                                             Interpublic   WPP                     Grey
                                                     Omnicom    Group     Group Publicis Havas Advertising Dentsu                     Aegis
                         Company                      (OMC)     (IPG)    (WPPGY) (PUB) (HAVS) (GREY )
                     1   AltriaGroup                    √         √         √      √         √
                     2   American Express                                   √
                     3   American Home Products                   √                          √      √
                     4   Anheuser-Busch                 √
                     5   AT&T                                     √         √
                     6   Bayer Corp.                    √         √         √
                     7   Bristol-Myers Squibb                     √         √      √         √      √
                     8   British Airways                √                   √      √                √
                     9   Cadbury-Schweppes              √         √         √      √         √
                    10   Coca-Cola                                √         √      √
                    11   DaimlerChrysler                √                                    √               √
                    12   Danone Group                   √                   √
                    13   Dell Computer                  √                                    √
                    14   Diageo                         √                   √      √         √      √
                    15   Eastman Kodak                                      √      √
                    16   Ford Motor Company                                 √                √      √        √
                    17   General Mills                  √         √         √      √
                    18   General Motors                 √         √                √
                    19   Gillette                       √         √         √
                    20   GlaxoSmithKline                          √         √      √         √      √
                    21   Hewlett-Packard                √         √         √      √
                    22   IBM                                                √
                    23   Intel                                                               √
                    24   JC Penney                      √
                    25   Johnson & Johnson              √         √         √      √         √
                    26   Kimberly-Clark Corp                                √
                    27   Kraft Foods International      √         √         √      √                √        √
                    28   L'Oreal                                  √                √         √
      Advertisers




                    29   Mars Inc.                      √                          √         √      √
                    30   Mattel                                   √         √                √
                    31   McDonald's                     √                                    √               √
                    32   Merck & Co.                    √         √         √
                    33   Microsoft                      √         √         √                       √
                    34   Nestlé                         √         √         √      √         √
                    35   Nissan Motor Corp              √
                    36   Nokia                                              √                √      √
                    37   Novartis                       √         √         √      √         √      √
                    38   PepsiCo                        √                   √                √
                    39   Pfizer                         √         √         √      √         √      √                                    √
                    40   Procter & Gamble                         √         √      √         √      √
                    41   Reckitt Benckiser                                  √                √
                    42   Sara Lee Corp.                 √         √                √         √      √
                    43   Schering-Plough                √                   √                √
                    44   Sears, Roebuck & Co.           √                   √
                    45   Siemens                        √         √         √      √
                    46   Sony                           √         √         √      √                √        √
                    47   Sprint                                   √                √
                    48   Time Warner                    √         √         √
                    49   Toyota Motor Corp.                                        √                √        √
                    50   Tricon Global Restaurants                √
                    51   U.S. Government                          √                √                √
                    52   Unilever                       √         √         √      √         √      √
                    53   Verizon Communications                   √
                    54   Vodafone                                 √         √                √                                           √
                    55   Walt Disney                                               √
     Source: Company reports; Advertising Age; AdAge Global; AdWeek; Brand Republic; Campaign; The New York Times; The Wall Street Journal; Bear,
     Stearns & Co. Inc. estimates.




Page 136                                                                                    ADVERTISING & MARKETING SERVICES
       Exhibit 153. Advertising Holding Company Ranking, 2003 ($ in millions)
                                                                        Core Advertising                                   Media
        Rank Holding Company                    Ad Revenue           Network WW Revenue                      Network           WW Revenue
         1 Omnicom                                $8,621
                                                                      BBDO               $1,237                 OMD                 $19,335
                                                                        DDB               943                   PHD                  4,920
                                                                      TBWA                771
          2     WPP Group                            8,063           J. Walter           1,178              MindShare                19,160
                                                                    Thompson
                excluding Grey                       6,756           Ogilvy &              706           Mediaedge: CIA              14,625
                                                                      Mather
                                                                     Red Cell              NA           Maxus (launched                NA
                                                                                                            2003)
                                                                   Young &                 517            MediaCom                   13,555
                                                                   Rubicam                                 (GREY)
                                                                     Grey                  650
                                                                    (GREY)
          3     Interpublic                          5,863         McCann                1,220          Universal McCann             15,140
                                                                   Erickson
                                                                  FCB Group               453                 Initiative             12,545
                                                                     Lowe                 406
                                                                    Deutsch               167
          4     Publicis                             4,409        Publicis WW            1,021          Zenith Optimedia             15,530
                                                                   Saatchi &              543            Starcom SMG                 18,865
                                                                    Saatchi
                                                                  Leo Burnett             886
          5     Dentsu                               2,550          Dentsu               1,864              Dentsu                    NA
                                                                                                          Media Palette               NA
          6     Havas                                1,877         Euro RSCG               756               MPG                     8,625
                                                                   Arnold WW               190
          7     Hakuhodo DY Holdings                 1,208          Hakuhodo               861              HDY Media                  NA
                                                                                                             Partners
                                                                      Daiko               192
                                                                     Yomiko               NA
          8     Aegis                                1,067             NA                                      Carat                 17,765
                                                                                                              Vizeum                  1,870
          9     Asatsu-DK                             414             Asatsu               340                Asatsu                   NA
       Notes:
       Total advertising revenue does not include marketing services, health care, and research branches. Media billings are RECMA estimates.
       Publicis owns 18% of Dentsu; Hakuhodo has 12% market share in Japan; WPP owns 20% of Asatsu; Aegis Media includes
       Isobar (interactive) and Posterscope but not Synovate (research) and Vizeum's number is for mid-2003 only.
       Source: RECMA.




BEAR, STEARNS & CO. INC.                                                                                                                        Page 137
Exhibit 154. World’s Top 25 Marketing Organizations, 2002-03 ($ in millions)
    Rank                                                    Worldwide Revenue                      U.S. Revenue                        Revenue Outside the U.S.
 2003 2002     Agency                                         2003        2002 % Change          2003         2002     % Change            2003       2002 % Change
    1    1     Omnicom Group                              $8,621.4    $7,536.3    14.4%      $4,720.9     $4,284.6        10.2%        $3,900.5   $3,251.7      20.0%
    2    3     WPP Group                                   6,756.1     5,781.5      16.9      2,762.2      2,448.2          12.8        3,993.9    3,333.3        19.8
    3    2     Interpublic Group                           5,863.4     6,203.6      -5.5      3,284.2      3,491.1          -5.9        2,579.2    2,712.5        -4.9
    4    4     Publicis Group                              4,408.9     4,107.6       7.3      1,984.0      1,933.5           2.6        2,424.9    2,174.1        11.5
    5    5     Dentsu                                      2,545.0     2,292.3      11.0         49.0         50.9          -3.7        2,495.9    2,241.5        11.3
    6    6     Havas                                       1,877.5     1,888.1      -0.6        789.8        824.8          -4.2        1,087.7    1,063.3         2.3
    7    7     Grey Global Group                           1,307.3     1,199.7       9.0        585.7        555.2           5.5          721.6      644.5        12.0
    8 NA       Hakuhodo(1)                                 1,208.1          NA       NA           0.0           0.0          NA         1,208.1         NA         NA
    9    9     Aegis Group                                 1,067.4       875.6      21.9        377.6        330.8          14.1          689.8      544.8        26.6
   10   10     Asatsu-DK                                     413.9       354.3      16.8          4.3           3.8         13.2          409.6      350.5        16.9
   11   11     Carlson Marketing Group                       322.4       328.5      -1.9        234.0        251.3          -6.9            88.4      77.2        14.5
   12   13     Incepta Group                                 254.1       240.9       5.5         70.6         70.1           0.7          183.5      170.8         7.4
   13   12     Monster Worldwide                             241.5       272.5     -11.4        149.7        169.8         -11.8            91.7     102.7       -10.7
   14   16     HealthSTAR Communications                     233.0       180.0      29.4        233.0        180.0          29.4             0.0        0.0        NA
   15   14     Digitas                                       209.5       204.0       2.7        209.5        204.0           2.7             0.0        0.0        NA
   16   17     MDC Partners                                  193.7       171.7      12.8        133.2        113.2          17.7           60.5       58.5         3.4
   17   15     Tokyu Agency                                  181.6       180.4       0.7          0.0           0.0          NA           181.6      180.4         0.7
   18   18     Cheil Communications                          173.0       165.0       4.8          9.2           6.5         41.5          163.8      158.5         3.3
   19   30     SBI Group                                     150.0        88.0      70.5        142.0          79.2         79.3             8.0        8.8       -9.1
   20   19     George P. Johnson Co.                         150.0       149.3       0.5        117.9        120.4          -2.1            32.1      28.9        11.1
   21   21     Doner                                         137.0       121.5      12.8        122.7        109.7          11.9            14.3      11.8        21.2
   22   20     Aspen Marketing Group                         134.0       125.0       7.2        134.0        125.0           7.2             0.0        0.0        NA
   23   25     Alloy                                         128.0       101.2      26.5        128.0        101.2          26.5             0.0        0.0        NA
   24   26     Clemenger Communications                      125.7       100.9      24.6          0.0           0.0          NA           125.7      100.9        24.6
   25   22     Select Communications(1)                      120.0       110.0       9.1         48.5         44.0          10.2           71.5       66.0         8.3

Note: WPP, Publicis, & Havas U.S. totals are actually for North America.
(1) Reflects estimate.
Source: Advertising Age, April 19, 2004.



Exhibit 155. World’s Top Ten Core Creative Agency Brands, 2002-03 ($ in millions)
               Rank                                                                                              WW Revenue
      2003              2002          Agency                                                              2003                         2002                       % Chg.
        1                 1           Dentsu                                                          $1,864.1                     $1,442.6                        29.2%
        2                 3           BBDO Worldwide (OMC)                                             1,237.5                      1,062.7                         16.4
        3                 2           McCann Erickson Worldwide (IPG)                                  1,220.1                      1,176.5                          3.7
        4                 4           J. Walter Thompson Co. (WPPGY)                                   1,178.5                        996.9                         18.2
        5                 5           Publicis Worldwide (PUB)                                         1,021.6                        964.8                          5.9
        6                 6           DDB Worldwide Communications (OMC)                                 943.4                        815.0                         15.8
        7                 7           Leo Burnett Worldwide (PUB)                                        886.5                        801.9                         10.5
        8                 9           TBWA Worldwide (OMC)                                               771.0                        665.9                         15.8
        9                 8           Euro RSCG Worldwide (HAVS)                                         756.1                        733.3                          3.1
       10                10           Ogilvy & Mather Worldwide (WPPGY)                                  706.3                        589.4                         19.8

Note: Figures are Advertising Age estimates for worldwide core-level ad returns for the global network. These figures exclude revenue for non-advertising operations such as
      direct marketing, sales promotion, event marketing, media buying, and planning.
Source: Advertising Age, April 19, 2004.




Page 138                                                                                                  ADVERTISING & MARKETING SERVICES
         Exhibit 156. Advertising and Marketing Services — U.S. Revenue Split by Holding Company, 2003

                       Advertising and Media ($10.1 Billion)                              Interactive ($1.4 Billion)


                                                  Omnicom                                                  Omnicom
                                                   12%                                                       5%      Interpublic
                                                                                                                         9%
                                                                                                                            WPP Group
                                                                                                                                 7%
                   Other                                       Interpublic
                   44%                                            19%                                                         Publicis
                                                                                                                                3%




                                                          WPP Group                     Other
                                                            12%                         76%
                                       Publicis
                                        13%




                           Direct Marketing ($2.9 Billion)                             Sales Promotion ($1.7 Billion)



                                                  Omnicom
                                                   13%                                                                 Omnicom
                                                                                                                        24%
                                                               Interpublic
                                                                  12%
                                                                                                                              Interpublic
                                                                                                                                  7%
                  Other
                  54%
                                                               WPP Group       Other                                         WPP Group
                                                                               62%                                              3%
                                                                 15%
                                                                                                                       Publicis
                                                    Publicis                                                             4%
                                                      6%




                             Health Care ($1.6 Billion)                                Public Relations ($2.8 Billion)


                                                    Omnicom
                                                     14%
                                                                                                                       Omnicom
                                                                                                                        26%
                   Other
                   34%
                                                                Interpublic
                                                                              Other
                                                                   18%
                                                                              46%


                                                                                                                           Interpublic
                                                                                                                              12%

                                                       WPP Group
                           Publicis                      17%                                    Publicis        WPP Group
                            17%                                                                   2%              14%


         Source: Advertising Age, April 19, 2004.




BEAR, STEARNS & CO. INC.                                                                                                                    Page 139
   Exhibit 157. Top 25 U.S. Agency Brands by Core Advertising Revenue, 2003 ($ in millions)
      Rank                                                   Worldwide Revenue                    U.S. Revenue                   Revenue Outside the U.S.
   2003 2002   Agency                                          2003        2002 % Change        2003        2002   % Change         2003        2002 % Change
      1    1   J. Walter Thompson (WPPGY)(1)               $1,178.5      $996.9    18.2%      $456.2      $393.7      15.9%       $722.2      $603.1      19.7%
      2    3   Leo Burnett (PUB)                              886.5       801.9      10.5      404.2       379.0         6.6       482.3       422.9        14.0
      3    2   McCann Erickson (IPG)                        1,220.1     1,176.5       3.7      300.4       300.1         0.1       919.7       876.4         4.9
      4    4   BBDO Worldwide (OMC)                         1,237.5     1,062.7      16.4      279.1       251.8        10.8       958.4       810.9        18.2
      5    5   Grey Worldwide (GREY)                          650.2       588.7      10.4      270.5       236.2        14.5       379.7       352.5         7.7
      6    6   DDB Worldwide (OMC)                            943.4       815.0      15.8      252.3       236.0         6.9       691.2       579.0        19.4
      7    7   Ogilvy & Mather (WPPGY)                        706.3       589.4      19.8      235.6       200.2        17.7       470.7       389.2        20.9
      8 NA     Foote Cone & Belding (IPG)                     452.8       441.2       2.6      221.6       220.2         0.6       231.2       221.0         4.6
      9    9   Y&R Advertising (WPPGY)                        517.1       442.0      17.0      215.7       191.2        12.8       301.4       250.8        20.2
     10   10   Publicis Worldwide (PUB)                     1,021.6       964.8       5.9      200.9       179.1        12.2       820.6       785.8         4.4
     11   11   Saatchi & Saatchi (PUB)                        543.1       476.5      14.0      195.6       176.4        10.9       347.5       300.0        15.8
     12   13   Euro RSCG Worldwide (HAVS)                     756.1       733.3       3.1      194.1       191.5         1.4       562.0       541.7         3.7
     13   12   Deutsch (IPG)                                  167.2       158.2       5.7      167.2       158.2         5.7          0.0         0.0        NA
     14   16   Arnold Worldwide (HAVS)                        190.3       201.0      -5.3      150.2       162.0        -7.3         40.0       39.0         2.6
     15   14   Campbell-Ewald (IPG)                           146.3       151.3      -3.3      146.3       151.3        -3.3          0.0         0.0        NA
     16   17   Lowe & Partners (IPG)                          406.0       403.8       0.5      133.8       143.5        -6.8       272.3       260.3         4.6
     17   15   TBWA Worldwide (OMC)                           771.0       665.9      15.8      125.6       114.0        10.2       645.4       551.9        16.9
     18   18   Doner(1)                                       137.0       121.5      12.8      122.7       109.7        11.9         14.3       11.8        21.2
     19   30   The Richards Group(1)                          114.5       103.1      11.1      114.5       103.1        11.1          0.0         0.0        NA
     20   19   Hill, Holliday, Connors, Cosmopulos (IPG)      102.6       100.9       1.7      102.6       100.9         1.7          0.0         0.0        NA
     21   21   Campbell Mithun (IPG)                            95.7       95.5       0.2       95.7        95.5         0.2          0.0         0.0        NA
     22   20   RPA(1)                                           92.6       91.4       1.3       92.6        91.4         1.3          0.0         0.0        NA
     23   25   Dailey & Associates (IPG)                       89.2        90.1      -1.0       89.2        90.1        -1.0          0.0         0.0        NA
     24   26   Zimmerman & Partners (OMC)                      85.6        80.3       6.6       85.6        80.3         6.6          0.0         0.0        NA
     25   22   Fallon Worldwide (PUB)                           90.7        81.0     12.0       82.2        73.9        11.2          8.4         7.0       20.0

   (1) Reflects actuals; rest are Advertising Age estimates on advertising revenue. Note: WPP, Publicis, & Havas U.S. totals are actually for North America.
   Source: Advertising Age, April 19, 2004.



   Exhibit 158. Top 25 U.S. Agencies, 2003 ($ in millions)
   Rank Agency                                              Headquarters                          Revenue          % Chg           Billings           % Chg
      1 J. Walter Thompson (WPPGY)                             New York                             $513.0          4.9%            $3,400             4.6%
      2 Grey (GREY)                                            New York                              510.0           20.0            3,400              20.1
      3 BBDO (OMC)                                             New York                              495.0           10.0            3,300              10.0
      4 DDB (OMC)                                              New York                              470.0            9.3            3,120               8.7
      5 McCann Erickson (IPG)                                  New York                              425.0           16.1            4,250              16.1
      6 Foote Cone & Belding Worldwide (IPG)                   New York                              350.0            0.0            3,700               0.0
      7 Young & Rubicam (WPPGY)                                New York                              338.0            4.0            3,550               4.4
      8 Leo Burnett (PUB)                                        Chicago                             315.0            5.0            3,400               4.6
      9 Deutsch (IPG)                                          New York                              312.0           14.7            2,750              14.6
     10 Ogilvy & Mather (WPPGY)                                New York                              272.0            6.7            1,810               6.5
     11 Campbell-Ewald (IPG)                                  Warren, MI                             235.0            4.0            2,175              -1.1
     12 Saatchi & Saatchi (PUB)                                New York                              221.0           21.4            3,050              20.8
     13 TBWA\Chiat\Day (OMC)                                   New York                              219.0            8.4            1,425               8.0
     14 Lowe (IPG)                                             New York                              217.0            5.9            1,643               6.0
     15 Publicis USA (PUB)                                     New York                              217.0           41.8            1,850              42.3
     16 Arnold (HAVS)                                              Boston                            194.0           -4.9            2,150              -4.9
     17 Zimmerman & Partners (OMC)                    Fort Lauderdale, FL                            148.0           19.4            1,025              19.2
     18 Euro RSCG MVBMS Partners (HAVS)                        New York                              135.0            0.0            1,300               0.0
     19 Hill, Holliday, Connors, Cosmopulos (IPG)                  Boston                            133.0            4.7               890              4.7
     20 Doner                                               Southfield, MI                           122.6           11.8            1,325              10.0
     21 The Richards Group                                          Dallas                           114.5           13.4               850             13.3
     22 Campbell Mithun (IPG)                            Minneapolis, MN                             110.0           -4.3            1,110              -3.5
     23 Mullen (IPG)                                         Wenham, MA                              108.0            6.9               720              7.1
     24 GSD&M (OMC)                                            Austin TX                             100.0           11.1            1,400              12.0
     25 Fallon (PUB)                                     Minneapolis, MN                              98.4           20.0               660             20.0

   Note: Financials are for U.S. operations. Growth rates are adjusted for mergers and acquisitions.
   Source: Adweek, April 12, 2004.




Page 140                                                                                                ADVERTISING & MARKETING SERVICES
         Exhibit 159. Top National Agencies by Revenue per Employee, 2003 ($ in thousands)
                                                                       Revenue                     Billings    Revenue/
          Agency                                                    per Employee(1)             per Employee    Billings
          Grey                                                           $564                       $3,757       15.0%
          Berlin Cameron/Red Cell                                         546                        5,909        9.2%
          The Kaplan Thaler Group                                        369                        3,254        11.3%
          TBWA\Chiat\Day                                                  330                        2,146       15.4%
          Deutsch                                                         309                        2,723       11.3%
          Leo Burnett                                                    304                         3,279        9.3%
          McCann Erickson                                                 283                        2,833       10.0%
          J. Walter Thompson                                              270                        1,788       15.1%
          Fallon                                                          260                        1,746       14.9%
          Lowe                                                            258                        1,956       13.2%
          Goodby, Silverstein & Partners                                  250                        2,917        8.6%
          Arnold                                                          249                        2,756        9.0%
          BBDO                                                            225                        1,500       15.0%
          Foote Cone & Belding                                            219                        2,313        9.5%
          Euro RSCG MVBMS Partners                                        218                        2,097       10.4%
          Publicis & Hal Riney                                            218                        2,409        9.1%
          Publicis USA                                                    217                        1,850       11.7%
          Hill, Holliday, Connors, Cosmopulos                            215                         1,436       14.9%
          Young & Rubicam                                                 205                        2,152        9.5%
          The Richards Group                                             205                         1,518       13.5%
          Mullen                                                          204                        1,359       15.0%
          Ogilvy & Mather                                                 193                        1,285       15.0%
          DDB                                                             188                        1,248       15.1%
          The Martin Agency                                               183                        1,211       15.1%
          Wieden + Kennedy                                                183                        1,867        9.8%
          Campbell-Ewald                                                  179                        1,660       10.8%
          Crispin Porter + Bogusky                                        169                        1,509       11.2%
          Campbell Mithun                                                 163                        1,644        9.9%
          GSD&M                                                           159                        2,222        7.1%
          Saatchi & Saatchi                                               158                        2,179        7.2%
          Temerlin McClain                                               157                         1,314       12.0%
          Doner                                                           141                        1,523        9.3%
          MARC                                                            137                        1,245       11.0%
          National averages                                              $240                       $2,140       11.6%

         (1) Staff figures used in calculations are for full-time employees at year-end 2003.
         Source: Adweek, April 12, 2004.




BEAR, STEARNS & CO. INC.                                                                                                   Page 141
           Exhibit 160. World's Top Media Specialists, 2003 ($ in billions)
                    Rank                                                       Worldwide Billings
             2003        2002                                                2003      2002 % Change
               1           1     Publicis Group                             $34.4     $33.0       4.3%
               2           2     WPP Group                                   33.8      30.7        10.1
               3           3     Interpublic Group of Cos.                   29.4      29.2         0.6
               4           4     Omnicom Group                               24.3      22.6         7.3
               5           5     Aegis Group                                 19.6      17.0        15.3
               6           6     Grey Global Group                           13.6      12.6         7.3
               7           7     Havas                                        8.6       7.8        10.8
               8           8     Horizon Media                                1.0       0.9        10.0
               9           9     Active International                         0.9       0.8        14.7
              10          10     R.J. Palmer                                  0.6       0.6         5.4

                     Rank                                                   Worldwide Billings
              2003           2002      Media Specialist Company           2003      2002 % Change
                1              1       OMD Worldwide                     $19.3     $17.9       7.9%
                2              3       MindShare Worldwide                19.2      17.2        11.1
                3              2       Starcom MediaVest Group            18.9      17.7         6.9
                4              4       Carat                              17.8      17.0         4.3
                5              5       ZenithOptimedia Group              15.5      15.2         2.0
                6              6       Universal McCann                   15.1      14.7         3.3
                7              7       Mediaedge:cia Worldwide            14.6      13.4         8.9
                8              9       MediaCom                           13.6      12.6         7.3
                9              8       Initiative Media Worldwide         12.6      12.9        -2.4
               10             10       MPG                                 8.6       7.8        10.8

                     Rank                                                        U.S. Billings
              2003           2002      Media Specialist Company           2003        2002 % Change
                1              1       MindShare Worldwide                $9.4         $8.7    8.7%
                2              2       OMD Worldwide                       8.3           8.0     4.1
                3              4       Starcom                             7.5           6.8    10.4
                4              3       Universal McCann Worldwide          7.4           7.1     4.2
                5              6       Mediaedge:cia Worldwide             5.3           4.9     7.6
                6              5       Initiative Media Worldwide          5.1           5.8   -11.7
                7              7       MediaCom                            5.0           4.7     6.8
                8              8       Carat North America                 4.7           4.5     4.0
                9             10       MediaVest                           4.4           3.9    11.8
               10             9        ZenithMedia                         4.4           4.2     3.8

                     Rank                                                   Non-U.S. Billings
              2003           2002      Media Specialist Company           2003     2002 % Change
                1              1       Carat                             $13.1    $12.5       4.5%
                2              2       OMD Worldwide                      11.0       9.9       11.0
                3              3       MindShare Worldwide                 9.8       8.6       13.6
                4              5       Mediaedge:cia Worldwide             9.4       8.5        9.6
                5              4       ZenithOptimedia Group               8.8       8.7        1.2
                6              7       MediaCom                            8.6       8.0        7.4
                7              8       Universal McCann                    7.8       7.6        2.6
                8              6       Initiative Media Worldwide          7.5       7.1        5.1
                9              9       Starcom MediaVest Worldwide         7.0       7.0        0.7
               10             10       MPG                                 5.8       4.9       17.0
           Source: Advertising Age, April 19, 2004.




Page 142                                                                ADVERTISING & MARKETING SERVICES
            Exhibit 161. Marketing Services Revenue by Discipline, 2002-03 ($ in millions)
                                                            Direct Marketing Revenue
            Holding Company                             2003                    2002         % Chg
            WPP Group                                 $419.2                  $410.1          2.2%
            Omnicom Group                              376.0                   354.2            6.2
            Interpublic Group                          335.0                   334.6            0.1
            Publicis Groupe                            161.5                   160.9            0.4
            Havas                                        83.7                    86.9          -3.7
            Grey Global Group                            64.1                    45.0          42.4

                                                             Sales Promotion Revenue
            Holding Company                              2003                 2002           % Chg
            Omnicom Group                               $405.0               $396.1           2.2%
            Interpublic Group                            123.7                140.1           -11.7
            Publicis Groupe                               75.5                 77.4            -2.5
            Havas                                         70.0                 78.7           -11.1
            WPP Group                                     57.0                 53.5             6.5
            Grey Global Group                             21.8                 19.0            14.7

                                                                  Interactive Revenue
            Holding Company                              2003                    2002        % Chg
            Interpublic Group                           $129.0                 $126.4         2.1%
            WPP Group                                     94.0                    90.0          4.4
            Havas                                         89.0                    86.6          2.8
            Omnicom Group                                 64.0                   53.3          20.1
            Grey Global Group                             55.0                   54.0           1.9
            Publicis Groupe                               46.0                    44.7          2.9
            Source: Advertising Age, May 17, 2004.




BEAR, STEARNS & CO. INC.                                                                              Page 143
           Exhibit 162. Top 35 Direct Marketing Agencies, 2003 ($ in millions)
              Rank       Agency (Affiliation)                                     2003       % Change
                1        Digitas                                                 $125.5        -5.3%
                2        PGI                                                      110.0          4.8
                3        Aspen Marketing Services                                 99.0           8.8
                4        ChoicePoint Precision Marketing                          96.6          -8.7
                5        Directional Marketing (TMP)                              78.2          -6.0
                6        Carlson Marketing Group                                  76.6           3.2
                7        Protocol Direct Marketing                                70.0           2.5
                8        Merkle Direct Marketing                                  64.3          13.6
                9        Harte-Hanks Direct                                        60.9          7.9
               10        Data Marketing                                           57.0          11.8
               11        Accent Marketing Services                                45.8          40.0
               12        360 Youth (Alloy)                                        45.3          15.9
               13        Ambrosi                                                  42.0          16.7
               14        MKTG Services(1)                                         40.0           2.6
               15        PreVision Marketing                                      38.8           5.1
               16        Berry Network                                             36.4         -1.0
               17        GSP Marketing Services                                    34.0          1.8
               18        Hawkeye Group                                            32.5           2.0
               19        Marquette Group                                          18.2          18.6
               20        CFM Direct                                                12.8         -7.0
               21        DAC Group                                                11.1           3.7
               22        Sigma Marketing Group                                    10.8         -28.9
               23        Ryan Direct (Ryan Partnership)                            9.9          36.6
               24        TaCito Direct Marketing                                   9.2          30.9
               25        DMW Worldwide                                             8.2           3.0
               26        Communications Plus (CMMB)                                6.8          19.3
               27        Quigley-Simpson                                           5.6         146.4
               28        Grafica Group(1)                                          5.5           5.0
               29        RP Direct & Event Marketing (RPA)                         4.8           4.3
               30        Mudd Group                                                4.6          74.2
               31        Roska Direct                                              4.5         -18.6
               32        Bennett Kuhn Varner                                       4.4           8.5
               33        Margeotes Fertitta & Partners                             4.2          25.9
               34        TBC Direct (Trahan, Burden & Charles)                     4.0           0.0
               35        Creative Direct Response                                  3.9           2.3

           (1) Reflects Advertising Age estimate.
           Source: Advertising Age; May 17, 2004.




Page 144                                                                         ADVERTISING & MARKETING SERVICES
         Exhibit 163. Top 35 Interactive Agencies, 2003 ($ in millions)
              Rank        Agency (Affiliation)                            2003    % Change
                1         Digitas                                         $84.0    17.5%
                2         SBI.Razorfish                                   72.2       64.4
                3         Modem Media(1)                                  49.0      -13.9
                4         aQuantive (Avenue A)                            44.5       16.4
                5         AKQA                                             36.0      20.0
                6         Critical Mass(1)                                34.0        6.3
                7         TMP Worldwide                                   26.1        7.8
                8         Carat Interactive                               25.0       19.0
                9         IconNicholson                                   24.0       14.3
               10         IMC                                             23.7       44.5
               11         Macquarium Intelligent Communications           23.5        4.0
               12         Planning Group International                    22.0       36.6
               13         Fry                                             21.0        0.0
               14         Medical Broadcasting Co.                        19.6       54.1
               15         Blue Dingo                                      18.0        5.9
               16         PGI                                              15.0      50.0
               17         Molecular                                       13.8       17.9
               18         iCrossing                                        13.3     156.3
               19         RP Interactive (RPA)                            13.0        1.6
               20         Marden-Kane                                     12.8        1.9
               21         Slingshot                                       12.4       45.6
               22         Genex                                           11.5        0.0
               23         Refinery                                        10.8        3.8
               24         DNA Studio                                      10.7       18.6
               25         i-Frontier                                       9.7       31.6
               26         Enlighten                                        9.5        5.6
               27         Barkus Interactive (Ted Barkus Co.)              8.6        1.5
               28         T3                                               8.2       38.5
               29         Media Whiz                                       7.9      163.4
               30         Apollo Interactive                               7.8        4.0
               31         Harte-Hanks Direct                               7.7      -10.1
               32         Risdall Advertising Interactive                  7.3       -2.4
               33         360 Youth (Alloy)                                7.2        4.3
               34         Aspen Marketing Services                         7.0        0.0
               35         Click Here (Richards Group)                      6.9       30.5

         (1) Reflects Advertising Age estimate.
         Source: Advertising Age, May 17, 2004.




BEAR, STEARNS & CO. INC.                                                                     Page 145
           Exhibit 164. Top 35 Sales Promotion Agencies by Integrated Agency, 2003 ($ in millions)
              Rank       Agency (Affiliation)                               2003                   % Change
                 1       Carlson Marketing Group                           $154.2                    -11.4
                 2       George P. Johnson Co.                              117.9                     -2.1
                 3       SPAR Group                                          64.9                     -6.8
                 4       AMP Agency (Alloy)                                  61.1                     10.6
                                          (1)
                 5       Equity Marketing                                    40.2                      9.0
                 6       DVC Worldwide                                       38.1                      1.3
                                                      (1)
                 7       Flair Communications Agency                         36.8                     -0.5
                 8       Ryan Partnership                                    35.5                     -3.7
                 9       Marketing Store                                     35.4                      1.2
                10       Aspen Marketing Services                            25.0                      8.7
                11       Gage                                                22.3                    -38.8
                12       Colangelo Synergy Marketing                         20.2                      9.2
                13       Hawkeye Group                                       16.8                      1.7
                14       U.S. Motivation (TMP)                               13.5                      2.7
                               (1)
                15       CCM                                                 13.5                    -10.0
                16       Vox Medica                                          12.2                    -27.8
                17       National Tour(1)                                    12.2                     -1.6
                18       EastWest Creative                                   11.0                      4.8
                19       QLM Marketing(1)                                    11.0                     -2.7
                20       Velocity Sports & Entertainment                     10.0                     40.6
                21       Noble World Communications                           9.5                      4.8
                22       Mometum Marketing Services Corp.                     9.1                     48.1
                23       Source Marketing                                     8.5                     53.4
                24       Marden-Kane                                          8.5                      1.9
                25       GEM Group                                            7.4                    138.7
                26       Marketing Support                                    7.4                     -2.6
                27       Eric Mower & Associates                              7.4                     -1.0
                28       PriceWeber Marketing Communications                  6.5                      5.1
                29       MARC USA                                             5.9                     32.0
                30       Square One                                           5.8                     29.2
                31       LehmanMillet                                         5.7                      1.0
                32       Medical Broadcasting Co.                             5.4                    -25.7
                33       Harwood Marketing Group                              5.0                     33.5
                34       Power Creative                                       5.0                      3.6
                35       Mastermind Marketing                                 5.0                    -10.8

           (1) Reflects Advertising Age estimate.
           Source: Advertising Age, May 17, 2004.



           Exhibit 165. Top Ad Holding Companies Ranked by Health Care Agency Revenue, 2002-03 ($ in millions)
                                                                                           U.S. Revenue
              Rank       Holding Company                                          2003                 2002                        % Change
               1         Interpublic Healthcare                                  $286.2               $265.1                         8.0%
               2         Publicis Healthcare                                      274.6                259.1                          6.0
               3         WPP Healthcare                                          272.8                 250.3                          9.0
               4         Omnicom Healthcare                                      220.5                 205.1                          7.5
               5         Havas Healthcare                                         96.6                  94.4                          2.3

           Note: Interactive marketing includes creating ads and marketing using the Internet, Web-based content creation, and interfaces.
           Source: Advertising Age, May 17, 2004.




Page 146                                                                                          ADVERTISING & MARKETING SERVICES
                      Exhibit 166. U.S. Multicultural Agency Revenue, 2003

                                        2003 Multicultural Ad Spend ($484.2 million)


                                                 Asian-
                                                American
                                                  11%




                                   African-
                                  American
                                    29%
                                                                             Hispanic
                                                                               60%




                      Source: Advertising Age, 2004.




BEAR, STEARNS & CO. INC.                                                                Page 147
      Exhibit 167. Top Multicultural Advertising & Marketing Services Companies, 2002-03 ($ in millions)
          Rank                                                                 U.S. Revenue
        2003     2002 Agency                                                2003                2002                                          % Change
         1         1 Bromley Communications (PUB)(1)                        $32.9              $29.9                                             10.0%
         2         2 Bravo Group (WPPGY)(1)                                  31.8               27.9                                               14.0
         3         3 Dieste, Harmel & Partners (OMC)(1)                      23.0               16.7                                               37.7
         4         4 Zubi Advertising Services                               16.4                14.9                                              10.1
         5         5 La Agencia de Orci & Asociados                          14.2                13.5                                               5.1
                                                               (1)
         6         7 Lapiz Integrated Hispanic Marketing (PUB)               12.4               11.2                                               11.0
         7        11 Lopez Negrete Communications                            12.1                 8.0                                              50.7
         8         8 Del Rivero Messianu DDB (OMC)(1)                        11.2               10.0                                               12.0
         9         6 Mendoza Dillon & Asociados (WPPGY)(1)                   11.0               12.9                                              -14.7
         10       10 Casanova Pendrill Publicidad (IPG)(1)                   10.7                 9.6                                              11.0
                                                  (1)
         11       12 WING Latino Group (GREY)                                 9.1                 8.0                                              13.3
         12        9 Vidal Partnership                                        8.9                 9.8                                              -9.0
         13       15 Conill Advertising (PUB)(1)                              8.5                 7.4                                              15.3
         14       13 Accentmarketing (IPG)(1)                                 8.4                 7.6                                              11.0
         15       18 Castells & Asociados Advertising                         6.5                 5.8                                              12.7

       Marketing to African Americans
               Rank                                                                                      U.S. Revenue
           2003    2002      Agency                                                                   2003                    2002            % Change
            1        1       Burrell Communications Group (PUB)(1)                                    $26.1                  $24.8                5.0%
            2        3       Carol H. Williams Advertising                                             25.0                   15.0                 66.7
            3        2       UniWorld Group (WPPGY)                                                    20.1                    23.8               -15.2
            4        5       Anderson Communications                                                    6.5                     4.9                32.7
            5        4       Fuse (WPPGY)                                                               6.0                     5.5                10.2
            6        8       Matlock Advertising & Public Relations                                     5.0                     3.2                54.7
            7        9       E. Morris Communications                                                   4.2                     3.1                35.5
            8        6       Correct Communications(1)                                                  4.0                     3.8                 5.3
            9        7       RJ Dale Advertising & PR(1)                                                3.8                     3.6                 4.2
            10      10       Prime Access(1)                                                            2.6                     2.5                 4.1

       Marketing to Asian Americans
               Rank                                                                                      U.S. Revenue
           2003    2002      Agency                                                                   2003            2002                    % Change
            1        1       A Partnership                                                             $9.7           $8.6                       12.4%
            2        2       Kang & Lee (WPPGY)(1)                                                      7.7            6.5                         17.0
            3        5       PanCom                                                                     5.9             5.7                         3.5
            4        4       Time Advertising                                                           5.7            6.1                         -6.6
            5        3       IW Group (IPG)                                                             5.5             6.3                       -12.0
            6        7       Admerasia                                                                  4.8            4.0                         20.0
            7        6       InterTrend Communications                                                  4.8            5.0                         -4.2
            8        8       AdAsia Communications(1)                                                   2.7            2.5                          4.1
            9        9       Dae Advertising                                                            1.7             1.7                         3.6
            10      10       Saeshe Advertising                                                         1.3             1.0                        25.0

      (1) Figures are Advertising Age estimates. Parent holding company may own only a minority stake.
      Note: GlobalHue is the largest overall multicultural agency in the U.S. with estimated U.S. revenue of $57 million in 2003, up 8.5% from $52.5 million
             in 2002. GlobalHue could not be listed in these tables because the agency does not break out its figures by cultural specialty.
      Source: Advertising Age, April 19, 2004.




Page 148                                                                                            ADVERTISING & MARKETING SERVICES
         Exhibit 168. Top Holding Companies, 2003 ($ in millions)
         Agency name                                2003 Revenue                                                        % Change
         Omnicom Group                                      $8,621.4                                                       14.4%
         WPP Group                                            7600.0                                                         5.0
         Interpublic Group                                    5863.4                                                         2.2
         Publicis Groupe                                      5300.0                                                       31.7
         Dentsu                                               2400.0                                                        NA
         Havas                                                2100.0 (1)                                                    -6.3
         Grey Global Group                                    1307.3                                                         9.0
         Hakuhodo DY Holdings                                 1200.0 (1)                                                    NA

         (1) Estimated.
         Source: Adweek; April 12, 2004.



         Exhibit 169. Advertising & Marketing Services — Reported Net New Business, 1999 to 3Q04
         ($ in millions)
                                                      1Q99               2Q99              3Q99               4Q99               1999
          Omnicom Group                               $707               $843               $802              $696             $3,048
          WPP Group                                    738                862              1,200              1,100             3,900
          Interpublic Group                            601                526                417                300             1,844

                                                      1Q00              2Q00               3Q00              4Q00                2000
          Omnicom Group                              $1,300            $1,139             $1,020            $1,500             $4,959
          WPP Group                                     878             1,700              1,200               722              4,500
          Interpublic Group                             702               900                473               484              2,559

                                                      1Q01              2Q01               3Q01              4Q01                2001
          Omnicom Group                              $1,340            $1,050             $1,000            $1,000             $4,390
          WPP Group                                     365             1,035                600               500              2,500
          Interpublic Group                             827               846                772               223              2,668

                                                      1Q02              2Q02               3Q02              4Q02                2002
          Omnicom Group                              $1,023            $1,214              $876            $1,117              $4,230
          WPP Group                                     750             1,050              1,100               700              3,600
          Interpublic Group                             745               874                730               852              3,201
          Publicis Group(1)                             175               781                725               457              2,138

                                                      1Q03              2Q03               3Q03               4Q03               2003
          Omnicom Group                               $868             $1,118             $1,100              $978             $4,064
          WPP Group                                     660               815                644                793             2,912
          Interpublic Group                             888               319                857                 NA             2,064
          Publicis Group                              1,050             1,050                600               1350             4,050
          Havas                                         737               266                640                301             1,944

                                                      1Q04               2Q04              3Q04                            YTD 2004
          Omnicom Group                              $1,227               $952              949                              $1,227
          WPP Group                                     926              1,835              421                                 926
          Interpublic Group                              NA                 NA               NA                                  NA
          Publicis Group                              1,015                900              670                               1,015
          Havas                                         548                394              614                                 548

         (1) Adjusted to include Bcom3 YTD Sept. 2002 net new business of €70m. Quarterly results do not equal FY result due to fluctuating
             foreign exchange rates.
         Source: Company reports.




BEAR, STEARNS & CO. INC.                                                                                                                      Page 149
           Exhibit 170. Advertising & Marketing Services — Share Prices Indexed to September 2000

                    140
                    120
                    100
                      80
                      60
                      40
                      20
                       0
                   12 00

                    3/2 0
                    6/2 1
                    9/2 1
                   12 01

                    3 /2 1
                    6 /2 2
                    9 /2 2
                   12 02

                    3/2 2
                    6/2 3
                    9/2 3
                   12 03

                    3 /2 3
                    6 /2 4
                    9 /2 4
                   12 04
                         04
                        00
                        00




                        00
                        00




                        00
                        00




                        00
                        00
                         0




                         0




                         0




                         0
                        0
                      /20




                        0
                      /20




                        0
                      /20




                        0
                      /20




                        0
                      /20
                    9/2




                                  OMC              WPPGY               IPG   PUB      HAVS     SPX

           Note: Indexed to September 2000.
           Source: FactSet Research Systems Inc.; Bear, Stearns & Co. Inc.




Page 150                                                                           ADVERTISING & MARKETING SERVICES
Addendum
Important Disclosures

For important disclosure information regarding the companies in this report, please contact your
registered representative at 1-888-473-3819, or write to Sandra Pallante, Equity Research
Compliance, Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, NY 10179.

Ratings for Stocks (vs. analyst coverage)
Outperform (O) — Stock is projected to outperform analyst’s industry coverage universe over the
next 12 months.
Peer Perform (P) — Stock is projected to perform approximately in line with analyst’s industry
coverage universe over the next 12 months.
Underperform (U) — Stock is projected to underperform analyst’s industry coverage universe over
the next 12 months.

Ratings for Sectors (vs. regional broader market index)
Market Overweight (MO) — Expect the industry to perform better than the primary market index
for the region over the next 12 months.
Market Weight (MW) — Expect the industry to perform approximately in line with the primary
market index for the region over the next 12 months.
Market Underweight (MU) — Expect the industry to underperform the primary market index for
the region over the next 12 months.

Bear, Stearns & Co. ratings distribution as of December 31, 2004
(% rated companies/% banking client in the last 12 months):
Outperform (Buy): 38.0%/17.2%
Peer Perform (Neutral): 49.1%/11.1%
Underperform (Sell): 12.7%/6.3%

For individual coverage industry data, please contact your account executive or visit
www.bearstearns.com.

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in this research report accurately reflect the analyst(s) personal views about the subject companies
and their securities. The Research Analyst(s) also certify that the Analyst(s) have not been, are not,
and will not be receiving direct or indirect compensation for expressing the specific
recommendation(s) or view(s) in this report.
Alexia S. Quadrani

The costs and expenses of Equity Research, including the compensation of the analyst(s) that
prepared this report, are paid out of the Firm’s total revenues, a portion of which is generated
through investment banking activities.
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