Advertising Expenditure Forecasts June 2016

| July 29, 2016

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Zenith predicts global ad expenditure will grow 4.1% in 2016, reaching US$537 billion by the end
of the year. This is 0.5 percentage points less than we forecast in March. The reduction is mainly
the result of currency devaluation in Argentina, in the absence of which we would be forecasting
4.5% adspend growth this year.

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