ࡱ> ]Elkjihgfedcba`_^D  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`acdefghijklmnopqrstuvwxyz{|}~Root Entry F2D<s?F%WorkbookCf_VBA_PROJECT_CUR" 匿?s?VBA`?? \pAndrew_C_Smithh Ba= ThisWorkbookz=}(8X@"1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1. Times New Roman1Geneva1Arial1* MS Sans Serif1( Book Antiqua1Arial1Tms Rmn1$ Wide Latin1$ Wide Latin1.Times New Roman1Times1Arial1. Times New Roman1Tms Rmn1Arial1Arial1 Arial1 Palatino1Arial1.Times New Roman1!Arial1 ?? ?????1 Arial CE1.Times New Roman1.Times New Roman1.x Times New Roman1. Times New Roman1.Times New Roman1 Palatino1Arial1* MS Sans Serif1SWISS1 Palatino1 @Palatino1.Helvetica-Black1(  Book Antiqua1 Palatino1.Times New Roman1. Times New Roman1Helv1Tms Rmn1Arial1Arial1. Times New Roman1Helv1Arial1"Arial1Tms Rmn1( Arial Narrow1 Arial1Arial1$Arial1.xHelvetica-Black1.Helvetica-Black1 Palatino1Arial1.Times New Roman1 xPalatino1 x Palatino1Arial1 Palatino1& Arial Black1.Helvetica-Black1hArial1.0Helvetica-Black1& Arial Black1 Palatino1.hHelvetica-Black1 hPalatino1 Palatino1.@Times New Roman1 Palatino1.Times New Roman1Helv1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1Helv1*  MS Sans Serif1 Arial1'Helv12 Bookman Old Style12 Bookman Old Style1.Times New Roman1 Palatino1. Times New Roman1.Times New Roman1 Helv1.hTimes New Roman1.Times New Roman1.times new roman1.Times New Roman1.Times New Roman1Arial1* MS Sans Serif1.hTimes New Roman1.Times New Roman1SWISS1.Times New Roman1.Times New Roman1* CG Times (WN)1& Small Fonts1. Times New Roman1 Palatino1" Helvetica1.Times New Roman1 Arial1. Times New Roman1Helv1.Times New Roman1 Helv1hArial1.Times New Roman1.Helvetica-Black1.Times New Roman1( Arial Narrow1Arial1 Arial1Helv1$Helv1COUR1Arial1.@Times New Roman1.Times New Roman1Tms Rmn1Arial1 Palatino1.Helvetica-Black1 Palatino1Arial1 Palatino1 Palatino1.Helvetica-Black1.Helvetica-Black1Arial1 Arial1Arial1Arial1hHelv1.Times New Roman1.Times New Roman1Helv1.Times New Roman1Arial1Arial1Helv1 Arial1.Times New Roman1* CG Times (WN)1. Times New Roman1( Trebuchet MS1SWISS1QTahoma1QTahoma1Arial1Arial10Arial1 Arial1 Arial1Arial1Arial1Arial1Arial1Arial1 Arial1Arial1QTahoma""#,##0_);\(""#,##0\)!""#,##0_);[Red]\(""#,##0\)"""#,##0.00_);\(""#,##0.00\)'"""#,##0.00_);[Red]\(""#,##0.00\)7*2_(""* #,##0_);_(""* \(#,##0\);_(""* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_(""* #,##0.00_);_(""* \(#,##0.00\);_(""* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)""#,##0;\-""#,##0,'_-* #,##0_-;\-* #,##0_-;_-* "-"_-;_-@_-4/_-* #,##0.00_-;\-* #,##0.00_-;_-* "-"??_-;_-@_-"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)72_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_)?:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)#,##0.0_);\(#,##0.0\) "$"#,##0.0_);\("$"#,##0.0\) 0.0%#,##0.000_);\(#,##0.000\) #,##0.0000_);\(#,##0.0000\) 0.0\x #,##0.0 0.000%>9_-* #,##0\ "DM"_-;\-* #,##0\ "DM"_-;_-* "-"\ "DM"_-;_-@_->9_-* #,##0\ _D_M_-;\-* #,##0\ _D_M_-;_-* "-"\ _D_M_-;_-@_-FA_-* #,##0.00\ _D_M_-;\-* #,##0.00\ _D_M_-;_-* "-"??\ _D_M_-;_-@_-"#,##0.000000;\(#,##0.000000\)\#,##0_);\(\#,##0\)\#,##0_);\(\#,##0\)#,##0.0##;[Red]\-#,##0.0##{;_-[$ -2]* #,##0.00_-;\-[$ -2]* #,##0.00_-;_-[$ -2]* "-"??_-0+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_) General_) 0.00\x3._(* #,##0.0_);_(* \(#,##0.0\);_(* "-"?_);_(@_)83_-* #,##0\ _F_-;\-* #,##0\ _F_-;_-* "-"\ _F_-;_-@_-C>_-* #,##0.00\ "F"_-;\-* #,##0.00\ "F"_-;_-* "-"??\ "F"_-;_-@_- 0.00_)0_) ##\ "Years":5_ * #,##0.0000_ ;_ * \-#,##0.0000_ ;_ * "-"??_ ;_ @_ @;_ * #,##0.0000000_ ;_ * \-#,##0.0000000_ ;_ * "-"??_ ;_ @_ .)_ * #,##0_ ;\ \(#,##0\)_ ;_ * "-"_ ;_ @_ ?:_ ""* #,##0.00_ ;_ ""* \-#,##0.00_ ;_ ""* "-"??_ ;_ @_ #,##0.0_);[Red]\(#,##0.0\) 0%;[Red]\-0%0.00%;[Red]\-0.00%#,##0_)\ \ ;\(#,##0\)\ \ "#,##0.000_)\ ;\(#,##0.000\)\ "#,##0.0_)\ \ ;\(#,##0.0\)\ \  \ \ @FA_-* #,##0.00\ "DM"_-;\-* #,##0.00\ "DM"_-;_-* "-"??\ "DM"_-;_-@_-;6_(* #,##0.00_);[Red]_(* \(#,##0.00\);_(* "-"??_);_(@_)+&\#,##0.00_);\(\#,##0.00\);\ \-\-\-_);;;'"#,##0.00_);\(#,##0.00\);\ \-\-\-_)% #,##0.0_);\(#,##0.0\);\ \-\-\-_)/*#,##0.0_x_%_);\(#,##0.0\)_x_%;\ "NM"_x_%_)#0.000%_);\(0.000%\);\ \-\-\-_)'"0.00%_x_);\(0.00%\)_x;\ "NM"_x_%_))$0.00%_x_);\(0.00%\)_x;\ \-\-\-_x_%_) \#,##0.00_);\(\#,##0.00\)72\#,##0.00_x_%_);\(\#,##0.00\)_x_%;\ \-\-\-_x_%_)3.#,##0.00_x_%_);\(#,##0.00\)_x_%;\ \-\-\-_x_%_)% "PIK"_%_);"Error"_%_);"Cash"_%_) "Year "\&000+#,##0.0_%_);\(#,##0.0\)_%;#,##0.0_%_);@_%_)$0.0\%_);\(0.0\%\);0.0\%_);@_%_)LG_-[$-809]* #,##0.00_-;\-[$-809]* #,##0.00_-;_-[$-809]* "-"??_-;_-@_- "$"#,##0 "$"#,##0.0\ ;\("$"#,##0.0\) "Yes";;"No"1,"$"#,##0.000_%_);\("$"#,##0.000\)_%;**;@_%_) dd\ mmm\ yy##,##0.000_);[Red]\(#,##0.000\)#,##0.0\ ;\(#,##0.0\)2-_ * #,##0_ ;_ * \(#,##0\)_ ;_ * "-"??_ ;_ @_ 0.0%;\(0.0%\);_ * "-"??_ >9_-* #,##0\ _S_k_-;\-* #,##0\ _S_k_-;_-* "-"\ _S_k_-;_-@_-FA_-* #,##0.00\ "Sk"_-;\-* #,##0.00\ "Sk"_-;_-* "-"??\ "Sk"_-;_-@_-FA_-* #,##0.00\ _S_k_-;\-* #,##0.00\ _S_k_-;_-* "-"??\ _S_k_-;_-@_- 0%;\(0%\)0.0.)_-* #,##0_-;\-* #,##0_-;_-* "-"??_-;_-@_-"Yes";"Yes";"No"2-_-* #,##0.0_-;\-* #,##0.0_-;_-* "-"??_-;_-@_-8 3_(* #,##0.000_);_(* \(#,##0.000\);_(* "-"??_);_(@_)  #,###" m3"  #,###" mg/l"6 1_-* #,##0.000_-;\-* #,##0.000_-;_-* "-"??_-;_-@_-                           x       & ww@ @          ""        #         @       @    @   p  p  p  p  p  p  p  p     <   + ! " H "H  !@ + )   ## # $ ## #  %#   &&     +    '! ( )!     *  ## ## + +  , - $ . / 0#` # 1 p  !# 2%"  &&  3 @    -    w@ 4 w@ # @ 5  p  p  p  p  p 6 | 7 7 7  j 8! 9 . :   ;! <! =! =! = 9 >! 9&  ## ? @! A# B"@ B@ C" D& E! F G@ H&! I! J K@ L! L!  M# M! N" O! P Q%! R" S" T!P U 3  .  V W  < X X 9 @ @  $ $ $  +  +  $ Y DD@ @ Z DD@ @  +  + +  + $ [ DD@ @ \ U $" $"  2 t & $ $ & $ ]#<@ @  ^#@ @  ]#@ @  ( _ ""@ @ D `& a& b& c& d d ! e  @   p  p  p  p  p f%# g   h  I) I+          i#   j $ .# ## k! l m%   9( x 9 x 0  $ n! Q!  I o p q   r% s t @ -#  - u# -# &  . v w   Dx!  !  ! y    * 9"@ ) 9"@ ,    -  ` #  ,   z     i#   -  - 9 $ $ $  .  { $ $ $ $ $ $  p  p  p  p  p  #  # 0 @ @  $" ]#@ @  9  | } ~   @@ ") H "!H  X 9 0!X+  7    i  <" / @ O R D  ?   (   %   @@   "! g U  @ 0   U ,        =!  o !   &  @  !d  #d  @   @        11 p 1 p 1 p  0   "  j  4  " H  "& & & ! "      @ $ $  a@ $@  # $    I I   9 4 $ 0  0 @  $" !H # ! ^#@ @  ]#@ @   "        H  H   h"" Q l"" Q l"" Q l"@ @ Q l"@   "|@$  Q l!@ @$  l$  "|@ $ Q l $  "|@ $ Q l!@ $  "|@ @$  h$  L$ #\$  h$  l$  h $  l$   @  H  !P  H  H   D  H   L  H  H  h  h  h  l   `@@   `@   ` @  h@  h   `   `    `@   d  l  l    `@   h    d   l   l   h@   d@  l@  l @   d   #x  #x   l  l   h    d    d @   d   d    l    `    `   h @  h   h  h   h    l@  h % l % l@  h@   l  h  + l  l""@ @ $  H  H   L   H  L #\  L  L  H  H  h  h"@ @   h @   h"@ @   h @   h"@ @  h @  h"!@ @   h! @   h"@   h"@   h   H  h@ @   h@ @   h!@ @   h@ @  l!@ @    h@   h@   h  l  #|  h  H  H  H x@ @  p@  #X  H !x$  h$  h$  h$ B h$ #x$  H$  h  L  "T % L + h   d   h@   L #|  l   D   D   D   l   l    d   #x @  h@   H  Q l""   |   D    D $ $ & % %.00SN%O%P%Q%R%S%T%U%V%W%X%Y%Z%[%\%]%^%_%`%a%d_%O%P%Q%R%S%T%U%V%W%X%Y%Z%[%\%]%^%_%`%a%_aaaaaaaaaaaaaaaaYT%O%P%Q%R%S%T%U%V%W%X%Y%Z%[%\%]%^%_%`%a%_Book3id%O%P%Q%R%S%T%U%V%W%X%Y%Z%[%\%]%^%_%`%a%_RTV BPlan 19-09-02 19a\%O%P%Q%R%S%T%U%V%W%X%Y%Z%[%\%]%^%_%`%a%_WACC Analysis/*******************************************;;;+HC=C:\WINNT\SYSTEM32\COMMAND.COMCOMPUTERNAME=BLAKE7HOMEDRIVE=P:HOM 0_BP20_BP2_LB-Ben 0905000 A modif Blanc! A modifier" Accounting #acct$AFE %Arial 10 &Arial 12' Assumption (BLACK) BlackStrike* BlackText +Blue ,blue$00- Blue_Book3. Body_$Dollars /bold big 0BoldText 1Border2 Border Heavy3 Border Thin4Border, Bottom5 Border, Left6 Border, Right7 Border, Top8 British Pound9Calc Currency (0):Calc Currency (2);Calc Percent (0)<Calc Percent (1)=Calc Percent (2)>Calc Units (0)?Calc Units (1)@Calc Units (2)A Calculation%B rky [0]_larouxC  rky_laroux DCaseE Center Across Fcheck#GCollegamento ipertestuale_PLDTHColumn HeadingIColumn Heading (No Wrap)(J#Column Heading_Terra Lycos Comps v4K Column TotalLMN Comma [00]O Comma [1] PComma 0 QComma 0*R Comma 0_ACCC SComma 2 TComma 3*NUIComma_Indian jatropha opportunity baseline emissions estimation 120207 v1 VComma0WCopy Decimal 0XCopy Decimal 0,00YCopy Percent 0ZCopy Percent 0,00[Copy Percent 0_Book3\ Cover Date]Cover Subtitle^ Cover Title_`a Currency [00]b Currency [1]c Currency [2]d Currency 0e Currency 2f Currency 2*g Currency 3*h Currency0i Currency1j Currency1Bluek Currency2l Currsmall mDaten Date [mmm-yy]o Date Alignedp Date Short'q"Date_Back Up for Valuation Pres v2 rDate1 sDec_0t Decimal 0,0u Decimal 0,00vDecimal 0,0000wDezimal [+line]xDezimal [0]_AbsolutyDezimal_Absolut zDollar1{ Dollar1Blue |Dollar2 }Dollars~Dot Dot% Dotted LineDouble AccountingEnter Currency (0)Enter Currency (2)Enter Units (0)Enter Units (1)Enter Units (2) Entry Est - $ Est - % Est 0,000.0 Euro EY House FF_EURO Fixed Fixlong  footerFooter SBILogo1Footer SBILogo2 FootnoteFootnote Reference Footnote_ACCC Formula Green Grey Hard Percent HeaderHeader Draft Stamp Header_ACCC Header1 Header2 heading Heading 1Heading 1 AboveHeading 1_Analysis Heading 1+ Heading 2Heading 2 BelowHeading 2_ACCC Heading 2+ Heading 3 Heading 3+ Heading 4 Heading Left Heading Right heading_a2 Heading1 heading2 Heading3 HeadingB HeadingBU HeadingS Headline2 Headline3Hidden Decimal 0,00 Hide Highlight#Hipervnculo_Cashflow Sogedasa Input Input [%0] Input [%00]Input [yellow]Input CurrencyInput Currency 2Input Currency_WACCInput Decimal 0Input Decimal 0,00 Input LinkInput Multiple Input Normal Input PercentInput Percent 0Input Percent 0,00Input Percent 0_Book3+&Input Percent_irr for larry model 3.v1 input value Input_$cell Input1 Input2 InputBlueFont InputCurrencyInputCurrency2InputMultiple1 InputNormal InputPercent1 IntInput IntInputBk IntInputBu Italics kopregelKPMG Heading 1KPMG Heading 2KPMG Heading 3KPMG Heading 4 KPMG NormalKPMG Normal Text Lable8Left LB Style LicenceLink Currency (0)Link Currency (2)Link Units (0)Link Units (1)Link Units (2) Linked Main Title Map Labels Map Legend Map Title mny_larouxMigliaia (0)_Access CostMigliaia_Access Cost!Millares [0]_10 years budgetMillares_10 years budgetMilliers [0]_larouxMilliers_laroux mm/dd/yyMoneda [0]_10 years budgetMoneda_10 years budgetMontaire [0]_rwhiteMontaire_rwhite Multiple Multiple [0] Multiple [1]Multiple_1 Dec Multiple1 Multiple2 MultipleBelow Name NINA no dec No-definidoNormal - Style1 Normal [2] Normal [3]  Normal BoldJ ENormal_Project Inno compost CER model - incl individual project calcs Normal2  NormalBlue  NormalBoldNormalCurrencyNormale_Access Cost NormalGB NormalHelv Normallnormln_larouxNOT Note Notes Num0Un Num1 Num1Blue Num2 Num2Un Number Number1 ObsoleteOno Output! Page Heading"Page Heading Large#Page Heading Small$ Page Number%PB Table Heading&PB Table Highlight1'PB Table Highlight2(PB Table Highlight3)PB Table Standard Row*PB Table Subtotal Row+PB Table Total Row ,Perc1-. Percent (1)/ Percent [0]0 Percent [00]1 Percent [1]2 Percent [2]3 Percent 04 Percent 0,005Percent 0_Book36 Percent Hard 7Percent0 8Percent19 Percent1Blue :Percent2; Percent2Blue<Percent2Margin =Percent3 >Percent4 ?Percent5@ Percentage APerlong BPound CPounds DPounds1 EPounds2 FPounds3 GPounds4 HPounds5 IPounds6JPrePop Currency (0)KPrePop Currency (2)LPrePop Units (0)MPrePop Units (1)NPrePop Units (2) OPrice PPriceUn QPrivate RPrivate1SProjectionInputTProzent_Lehman-ToolU QuarterlyVRedW ReferenceXReference (O%)YRow and Column TotalZ Row Heading[Row Heading (No Wrap)\ Row Ignore] Row Sub total^ Row Title 1_ Row Title 2` Row Title 3aRow Title 4 indentb Row Totalc Salomon Logod ScotchRulee Section Title fShade gShadedh Sheet HeadingiSingle Accountingj Small NumberkSmall Percentage lSPOlmStandaard_TELECOM nStandardo Stock PricepSTYL1 - Style1q SubHeading1 rSubtitle sSubtotaltSum uSummaryvsummary info only wSummextyTable Col Headz Table Head{Table Head Aligned|Table Head Blue}Table Head Green~Table Head_ACCC Table SourceTable Sub Head Table Text Table Title Table Units Table_Header TableBase TableBody TableColHeads TableHead Text Text 1 Text 2 Text Head Text Head 1 Text Head 2 Text Indent 1 Text Indent 2 Text Indent A Text Indent B Text Indent C Text Wrap&!Text_new media_new format LATEST Time Time Series Times 10 Times 12Times New Roman Title Title Heading#Title_irr for larry model 3.v1 Title10 Title2 Title8 Title8Left TitleCenter TOC 1 TOC 2 Top_$ topline TotalTotal Currency Total Normal Total_$ TotalCurrency TransValUnderline_Double Upload Only ValidationValuta (0)_Access CostValuta_Access CostWhrung [0]_Absolut% Whrung_2. Balance Sheet Telekom web_ norma WhiteCells WhitePattern WhitePattern1 WhiteText WingDing WP Header Year YearInput YearInputBk YearInputBuYen Yes_NoAjn_NTT G.Lite Pricing Jan 25thO% [0.00]_NTT G.Lite Pricing Jan 25th8(uE8uQ:^4siepG=MMM333wwwTTu׊f3f3׊fff3f3f333333333\`9 Mill data SPV CER calcs, mDocuments and SettingsjrojoLocal SettingsTemporary Internet FilesOLK2AProject Panda Model v3 (esp).xlsCoverP&LBSCFSummaryParqueZoo Selwo Av. Selwo Mar.ValwoAq. -Madrid (VC)Aq. -S Fernando Aq.-Salou Aq -Cullera Aq. -Sevilla Aq. -HuelvaAq. -Torrevieja Telef Rosales Telef Benal.PRV - OceanograficPatriber OciojovenCapexAmortDebtBS CalcDriversDCFPPR TransactionsTradingPremiumYYYYYYYYYY Y Y Y Y YYYYYYYYYYYYYYYYYY 5corpfinPROJECTSProdigalCompsPro7-Mod-251199.xlsDataPageTemplateModel Model (DEM)DCF Quarterly MultiplesWACCMillennium_Equities(D@PSM3)YZ  %eK?Z A@YZL"SÕ@B= 0@M=9@o+W@JaImD@+&K@}{W@&2]d@ZL(0g@< j@@UMsk@IT.k@ZW(l@nS$p@15q@̟% et@ZL8}왫=`@L(>d@2: e@\pee@Uekcg@2,uk@4wo@)Xr@ZL@ J@%ʞS@D5T@z@zLT@'DtV@>tZ@;Ķ^@6,a@ZLEz?&@TYz@.C"@Q@jlr@Ы @;#d@ZLGz~c@,cw] @* @ `! @j O @WT@*"@\$B@ZLIgD&4?Vʀ\?TYz?.C"?Q?jlr?Ы?;#d@ZLdv6m@B//:AZ&GesellschafterdarlehenZ&Shareholder loansZ^&LjL Z3 Summe PassivaZ?37A + B + C + D Total liabilities and shareholder's fundsZ 3>@(\";@4Ry;5@ (@m&A %A?fLb0,AٛNu3A\5AH{8AIhVLAm?AMQ*`?AZ)e!Jahresberschu/Jahresfehlbetrag ZeProfit/Loss after tax ZeQ8XO-^ !7Թ A1IAUeL!AɋAV(AM׸+AYS.ApXT0Al11Ah{ 2Aл^!3AсAZ4g,Gewinnvortrag/Verlustvortrag aus dem VorjahrZ#gProfit/loss brought forwardZgQ[Z #zv32\ @XHp@'AHjA\ 8A^Aµq AxcvAqEindustryInternetClientsWanadooeresmasProject EdisonCompsEquity Research ValuationBrokers Valuation.xlsBrokers Valuation#REFY|(5DC-2000-4.1.98TP PlanungFinal5Version 24 8 98.xlsPlanung ErtragsteuernFinanzierungsrechnungAnlagevermgenKennzahlen Planungsannahmenzentrale Planungsannahmen Layout AktivaLayout Passiva Layout GuVLayout Cash FlowMittelherkunftMittelverwendungNettoentnahmenFree Cash-flow IFree Cash-flow IIPrognosekennzahlen-EquityPrognosekennzahlen-EntitySonstige KennzahlenSensitivittsanalyse-EquitySensitivittsanalyse-EntityBezugSteuerungsmodulsteering moduleInput-Bilanz und GuVInput-Finanzierung und SteuernInput-AnlagevermgenInput-Konsolidierung Output-BasisOutput- AktivaOutput- Passiva Output- GuVOutput-Cash-flowOutput-KonsolidierungZieleZiele Deltaanalyse qualitativZiele Deltaanalyse quantitativMarkt und Wettb. quantitativMarkt qualitativWettbewerb qualitativ ABC-AnalyseYYYYYYYYYY Y Y Y Y YYYYYY<industryTELECOMCOMPSCommercial TVEuropeLatest_Com.xls __FDSCACHE__ Stock & FXCompsResearchSharesSummary OutputSummary Output (3)Summary Output (4)YYYYYYYY QindustryMediaPrince Al WaleedART - Nov 2000Models - AnalysisLatest_Pay.xls Stock & FX __FDSCACHE__ adjustmentsCompsGraphsSharesResearchSubsSummary OutputYZ D@Z Y@Z Y@Z  1Zd@Z YYYZC;Comparable Company Analysis in the European Pay TV IndustryZC;Comparable Company Analysis in the European Pay TV IndustryZ:2(Local currency in millions except per share data)Z:2(Local currency in millions except per share data)ZLatest FinancialsZEquityNon-Eq.ZAssetsZ ##OtherZ''EV as a Multiple of:Z$++Firm Value as a Multiple of:ZExchangeTwelve Z- Stock PriceSharesSubsSubsZlessBookZMarketNetTotalZ Min. Int. ZCash &Z!! Cash fromZ"%#AssetFirm Net Debt/Z ))BookZ..AssetsZTickerCurr Rate (/ )MonthsRevenue EBITDA (1)MarginEBITMarginNet Inc.MarginEPSZ' @(000s)(mm)(mm)ZCashValueZ|%Value + Debt = Debt+ Preferred- Equivalents-Options-ValueValueEBITDAZ)(EPSValueZG/+RevenueEBITEBITDA- CashDTH Subscribers MultipleZ  BSkyBZm BSY LNԒ?`@ܜ@)a@ ?33333SU@쐜PL?Q|gټo+ÿZ1 Gz"@'Џ@nU@!8p @Z)'LTMNMNMZ./+IbqD@NMaO`7@?0R`eݔ@Z0(Largest pay-television operator in SpainZ6 FY00ffffff@33333_@?9NMZ I +Z @Z0(Largest pay-television operator in SpainZ('FY00NMZ-+j: @NM 3@Z //nU@Z9 FY01fffff`@fffff i@zD?,O@]?Z "~?Z j.j@Z('FY01NMZ-+uy@?x zC@t2@(@Z //@Z9 FY02f@q@'f?a@ Z/?Z ?Z ?"%@Z('FY02<@Z-+M?$ D)1@*L !@Z //m*k@Z MIHZhMIHL$PW(?@33333@@pN v?QNM"~Cz ףp= ǿZ.@U?7@yƾdc?Z MIHZ,@؉@Z\m@ j`9t@@o@Z @Z z@Z%#W|V@fW@ j`9T@Z)'LTMNMNMZ+/+-2c?NMNMb$?ñX@Z<4Operates and markets pay-TV channels in South-AfricaZ3 CY00̔@JNM43333OjNMZ QZ ݘ?Z<4Operates and markets pay-TV channels in South-AfricaZ('CY00NMZ-+x?NMNMZ //kF1@Z0(Greece, Cyprus, the Middle-East and AsiaZ3 CY01*@BNMB{NMZ (\Z d?Z0(Greece, Cyprus, the Middle-East and AsiaZ('CY01NMZ-+f' S?NMNMZ //H\_@Z6 CY02@effff&+@n? |NMZ GzֿZ x?Z('CY02NMZ-+Ed[?NMulǶ()W@Z //JUHTƉ@ZAustarZ'AUN AUAUDi4k?09/00Z? AZAustarZc=y@D`"ӿ rh[z@Z x&1`z@Z $$ZӼ@Z ''LTMZ+ #Second largest pay-TV in AustraliaZ FY 00q@+Z '' FY 00Z ++ oo}8@Z -- nmZ // sFy@Z!FY 01ffffft@@Z ''!FY 01Z ++! 1?Z --!nmZ //!y!v@Z"FY 02fffffw@B@Z ''"FY 02Z ++"ɟ?Z --"/@Z //"j!t@Z!$United Broadcasting Corp.Zf$UBCTHB@H0C@@K!KL@6+-ِNMp#eNMṠV%߿@;Z$&@= #K&AJiWV?Z"$United Broad casting Corp.Z$ pz@ ףp@Z$ʄ_Կ@K7Aq@6^I @Z $T@Z $ʡ$@Z%#$ bExclude Kirch Pay TV subs and Kirch stake (686 million for 22%) - since equity consolidated assetZ@Canal+ZTALCanal+ 99 figures and projections are pro forma the consolidation of TelepiuZ2B*Net Income excludes exceptional e183m lossZCNet Debt excludes convertible into Mediaset shares and includes book value of holdings in associates taken as financial assets (as at Dec 98, due to lack of financial discolsure)ZDINet Debt proforma the sale of 4% of Canalsatellite to Lagardere for 103mZdE\Net Debt proforma the sale of 24.9% of Vox for CLT-UFA for a consideration of DM 219 millionZFPer Subscriber value is calculated based on an adjusted net debt adjusted for non susbcriber related assets including C+ Tech ( 5,250) Z IMIHZ|JtNet Income is before profit on sale of joint-venture of $31m tax affected at 40% and loss on discontinued operationsZIKANet Debt is proforma proceeds of secondary offering in April 2000Z9L1s/o are proforma secondary offering in April 2000Z+M#Subscribers as of end December 1999ZdN\Per Subscriber value is adjusted to exclude value of OpenTV and deconsolidating its net debtZ PUBCZQLTM Revenues are subsriber-based revenue, Net income for the year 1999 excludes exceptional items (THB172m & -THB843m) incl tax effectZ$TFinancial Projections SourceZUUMBSkyB: Merrill Lynch (17/12/98), CSFB (21/12/98) and Lehman Brothers ResearchZSVKCanal+: MSDW (31/08/99), Merrill Lynch (02/08/99), Lehman Brothers ResearchZ)W!MIH : Merrill Lynch (01/12/00), 0ZVXNSogecable: MSDW (11/11/99), Merrill Lynch (16/11/99), Lehman Brothers ResearchYYYYY%AAcorpfinPROJECTSMaseratiValuationBPLAN_VAL_jan14_97-adj.xlsSheet1 Tinta Comp Pres Summary AssumptionsSum-of-ChannelsValConsolidatedPerpsumWACCAdd Sum (All Cases)Terminal ValueAdd Sum (Mmt v. Lehman)Case Sums (Mmt & LB)Lehman Case Summaries Corpfin_v_ResearchMTHFlexcomparisonMTHvFLEXForward Valuations 1997 IPOForward Valuations 1998 IPOCombined ChannelsGlobal Summary ConsolidatedFrancePolandSpainGermanyItaly ScandinaviaJapanConsolidation AdjustmentsFlextech ValFrance ValPolandValSpain ValGermanyValItalyValScandinaviaValJapanYZ @(uindustryMediaPrince Al WaleedART - Nov 2000Models - AnalysisDCF model - Revised Realistic Case - 13Aug2001.xlsPenetration LevelsSubs STAR vs LB Decoder DeprAl AwaelPehla and FirstnetChannelsMGSTAR 1 ValuationModelSTAR Lehman Net Subs PluggedDTH Revenue Build upPrices of bouquets MCME COSTPentration Vs GDPLibrary - DetailsLibrary Valuation WACC AnalysisWacc Benchmark 1tableME Benchmark TFC Valuation LMH ValuationSummary Subscriber AMC ValuationPPR (AMC Case)PPR (AMC Case) (2)PPR (STAR Case)PPR DiscountedGraphs Summary P&LSummary P&L -v2Analysis of S-curveSTAR PPRWCSTAR Churn Rates STAR SubsNPV of STAR CostsEBIT MARGINS 2009 EBIT MARGINSYY Y  SOPHIEFull Upgrade 06.xls Summary LFDrivers Sensitivities Revenue BuiltSummaryIncome Statement Balance Sheet Debt Schedule WorksheetStatement of CashflowsYYYYYZ 333333@YYYYY @corpfinPROJECTSCANALCanal + TechnologiesCanal-Mod-JR-3.xlsDataPageTemplateValQsHsConsoC+CSNCIPOsITANORNETBFLBFRPOLMillennium_Equities(F@CAN)YZ H.!=@ZN_әZ\(\@Z Z GzA@ZoXd[ Z)\(Z Z _v?ZZ ZZ YZpp3yr@@4F4@^F~@Q,@%:F@U}bՔ@]o%/@]hV@vNO@Y Z@P@@`@`h@@p@t@w@{@~@y&1@y&1@y&1с@y&1!@Y ZF@@U@@_@d@i@)\m@)\n@Gzp@Gzp@GzFq@Gzq@Gzr@YZI@V@@`@@e@@j@n@p@p@Pq@q@r@0s@YZףp= N@(\Aj@{Gr@{G w@{Gz@{G}@> ףp@> ףp@> ףp@> ףp @> ףpp@> ףp@> ףp@y^~ibdPROJECTSOLIVETTIMerger OliTecModelsMerger OliTecRiclass BilanciBalance Sheet3.xls PATRIM (2)PATRIMY TEMPOPA Cascata_13_111.xlsSUMMARYLast 12 months - actualLast 9 months + 3 estim. Last 8 months + 4 estim.Last 7 months + 5 estim. PriceTS (2)TS (3)TS (4)YYZ `@YYYYYYY@corpfinPROJECTSOLIVETTIMerger OliTecFOCValuation_FOC_.xlsSummary OL financialsTEC financialsSheet1TECNOSTOFITelereteOISA MultiservicesLexikonTecnost Sistemi Webegg TeleAp LottomaticaOther (MB+FinPriv) Other AssetsOL - Debt&sharesNAV SENSITIVITY OWNERSHIPFULLY vs. NON-FULLY DIL.FULLY vs. NON-FULLY DIL. (2)Group StructureLast year prices Sheet1 (2)YZ GzA@Y YY~%<corpfinPROJECTSMaseratiValuationBPLAN_VAL_jan14_97.xlsSheet1 Tinta Comp Pres Summary AssumptionsSum-of-ChannelsValConsolidatedPerpsumWACCAdd Sum (All Cases)Terminal ValueAdd Sum (Mmt v. Lehman)Case Sums (Mmt & LB)Lehman Case Summaries Corpfin_v_ResearchMTHFlexcomparisonMTHvFLEXForward Valuations 1997 IPOForward Valuations 1998 IPOCombined ChannelsGlobal Summary ConsolidatedFrancePolandSpainGermanyItaly ScandinaviaJapanConsolidation AdjustmentsFlextech ValFrance ValPolandValSpain ValGermanyValItalyValScandinaviaValJapanYZ2Q?{Gz??Z 2Dno ?Vz@|@~@~@~@~@ZCuoe0VUUUUa@d@f@f@f@f@ZC}we0@(@VUUUU @U @U @U @ZCe0ZUe02s@t@u@u@u@u@UUUUUU?#CalcZIUUUUUU?VUUUUU?NAݓ?#Calc#Calc#Calc?Z1e0e0e0e0e0ZHSBC@Z045587ICELAND GROUP PLCkeithph @IcelandUK food retail#Calcp= ף@British Poundsp= ף@f@`\~@`\~@*\~@*\~@J\c@J\c@*c@333333@333333?M P0A;9@Zp$@fffffG@fffff=@j@333333=@fffffFl@fffffFl@gfffffb@gfffffb@?#CalcZ'&?Z"-)NANANANANAZ75/NAۚ@33333@ @NANANAZ7=7NAQ@33333R@33333S@NANANAZ7E?NA@K@33333L@33333sO@NANANAZCMGe0Y_@fffff`@fffffa@fa@fa@fa@Z4UONAffffff2333330NANANANAZ:]WNAA@QkB@33333D@*3D@NANAZ7e_NAۚ@33333@ @NANANAZ7mgNAQ@33333R@33333S@NANANAZ7uoNA@K@33333L@33333sO@NANANAZC}we0Y_@fffff`@fffffa@fa@fa@fa@ZCe0ffffff233333030303030ZLNAA@QkB@33333D@*3D@NANA?#CalcZF?NADl?#Calc#Calc#CalcNAZ1Dl?#Calc#Calc#Calc?ZABN Amro @Z008081 BUDGENS PLCkeithph @BudgensUK food retail#Calc)\(?British Pounds)\(?+ e@;5YZ@;5YZ@*Z@*Z@ PSIb@ PSIb@*Ib@(\?HzG?뤾,@7>[.Zp$`@A`"@}?5^B@GzD@GzD@jtS@jtS@UUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z"-)NANANANANAZ:5/NAv@z@@|@ ~@NANAZ:=7NAffffff,@/@2@4@NANAZ:E?NA"@(@*@,@NANAZCMGe07@;@?@ffffffA@ffA@ffA@Z4UONANANANANAZ:]WNA333333 @#@%@(@NANAZCe_e0VUUUUx@{@}@}@}@}@ZCmge0.@1@4@4@4@4@ZCuoe0333333&@VUUUUU)@VUUUUU+@UU+@UU+@UU+@ZC}we0]:@EDDDDD>@@@@@@@@@ZCe03333333333333333ZUe0"@$@'@'@'@'@UUUUUU?#CalcZIUUUUUU?VUUUUU?NA/$?#Calc#Calc#Calc?Z1e0e0e0e0e0ZWestLB Panmure@@Z082186SOMERFIELD PLCkeithph@ SomerfieldUK food retail#Calc@British Pounds@\[~@P$@P$@*$@*$@+H3@+H3@*@q= ףp@ ףp= @WVc&5Zp$@@gffffm@ffffff!@fffffr@Q@Q@@@UUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z1-)??Z=5/33333@333337@@B@@NANAZ==7fffff\@ a@m@q@`s@NANAZ=E?fffffK@Q@@^@@_@ `@NANAZCMGLe@i@v@py@p{@p{@p{@Z=UO#+484NANAZ=]W/V@^ojۧ0X@d@ g@i@NANAZCe_z@ݡ@ @ʷ@ʷ@ʷ@ʷ@ZCmg)`@i@p@r@r@r@r@ZCuo"""""P@Y@^@_@_@_@_@ZC}w*h@EDDDDDs@VUUUUux@VUUUUz@Uz@Uz@Uz@ZC"""""")xwwww16VUUUUU5UU5UU5UU5ZUZ{wvW@g@33333sB@F@NANANAZ7E?NA*@0@2@NANANAZCMGe0E@33333sJ@O@O@O@O@Z4UONAٿNANANANAZ:]WNA3333336@;@333333A@*33A@NANAZ7e_NǍ@@(@NANANAZ7mgNA>@33333sB@F@NANANAZ7uoNA*@0@2@NANANAZC}we0E@33333sJ@O@O@O@O@ZCe0ٿٿٿٿٿZLNA3333336@;@333333A@*33A@NANA?#CalcZF?NArh|?#Calc#Calc#CalcNAZ1rh|?#Calc#Calc#Calc|?ZABN Amro@Z011052 BOOKER PLCkeithph@BookerUK food wholesaling#Calc= ףp=?British Pounds= ףp=?ʡEn@3f[Im@3f[Im@*[Im@*[Im@$@M@$@M@*@Q@Q?ӂ}AG@x:NZp$@^@33333sX@~@333333@<}@<}@2@2@?#CalcZ'&?Z"-)NANANANANAZ75/NA @@@NANANAZ7=7NA@N@@P@R@NANANAZ7E?NAI@G@G@NANANAZCMGe0[@\@]@]@]@]@Z4UONAECNANANANAZ:]WNA#@4@7@*7@NANAZ7e_NA @@@NANANAZ7mgNA@N@@P@R@NANANAZ7uoNAI@G@G@NANANAZC}we0[@\@]@]@]@]@ZCe0ECCCCCZLNA#@4@7@*7@NANA?#CalcZF?NA?#Calc#Calc#CalcNAZ.#Calc#Calc#CalcNAe0Z BT Alex Brown@Z417754 CARREFOUR SAdetremip@ CarrefourFrench food retailer#Calc`@ French FrancA@NbX9"m@L7A@ A* A* A @ A* Afffffa@[ S@2@h B@Zp$@؁@@0@y@y@@@?#CalcZ'&?Z1-)RQ??ʡE?~jt?Z=5/@3@@@@@@NANAZ==7@@@`@@NANAZ=E?`@@@@|@NANAZCMG@(@@>@@@@Z=UOM@H@ef`eNANAZ=]W؁@@@@@x@NANAZ=e_@3@@@@@@NANAZ=mg@@@`@@NANAZ=uo`@@@@|@NANAZC}w@(@@>@@@@ZCM@H@ef`e`e`eZO؁@@@@@x@NANA?#CalcZF?NA"$@#Calc#Calc#CalcNAZ1"$@#Calc#Calc#Calc$@Z$Warburg Dillon Read@Z!417841CASINO GUICHARD PERRACHON SAkeithph@CasinoFrench food retailer#CalcU@ French Francŏ1@9R@KiW@=@*@*@l|@y'& @* @33333X@!rhQ@ݮH@56@Zp$!@fffffV{@2@]ڱw@нz@нz@ޟ@ޟ@?#CalcZ'&!?Z1-)!Q?;On?|?5^?{Gz?X9v?Z@5/!@@@ffff&@@3333@̌@ b@NAZ@=7!33333[s@33333kz@i@33333O@H@̬@NAZ@E?!̜j@Yr@!s@̤s@fffff&t@t@NAZCMG!T@fffffb@E@!@33333[@fffff@f@Z@UO!fffff7fffffC33333ELBffffff;ffffff'NAZ@]W!̜e@,m@r@u@y@{@NAZ@e_!@@@ffff&@@3333@̌@ b@NAZ@mg!33333[s@33333kz@i@33333O@H@̬@NAZ@uo!̜j@Yr@!s@̤s@fffff&t@t@NAZC}w!T@fffffb@E@!@33333[@fffff@f@ZC!fffff7fffffC33333ELBffffff;ffffff'ff'ZR!̜e@,m@r@u@y@{@NA?#CalcZF!?NAQ@#Calc#Calc#CalcNAZ1!Q@#Calc#Calc#Calc@Z!HSBC@Z " Z #417843CASINO GUICHARD PERRACHON SAkeithph@CasinoFrench food retailer#CalcJ@ French Franc~: v@=;k1@Z #Z #NAZ%421516COMPTOIRS MODERNES SAkeithph@Comptoirs ModernesFrench food retailer#Calc*@ French Franc*@.S Y@* Y@* Y@* Y@* Y@* Y@* Y@* Y@H}@Q|@*|@*|@Z %?Zp$%`z@)\@Z )@Z:$)  `l@`l@?#CalcZ'&)?Z1-))]??Z:5/)@@@<@NANANAZ:=7)9@;@>@@@NANANAZ.E?)NANANANANANANAZCMG)e0e0e0e0e0e0e0Z:UO)NANANAZ:]W)4@6@9@;@NANANAZ:e_)@@@<@NANANAZ:mg)9@;@>@@@NANANAZ.uo)NANANANANANANAZC}w)e0e0e0e0e0e0e0ZC)ZL)4@6@9@;@NANANA?#CalcZF)?NA4@0@#Calc#Calc#CalcNAZ1)4@0@#Calc#Calc#Calc@0@Z)CCF Securities`@Z+421185COLRUYT ETN FR NVkeithph@ColruytBelgium food retail#Calc؃@ Belgian Franc)\@g$B#@UDݗ@ywsIJ@*IJ@*IJ@Eޅ@@*@H@`@f rݵ|S"Z +?Zp$+@n @C(h@ʡ@ʡEv>@X9TvhQ&@˸奾t@?#CalcZ'&+??Z1-)+ʡE??ZC5/+h|ߵ@V@@o@&@P@@/@ZC=7+V@d;OM'@ @@k@'@@ZCE?+o@)\b@@@@0@@@ZCMG+(\o5@x&1ع@-@@@@@ZCUO+rh\W(\B@(@A@O@W@`@ZC]W+V VX@TVo@D@p@@@)@ZCe_+v%@%@@l@ @@/@ZCmg+Gz<@S@R@@@@@ZCuo+I k@ ףp@W@Ѥ@M@@@ZC}w+l/@^I @@@4@@o@@@@ZC+ r3Qh$@<@K@U@_@@@ZU+@/Վ@@@T@@)@?#CalcZI+??NA]%k0@#Calc#Calc#Calck0@Z1+e0e0e0e0e0Z+CSFB`@Z-426211DELHAIZE-LE LIONkeithph@Delhaize-Le LionInternational food retail#CalcT@ Belgian Franc$@@ X@tEJ@ۅ@NANAZCMG-+@pj=6@V6G@X@ ܦ@ܦ@ܦ@Z=UO-%Cro~ Suot̿NANAZ=]W-KS@T@V i@i8@2wjL%@NANAZ=e_-DlgΔAAGrxS!AKYd"Az&B}#ANANAZ=mg-&1 @ @h@΀ @B @NANAZ=uo-|?@">@ X@tEJ@ۅ@NANAZC}w-+@pj=6@V6G@X@ ܦ@ܦ@ܦ@ZC-%Cro~ Suot̿ZO-KS@T@V i@i8@2wjL%@NANA?#CalcZF-?NA{Gz@#Calc#Calc#CalcNAZ1-{Gz@#Calc#Calc#Calcz@Z- Merrill Lynch @ZF/426211a DELHAIZE-LE LION (EX. FOOD LION)keithph @"Delhaize-Le Lion (excl. Food Lion)International food retail#CalcF@ Belgian Franc[ A@@>@NANANAZ7E?/NAZmb6@ @>@NANANAZ7uo/NAZmb6@ w@ffffzA*zA<@@9};3@|(ђ/6idӿZ 9?Zp$9`z@@@ @?`=]7@rp@~̀@?#CalcZ'&9?Z1-)9??Z=5/9 AS!A["AD#AI%ANANAZ==79@@@@@@NANAZ=E?9@_@@@@NANAZCMG9@@a@@`I@`I@`I@Z=UO90@v@x@0@@NANAZ=]W9{@Ǹ@@J@D@NANAZ=e_9 AS!A["AD#AI%ANANAZ=mg9@@@@@@NANAZ=uo9@_@@@@NANAZC}w9@@a@@`I@`I@`I@ZC90@v@x@0@@@@ZO9{@Ǹ@@J@D@NANA?#CalcZF9?NA{Gz?#Calc#Calc#CalcNAZ19{Gz?#Calc#Calc#Calcz?Z9 Merrill Lynch`@Z;418426CENTROS COMERCIALES PRYCA S.A.keithph@PrycaSpain food retail#Calc= ףp}0@Spanish Peseta\ho@Biާg@ؗlTa@]0 A* A* AjB@]0CA*CA=R!;@4BX5-@,&מY Z ;?Zp$;`z@@@ l guhAQ@?#CalcZ'&;?Z1-);jb??Z=5/;d" A|0 A!A$"AI#ANANAZ==7;@S@@@@/@NANAZ=E?;@@@@@ @$@D@NANAZCMG;@z@`k@j@Q@Q@Q@Z=UO;±@R@,@@@NANAZ=]W;қ7@oɓz@Q@@@NANAZ=e_;d" A|0 A!A$"AI#ANANAZ=mg;@S@@@@/@NANAZ=uo;@@@@@ @$@D@NANAZC}w;@z@`k@j@Q@Q@Q@ZC;±@R@,@@@@@ZO;қ7@oɓz@Q@@@NANA?#CalcZF;?NAuV?#Calc#Calc#CalcNAZ1;uV?#Calc#Calc#CalcV?Z; Merrill Lynch`@Z=546030 SUPERDIPLOkeithph@ SuperdiploSpain food retail#Calc5@Spanish PesetaoE@I@U@rhA*A*ATD;@rhfA*fAxJ9@£3@C(QI@Z =?Zp$=`z@X@X|v%G@3O@?#CalcZ'&=?Z1-)=??Z:5/=n@.AhA@ANANANAZ:=7=@Ե@=@/@NANANAZ:E?=P@\@\@h@NANANAZCMG=c@@@@@@@Z:UO=y@^@ g@py@NANANAZ:]W=@K@ @=@NANANAZ:e_=n@.AhA@ANANANAZ:mg=@Ե@=@/@NANANAZ:uo=P@\@\@h@NANANAZC}w=c@@@@@@@ZC=y@^@ g@py@py@py@py@ZL=@K@ @=@NANANA?#CalcZF=?NAQ?#Calc#Calc#CalcNAZ1=Q?#Calc#Calc#CalcQ?Z=Morgan Stanley@@Z?447723JERONIMO MARTINS SGPS SAkeithph@Jeronimo MartinsPortugal food retail#Calc33333?@Portuguese EscudoClGӸ@LW@ŭF@&o:"A*o:"A*o:"AjWi*@1&A*1&A5vEE@Dn1@t%?HRZ ??Zp$?`z@?5^i=@p= !@q= '@(\}@EsA-H@V-@ss@?#CalcZ'&??Z1-)???Z@5/?X9aAW"A\%Al(A,AbX90@NAZ@=7?@@@@`@@0@NAZ@E??h@@@@O@@Z@NAZCMG?`@@`e@!@pX@О@О@Z@UO?4<NAZ@]W?x=,5h@@ڵ'@@@W@NAZ@e_?X9aAW"A\%Al(A,AbX90@NAZ@mg?@@@@`@@0@NAZ@uo?h@@@@O@@Z@NAZC}w?`@@`e@!@pX@О@О@ZC?4<@@@NANAZ=e_AI AzA*<"AT$A&ANANAZ=mgA@@@@@g@NANAZ=uoA:@Z@ @C@@@NANAZC}wA@@@@?@?@?@ZCAB@B@B@ZOA:QLr@]@>@@@NANA?#CalcZFA?NANA#Calc#Calc#CalcZ1A#Calc#Calc#Calce0e0ZA Merrill Lynch@ZC556098 LAURUS N.V. saracinog@LaurusNetherlands food retail#Calc6@Netherlands Guilder_xH@5KJ^@L@Aw@*w@*w@M!@A@*@;@?'Il1@K^?}ϲ/@Z C?Zp$C`z@@c@@W@f@]@J@`@$Q}r@?#CalcZ'&C?Z1-)CH>ײ??Z=5/CO@@@@@NANAZ==7Cs@u@x@{@0~@NANAZ=E?C@f@`f@f@`g@g@NANAZCMGC ~@X@ @Ѓ@@@@Z4UOC8@8@NANANANANAZ.]WCNANANANANANANAZ=e_CO@@@@@NANAZ=mgCs@u@x@{@0~@NANAZ=uoC@f@`f@f@`g@g@NANAZC}wC ~@X@ @Ѓ@@@@ZCC8@8@8@8@8@8@8@Z@CNANANANANANANA?#CalcZCC?NANA#Calc#Calc#CalcNAZ.CNA#Calc#Calc#Calce0ZCWarburg@Z DX@Z E474654 VENDEX N.V.keithph@Vendex0Department and Specialty retailer in Netherlands#Calč9@Netherlands Guilder['L@VwEU@Jw \@( @* @* @ʣ@(ε@*ε@333333<@F0@{,}"0@M֨O?@Z E?Zp$E@I@g@y@@b@p@ts@@M.w y@UUUUUU?#CalcZ'&EUUUUUU?UUUUUU?Z1-)EGz??Z@5/E6@@@@@@NAZ@=7Ev@s@`s@`s@`s@`s@NAZ=E?Eo@ `@d@d@d@NANAZCMGE@{@`}@`}@`}@`}@`}@Z7UOENEENANANANAZ4]WENAq@@NANANANAZCe_Ejt@UUUU]@]@]@]@]@]@ZCmgEUUUUUs@cs@cs@cs@cs@cs@cs@ZCuoEUUUUU]a@UUUUUc@Uc@Uc@Uc@Uc@Uc@ZC}wE|@:}@:}@:}@:}@:}@:}@ZCEEEEEEEEZUEe0@@@@@@UUUUUU?#CalcZIEUUUUUU?UUUUUU?NAm-N@#Calc#Calc#CalcN@Z1Ee0e0e0e0e0ZFE>None available! Line items grown with IBES LT Growth estimateZG525260KONINKLIJKE AHOLD NVkeithph@AholdNetherlands food retail#Calc@@Netherlands Guilder|гmR@x&1@ -B@#$@*$@*$@1@;`]@*`]@ffffffC@L2r6@ioH[.@Zp$G@zG@shE@T㥛@B`"@ ףp@ ףp@33333C@33333C@?#CalcZ'&G?Z1-)GʡE?|?5^?Mb?Mb?~jt?Z=5/G h@@"@X@a@NANAZ==7G7 @ȏ@p@8@@NANAZ=E?GTf=@@@Ȏ@@NANAZCMGGƶ w@h@@Σ@@@@Z=UOG @* @* @ElA@lVi@*@33333S@5lF@v1t_@go}X'@Z I?Zp$I`z@EC@Ze@ʡEb@,'}@IZ@y@;@?#CalcZ'&I?Z1-)I?Gz?{Gz?Z=5/I70@q&c@1 {̍@e6 @ @NANAZ==7IrhmR@%@j·@~j@@NANAZ=E?IwJ}@,`@!<ڸߚ@,`@@NANAZCMGI76@ ,@@RD{@Jy@y@y@y@Z:UOIA}RW`@(y |(y |NANANAZC]WIfk}PH@AC~@m3.@Έ`w@`w@`w@`w@Z=e_I70@q&c@1 {̍@e6 @ @NANAZ=mgIrhmR@%@j·@~j@@NANAZ=uoIwJ}@,`@!<ڸߚ@,`@@NANAZC}wI76@ ,@@RD{@Jy@y@y@y@ZCIA}RW`@(y |(y |y |y |y |ZUIfk}PH@AC~@m3.@Έ`w@`w@`w@`w@?#CalcZII?NAQ?#Calc#Calc#Calc?Z1IcT @v @0{g@{g@{g@ZI Merril Lynch`@Z"ZXJNew DVFA@@@Z K504142METROkeithph@MetroGerman GM and food retailer#Calcfffff@@German Deutschemark[B>نP@c('U7@Z1-)K?Gz?{Gz?Z KZKNANAZ KNAZM510667SPAR HANDELS-AGkeithph@ Spar HandelsGerman food retailer#CalcGz@German Deutschemark Uܸu+@T^7@*.H@D~@*@*@>'@臇y@*y@mm,@@À%%odFZ M?Zp$M`z@PnU@ˡE@x&@lC@xi%@7:@Onr@HFmu@?#CalcZ'&M?Z1-)M??Z@5/M@j@@@3@O@NAZ@=7Ma@``@p@t@u@w@NAZ@E?M`h@ n@n@`o@p@Pp@NAZCMGM u@@w@@(@Ђ@@@Z@UOMJNMMLKNAZ@]WM{GI@(\7@[@b@c@q= ףPb@NAZ@e_M@j@@@3@O@NAZ@mgMa@``@p@t@u@w@NAZ@uoM`h@ n@n@`o@p@Pp@NAZC}wM u@@w@@(@Ђ@@@ZCMJNMMLKKZRM{GI@(\7@[@b@c@q= ףPb@NA?#CalcZFM?NANA#Calc#Calc#CalcZ1M#Calc#Calc#Calce0e0ZMCSFB@@Z O510670SPAR HANDELS-AGkeithph@ Spar HandelsGerman food retailer#Calc9@German DeutschemarkdCH@pΈxB@Z OZONANAZ ONAZ Q401649'AVA ALLG. HANDELSGES. D. VERBRAUCHER AGkeithph@AVAGerman food retailer#CalcHu@German DeutschemarkHzτ@a>@Վh@5 @* @* @\i/@9<ƥ,@*,@ZӼSw@>yX5~s@!VS@Z Q?Zp$Q`z@̖QI@BS@s&o@R@S#B^@j3t@";@Cڵu@?#CalcZ'&Q?Z.-)QNA?Z:5/Q{@@@@NANANAZ@=7Qfffffd@Q@i@q@@s@t@NAZ@E?Qa@@a@a@`@`@`@NAZCMGQas@ j@Pu@Pz@{@|@|@Z@UOQ5$""""NAZ@]WQ7@fffffB@y]@d@̬f@33333h@NAZ:e_Q{@@@@NANANAZ@mgQfffffd@Q@i@q@@s@t@NAZ@uoQa@@a@a@`@`@`@NAZC}wQas@ j@Pu@Pz@{@|@|@ZCQ5$"""""ZRQ7@fffffB@y]@d@̬f@33333h@NA?#CalcZIQ?NAffffff@#Calc#Calc#Calcff@Z1Q#Calc#Calc#Calce0e0ZQCSFB@ZS526525HEMKOPSKEDJAN ABkeithph @HemkpSwedish food retailer#CalcP@#CalcP@5@@@*@*@ؒ@ؒ@*ؒ@]@@O@>? '(AZS@k@ZS.@Z:$S i is@s@?#CalcZ'&S?Z1-)S??Z@5/St@^@@@@@NAZ@=7S`f@ d@`g@i@`i@`j@NAZ@E?SG@K@M@O@G@P@NAZCMGS l@k@n@`p@ o@Pq@Pq@Z@UOS@@?@(@,@NAZ@]WS``@@]@a@b@@c@@d@NAZ@e_St@^@@@@@NAZ@mgS`f@ d@`g@i@`i@`j@NAZ@uoSG@K@M@O@G@P@NAZC}wS l@k@n@`p@ o@Pq@Pq@ZCS@@?@(@,@,@ZRS``@@]@a@b@@c@@d@NA?#CalcZLS?(\@Q@#Calc#Calc#CalcQ@Z1SQ@#Calc#Calc#CalcQ@Z&SHandelsbanken Markets@ZU026201KINGFISHER PLCkeithph@ KingfisherUK GM and food retailer#Calc333333@British Pounds333333@y&1?@c @c @* @* @Tu@Tu@*u@fffff"@33333@q@HJ@Zp$U@33333G@u@,@\}@\}@33333@33333@UUUUUU?#CalcZ'&UUUUUUU?UUUUUU?Z1-)UJ +?1Zd?~jt?Z@5/U̶@fffff @3333!@ffff&@ffff&@g@NAZ@=7Uy@h6@33333@@Ս@@NAZ@E?Uy[@33333_@a@e@g@ i@NAZCMGUl@Af,@33333@`@ʑ@5@5@Z@UOUffffff9*#A94NAZ WWUNAZ]\UNANAZCe_U׸@wwwwWʼ@?@fffff@>L@>L@>L@ZCmgU27x@VR@w@@@@@ZCuoUY_@"""""za@fffffd@f@h@h@h@ZC}wU;s=^܃@p*@UUUUU@@]@]@]@ZCUݝ,]$?9j4j4j4ZUUe0UUUUUU?#CalcZLUUUUUUU?UUUUUU?Fx?n?#Calc#Calc#CalcMt?Z1Uq4?4?4?4?4?Z!USaracino's model@ZW417914$CASTORAMA DUBOIS INVESTISSEMENTS SCAkeithph@ Castorama French DIY#Calcfffffk@#Calc r論@o|C@4z@@*@*@MKBe@3\B@*B@o@[ A#_@0|DL3@ rD@Z W?Zp$W`z@+e@QXV@!S@l1-@V-@IaLs@@K99@?#CalcZ'&W?Z1-)W??ZC5/W>@@ffff6@ffffV@ffff@3333@w@ZC=7W@@<@@@8@ @ZCE?Wpy@z@@@@ܝ@$@ZCMGW6@Z@@@x@@@ZCUOW6@RB.$ ZC]WWu@@{@fffffJ@ ףp=>@s@@ZCe_W>@@ffff6@ffffV@ffff@3333@w@ZCmgW@@<@@@8@ @ZCuoWpy@z@@@@ܝ@$@ZC}wW6@Z@@@x@@@ZCW6@RB.$ ZUWu@@{@fffffJ@ ףp=>@s@@?#CalcZIW?NA(\@#Calc#Calc#Calc@Z1W(\@#Calc#Calc#Calc@Z+WCredit Suisse First Boston@Z10XX28Ž@Z 88X| z@ZY469319HORNBACH-BAUMARKT-AGkeithph@Hornbach German DIY#Calc=@#CalcrZ| \L@.@8@9֐@*֐@*֐@|iMx@B@*B@~W[F@6@ikD0"@AZ Y?Zp$Y@ʡEf@ˡE?@ rt@54e@Ra}@ n@UUUUUU?#CalcZ'&YUUUUUU??Z1-)Y??Z=5/Y33333@X@n@@@NANAZ==7YS@`@a@fffffd@33333h@NANAZ=E?Y33333W@K7U@Y@fffff\@^@NANAZCMGYe@T㥛j@n@dq@s@s@s@Z=UOYQ5n>33333;<:NANAZ=]WYY5@33333SP@fffffS@fffffV@33333[@NANAZCe_Y@#@{@A@A@A@A@ZCmgY]@a@Jd@fffffg@fg@fg@fg@ZCuoYX% V@K7AX@[@{^@{^@{^@{^@ZC}wYƒ_,j@䥛 m@ q@"""""bs@"bs@"bs@"bs@ZCY%X"=g0<43333;VUUUUU:UU:UU:UU:ZUYL@MS@KV@[Z@[Z@[Z@[Z@UUUUUU?#CalcZIYUUUUUU??NARQ?#Calc#Calc#CalcQ?Z1YRQ?#Calc#Calc#CalcQ?ZY BT Alex Brown@Z [469381HORNBACH HOLDING AGkeithph@Hornbach German DIY#CalcD@#CalcX[S@@Z [Z]474656'PRAKTIKER BAU- UND HEIMWERKERMAERKTE AGkeithph@ Praktiker German DIY#Calc!@#Calcc*0@P@@VC$@*$@*$@LX.v@ʉvL@*L@>(@333333@<ΚB`">Z ]?Z ]@Z ]1@Z ] @Z:$]gffffN@\x@^I @V/E;p@?#CalcZ'&]?Z1-)]J +??Z:5/]@ @q= 6@= ף0x@NANANAZ:=7]33333Y@Zd;_\@(\\@zGY`@NANANAZ:E?]LD@fffff&P@N@K@NANANAZCMG]a@B`"Cf@{G"f@GzLg@zLg@zLg@zLg@Z:UO]0EDDNANANAZ:]W](\K@-K@ ףp=jF@\(J@NANANAZ:e_]@ @q= 6@= ף0x@NANANAZ:mg]33333Y@Zd;_\@(\\@zGY`@NANANAZ:uo]LD@fffff&P@N@K@NANANAZC}w]a@B`"Cf@{G"f@GzLg@zLg@zLg@zLg@ZC]0EDDDDDZL](\K@-K@ ףp=jF@\(J@NANANA?#CalcZI]?NAzG?#Calc#Calc#CalcG?Z1] ףp= ?ffffff?= ףp=?#Calcp=?Z]Merrill Lynch @Z_096488WICKES PLC (NEW)keithph@Wickes English DIY#Calcףp= @#Calcףp= @ClS@Vr@Vr@*Vr@*Vr@3v@3v@*3v@ףp= @(\?S"^9@g?RD8@Z1_@F0@x&AU@$C?Z:$_xAQ@xAQ@HzwQ@HzwQ@?#CalcZ'&_?Z1-)_??Z:5/_DlO@Ԁ@@@NANANAZ:=7_ ףp='@5@6@>@NANANAZ:E?_V-1@p= #2@2@6@NANANAZCMG_A`Ђ=@RC@D@J@J@J@J@Z:UO_SA`"NANANAZ:]W_333333"ffffff6@2@333335@NANANAZ:e__DlO@Ԁ@@@NANANAZ:mg_ ףp='@5@6@>@NANANAZ:uo_V-1@p= #2@2@6@NANANAZC}w_A`Ђ=@RC@D@J@J@J@J@ZC_SA`"ZL_333333"ffffff6@2@333335@NANANA?#CalcZI_?NAQ?#Calc#Calc#Calc?Z1_Q?#Calc#Calc#CalcHzG?Z$_Warburg Dillon Read@Za026859PROVIDENT FINANCIAL PLCkeithph @Provident FinancialUK Retail Financial Services#Calc333333"@#Calc333333"@㥛 p@s@s@*@*@ q;8@ q;8@*;8@Q8&@fffff@R`Lhg\WZ a;^̍#?Z^"a@h|??@'1Z9@E6r@Kq@Kq@ln@ln@Z $$a#CalcZ'&a?ZCMGaZCe_aZCmgaZCuoaZC}waZCaZUa?#CalcZa?Z(a#Calc#Calc#Calce0Z1a#Calc#Calc#CalcZc018036 CATTLES PLCkeithph @CattlesUK Ret      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcefghijklmnopqrstuvwxyz{|}~ail Financial Services#Calc{Gz @#Calc{Gz @>W[xq@eq@eq@*@*@l?+@l?+@*+@R@ףp= @qp&ǝr2@Z cP?Z^"c@K7@Pn@o@"p@"p@"~[@"~[@Z $$c#CalcZ'&c?ZCMGcZCe_cZCmgcZCuocZC}wcZCcZUc?#CalcZc?Z(c#Calc#Calc#Calce0Z1c#Calc#Calc#CalcZe053160LONDON SCOTTISH BANK PLCkeithph @London ScottishUK Retail Financial Services#Calc(\?#Calc(\?= ףp%`@_vOa@_vOa@*a@*a@/nf@/nf@*f@?(\?;2V*c]FZ eKP?Z^"e@$2@K7AJ@X9v@@X9v@@|?5^zA@|?5^zA@Z $$e#CalcZ'&e?TUUUUU?ZCMGeZCe_eZCmgeZCuoeZC}weZCeZUe?#CalcZe?TUUUUU?Z1eX9v?#Calc#Calc#Calcv?Z1ee0e0e0e0e0Z,g512622TAG HEUER INTERNATIONAL SAZg#Calc c@Zy g c@V'g(@MK@MK@*@*@MK@MK@*@d@Q@ffffff6@a"@Z gZ ""gZ $$g#CalcZ'&g?ZCMGgZCe_gZCmggZCuogZC}wgZCgZCgZ g#CalcZg?Z(g#Calc#Calc#Calce0Z1g#Calc#Calc#CalcZ$iHDHOME DEPOT, INC. (THE)Zi Home DepotZi#CalcpO@Zy ipO@y&1@^I̐@^I̐@*@*@^I̐@^I̐@*@P@?@#gH@Z iZ ""iZ $$i#CalcZ'&iUUUUUU?UUUUUU?ZCMGiZCe_iZCmgiZCuoiZC}wiZCiZCiZ i#CalcZiUUUUUU?UUUUUU?Z(i#Calc#Calce0e0Z1iZkSPLS STAPLES, INC.ZkStaplesZk#Calc<@Zy k<@v|@}?5@}?5@*@*@}?5@}?5@*@A@1@'bdy(0BH@Z kZ ""kZ $$k#CalcZ'&kUUUUUU?UUUUUU?ZCMGkZCe_kZCmgkZCuokZC}wkZCkZCkZ k#CalcZkUUUUUU?UUUUUU?Z(k#Calc#Calce0e0Z1kZ!mBBYBEST BUY CO., INC.ZmBest BuyZm#CalcXO@Zy mXO@٬kp@Z mZ ""mZ $$m#CalcZ'&mUUUUUU??ZCMGmZCe_mZCmgmZCuomZC}wmZCmZCmZ m#CalcZmUUUUUU??Z(m#Calc#Calce0e0Z1mZ6oCC(CIRCUIT CITY STORES - CIRCUIT CITY GROUPZo Circuit CityZo#CalcTU@Zy oTU@= ףpY@3333?@3333?@*?@*?@3333?@3333?@*?@W@<@jM3@qqtT@Z oZ ""oZ $$o#CalcZ'&oUUUUUU??ZCMGoZCe_oZCmgoZCuooZC}woZCoZCoZ o#CalcZoUUUUUU??Z(o#Calc#Calce0e0Z1oZ#qBKSBARNES & NOBLE, INC.ZqBarnes & NobleZq#Calc:@Zy q:@Mb(Q@C@C@*@*@C@C@*@H@06@%̴2 9Z qZ ""qZ $$q#CalcZ'&qUUUUUU?UUUUUU?ZCMGqZCe_qZCmgqZCuoqZC}wqZCqZCqZ q#CalcZqUUUUUU?UUUUUU?Z(q#Calc#Calce0e0Z1qZ"sBGPBORDERS GROUP, INC.ZsBordersZs#Calc-@Zy s-@= ףpES@p= đ@p= đ@*đ@*đ@p= đ@p= đ@*đ@D@@*@8A`P@x MZ sZ ""sZ $$s#CalcZ'&sUUUUUU?UUUUUU?ZCMGsZCe_sZCmgsZCuosZC}wsZCsZCsZ s#CalcZsUUUUUU?UUUUUU?Z(s#Calc#Calce0e0Z1sZ+uMLGMUSICLAND STORES CORPORATIONZu MusiclandZu#Calc#@Zy u#@('B@@0Gju@@0Gju@*ju@*ju@@0Gju@@0Gju@*ju@2@ @KqUUBZ uZ ""uZ $$u#CalcZ'&u?ZCMGuZCe_uZCmguZCuouZC}wuZCuZCuZ u#CalcZu?Z(u#Calc#Calce0e0Z1u#Calc#CalcZ5wTWMC%TRANS WORLD ENTERTAINMENT CORPORATIONZw TransworldZw#Calc%@Zy w%@eN#J@?'IÁ@?'IÁ@*Á@*Á@?'IÁ@?'IÁ@*Á@n9*>@"@fF?Sy;iLZ wZ ""wZ $$w#CalcZ'&wUUUUUU?UUUUUU?ZCMGwZCe_wZCmgwZCuowZC}wwZCwZCwZ w#CalcZwUUUUUU?UUUUUU?Z(w#Calc#Calce0e0Z1wZy029220 SEARS PLCZ ySearsZy#Calc*e0Zy y*e0 $(~c@*c@*c@*c@*c@*c@*c@*c@HzG @= ףp=?*p=?*p=?Z""yNANAZ $$y#CalcZ'&y?ZCMGyZCe_yZCmgyZCuoyZC}wyZCyZCyZ y#CalcZy?Z(y#Calc#Calc#Calce0Z1y#Calc#Calc#CalcZ z#CalcZ@{003251 ALLDERS PLC MSDW Eq Res@AlldersZ{#Calcףp= ?British Poundsףp= ?t ^jS@/VSZ@/VSZ@*SZ@*SZ@R#[@R#[@*[@q= ףp@?33@?Z {1998EZ {333333@Z:${333333@333333@fffffB`@fffffB`@?#CalcZ'&{??Z"-){NANANANANAZ=5/{5^I ~@@@@fffffb@33333ˀ@NANAZ:=7{NA1@ -@phX/@pc/@NANAZ:E?{NA @$@&@NANAZCMG{e0L9@Cl8@84,F]:@pc/@/@/@Z4UO{m@bX9@NANANANANAZ WW{NAZ]\{NANAZCe_{-"@0@@|@|@|@|@ZCmg{e0"~0@tʼno.@;ۣ7/@7/@7/@7/@ZCuo{e043333s!@$@ @ @ @ @ZC}w{e0~jt89@w9@.8@.8@.8@.8@ZC{Mb@b@b@b@b@b@b@ZU{e0?#CalcZI{??NA?#Calc#Calc#Calc?Z1{e0e0e0e0e0Z${MSDW Research Model @Z |#CalcZB}023547ARCADIA GROUP PLCkeithph@ArcadiaZ}#CalcQ@British PoundsQ@jMSg@i{x@i{x@*x@*x@i{}@i{}@*}@= ףp=@p= ף?Sb5HZp$}@@?@ N@33333E@ R@ R@`@`@UUUUUU?#CalcZ'&}UUUUUU?VUUUUU?Zv5)}??@33333@#@@33333Ř@3Ř@NAZ@=7}@R@(JT@{M@<v|AR@S㥛R@R@NAZ@E?}ffffffI@K@P@@R@S@S@NAZCMG}33333^@bEoa@_@;@b@Mc@Mc@Mc@Z4UO}333333NANANANANAZ WW}NAZ]\}NANAZCe_}"""""@Ԗ@s@M@M@M@M@ZCmg}.*S@pn R@ՊP@%ʵ0cR@cR@cR@cR@ZCuo}.J@VUUUUM@*Q@R@R@R@R@ZC}w}H `@ [Y`@2@`@h:mCb@Cb@Cb@Cb@ZC}ffffffffffffffffffZU}e0UUUUUU?#CalcZL}UUUUUU?VUUUUU?n?+?#Calc#Calc#Calc?Z1}e0e0e0e0e0Z$}MSDW Research Model @Z ~#CalcZJ011144BOOTS COMPANY (THE) PLC MSDW Eq Res@BootsZ#Calc= ףp=@British Pounds= ףp=@33333@/$@/$@*@*@C슻@C슻@*슻@%@Gz@2wJ9Z 1998EZ ̬b@Z:$̬b@̬b@m@m@?#CalcZ'&??Z"-)NANANANANAZ=5/3333g@o@33333˳@@@NANAZ:=7NAЀ@@p@H@NANAZ:E?NA,^@@_@``@a@NANAZCMGe0@@@@@@Z4UO333333F@ffffff.@NANANANANAZ WWNAZ]\NANAZCe_@L@lU@43333@3@3@3@ZCmge0r@@҄@҄@҄@҄@ZCuoe033333^@0`@`@`@`@`@ZC}we0fffffQ@ @@@@@ZC6@6@6@6@6@6@6@ZUe0?#CalcZF??NANA#Calc#Calc#Calc?Z.NA#Calc#Calc#Calce0Z$MSDW Research Model @Z #CalcZD023510 DEBENHAMS PLC MSDW Eq Res@ DebenhamsZ#CalcQ8@British PoundsQ8@?Ɯw@ >i@ >i@*i@*i@̙ }2@̙ }2@*}2@)\(@Q@Q* ĬCy=@Z @@Z I@Z:$I@I@U@U@UUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z1-)??Z=5/33333 @33333W@ԕ@@˜@NANAZ==7fffff6`@ּ&Bb@9ҍb@L^Vc@ 8Ae@NANAZ=E?fffff&C@!RD@{kX G@xmI@GgL@NANAZCMGe@[2zg@TIQh@ylEj@M #[l@#[l@#[l@Z4UO333333$NANANANANAZ WWNAZ]\NANAZCe_y@@@@̦@̦@̦@̦@ZCmgؙ`@_[b@~8Tb@.LUd@LUd@LUd@LUd@ZCuoJ6C@4*E@&wFAG@7-CJ@CJ@CJ@CJ@ZC}wf(e@2jg@F/}h@j@j@j@j@ZCwwwwww"ww"ww"ww"ww"ww"ww"ZUe0UUUUUU?#CalcZLUUUUUU?VUUUUU?A`"?X9v?#Calc#Calc#Calcv?Z1e0e0e0e0e0Z$MSDW Research Model @Z #CalcZD027230DIXONS GROUP PLC MSDW Eq Res@DixonsZ#Calc ףp= (@British Pounds ףp= (@z@0@0@*0@*0@j@j@*j@zGa/@(\@n; V/b@Z @Z hZ:$hh@@UUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z"-)NANANANANAZ=5/@@̀@ @.@NANAZ:=7NAg h@0Ji@_{m@H9"o@NANAZ:E?NAfffffL@ P@R@S@NANAZCMGe0"#o@o%Cxp@¯s@vt@t@t@Z OONAZURNANANANAZ WWNAZ]\NANAZCe_Τ@@#""""2@"""""x@"x@"x@"x@ZCmge0ta_#Xi@>k@FQ@n@@n@@n@@n@ZCuoe0 O@`Q@S@S@S@S@ZC}we0TJrp@D QPr@(2t@2t@2t@2t@ZCe0ZUe0UUUUUU?#CalcZFUUUUUU?VUUUUU?NANA#Calc#Calc#CalcUU?Z1e0e0e0e0e0Z$MSDW Research Model @Z #CalcZQ038470 GREAT UNIVERSAL STORES PLC (THE) MSDW Eq Res@GUSZ#CalcQ8@British PoundsQ8@T$n@I@I@*@*@t~J@t~J@*J@ !@\(@=@1%Z 1998EZ 33333Sl@Z4$33333Sl@33333Sl@NANA?#CalcZ'&??Z"-)NANANANANAZ:5/NAfffffE@@S@@NANAZ:=7NĀ@颋.@>"@F]tѱ@NANAZ:E?NAp`@|f@ |_f@E]tf@NANAZCMGe0̠@dM6y@F]tѹ@袋.f@.f@.f@Z OONAZURNANANANAZ WWNAZ]\NANAZCe_e0ള@@@L@L@L@L@ZCmge0b־@袋.@> @ @ @ @ZCuoe0E]td@ |Gf@dM6ٴf@ٴf@ٴf@ٴf@ZC}we0׾aC@)@^tE@@@@ZCe0ZUe0?#CalcZF??NANA#Calc#Calc??Z.NA#Calc#Calce0e0Z$MSDW Research Model @Z #CalcZT041430HARVEY NICHOLS GROUP PLC MSDW Eq Res@Harvey NicholsZ#Calc@British Pounds@K@[@[@*[@*[@y\@y\@*y\@@?I +g3@5/Z @Z 333333@Z:$333333@333333@/$!6@/$!6@?#CalcZ'&??Z"-)NANANANANAZ=5/+Ώ\@zG`@(\:`@̼`@fffffFa@NANAZ:=7NAaL(,@BR*@&s+@`[֓(-@NANAZ:E?NAS@@@@NANAZCMGe0yim{2@Tr|2@j9nS3@bI4@I4@I4@ZPOS㥛ܿEؿZURNANANANAZ WWNAZ]\NANAZCe_Zd;=_@ ףp=0`@ ףp=`@$a@$a@$a@$a@ZCmge0+@*Ea+@=00,@0,@0,@0,@ZCuoe0Pn@33333@@@@@ZC}we0ܥpH|2@Cb3@gL3@3@3@3@ZC.ٿEԸԸԸԸԸԸZUe0?#CalcZL??On?ʡE?#Calc#Calc#CalcE?Z1e0e0e0e0e0Z$MSDW Research Model @Z #CalcZP043991HOUSE OF FRASER PLC MSDW Eq Res@House of FraserZ#Calc{Gz?British Pounds{Gz??l@l\i@l\i@*\i@*\i@6.:u@6.:u@*.:u@ףp= ?Gz?8+/@=ϝIZp$1998E333333?9@@[@`@`@33333cm@33333cm@UUUUUU?#CalcZ'&UUUUUU?UUUUUU?Z"-)NANANANANAZ=5/33333k@`@fffff҈@33333@h@NANAZ:=7NA/L D@YB@d;O'D@|X5E@NANAZ:E?NAZd;2@333332@K7!5@N@6@NANAZCMGe0ZӼM@43333K@QN@nV}P@P@P@Z7UO333333#*1NANANANAZ WWNAZ]\NANAZCe_K@23333ވ@"""""ۉ@H@H@H@H@ZCmge0MB@VD@d,E@E@E@E@ZCuoe0K72@ e4@蕲 q6@q6@q6@q6@ZC}we0$UK@K~wN@,ÉՃP@ՃP@ՃP@ՃP@ZC**000000ZUe0UUUUUU?#CalcZLUUUUUU?UUUUUU?UU?K?#Calc#Calc#CalcK?Z1e0K?#Calc#CalcK?Z$MSDW Research Model @Z #CalcZR055768MFI FURNITURE GROUP PLC MSDW Eq Res@ MFI FurnitureZ#Calc= ףp=?British Pounds= ףp=?/$@}W|n@}W|n@*|n@*|n@jeCe@jeCe@*eCe@?Gz?b:^-@E|'vBZ 1998EZ 33333sRZ4$33333sR33333sRNANAUUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z"-)NANANANANAZ:5/NAfffff@@t@@NANAZ:=7NAfffff&N@333333*@ua)@]):@NANAZ:E?NAffffffB@bGK@ 8S@~ R@NANAZCMGe0fffffFX@tarAQ@&sV@X@X@X@Z OONAZURNANANANAZ WWNAZ]\NANAZCe_e0#""""R@VUUUUM@hffff@f@f@f@ZCmge0UUUUU<@J&)@K5@5@5@5@ZCuoe05R2H@-YyQ@E.VvR@vR@vR@vR@ZC}we0pb~nS@=T@BiW@W@W@W@ZCe0ZUe0UUUUUU?#CalcZFUUUUUU?VUUUUU?NANA#Calc#Calc#CalcUU?Z1e0e0e0e0e0Z$MSDW Research Model @Z #CalcZH027609NEW LOOK GROUP PLC MSDW Eq Res@New LookZ#Calc(\@British Pounds(\@i@0z@0z@*0z@*0z@I{@I{@*I{@@Q?bg2@NvB@Z 1998EZ 1@Z:$1@1@fffff]@fffff]@?#CalcZ'&??Z"-)NANANANANAZ@5/V-q@33333+t@v@Hz@L}@L}@NAZ==7NAn2 +D@BaF@_?VζH@0J@J@NAZ=E?NA(\%@!(@&p,@Dh0@h0@NAZCMGe0?mDpJƊ?Z@5/fffff@33333c@fffff\@33333+@fffff@X@NAZ@=7333333b@id@/Pc@R\f@0j@9m@NAZ@E?4@333336@:@=@@@B@NAZCMG33333d@(z7X~g@/f@R\j@Pn@p@p@Z=UONA%@"@@@"@NAZ WWNAZ]\NANAZCe_@!"""G@L@L~@2333@@@ZCmg Asd@S4ߏlc@of@Gi@l@l@l@ZCuoy6@9@<@UUUUUU@@A@A@A@ZC}w>t̿Bg@gf@oGj@M6,n@fffffp@fp@fp@ZCe0L"@UUUUU@@!@!@!@ZUe0UUUUUU?#CalcZLUUUUUU?UUUUUU?S?w/?#Calc#Calc#Calc/?Z1Zc?????ZMSDW@Z #CalcZ029197SELFRIDGES PLC MSDW Eq Res@ SelfridgesUK department store#Calc@British Pounds@ $(~c@}Iz@}Iz@*Iz@*Iz@}k}@}k}@*}@q= ףp@Q?VC2@*2@Z 1998EZ 33333sH@Z:$33333sH@33333sH@33333u@33333u@UUUUUU?#CalcZ'&UUUUUU?UUUUUU?Z"-)NANANANANAZ@5/r@fffffr@fffff6s@fffff~v@33333;x@y@NAZ@=7@@fffff3@3333338@<@A@fffffE@NAZ@E? @)@TL ,@L2@L3@0@NAZCMGfffffD@333333@@,Q:C@ffffffG@J@33333M@3M@Z@UO?ffffffNAZ WWNAZ]\NANAZCe_r@fffff(s@fffff8v@"""""x@y@y@y@ZCmg5@vwwww7@DDDDD$<@@@UUUUUEE@UEE@UEE@ZCuoL(@9,@t/1@wwwww73@333330@30@30@ZC}wwwwww@@ߩ8B@9p G@xJ@M@M@M@ZCDDDDDDܿ""""""""""""ZUe0UUUUUU?#CalcZLUUUUUU?UUUUUU?{GzT㥛 ?#Calc#Calc#Calc ?Z1Wk.$?.$?.$?.$?.$?Z*Dresdner Kleinwort Benson@Z @@Z085249STOREHOUSE PLCkeithph@ StorehouseBhs and Mothercare (UK)#CalcRQ?British PoundsRQ?}8gz@U$Ԁ@U$Ԁ@*Ԁ@*Ԁ@]T@]T@*T@Q@Q?r?؁sFHZ @Z V@Z:$V@V@fffff:@fffff:@?#CalcZ'&??Z1-)4a8?ףp= ?{Gzt?Z@5/̆@ܔ@fffff”@@l@@NAZ@=7]@_@33333Z@Q@33333R@T@NAZ=E?NAK@@P@P@Q@Q@NAZCMGe043333f@)e@@a@9b@c@c@Z@UOffffffffffff333333NAZ WWNAZ]\NANAZCe_3333@Ȕ@@?@ە@ە@ە@ZCmg43333k_@̌[@̼S@fffffR@T@T@T@ZCuopbfffffFO@P@XQ@Q@Q@Q@ZC}we0e@fffff:b@43333a@fffffb@fb@fb@ZC233333gffff333333ffffffZUe0?#CalcZL??1Zd?K7A`?1Zd?V-?K7A?A?Z1zG?Zd;?Q?+ο?ο?Z$MSDW Research Model @Z #CalcZ026853SMITH (W.H.) GROUP PLC MSDW Eq Res@ W H SmithUK Book retailer#Calcq= ף@British Poundsq= ף@w/p@#b@#b@*@*@#b@#b@*@@@#/$D22@Z 1998EZ @dZ:$@d@d@@UUUUUU?#CalcZ'&UUUUUU?VUUUUU?Z"-)NANANANANAZ=5/@@b@33333$@4@NANAZ:=7NA`@ʡ\@|?5>_@.1Fa@NANAZ:E?NAN@G@H@J@NANAZCMGe0@h@A`d@ve@.1g@1g@1g@Z4UO@NANANANANAZ WWNAZ]\NANAZCe_0@t@@"""""Ԣ@"Ԣ@"Ԣ@"Ԣ@ZCmge0+@5_@|]C_@ˡE`@,Oc@} e@e@e@e@ZC}w"~j @҉@_, @mYj@j@j@j@ZC T}  IS*8v????ZCX9ȭr@B-kjz@X@h с@с@с@с@Z #CalcZLUUUUUU?UUUUUU?)\(?p= ף?#Calc#Calc#Calcף?Z1K~?????Z First Union@Z #CalcZ548667 BENETTON SPAkeithph @BenettonInternationl Apparel Retailer#Calc(\?Euroe;O@1Z^@bJ$ы@޳a,YA*,YA*,YA͓x@޳G\A*G\Ani5$Q@?Opv0@`H?Z ?Z^"@Uy0A)AĤ+A*@\V%A[Kv@@ArɎ@Z $$#CalcZ'&?Z(-)NAP8? |?NANAZ=5/KA@MAdNANPA'QANANAZ@=7HA4^A A(G#A$A$ANAZ@E?A`AiA ZAGAGANAZCMG$"A"A&A)A*A*A*AZ=UOf@Sh@NANAZ=]W1@jfeTAA`A TANANAZ=e_KA@MAdNANPA'QANANAZ@mgHA4^A A(G#A$A$ANAZ@uoA`AiA ZAGAGANAZC}w$"A"A&A)A*A*A*AZCf@Sh@@@Z=1@jfeTAA`A TANANAZ #CalcZ?Z1{Gz?#Calc#Calc#Calcz?Z1e0e0e0e0e0Z Merril Lynch@Z #CalcZ459668DOUGLAS HOLDING AGkeithph @DouglasGerman "High End" Retailer#Calc33333sE@EuroR~RT@{A@ ©@9#@*#@*#@S6I@KHȚ@*@8gDio`L@fffffB@7$@U#n"Z ?Z^"@NbX9(`@ˡEEX@lg@!rh 0@&1e@SrXV@|?5^ۉ@m{^pz@Z $$#CalcZ'&?Z1-)N?AI? 'u_[q?Z=5/jtSR@'1\@=@@@NANAZ@=7x&1dl@`"m@p@0r@t@t@NAZ@E?~jHb@xb@d@e@ g@ g@NAZCMGX9vVw@lQx@z@ }@@@@Z=UOzG0d;O.,(&NANAZ=]Wa"f@fҲ%d@a@c@ f@NANAZ=e_jtSR@'1\@=@@@NANAZ@mgx&1dl@`"m@p@0r@t@t@NAZ@uo~jHb@xb@d@e@ g@ g@NAZC}wX9vVw@lQx@z@ }@@@@ZCzG0d;O.,(&&&Z=a"f@fҲ%d@a@c@ f@NANAZ #CalcZ?Z1 ףp= ?#Calc#Calc#Calc= ?Z1e0e0e0e0e0ZHSBC@Z #CalcZ RLPOLO RALPH LAUREN CORPORATIONmayerx`@Polo Ralph LaurenInternationl Apparel Retailer#Calc2@ U.S. Dollar2@ɓk&X@0$3@0$3@*3@*3@v*@v*@**@=@/@c!:CQOAZ^"`@5@D@fffff2@fffff2@fffff҄@fffff҄@Z $$#CalcZ'&??Z"-)NANANANANAZ@5/ʡq@ ףp@0@c@՞@՞@NAZ@=7V-c@\(h@j@n@yq@yq@NAZ@E?(\+@xf;@33333D@33333F@fffffH@fH@NAZCMGce@/$el@o@333333r@gfffft@ft@ft@Z=UORQ+'1ZĿNANAZ=]W33333S]@ʡErb@L_@a@,d@NANAZCe_i|?ٕ@\c@gfff֛@9@9@9@9@ZCmg/$g@ףp= Bj@43333m@gffffp@fp@fp@fp@ZCuo/$7@$C#C@33333CF@)H@)H@)H@)H@ZC}wʡEj@`" o@q@s@s@s@s@ZC/$F tZCva@|?5^Y`@-a@c@c@c@c@Z #CalcZL??{Gz?333333?#Calc#Calc33?33?Z1(\?????Z-Brown Brothers Harriman & Co@Z #CalcZTOMTOMMY HILFIGER CORPkeithph @Tommy HilfigerInternationl Apparel Retailer#Calc$R@ U.S. Dollar$R@SG@F@F@*@*@Zd;D@Zd;D@*D@T@ A@KU @2*5@Z^"@?5^Ig@q= ף>@ʡEY@Q|@Q|@ r@@ r@@Z $$#CalcZ'&??Z"-)NANANANANAZ@5/`@33333ۓ@fffffƙ@<@<@<@NAZ@=7y_@fffffj@fffff.s@v@v@v@NAZ@E?4@̬Q@T@[@[@[@NAZCMGgffffVb@fffffq@\x@|@|@|@|@Z7UONAfffff&GfffffCCNANANAZ7]WNA ]@fffff6g@k@NANANAZCe_fffffp@K@@@@@@ZCmgg@q@]u@]u@]u@]u@]u@ZCuoM@gffffS@fffffY@fY@fY@fY@fY@ZC}w33333'o@23333v@33333{@3{@3{@3{@3{@ZCe0fffffD9C9C9C9C9CZCe0fffff e@̌j@̌j@̌j@̌j@̌j@Z #CalcZ??Z1ףp= @#Calc#Calc @ @Z1(\?????Z+ING Baring Furman Slez LLC`@Z #CalcZ525397HERMES INTERNATIONAL SCAkeithph`@HermesFrench fashion retailer#Calc`W@Euro(\*@dtv2hB@9@dj^ @* @* @vۅ@+@*+@@X@1*G@sY:@W?@Z^"@33333b@4@33333C`33333C`(\*@(\*@Z $$#CalcZ'&?Z"-)NANANANANAZ@5/A{$%@33333@33333K@@@@NAZ@=7;Jc@d@̼e@|g@|g@|g@NAZ@E?Aق5@ffffff8@L:@=@=@=@NAZCMG\KUe@gffffg@gffffi@k@k@k@k@Z1UONA333333@NANANANANAZ7]WNA V@YW@fffff&Y@NANANAZ@e_A{$%@33333@33333K@@@@NAZ@mg;Jc@d@̼e@|g@|g@|g@NAZ@uoAق5@ffffff8@L:@=@=@=@NAZC}w\KUe@gffffg@gffffi@k@k@k@k@ZCe0333333@33@33@33@33@33@Z7NA V@YW@fffff&Y@NANANAZ #CalcZ?Z1\(\@#Calc#Calc#Calc(\@Z1e0e0e0e0e0ZMSDW@Z #CalcZ453564#LVMH MOET-HENNESSY LOUIS VUITTON SAkeithph`@LVMH Luxury goods#Calcq@EuroQ@ʡEzX@(@jA*A*AHz@j2A*2Afffff>r@Z_$W@-N;@%~WQ@Z^"@ @(@p@p@@@Z $$#CalcZ'&?Z"-)NANANANANAZ@5/Y 㚼@@@@@@NAZ@=7Ƹғ@@\@@@@NAZ@E? u@{@`{@{@{@{@NAZCMG kx5@@4@ܝ@ܝ@ܝ@ܝ@Z1UONA1NANANANANAZ7]WNAz@@0@NANANAZ@e_Y 㚼@@@@@@NAZ@mgƸғ@@\@@@@NAZ@uo u@{@`{@{@{@{@NAZC}w kx5@@4@ܝ@ܝ@ܝ@ܝ@ZCe0111111Z7NAz@@0@NANANAZ #CalcZ?Z1*C@#Calc#Calc#Calc@Z1e0e0e0e0e0Z%Handesbanken Markets`@Z #CalcZ465505GUCCI GROEP NVmayerx`@Gucci French Luxury goods conglomerate#CalcQ@EuroJ{/Lc@s7N@PNL@@*@*@J”@g .@*.@33333S@YB#:@?!S8-H@Z @Z("3333333333]@]@Z $$#CalcZ'&UUUUUU?UUUUUU?Z"-)NANANANANAZ@5/e0J@@@@@NAZ@=7e033333n@|q@33333Ks@3Ks@3Ks@NAZ@E?e0ffffffD@33333sF@33333H@3H@3H@NAZCMGe0fffffq@33333Kt@av@av@av@av@Z1UONA`@NANANANANAZ7]WNADt@ j@ l@NANANAZCe_e0*ɑ@@@@@@ZCmge0Gq@$s@$s@$s@$s@$s@ZCuoe0wwwwwGF@33333H@3H@3H@3H@3H@ZC}we0t@5v@5v@5v@5v@5v@ZCe0e0e0e0e0e0e0ZCe0Ak@43333k@3k@3k@3k@3k@Z #CalcZUUUUUU?UUUUUU?Z1\(\@#Calc#Calc#Calc(\@Z1X%@%@%@%@%@Z Lehman Brothers@@Z #CalcZ448410 KARSTADT AGkeithph @KarstadtGerman department store#Calc@}@Euro -@ @gffff@0@*@*@]Ec@|~a@*a@p~@s@ G@;(AZ ?Zc" 31-Dec-98E@@@*@@L@@F/@Z $$#CalcZ'&?Z"-)NANANANANAZ@5/ffff@3333S6@@3333Se@ffff8@Y@NAZ@=7G@LW@g@s@,{@fffff@NAZ@E?fffffR@Ѓ@fffffb@33333{@̴@@NAZCMGą@gffff@`@i@%@@@Z@UORfffffR,SS33333TUNAZ@]W33333SU@c@fffffl@ht@̄z@33333c~@NAZ@e_ffff@3333S6@@3333Se@ffff8@Y@NAZ@mgG@LW@g@s@,{@fffff@NAZ@uofffffR@Ѓ@fffffb@33333{@̴@@NAZC}wą@gffff@`@i@%@@@ZCRfffffR,SS33333TUUZ@33333SU@c@fffffl@ht@̄z@33333c~@NAZ #CalcZL?333333$@2@#Calc#Calc#Calc2@Z1e0e0e0e0e0ZMSDW@Z8@#CalcZ 550507PINAULT-PRINTEMPS REDOUTE SAkeithph @Pinault Printemps RedouteFrench retail conglomerate#Calc33333Cd@EuroNbX9@|y\]@M(@-5R|@*|@*|@/;ɢ@A*A@f@0*g[@ U+0@\rP,@Z ?Z@:@L@Z("@H@@1~t@Z $$#CalcZ'&?Z"-)NANANANANAZC5/@r@T@ApA(A"AZC=7@{@@ӻ@@t@@ZCE?T@@@@@p@8@ZCMGV@t@@!@@@P@ZCUO@dy~@@ |yZCe_@r@T@ApA(A"AZCmg@{@@ӻ@@t@@ZCuoT@@@@@p@8@ZC}wV@t@@!@@@P@ZC@dy~@@ |yZCZ #CalcZL?V@՛kvQ@#Calc#Calc#CalcvQ@Z1՛kvQ@#Calc#CalcvQ@vQ@Z Merril Lynch`@Z8@#CalcZ570455GALERIES LAFAYETTE SAkeithph @Galeries LafayetteFrench department store#Calc333333`@Euro_@+)*@߿yq|@g@*@*@Ӎrܣ@I@*I@fffff6b@p*RalQ@ϽKD@%SkݷMNANANAZ.]WNANANANANANANAZCe_q= @ rS@ە@eu#@k]6@Aj@j=6@Z@mg(\w@I +@ӭ@XV@V@V@NAZCuo-N@`"ۄ@ۄ@ۄ@ۄ@ۄ@ۄ@ZC}w+Β@x&@@@@@@ZCGz[~jTYG>%SkݷMMMMZ.NANANANANANANAZ #CalcZ?Z1R%< @#Calc#Calc#Calc< @Z1R%< @#Calc#Calc#Calc< @Z Deutsche Bank@Z(:7?cL@ P»sZ@@_@b@Z #CalcZ @NAZ#Calc*e0#Calc*e0*e0*e0*e0*e0*e0*e0*e0*e0*e0*e0*e0*e0Z Z ""Z $$#CalcZ ''?ZCMG"}qᚵ/@ZCe_ZCmg"}qᚵ/@ZCuoZC}w"}qᚵ/@ZCZCZ #CalcZ?Z(#Calc#Calc#Calce0Z1#Calc#Calc#CalcZ 99"}qᚵ/@ZKIpbpbpbW TEMPValuation Sensitivity.xls Implied ValueSheet1Sheet2Sheet3#REF4MERCHANTPURIMinipilk2.xlsShares Assumptions Cover (2)CoverTable of Contents ScenariosOutput - Acquisition TermsOutput - Table 15%100% - Terms of the Offer AccettazioniOutput - AccettazioniHoldCoBidCoENEL DisposalsDEBTRiserveTables SensitivityAcquisition 100%Merger Cover Sheet Custom OutputDetailed Output __FDSCACHE__Output 1-Pager EuropolitanLibertelTelecelmmO2MobistarTIMTEMVodafoneOrangePanafonCosmote STETHellasTurkcellMTSPartner VimpelcomMobinil DescriptionMisc.Other Assets---> Control Sheet Altnet CompsAsian PTT CompsNew Media CompsIT Services CompsOutput for VOD (July 2002)YZ?JanuaryZ@FebruaryZ@MarchZ@AprilZ@MayZ@JuneZ@JulyZ @AugustZ"@ SeptemberZ$@OctoberZ &@NovemberZ"(@DecemberETEMPVitesse New Proj.xls Sensitivity DCF SummaryLB_DCFYYY -ECompaniesMEDIASETMODELSMediaset-Mod.xlsDataPageTemplateModelInterimTele5ValMillennium_Equities(I@MS)FCFCIWebOutYZ 1Zd@YYYYYYYYY 43@reueqt08usersTELECOMISPsSEAT-tin.itSeat.xlsIndexitAdminCompDirDirectory AssistanceInternetBuIMsOfPProPubTVQ-O-QTemplateValConso Web - OpComp CompExportSPG_OUTGDP CorrelationDPageMillennium_Equities(I@SPG)Metrics Web - CoViewCIYYYYYYYYYY Y Y Y Z1*(9?RQ?C?F*'?$4?Z1Bc( #c@;Ųb@8D0\#Rp͝uJ@Y YYYYYYYYYY1#GROUPSINDUSTRYWAGNERMASTER.XLSMASTER# LoadOSAddIn4ATCValuationppr.xlsSheet1pprassumpYZ ?,@RAMIBD04GROUPSM&ALINDROKSF_MOD_1.XLS othr_cmpscmps_sumdcf_sumlbo_dcfwaccwacc_cmpcomps AssumptionsYZ @&@ 0GROUPSINDUSTRYKLEINAPOLLOMODELSMODEL5.XLSVALSTAT VALSTAT-wpPPRPPR2BaseBaseDPrjt Tbl Prjt excl GICOMBINED3&HI_YIELDBUSTATrainingINFOCOMP.XLSCOMPSY-M&ASweeneyWACC.xlswacc_cmp#REFVPXMODELPXMODELAssumpNIBCO NIBCO Synergy Synergy DCF ValuationOverview Overview LTMPPR DCF Summary Ownership ProjectionsPPR Summary NewStructure SummaryOwnership SummaryCapital StructurePremium Synergy CaseLines PPR PremiumPremium to Bk ValueValue Compare 1999Value Compare 1998j3M&AALLGOODLightingTorchValuationmerger10.xlscmltorchMergergen Torch FinsModel1#ExideGNBValuationkeith_dcf.xlsLB_DCF@3M&AALLGOODLightingTorchValuationPROFORMA.xlsModel% WAGNERPEREGRINMODELSDCF.XLS) Workbook2Sheet1Sheet2Sheet3!3~ibdGENERALSingerStraforSnap-onRiesling2.xlsStrafor Facom FinancialsStrafor OptionsFacom Financials Hypo Facom LBO FacomSnap-On Financials Hypo Snap-On LBO Snap-OnCombined FinancialsPPRDealsDCFOutputModelHypo Facom + Snap PresentationYYYYYYYYYY Y Y Y Y Z |@YY 8industryFIGSSUNALLIASeptember98Valuat_CS2_OPS.XLSAssumppooling Sensitivity Fortis_ROOKFortisROOKENDCombinedAG_ROOK AMEV_ROOK Fortis AG Fortis AMEVYYYYZ???Z???Z ???YYZ ?YYYY Y Y ScorpfinEMPLOYEEFrazzoProjectsPeugeotMeeting PSA 141099Faurecia Has Gets.xls PSA Has-GetsMkt CapsSheet1Sheet2Sheet3#REFYYYYY -U~ibdGENERALDiefenbacherSiebemodel2.xls EstimatesOperating ContributionEx-rateP&LInputs Multiples Balance SheetDilution SynergiesYZ )\(#@/ 9~ibdGENERALDiefenbacherStrafor FacomSnap-onlbo.xls LBO source Summary CompsPPROutput - 80% DebtOutput - 100% DebtOutput GeneralCombined FinancialsSteelcase Strafor ValuationStrafor Facom FinancialsStrafor Free Cash FlowsKnoll FinancialsKnoll Free Cash FlowsYYYYYY_Z-% Acquisition price of $679 Per ShareZ% Financed by DebtZ ?Z ?Z Uses of FundsZ! Purchase of Common EquityZ   @Z   @Z, $Purchase of 50% of Steelcase StraforZ  M]@Z  M]@Z# Transaction Expenses @ 1.5%Z  nPb@Z  nPb@Z Combined Existing DebtZ  x $(6@Z  x $(6@Z Total UsesZ j;@Z j;@ZSources of FundsZCombined Cash AvailableZ /$A@Z /$A@ZMinimum Cash to Be HeldZ i@Z i@ZExcess Cash AvailableZ ^I @Z ^I @ZCombined Existing DebtZ(x $(6@8+b?x $(6@8+b?Z*"Acquisition Credit Facility @ 7.0%Z((p@8 ?(pڹ@m?Z%Senior Sub. Debenture @ 10.0%Z(@@J?p@Qio?Z Common EquityZ(@@J?ZTotal CapitalisationZ(HUp@?HUp@?Z % y0@Z 7LM@Z Total SourcesZ j;@Z j;@Z-%Knoll Equity Valuation - No SynergiesZImplied Mean Firm ValueZ  MethodologyZ" Equity Value per Share (a)Z  Equity ValueZ  Firm ValueZ' Firm Value as a Multiple of (b)Z  as a Multiple of (b)Z !LowZ !MeanZ !HighZ!LowMeanHighZ!LowMeanHighZ!RevenuesZ!EBITDAZ !EBITZ!EBITDAZ#Discounted Cash FlowZ # Th@Z #ǜ붇l@Z #Vp@Z#@F@d(@-@Z#x~)ٛ@iR@=(ܣ@Z #7?Z #dyF#@Z #N&@Z #dyF#@Z&Comparable CompaniesZ &Nm@Z &h Io@Z &p@Z&< @@q>ط@q֢@Z&1ؔá@bl@% y0@Z &333333?Z &v9˙#@Z &2iP)@Z &U&!$@Z)Comparable TransactionsZ )@y i@Z )Ifn@Z )NT`q@Z)VW#@M@xC#@Z)+ D@|'x@7LM@Z )?Z )Iw@!@Z )_Ɣ*@Z );7`$@Z=-5(a) Implied Equity per Share for Comparable CompaniesZ@.8(a) ImpliedFirm Value Multiples for Discounted Cash FlowZ 2K@Z% 3Discounted Cash Flow Th@Z 3jC5Q@Vp@Z 3"@Z3ǜ붇l@֍w"@Z3K7b@iR@Z% 4Comparable CompaniesNm@Z 4\O̠?@p@Z4h Io@֍w"@Z4K7b@bl@Z( 5Comparable Transactions@y i@Z 5 _jT@NT`q@Z5Ifn@֍w"@Z5K7b@|'x@Z#=Acquisition Price per ShareZ $$=4@Z''=Knoll Book Value (FF m)Z ,,=@Z?Shares Outstanding (m)Z $$?֍w"@Z0''?(Goodwill Created upon Transaction (FF m)Z ,,?QUWDy[@ZAEquity Value ($ m)Z $$A.3@Z'''AAmortization Period of GoodwillZ,,A30 YearsZ,C$Fully Diluted Equity Value ($ m) (a)Z $$C.3@Z-''C%Goodwill Amortisation per Year (FF m)Z ,,C?9Y@Z$EAssumed Exchange Rate ($/FF)Z $$E@Z#''ETransaction Expenses @ 1.5%Z ,,Ev{{EW@Z)G!Fully Diluted Equity Value (FF m)Z $$GQUWD@Z/''G'Amortization Period of Transaction FeesZ,,G7 YearsZ-I%Knoll Stand Alone Net Debt (FF m) (b)Z $$Iv@Z5''I-Transaction Fees Amortisation per Year (FF m)Z ,,I!tY*@ZKFirm Value (FF m)Z $$KIU@Z ''KAssumed Blended Tax RateZ ,,K?Z%NImplied Transaction MultiplesZ5''N-Indicative Valuation of Steelcase Strafor (c)Z3,)O ValuationImpliedAssumedImplied Z$"PLTM1998E1999EZM,'P(FF m)1997EMultiple Firm ValueNet Debt Equity ValueZRRevenuesZ$"R^y@rا) @&ҥ& @Z=,'RRevenues@ĶB?Y\k@qq@?T@ZTEBITDAZ$"TpqiB@Q89@)1\66@Z9,'TEBIT@j@S)@k% Ƥ@qq@Hgԟ@Z VEBITZ$"V[F@d4>@9F;@Z ''V% owned by Strafor FacomZ ,,V?ZX Net IncomeZ$"X|$"W@ɻ0R@u/D`N@ZZ Book ValueZ ""Zb^{@Z@''Z8Mean Implied Equity Value of Strafor Facom's Stake(FF m)Z ,,ZM]@YYYY Y Y T,~ibdGENERALSingerStraforOPAAD Fin.xls AD Divisions AD CombinedPPRYYY bTEMPie5Temporary Internet FilesOLK78AValuation (old versions)oldBreak-Up Bouygues_apr4.xlsMargins ProjectionsBreak-UpSheet1Implied value of BTSheet2SummaryShares & OptionsBuyersPPRY Z @BTEMPppr.xlsPPRBrokers FinancialsCOMPSModule2YYY3~ibdGENERALLericheSagemProject RadioDCF2.XLSCompsNotesDealsPPR DCF ReschCF Resch DCF Base CaseCF Base Resch ProjWorking CapitalWACCOriginal Nera Spreadsheet Template MRS data Satellite TransmissionDedicated CommsCompYYYYYYYYYY Y Y Y Y YYYY@-GROUPSSANFRANALLENTENCOREAGLEEAGLE.XLS AssumptionsYZ NeonZ TahoeZ Q?Z `@Z `0@Z <@Z ?Z  7C50GROUPSSANFRANALLENCONNECTPRESCONNECT2.XLS# Comp_PrintG4~ibdGENERALLericheSagemProject RadioModel.xls AssumptionsYZ ?߾?| TEMPcomps1.xlsSheet1MAMACGraph Market capComps Footnotes Comps Output Output ABBMedianCAGRYZ GotoInputZ  GotoCompsY5LcorpfinEMPLOYEEFrazzoProjectsPeugeotMeeting PSA 141099PSA Model1.xlsCompsNotesGrph EPS Grph EV-sales Grph EBITDA Grph EBITAFaurecia AssumptionsDilution Analysis P&LDilution Analysis BSDilution Analysis SensitPSAPPROptionsDealsPSA Financials Grph EBITYYYYYYYYYY Y Y Y Y YYY@corpfinEMPLOYEEPajotProjectsInterbrewDanoneDCF Model.xlsKriek San Miguel Alken MaesChina AdjustmentsMahouPeroniDCF ConsolidatedYYZ 릊[/?YZ $R?YYZ wJ<@YYZ ryk?Y;'RTEMPie5Temporary Internet FilesOLK78AValuation (old versions)ModelsSIN.xlsOutput AssumptionsExRatesTotal Telekom Austria TkA - Fixed TkA - Jet2WebTkA - Mobilkom TkA- Datakom TkA- VIP Net Total Auna Auna - AmenaAuna - EresmasAuna - CablerosAuna - QuieroTVAuna - Retevision9Telecom Euskaltel Golden LinesBB Ned Med NautilusTelekom SrbjiaIntelcom San MarinoTelecom Argentina GroupTECOTelecom Argentina PersonalTelecom Argentina InternetTelecom Argentina - Publicom Entel BoliviaBrasil TelecomEntel Chile GroupEntel Chile - ETPEntel Chile - MatrizEntel Chile - Americatel USAWireline LatAm Comps PageWireline Europe Comps PageCable Europe Comps PageWireless Europe Comps PageAltNet Europe Comps Page AltNet DealsYYZMobileZFixed TelephonyZ4AmenaMobilkomETPTelecom PersonalZ<  Entel BoliviaBrasil TelecomTelecom ArgentinaZ/SpainAustriaChile  ArgentinaZ& BoliviaBrasil ArgentinaZ(Q?Q?)\(?Q?Z Q?Q?Q?Z(ffffff?(\?333333?ffffff?Z ?tV?ffffff?Z(K?&†?V-?K?Z  ףp= ?1[wT?K?Z( ݓ?Nё\C?333333?ʡE?Z  p= ף?K7A?ʡE?Z( ??{Gz?Q?Z  {Gz?Q?Q?Z( ?333333???Z  ffffff?ffffff?ffffff?Z( <,Ԛ?x $(~?w/?E?Z  +?I +?sh|??Z(????Z ???Z(䠄?vӺ?X5;N?jM?Z iq?y.? rh?Z({Gz?{Gz?{Gz?{Gz?Z {Gz?{Gz?{Gz?Z(A@*<TEMPie5Temporary Internet FilesOLK78ATelecomItalia.xlsBBEUROBBTEC&OL TEC&OL(2)Olivetti shares OLIVETTI-P&L OLIVETTINAVTECNAV(diluted)OLDTECNAVGROUPTIWSWIRELINE FORECAST ADJQ-BY-QVALUEINTVALUEH-BY-HSEATTIMINPUTWIREDCFInteractive export Q-BY-Q(LIT) TIWIRE(LIT)CoCDatapage (EURO) TIGROUP(LIT) REVENUES(LIT) AnalyticsFIXMOBADSL VOLHISTORYEUROMillennium_Equities(I@TI) SofP-Export Comps Export Web - CoView Web - OpCompImportsBELLTecnost Market chartsChartsYZ(Z Z Z Z Z(ڂA 9@?&z'?Z `s ?Z )@?Z W?Z(QDq.;@;rn?pd?Z f#?Z W?Z *5~?Z(Z Z Z U nq'?Z( Z Z Z  U nq'?YYYYYYYYY Y Y Y Y YYYYYYYYYZ)@@Z2@+@Z8@d+/û@Z@̥@d+/@ZT+&Z "\RԣZ`ӓ+:t@U;[u@YYYZ6`@ @ZG@j T@ZQ@XtR9@ZYԂ}=@Ԃ}=@Z|8Z|kYYZ( ."@L@x6L@,L@HL@Zy u&U?̙4?#?}(8I?@?լ?aE*?p -?_/?Ǒz?F=?g+)?Z=?Z( MB9@ 9@#~j9@9_:@Zg:#]R@b"DH@Ռ D@;ev*E@/E@TVF@e"TG@UG@! G@!];WH@YYYYZ ^c@?Z USERZ ^c@?Z LCCYZ GzA@Z ^c@?Z GzA@Z  @@Z  Z  MbP?ZD NOT KNOWNZOLIT.bnEUR.mZPLIT.000EUR. ZQLIT. EUR.Y Y!Y"Y#ZCEUR m1999A2000E2001E2002E2003E2004EZWValue Standard Productioni+@B,@']/?@e{T@eµ@5\uI@ZFGrowth % ףp= ?@;ʠ?C#?x9{?0?`#|?ZK Cost of Sales2աHM0[2>!*Gn ZI Concession [- aE#{jCyZ-rXtZI Value Added5@%B@Nm%|z@Q٫@2 M@ͺfV@ZI Staff Costsa~V;BaQ&-(,֩E!&e/ZTGross Operating Result!' @}ԧ@L@JA@[C@W@ZJ  Depreciation|!۴64)'c1ZQoZD EBITDA!' @}ԧ@L@JA@[C@W@ZD Growth{Gz? ?Z4\??E7?h?ZN Operating Profit @d@8c@u3|@j@[zr@ZQ Net extraordinariesCjNi@@@@ZK Pretax Profit@?W\Y@X~ʶ@sy.>?X`s ? XHrY?ZG Total Taxe*A\it˦X~ʦsyqalPZNCapex IntangibleNVy&<U۫ppppZSFinancial Investments5˳$OV@@@ZPDisposal of AssetsnhB$8@0@Zc %Other including area of consolidation-^FZg!)TI savers buy-back, TIM savers conversionfffffi@ZN"TI dividend paid{'i$vFߡvFߡvFߡvFߡZS#TIM minority dividend7$y"R/q8q^AfFEf߆aOgʝ6Z:$>L(žZ 02QvHA\52aڨZR%Net Operating InflowS=1@0PW%r8M *ÛaZL(EUR.m1999A2000E2001E2002E2003E2004E2005EZX)Intangible assets'ia@Xa@nwd@CԾ@Č=1H@~@K|*@ZS* Fixed assetsr@"Z@na@ֲ@SB@It @t v@Z\+Long-term investments@f@fF@f@@f:@f4@f.@ZQ, Provisions^^^^^^^ZV-Working capital)}ܰBq ּq ּq ּq ּq ּq ּZO.Net Debt`ke[NC0ʴ"~,X8$#&Z\/TI Shareholders FundsrX/I@6NKu@ŕ4@f@hW(^@@@d()@ZY0Minority InterestsGBli@GBl@$q!6,@$q!6@$q!6֤@$q!6`@$q!6@ZQ1 Net Assets~R@Li-@~~@$wmk@C,1@00p@.Ѻ!J@ZC4EUR.m1999A2000E2001E2002E2003E2004EZ5RevenuesZL6Telecom Italiaw4Z@d@3O8@L<@L@t$[*p@ZA7TIM|"?@a;R@=-r@Ou@T<@%PMi@ZB8Seat؍^w@J@Gt]@J $@q@ZC9ZV:International operationsq@zq~ k@I@ò׳@^@b^@ZC;Other `5@p@p@p@p@p@ZC<TotalZ+ x@yiGC@/|ʨ@66fY;!@Uw2@U@Z=EBITDAZL>Telecom Italia*@je@?=g@Ds@􂛜@r[@ZA?TIM)@7U(k@̴nx@l᱒4d@ H@ln@ZB@SeatY@@@@L@Qe@ZCAZVBInternational operationsŘi@zq~ k@I@òף@^@b^@ZCCOtherq:@p@p@p@p@p@ZCDTotal!' @}ԧ@L@JA@[C@W@Z ECapexZLFTelecom ItaliaT3 @@P@ @Q@镲 @ZAGTIM@<%@)>@|=V4@t9㢙@ R@̗@ZBHSeat; R@[7os@~+a8u@%Wx@Ca`mz@ZCIZVJInternational operationsx~@p@.@@@@@@@ZCKOtherg%EvZCLTotal l2E@dHc@bf0a@-@yV2bGK@Y>qalP@ZLOEUR.m1999A2000E2001E2002E2003E2004E2005EZ\PConsolidated Revenues|"?@a;R@=-r@Ou@T<@%PMi@O1h5@ZXQEBITDA (reported))@7U(k@̴n@l᱒4d@ H@ln@N2@ZSR DepreciationD@UUUUU5@jKEM@~B@K>;@b8FZ@H*@ZVSEBIT (reported){J[@ mA[@LO_=@ @;E_ά@H@C0@Z\TNet Income (reported)A@[ @@%W <@ |H@E9@@}X.ǩ@ZLUCapex<%)>|=V4t9㢙 R@̗1=3Z`VTIM cash dividend payment  0, G'jSqjElXVY3 (qC3ZZWTIM net cash (debt)ZX=ß@ϐI@tu@\@11<ˤ@y;@f-@Z]XTIM shareholders fundsĮ@LK{@%7;@0֑(@}Lb Ŕ@8w@\;@Z}[ TI HoldingEUR bnEUR per TI share % Firm value% Equity valueLB 2001 EV/EBITDAMkt 2001 EV/EBITDAZU\TI Wireline EV?p|UWC@tZ>t@ = ?E}K?T @.Y@ZJ]TIMʡE??MM@a"+;"@{Ϙ?` ?2f5@ݹ1@Z9^SeatpΈ?Z^z,7@&Ɋ @Ȣ?Wc=(?Z _IT Z(_?@P:?WO~?q?Z`International holdingsZ(`$@:~I?qU?~ ?Z:a2Group net debt adjusted for TIM net cash/Seat debtZaS\5' Z!bSum of parts equity valueZb$G@[@@1@ZaeYear to 31 December (EURm)1999A2000E2001E2002E2003E2004E2005EZOfTurnoverw4Z@d@3O8@L<@L@t$[*p@쬰.g@ZcgValue of Standard ProductionX@d@3O8@L<@L@t$[*p@쬰.g@ZTh Raw Materials *2# ѨRSURSU,@q:_wuD)RjZbiPayments to other operatorszQ m: BXLܗ}?گ#T<)v '.ZYjConcession Charges gxRwt 4:r;FnRFg2gH|AhZRk Value AddedPdV@+hE@6gj@@$*@ŰP@>Fx@ZRl Staff Costs. *1NZm"dcqtgƧ/` [ZNmEBITDA *@je@?=g@Ds@􂛜@r[@d7@ZOn% changeI Dw1z),ΏUkEu?ZSo Depreciationv^ʛUyۘbv}v}v}ZWpOperating Profit|⁓@^r@=$@l @\1-BuyZ E]gg@Z F@z@Z GoicF@ZH 2 OutperformZ Hd j:@Z Oxqmq@Z Pb@Z PBC@Z Q}N,@ZR 3-NeutralyTEMPT'fonica.XLSImportsQbyQRevBdown FY99Expected1999VolumesRevSplitTOCPOTSTdE TarChangeTSM-eliminations DomesticOnlyConsolP<ISAasAssocLatAm TISA-ConsolTdE DCFDomDataTSM TefMobileTefDataTefFixed ByBusiness OtherConsolNewP&LNewCashTerraMediosTISAValNewVal Rpt-ChartsCoCCTCTASA TefdePeruTelesP TeleLeste TeleSudeste TelespCel CRTCelularPOPSTISA mkt Valuation Data Page Data(Euro)EUROMillennium_Equities(E@TEF)Blue BoxEURO BB HillSamuelChartsExport SofP-Export Comps ExportTfData InteractivaProformaSegmentTISA FS valn ex TISATISA SVASheet1RevRecOpRecQ3Sheet2Q1 1998Quarterlies (2) QuarterliesQsNotes WorldCom deal Competitors Sheet1 (2) Sheet1 (3)97revs 1997 inv.CRTRightsTISA valuationData Page (EURO)Sheet3Sheet4DATAQ199T'FONICA2000 LatAm tenders Web - CoView Web - OpComp Amex exportAmex P&L Amex CashflowGerman UMTS dilutionGerman New Entrant German 3G - LB Nos Spanish UMTSInteractive exportContentsImpact Tef MovilesCurrencyFixedDCFTef Data Tef MediaCTCChileTefPeruLatinoamericanaAtentoEmergiaTPIInt'lForecast changes ProportionateP&LHedgingValueCashflowCFEXPORTMillennium_Equities(C) (2)YYYYYYYYYY Y Y Y Y YYYYYYYYYYYYYYYYYYY Y!Y"Y#Y$Y%Y&Y'Y(Y)Y*Y+Y,Y-Y.Z 1Zd@Y/Y1Y2Y3Y4Y5Y6Y7Y8YWYXYYYZY[Y\Y]Y^Y_Y`YaYb\<industryMediaLagardereProject UKModelModel-010301.xlsFrontTOC LagardereEMAPEMAP Financial ForecastsEMAP SOPEMAP Divisional SOPEMAP Divisional FinancialsDCFResearch Pro FormaPro Forma - DetailsPPR Side-by-SideWACCEMAP Group Recom ShareholdersSummaryDivestiture Analysis __FDSCACHE__industryInternetClientsKirchNewMediaT-OnlineModel - Business PlancorpfinEMPLOYEEHIBOUPROJECTSCatherineModelsTemplate.xlsToCOutputSubscriber ProjectionsTariff packagesRevenuesOperating ExpendituresCapital ExpendituresDepreciation & AmortisationIncome Statement Balance Sheet Cash Flow Financing ValuationWACCKey Assumptions SensitivitiesInfomemoGraphs ARPU analysisYYYYYYYYYY Y Y Y Y YYYYYuindustryInternetClientsKirchNewMediaT-OnlineModel - Business PlanindustryTELECOMCELLULARCOMPSASIA0398.XLSASIA0398Inflation & Currency INPUT-AREA )industryMediaNRJProject UKElvis.xls SOP output entry pricesComps LB vs averSOPbisSOPPPRBusiness CommunicationCases PublishingDealsGeneralYYYYY Z "`S~n? RfinancieroFinancial PlanningNew bank dealValuation (ONO BP - Jan 2001 v6).xlsSummarySegments Total ValueValue Res SpainValue Res PortValue Business Value Carrier Value Lab Equity checkYYYYYYYYY{windustryTELECOMLiberty MediaNov01 PradoModelGeneric ModelsONO-Auna model - used for LibertyMedia pres Nov01.xlsControlSummary SensitivitiesSheet1Credit summaryDCFISSummary for presPPRWorking CapitalCFBS Unlevered FCFDebtSG&ACapexD&ASubsCATV TelephonyInternetPublished DataCapitalization OverfundingYZ  ffffff?(WindustryTELECOMLiberty MediaNov01 PradoModelDec01LB Dec01PRADO Model - v38.xls Cover PageControl SensitivitiesOperating DriversSummaryOverall SummaryISBSCFCapexSG&ADebtDCF Unlevered FCF IRR - 7 YearsTaxesCATVInternet Res Tel ARPU TelephonyBusinessOther Residential RevenuesOther Operators Revenues Subscribers DepreciationWorking Capital10Y AssumptionsInputs P&L for presP&L % P&L GrowthDrivers ComparisonDrivers for presSheet1SGA - for chartBusiness AnalysisCapex - benchmarkGross margin analysis DCF summaryDCF - for presYYZSuper CaravaggioYYYYYYYY Y Y Y Y YYYYYYYYYYYYYYYYYYY Y!Y"Y#Y$Y%Y&Y'>1CHETANMODELSuntitledCOPACFINANCIAHIST.XLSCOMPSYD7@Reuibd07ibdshare2CHETANBLBOMODELSINVESTCORP.xlsCONT.Y=0@Reuibd07ibdshare2CHETANALLIANTAL_HIST.XLSCOMPSY/@Reuibd07ibdshare2TEMPCATNF_C_25JUN00.xlsUpgradeNewbuildOutputIM_DataSubs vs Upgrade ConstantsNIUs Cautions!Rings RF & SDH RingInfastructure Required Video RINGsSwitched Data RINGsVoIP Data RINGs CapEx ChartSubs by Combo ChartYYYYYYZ 333333?Z ~-C@YZ! SFU Drops to be installedZp @2@@@@#@*@@pApAYYY Y Y Y Y  n@Reuibd07ibdshare22000ORIGINATIONDeals2000LBO-2000KKRLapExcelModelsLatest ModelsKL Model - v5.xlsCoverStateAssume Cash SweepIRR Scenarios KKR ModelBridgeModule1YYYYYYYY}#)@Reuibd07ibdshare2TEMPUSD_Model2.xlsControlsLTMAssump Chem SystemsConsolidation ScheduleOperating Assumptions Apple GBP Apple USDSummary2000 USD1999 USD1998 USD DepreciationFX Rates DisposalCo LBO ModelScenario ControlsDisposal CalculationsCentral Cost EstimatesFull Year Analysis Total SalesSpeciality Organics SalesPigments & Additives SalesCompounds SalesFormulated SalesDiscontinued Sales Total EBITASpeciality Organics EBITAPigments & Additives EBITACompounds EBITAFormulated EBITADiscontinued EBITA PrintMacro DebtMacroModule1YZ AppleZ1)Projected Fiscal Year Ending December 31,G7(@Reuibd07ibdshare2TEMPKKR Model.xlsControlsDivisions split per Bank BookBank Borrower FinancialsAnnual Operating ModelQuarterly Operating ModelQuarterly LBO ModelAnnual LBO Model LTM Detail LTM Summary AdditivesPigments CompoundingTimber Water TechElectronic Chemicals Wafer Reclaim PhotomasksElectronics SBU CostsLTM Calculations DepreciationFX RatesLTM Detail to 30-8-2000Summary Revs, EBITDA & EBITSummary NWC & Capex2000 USD1999 USD1998 USD1997 USD1999 NWC & Capex1998 NWC & Capex1997 NWC & CapexScenario ControlsCentral Cost Estimates Separator2000 - Summary - P7 dep extrap2000 - Summary Bud dep2000 - PrimaExtract98-99 - Mike Kenny1998-99 - PrimaExtract2000 - Clive Rankin2000 - Mike Kenny98-99 - Clive Rankin2000 ConversionLTM June - Mike KennyLTM June - Clive Rankin1999 Quarterly in LC1998 Quarterly in $1998 Quarterly in LC1999 Quarterly in $2000 Quarterly in LC2000 Quarterly in $ Summary NWC PrintMacro DebtMacroModule1YYZ )\(?YYY Y3L%@Reuibd07ibdshare2TEMPsheets.xls FinancingDCF_10 Ppt tablesYZ @Reuibd07ibdshare2SOPHIEprojectsCompletel NewModelsBP Feb01At CompanyindustryTELECOMOnoModel Jan 01ONO BP - Jan 2001 - memo_no_mkt.xlsSwitchesMemoSummaryDebt Balance Sheet Cash FlowAssumptions_SpainAssumptions_Portugal Rev&DC_SpainRev&DC_Portugal RevRelCostSG&ACAPEXD&AP&L Data for DCF Unlevered FCFIRRDCFGraphYZ ?Z  ?Z  ?Z ?YYYYYYY YYY@Reuibd07ibdshare2SOPHIEprojectsCompletel NewModelsBP Feb01At CompanyindustryTELECOMNovaxessModelsValo Oct00Sensitivities Model 10.xlsDriversNeth. DSL Mkt - LBARPU - Nx DataCapex - Nx Data DepreciationWorking CapitalGross Margin GraphSummaryAssump. & Sens.Output - SensitivitiesDCFUnlevered Model Debt ModelFinanced ModelCapitalizationEurope DSL Mkt - LBSalariesSheet1Sheet2YYYYYYYYZ ?Y Y Y Y Y YYYYY}U@Reuibd07ibdshare2M&A UKEmployeeFloydModelsInterbrewfinancing scenario 1.xls 100% DebtJVSheet2Sheet3YZ Gz?!;@Reuibd07ibdshare2TEMPDCF and LBO Model Version 14.xlsControlsIndexSum Firm ValuePremiumShares OutstandingAssumpLTMP&LBSCFSDeprDepr (5 Years)Depr (10 Years)Depr (20 Years)Amort Conv. Debt Preferred Conv. Pref.OptionsDebtTaxCompsDCF_10 DCF_Method IIDCF_5LBOEVAPrint Controls PrintMacro DebtMacroModule1Module2YZ0((FRF in millions, Except per Share Data)Z @Reuibd07ibdshare2SOPHIEprojectsCompletel NewModelsBP Feb01At CompanyindustryTELECOMCallahanNconoONO Funding Analysis.xls Debt RatiosIPOSimpleONOONO DCFY%+@reueqt04TELECOMEXCELALTENERGISpn.XLSImportsBBMarket HillSamuelFSOpsH2s (a)Staff Global ExportPlanetCoCDCF ValuationSharesSheet1ExhibitsCITCompsLLs IPO est.sDatapageDatapage (EUR)Millennium_Equities(EGS)UCSNotesYZOPriceYearSalesEBITDAPre-taxEPSEPSP/EP/EZH  Firm Val/ Firm Val/CEPSP/CEDivGrossPayoutZCMkt Capto  Profits  +/- RelZ8 SalesEBITDA   YieldRatioZ;RatingMarmmmp%x Z( xxpxp%% Z1         Z"       ZF 97AQFX@t,)\`Srt\P?nmnmnmZ? 3p6K@n/a*&%n/aZJ @98A/d@S㥛$0@K7Oޫh(6nmnmnmZA s@>@˴ks@UoUcn/aZK $c~@99AZdq@(\H@Zd;@y&nmnmn/aZC K&wI2@u uLFZ@VI9&@&뜃b@ZT 4 Underperform00EfffffUz@ӃՆX@1@LAKnmnmn/aZC <'_)@JI@J@h@^6@H3޴R@ZPriceYearSalesEBITDAPre-taxEPSEPSP/EP/ENetFirm Firm Val/ Firm Val/CEPSP/CEDivGrossPayoutZMkt Capto  Profits  +/- RelDebtValueSalesEBITDA   YieldRatioZkRatingMar$m$m$m$%x $m$mxx$x$%% Z1         Z"       Z 97A%%= mc@^B 7TOfR_\1>n/an/anm}Vy:@ii@3p6K@n/a=sMqn/aZ[%XCa@98AR6}p@Ȉ:@Uw?Yn.p*wn/an/anmW;S@>mѿ@s@>@˴ks@..&un/aZo+8(@99AF|@z7T@"X JLKtn/an/an/a!hZG?w@Qz@K&wI2@u uLFZ@[Qd?&뜃b@Z4 Underperform00E H@眶B=%d@ש<i߿n/an/an/as$X@k@<'_)@JI@J@V?H3޴R@YZ &@ AYYF+@reueqt08TELECOMEXCELALTENERGISpn.XLS ENERGISpnBBFSK&@reueqt08TELECOMEXCELFIXEDPT.XLSPTBlue BoxParentEURO&\@Reuibd07ibdshare2industryTELECOMNovaxessBenchmarkBchmrked Cies - Xls ModelsQSC.xlsFS German-Lines Benelux-Lines Total-Lines QuarterlyService offering Questions CalculationsDCF Valuation Web - CoView Web - OpComp Data PageMillennium_Equities(D@QSC)YYYYYYYYYY Y Z> (EUR '000)Zp ><@2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZ?EBITDA Zg ?7]cr&cY@eF @G1}@-Σ1A\ A$ AK~ A6OAZ@EBITDA margin %Zg @ffffff,433333ܿp= ף?333333?333333?333333?433333?333333?333333?333333?Z!BAdj. for working capital Zg Bi%O@ 1@ ': 탢mÇc~Ee cΫ:CIS(ZC Taxes on EBITZg CZ DCAPEXZg D8M̙"9}yS2鵱zeF G1}-Σ1V|NGE'=6petY=ZECapex as % revenueZg E0R/@v2J?C&j?333333?333333?333333?333333?Q?Q?Q?Q?ZF AcquisitionsZg FZ GFCFZg GFmڼTEn6gqZH% growthZg H+i?ov9̿?H........ZJ ValuationZL Discount rate(\µ?Z&MPerpetual growth rate{Gz?ZO Sum 2001-2010Z$PTerminal value 2010Z!QEnterprise valueZ(SNumber of shares ('000)8@Z&UTerminal value/EBITDAZW Sum of partsZ] WEUR mn EUR/share% EV% FV FV/Rev. '01 FV/Rev. '02Valuation methodZXGermany (100% owned)ZR XؤؤؤؤؤؤDiscounted cash flowZYBenelux (50% owned)*Zi Yؤؤؤؤn/aؤ-Proportionate value based on rev. projectionsZZ Firm valueZ(ZؤؤؤؤZ[Group net (debt)/cashZ["CTp@ @@Z\ Equity valueZ\ؤؤؤZ]Current market valueZ]Q@ffffff'@Z1^)Implied upside/(downside) to market valueZ ^ؤZ1`)* JV with Stirlink B.V. Not consolidatedZ4`,Sensivities - WACC and perpetual growth rateZjOperational StatisticsZp j<@2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZ#kRoll-out of central officesZlGermanyZp lr@ @@@@(@@@X@p@p@p@p@Zm NetherlandsZp mb@r@t@v@y@y@y@y@y@y@y@Z nTotalZp nr@h@@ @@h@@@@@@@Zp DSL linesZqGermanyZg q@. @{TA'\&A䣠`>FA:Q uO!AN%Ag*AOpj0Ab2A/4AZr NetherlandsZg rac@]+@1PU@1$GO @͸GjFA1AA!tA "ES A֦=9JAZ sTotalZg s@. @CZA AM4ߢ[AvP$AvRI`)A>Q/APA-3A cօ6A(8AZuARPU/month (EUR)ZvBusinessZn vn/a7Mp@j@f@Rd@(b@;Oa@;Oa@;Oa@;Oa@;Oa@;Oa@Z wRLANZn wn/a,dQ@N@I@33333F@-WE@46FA:Q uO!AN%Ag*AOpj0Ab2A/4AZ~ARPU/month (EUR)Zn ~n/a7Mp@#lf@Ů2[@앢DPV@S%4 T@cI=T R@JLP@nP@TjO@}hdrdM@kj>K@ZRevenues (EUR '000)Zp pp@B3@ե?@a#TA5}A5/AJSThARAVM9#Acx&A$?(AX}o*AZ% data revenueZX n/an/an/an/an/an/an/an/an/an/an/an/aZImplied market share*Zn n/ah]?0nZ?x-a?Z '?e0 rU?E#J?~@9??c\?9? 5Jѷ?Z Gross PP&EZ@8* note: relates to market share of DSL lines in GermanyZ* Germany onlyZ Gross marginZp Ꮙ333333?Gz????????ZSG&A as % revenueZp -v(]? @@ffffff??Q????????Z EBITDA marginZp -ffffff,433333ܿp= ף?333333?333333?333333?433333?333333?333333?333333?Z EBIT marginZp or ~Q"1VfmCl]?(|k0?)Y;M?aԔ'? ?7Y~+?f h?ZCapex as % revenueZp 0R/@v2J?C&j?333333?333333?333333?333333?Q?Q?Q?Q?ZNet Debt/ (cash)Zp  I,MGy0Nqu@+Aw'At0>@h"f@ODPs=^V1;1Q|K ZGearingZp |Ѧb1?춢M?? 7?+Z[?a *?Z ROCEZ EPSY Y Y ^@Reuibd07ibdshare2industryTELECOMNovaxessModelsValo Oct00Financial Sheets 10 year.xlsMacrosKPIEBITDA SummaryIncome Statement DepreciationTax calculationWorking Capital Balance Sheet ValuationCashDebtModel AssumptionModule1Module3Y Z @@@Reuibd07ibdshare2industryTELECOMNumericableModelsNov00Final Valuation Model and ReportModel Used For VALUATION REPORT FINAL2.xlsGraph - Valuation Summary Asumptions WACC AnalysisWACC BenchmarkDeals Cable CompsLB - DCFKey FinLB - Unlevered Model ValuationSummaryIncome StatementStatement of Cashflows Balance Sheet Debt Schedule IS WorksheetCAPEX BS WorksheetProfessional Tax Control PanelElements for FT 1Elements for FT 2Sheet1YYZ wJ<@Z _v?Z $AYYYYY Y Y Y Y }@Reuibd07ibdshare2industryTELECOMNumericableModelsNov00Final Valuation Model and ReportFrom PhilipOno Model 01.xlsSBS Value MatrixDeals Cable CompsNC-ONONCNC DCFONOONO DCFPresFinBS EUROIS EURO NC CF Euro Summary LFYYYYYYYYYY Y Y Y Y  0@Reuibd07ibdshare2TEMPTELECOMMALLFIXED.XLSUPDATINGFixed (Nicky right)Cellular (Hannah working)Fixed Euro Fixed Fixed ADRsFixed US-L.Amer-Asian CompsFixed Comparisons Euro Cellular Cellular Cellular ADRsCell US-Lat.Amer-Asian CompsCellular Comparisons Euro EquipEquip Equip ADRsRecommsPUREFIXCoC-DCFModule1Module2Module3Module4Equipment ComparisonFixed & Cellular Comparisons Keys to ValueSheet1Module5Fixed Comparisons OldALLFIXEDYYYYZ OB/h!R@YYYYY Y Y Y Y YYYYYYYYYE@@TALOTTA_SRVInfoteamIOL BPProfitabilityDati Allocation.xls#Macros.sum_minsKF@TALOTTA_SRVInfoteamIOL BPProfitabilityCost Allocation (3.1).xls# sum_loc_mins#sum_mins1_@Reuibd07ibdshare2industryTELECOMInfostradaInfo Company 13April00Modello Dati rel.7.xls Control PanelTabella RiassuntivaLL AssumptionsTables DependenciesData Switching 1.0Switch Graphics 1.0Area 1Area 2Area 3Input geograficoInternetTD Leased LinesX25-SNA Frame RelayFR per SNA+IntranetInternet BusinessBroad Band ServicesInternet Business dial up Intranet dial upInternet consumer - dial upInd.Internet consumer - dial upSummarycosts driver FRFrame Relay per ManFrame Relay per Man -2MbitFrame Relay opex&capexLeased Lines for FREquipment for FRAssumptions - FR Summary FR Price ConceptC_E Frame Relaycosts driver dial-upDial-up Opex&Capex IntranetDial-up Opex&Capex ConsumerLeased Lines for IPEquipment for IPPrice dialup concept C_E InternetReVeuesInfostrada MS - FRInfostrada MS - Internet (2)Market SummarySheet1PriceTERLB DATA_Summary# get_trunks# TERLB.TERLBYYYYYYY Y'Y*3 TEMPML.xlsCablecomUPCNTLSummaryYYZ .Q@YYRINDUSTRYTELECOMKIRCHMODELSCOMPSCompsCablecomps latest for pres 13Aug01.xlsSheet3Sheet2 ValuationVal1 PresCompsOutputInputTelewest NTL OptionsNTLPrimacomUPC __FDSCACHE__ UPC Summary SharepricesYYYYYYYYYY Y Y Y Y YZ7/Analysis of European Comparable Cable CompaniesZCurrencyZ NLIZ  Date of CompsZ 562233Z  Share priceZ 593133ZCurrentZ065445Z 52-Wk lowZ 52-Wk highZOption:}]TEMPie5Temporary Internet FilesOLKAEWINNTProfilestammeLOCALS~1TempBankersSlide.xlsSheet1Sheet2Sheet3QTEMPie5Temporary Internet FilesOLKAEwindowsTEMPfinancial_ratios_Oct00.xlsCoverInc Debt Shed Sources&Uses2000 Sources&UsesSummary Inc MonthlyConnect Connect CompSoource & UsesSheet1Sheet2Australia & 1GDriversEBITDAntl CommRatios Consumer CoCWC & UKSources&Uses UKntl UKHaircutsDiamondComcast AcquisitionsRevInput COGSInput EBITDAInput CapExInputYZ @Z ?Z ?YZ @ITEMPie5Temporary Internet FilesOLKAEDocuments and Settingsja77940Temporary Internet FilesOLK59Project IndependenceAdditional Stuff on NTLNew Model (Jan 02)New NTL Model (Jan 02) v20.xlsLiberty Book 3 (CSFB) Status QuoStatus Quo BookOutput for Status QuoStatus Quo LiquidityOutput for RestructuringRestructuring Liquidity Research ViewDebtAOLAOL2AOL3AOL Book AOL Book2AOL Book (NewCo@12)AOL Book (NewCo@13) Liberty 1 Liberty 2Liberty Book 3 (11x)Liberty Book 3 (11x) ModLiberty Book 3 (Dobb)InputsControlYYYTEMPie5Temporary Internet FilesOLKAEDocuments and Settingsja77940Temporary Internet FilesOLK59Presentation NTL Feb 2001April 2001 Valuation MaterialsNovemberNovember_DCF1.xlsControlsSum (Reformated)Premium (Reformated)LTMP&LBSCFSAssumpSSSB ProjectionsDLJ ProjectionsDeprAmortDebt Conv. Debt Preferred Conv. Pref.OptionsTaxShares Outstanding Firm ValueDCF_10Research Model Proj Summary PrintMacro DebtMacroModule1YZ @@Y t@UKEBDFS02dfsrootGermanyTelecoms and MediaTelDaFaxEquityIPOInternet AGInternet AG CompscompsummaryISP.xls InstructionsValuation VIPS Valuation aspSum-of-the-Parts ValuationDiscount Analysis FullModel Input SheetShare Performance Multiples_MOTerryTerry - TelecomsTELECOM MODELSholdingvariousthingsEnergis Old.xls energisold@1OTerryTerry - TelecomsTELECOM MODELSComp.xlsSummaryK6TEMPie5Temporary Internet FilesOLKAEno links.xlsSheet1#REFBYClientsWanadooeresMasModelsWaccBackupTiscaliTiscali - LB Research (May 2002).xlsIndexAdmindeukitfrnlbeeschComp ValuationFinancial StatementsMetricsAndalaSOP & OwnershipLock UpsMillennium_Equities(I@TIS) CompExportTIS_OUT Web - CoView Web - OpCompYZ ZZZZ Z ZZZYZ#Germany (December Year-End)Zy1998A1999A2000A2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)ZyP@Op @? @ @?@[!@ dD'&@F!O+@y0@15@7+$:@!?@,E.E@Z Growth (%)Zxn.a.MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?ZPeople per householdZy#[|~|@Sr@֔h@G_@;U@xK@xA@u1h8@ΉO.@ٯ$@#@wX@.@ZHouseholds (000s)ZyS@<*b@yڣq@^YȀ@U<"G@`6@@a ׽@7D:@3̩@)&@%d=@=mE @Z GDP ( m)Zy )Փ}=AA^_C>AȜe?Aa?Aə s@A&@A4"eAA AAYp]eBADCBA_#sCAq"ԭDAM{7DAZ  Growth (%)Zx n.a.k!J1}#?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Z$ GDP/Capita ( )Zy .= @(kQKĕ@,u:@g@vgr@8y C@qf@з@i0q^y@3@@cu @?I@%*`׵@Z CPI (% growth y-o-y)Zx n.a.-?3?H3?3?3?L3?3?"3?$3?3?3?3?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy w?w5ncl?vH?bK?ɺs?.O"?zG?)\(?q= ףp?Q??HzG?(\?Z%Year-end PC Households (000s)Zy@T@T@@d@@@!KZ @OIG@H,Qc1@<@M>9b@<{2M@D@Z Growth (%)Zxn.a. &h1[?}jZ?u\?R}_?Z?mwq?u;?% ! ?>ĐR'?<Ԏ `?~G ?})2?Z4,On-line PC Penetration per PC Households (%)Zya^5y?ku?!.e?>v?7{aG?/9?(\?zG?333333?Q?ףp= ?)\(?{Gz?Z1)On-line PC Penetration per Households (%)ZyV+#1?4lh{`v?_1~Hj?KA]?1v?b,YS+?z6>W?a4?MbX9? ?zG???3ı.n?Z91Year-end On-line PC Households/Subscribers (000s)Zy@B@,@@@@K@L掮@ Cj@W@!{@u\R@ d@Wpp>"@Z Growth (%)Zxn.a.F?[n ?>?c}?v Թ?f?5_?.`?J2Z?zwwq?]ӥ?p8 ?Z80Connected Set-Top Penetration per Households (%)Zy [?HC?7 Y?u?χ?~?,[?Fŝ?\ ?/w_?7?Fr ?+?Z4,Year-End Connected Set-Top Households (000s)Zy@\@@=@@@@@@@@7@P@Z Growth (%)Zxn.a.?mw6;?H 9?&0?{Gz?beFt?%f-t?t??s?,s?{s?ZB:Online Set-Top Penetration per Connected Set-Top HouseholdZyZ Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZI!ASet Top, Thin Client and Screephone Penetration per Household (%)Zy!J\:V?fW-3y?*:?7?`:?zG?Q?Q?RQ?= ףp=?{Gz?Gz?\(\?ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"J\:V?fW-3y?*:?7?`:?zG?Q?Q?RQ?= ףp=?{Gz?Gz?\(\?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#֯uI@l7˓l@zӛ@a@z@8H@Du-@^ dw$@&}-@u@QĂ8@\uY]2@@Z$ Growth (%)Zx$n.a.}Fe @_ @6yW&"?m0*?&f?%omr?<׿P?5%M? ? bs".? 5?lk?Z4&,Total On-line Penetration per Households (%)Zy&]?'??}?5WjWw?z'|?vM?~:?W2ı?ʡE?ZӼ?Gz? y)?):?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'_)P@YD)@ozӛ^0@0 ðu@I@p7κ@x,o@y@|TK@ KID@cVq u@fK@ O@Z( Growth (%)Zx(n.a.֧ņ? ݏ-Rr?lLD?+3|?v$p?u?yqϑC??c+ڙ߸?3)?jM=?//]M?Z%*Internet Users per SubscriberZy**@#;@}٠ɗ ?B7V`?d?lO?p= ף?zG???(\???Z0+(Internet User Penetration per capita (%)Zy+XQ;!?JIq?2rY?l?˅c?i?dE:?(R?QY?" q?0DF?0dAj ?@lڿ@`3.@Z- Growth (%)Zx-n.a./?EM4D?1 0 ??KtߩD?r[^ s? H?IqD?Ѷ"F?*M,?Nz?.$ޘ?Z.Net User AdditionsZx.n.a. @@|@,@@4\@|CR@8ބ./@@@LP@?9@@U6@Z%/Average Internet Users (000s)Zy/:a6@@@@@B@@p™&]@Qk1Y@|ltV@\Bx@2g@m~@<@Z0.. of which PC-basedZy0\61դ@r@3333@@|@^jS@@+@"^Eۄ@"2@L14@S ͧW@HӜ@dbS:W @Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1݉0aO@fffffu@̳@@$@žB+@%d@]@@Qx@E@DKDa@ڭ@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5F2?A?3?k)?8@g)?Gj?ܰ8r?ܰ8r?$?C\3?b*R?XG?Z)6!Mobile Penetration per Capita (%)Zy6R?F2?A?3?k)?8@g)?Gj?ܰ8r?ܰ8r?$?C\3?b*R?XG?Z!7Mobile Phone Users (000s)Zy7|@ _@/d`@.Il@HIn@5@:_:@R@i;-H@_yj@@jcׁ@G@Z8 Growth (%)Zx8n.a. <?&W%??{Gm??5u?xQ_2?MbP?8H??"aY?ܖ/,J? z4?Z2:*Mobile Internet Penetration per Capita (%)Zy:?Ox?s꺙?Ǚb?s;Uc?'=?Ika?in-?q@@/?UY7̽?kX-}0?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<,@ԥ@m{%@d6+M@Vl@~V@JY}t@"H_@KP@BJ$4P@u@Z= Growth (%)Zv=n.a.n.a.n.a.A@ CD?-BC?BqÐa?Y2?ʡE?"?,N"?(v?ف?Z,>$Average Mobile Internet Users (000s)Zy>,@@&2f@v^@"%@Ꝋ3@3'j@}/@ 1 X@(@P@VjTm@ZAAdvertising MarketZC Error CheckZyCnG*0@,oz@Z&F@-@?O@/$@;k@qtKG@R+S@@ZLD"Total Advertising Market Size ( m)ZyDnG*0@,oz@Z&F@-@?O@/$@;k@qtKG@R+S@@ZE Growth (%)ZxEn.a.W?lw_?ףp= {Gz?p= ף?p= ף?\(?\(?\(?)\(?\(?ZF Error CheckZyFcvP!l@2ݰ@ffff&a@sh@Z;@.^ @P&@j| U@ȓ?qZ?I? a?ZM Growth (%)ZxMn.a.?? W0?333333?333333?ffffff??333333??ffffff??333333?ZNN#Other Media Advertising Market ( m)ZyNv.@{,t*@p= @6EGr@mđ@+R@1@R9~@)2@j5}!@ҍ@m)p@N) u@ZOAs % of total AD MarketZyOha6Tm?ҏjG?cs1?p?e1Ω|? k,*Y?G 0?K~&?AvT?jrg?9󂘹 ?ʰ(|?ؤD7?Z1 P $3p?~"S?wg՛?q8V@?3?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS>c@NJ_[@hY@%@pNd1@ম"@DLA#? A$}AT/A0+A/i޴AnGAZT Growth (%)ZxTn.a.VW@Ձ ?tlf?m t?^X8?Bg ?o\f?Q M?,4;???k?DݣE7?ZFXTotal B2B eCommerce Market ( m)ZyX>C@NJ_@:z$@0:v@pNd@ম"@Z򓲯AlAG A/A?h1A<" AK{UAZY Growth (%)ZxYn.a. ~3/ @I#?֊?B+*?Ľ]Y?{~C?N"?ͬ T ?E?333333?`?tX,?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[{Gz?{Gz?{Gz?Q?{Gz??)\(?Q?      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdeghijklmnopqrstuvwxyz{|}~p= ף?Q?333333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\}ܗ@l@F}g@0:v@pNd@ম"@Z@}^IAV[ AcM+ AgGArA. yAZ] Growth (%)Zx]n.a. r @Id-?3"?? ףp= ?(\???(\?333333?p= ף?Q?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^o@h@@ @@P@@ rr@xT@Xl!@e f@Qnm6Qs@7@Z_ Growth (%)Zx_n.a.x<@D4i?͈ ;?C!?|pod?HzG?zG? ףp= ?{Gz?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya@@,@Ѥ@@p@@)\@iod@L3y@r@@EolX@M@w@Zb Growth (%)Zxbn.a.rq?s?Gۜ?.]?ٗ|?(\?{Gz?p= ף?zG?(\?333333?p= ף?ZHc B2C Mobile eCommerce Market ( m)ZycF@q@@ROA|@bZJ@OIh@cx@'@m @&C@EA@Zd Growth (%)Zvdn.a.n.a.n.a.袋.@ @c@ffffff?(\?Q?{Gz?Q? ףp= ?333333?ZFeTotal B2C eCommerce Market ( m)Zye@@,@)@@@)@(os@ȘJ>a@X꼠@˞k@@dtg@{ W/@Zf Growth (%)Zxfn.a.rq?w[?C@L?`?=??R?ǰ8?Ë?4߻?w_?JA[?ZLg"& of which via a fixed platform (%)Zyg??$17z?RyY?6@?j&wۢ?ED]?IVP?Vr>?"`?)9?O $?oD?ZNh#& of which via a mobile platform (%)Zyh h?pjch?'?Xf#t?:twE?8 $lS_?TQ;?N:л??w,?Q`鷕?!w?Z0j(Average Fixed Internet Users (millions) ZyjL9+!@R-@p= C4@:@̬A@= ףpE@5]pI@0UM@9x P@5eNP@aQ@ 6@+B@M'E@ PG@'vJ@ҁL@Zs Growth (%)Zxsn.a.].NU?c8?-o?d|?Y\.d?7Ц?7PF6?j?:t?Lo_l?;7?9:g?Z1t)Average Mobile Internet Buyers (millions)ZytW!?oQ;Y?i:L@J@@}=)@[3:C5@9̠<@ ?A@JQvD@ ޚoG@kUYJ@Zu Growth (%)Zvun.a.n.a.n.a.$r@g@%72J_?>{?`["a?IiI?ϴ ?\U?o2?BJ5Կ?Z!wMaximum potential overlapZyw;֒G?r?WZ5?{? KkN? ?s4??KM?t:H?7a?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??= ףp=??q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)ZyyHjD2?6ُ@{XFV@7[n@n#w(@䍈d1@7@$*[/?@8'B@ݱ1F@o1J@ǥHuN@XF'P@Zz Growth (%)Zxzn.a.].NU?D+🴷?2F7T?9h$4?mݎ_?Z=--?VHu?dJls?}j?i?#|?0 ٻ?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|w0@M@VVL@ѕe@]G׵6Ĉ@@Z4@FH @#G@*7@ܔǶ߭@֑#j@4z/$@BܩϘ@Z} Growth (%)Zx}n.a.`.~Y?dHNe7??>1?;7=t?܀$?[>?j(3?8Lb?P?=i?ZL~"& of which via a fixed platform ( )Zy~w0@M@/Eq6@:=@j8@CQA@V%@k!.M@.> @Qe@HB9J@55@@ZN#& of which via a mobile platform ( )ZyщM$@ɒv{B@%n'Z@pTk@l6)~x@mI6@1@_=@d,`@-r@e@Zj1Average eCommerce spend by web buyer per year ( )Zyw0@M@o,b@oʺ @1@@A?@&wψ@}?+@QFV@>ZÍo@>V֋@8U@d;@Z Growth (%)Zxn.a.`.~Y?H Y[/e?ry?Q?TRؑv:Ũ?i*'?i-?a1fY?'.?Z|:Average eCommerce spend by Mobile user-buyer per year ( ) Zyg@)Dzz@`@}@ĥ`e@2d#ad@8Qa/ @g[b@vHx؋@7@R@ңT@Z Growth (%)Zvn.a.n.a.n.a."1I5ҿ͡?/t[$%I?4}?9zRbS?+̸?k.?!?s\k^?Z,$as % of Fixed eCommerce annual spendZyO?m3?v7N?m#|!?Pv+??:?6p?em y??a?b;?Z#German Internet Users - AgeZ8 14-1920-2930-3940-4950+TotalZ4,Ages of German internet users (000's) YE1999Z: fffffp@ffff拱@Hz.X@)\S@Rk@@Z&German Internet Users - GenderZ MaleFemaleTotalZ6.Gender of German internet users (000's) YE1999Z Q^@(\B@@Z*"German Internet Users - Usage TypeZ) WorkPersonalBothTotalZ1)Type of German Internet Use (000s) YE1999Z( p= W5@ףp=*@QE@@Y?Z*"United Kingdom (December Year-End)Zy1998A1999A2000A2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zy@@@@O|;@_8Ah+C9AFjŞ9A sf5:A_8":AǴ)R;AZ  Growth (%)Zx n.a.0*?\X?vu/?l?zw?6?P8^e?ۆDZ?է?`S?w,?#Rwה?Z$ GDP/Capita ( )Zy 8@@qal-@mr;ŧ@m ^o@`1@~@ah@+R@M@H2J@_9@G\@?3]@Z CPI (% growth y-o-y)Zx n.a.>8Z!?FѢ?Y`-?س??&&i(?nJX?&?Us ?&i?[ry ? @̓?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zyĺ?M ?MK}L??(O?W&)|?333333??Q?p= ף?zG??ffffff?Z%Year-end PC Households (000s)Zyg@@@~@@=@?&@Hkp@:q@T8'@5=~@Dgm@.)!o@Z Growth (%)Zxn.a.b ?ꥪ?6"?R ?u3 ?R)[?:T?7Gr? S?Vd;O?~(\?!?Z4,On-line PC Penetration per PC Households (%)ZyV~?=?̦E'@?XMƓ?#?(2P?HzG?Q?(\?zG?333333?Q?ףp= ?Z1)On-line PC Penetration per Households (%)ZylX0Fx?k?e sn?T'0?c7?Dܩ?tV? +? q?镲? +?S㥛? r?Z91Year-end On-line PC Households/Subscribers (000s)Zyr@9@-@@@-@Sj@a[]@{@8dQL@@A@Y @:8@Z Growth (%)Zxn.a.;$?ejRb?E@?2MO|?H'dY?E?଼f?ka_Ҿ?B?zG?n&Eʵ?쮮@?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"FrgR?CLVv?t)I?hGq?l/r?= ףp=?333333?= ףp=?p= ף?zG??ffffff?Gz?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#ż!1o:@Q/`@$I$@@ o4@@.e@?&@C83@༺@zʙ[@!XF+@m42C@5I5@Z$ Growth (%)Zx$n.a.2t$@ d @R=QN@?V , ?nMIs?܏?FJۍ?sd|@?K7A`?PP? ? Ac̭?Z4&,Total On-line Penetration per Households (%)Zy&n ?kuD?\+?rp?l/r??S㥛?,?>W[??m?/$?Mb?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'z;Cbަ@ |q@$I$E@(፦@@@*aE$@8$G@~y0j@\#@Ŗ@cn* @ڑ36@Z( Growth (%)Zx(n.a.AT0?y]gz ?b-o;?vͳ?ŪA?R>'e?1?YRV?Z%*Internet Users per SubscriberZy*/w @nC@ <@#uI @U@Xh&@ffffff@= ףp=@?zG?{Gz?zG??Z0+(Internet User Penetration per capita (%)Zy+ЏNZf?1?ge?6h+?&R ?WyP?$+}`?!ƞdS?Tj?jL?n?o56? |V?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,l@@@z@=@@#*@e|@о^@$y8@~ɰLh7@%{@^Q_@Z- Growth (%)Zx-n.a.t,G~? F+?ep_ܟ?`?J"?Ep(?r#?vK? qR?x v?(?sq?Z.Net User AdditionsZx.n.a.*@@@@@0b頲@ 4@*@V2@,aў@ip@UB6@@9j@Z%/Average Internet Users (000s)Zy/GJS@@@n@@=@@KN@ėV_H@,r@wqXl@Fc&@s5Y@-B=@Z0.. of which PC-basedZy0#@ @3333# @@Y@@bnOA@z@pz3@+q@E@,qZ@l1]@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1NԭJ@fffffs@Q@@@z@O~r@rʐ@ w@PrT@1@ֺ\*@^$S>@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5|Wxw?呰?{?4Kd?ܝ?/ Y?'Y?'Y?3D5??b?R10C ?E$?Z)6!Mobile Penetration per Capita (%)Zy6}?5^I?|Wxw?呰?{?4Kd?ܝ?/ Y?'Y?'Y?3D5??b?R10C ?E$?Z!7Mobile Phone Users (000s)Zy7f@@`@ @@I13@*u@'m@V=@xNoD@O_AUN@ =Y&@r=:nT_@CR@Z8 Growth (%)Zx8n.a.a75?]ƌ?0 /?gV?ޕo??X?Z2:*Mobile Internet Penetration per Capita (%)Zy:8ߔ?> c?Eo?J~5?8 ?wRGs? @?I}#?M;I? v (O?Y?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<p= ƒ@\@$@]U@H@aƻd@iM@.$Average Mobile Internet Users (000s)Zy>p= Ƃ@(\µ @$@ @'|w@”5@a ل@+EK@fcN@J_P@Ğ䘙F@Z,?$BT Cellnet Mobile Phone Users (000s)Zy?@@/ @@/M @/Mm@/ '@/-@/@/-@/ @/-1@/W@O?@ZAAdvertising MarketZC Error CheckZyC@>@6@ףp=u@ 0\@r7֊j@@=&Ѓ@3!=@#_@^$!z@}@so@ZLD"Total Advertising Market Size ( m)ZyD@>@6@ףp=u@ 0\@t@(}[W@T{@Y>?*T@{:@kcР,@(х,@͞}:@ZE Growth (%)ZxEn.a.??Q{Gz)\(?)\(?!\(?\(?\(?)\(?)\(?\(?ZF Error CheckZyFz@@&@(܃@H}@C9Ѯ@Xl8@R@y@ *1@N]x;@%t@~A@ZRG%Total TV Advertising Market Size ( m)ZyGz@@&@)\µ@v?@@6$@RCO@ȹ8Q@ a@Q@x@J@ZHAs % of total AD MarketZyHAl9?ìړ?fuB?;-{?:\?:\?lM?a?a?a?a?a?a?Z`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyK|1q~O=@V@l@ r@s@x@Ҁ@;@ffffN@ ףpf@fff&@x@sߤ@ZLAs % of total AD MarketZyLk ebrb?Vؽ{?`*$[??qU?}3?*iѬ?5|X??)?=\0?&bm ?O?&?fy?ZM Growth (%)ZxMn.a.? f@8C8C?ϻxL ???ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyNgG@X@@@(\@[ A @Dg@bʷ@BM9@?@.q'@9?y@᢬FC@y[F@ZOAs % of total AD MarketZyO gJ?o ~?"?X@I?p?V?12?v1?$?%X>x?O㙒?s&ۓ?Mgءh?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS,@x޸@<`Z@j.@wDT@\@֊ӗ@W@G$H AVcy9A6%?V A03@Al=A,4_AZT Growth (%)ZxTn.a.gk @G_8?J9?E3:[?I4y?kVN?񵇜?cQj%?l?*η?Ng%?Pi?ZLU"& of which via a fixed platform (%)ZyU??f}?@O6?XU&D?DR"L?G?TܼK?ֹ?D@?sڝ?zb^?u)#?ZNV#& of which via a mobile platform (%)ZyV&̂?O =?~?hힵ?2@?<΍ ?1??!1?v?h)[3p?ZFXTotal B2B eCommerce Market ( m)ZyXYLgɍ@x@Pa@&d@wDT@@~*p$ @"`@'s@8e`hYA٦~u"AҚmu AݹA3J"}AZY Growth (%)ZxYn.a.?V @EO?͟u5B0?ؾEiG?z#?x?̫?1t* ?dS, ?/ղY@_2@Zf Growth (%)Zxfn.a.Cl@7 !?F&+?@?? D??ޡ?fk?S1:?gê?~kP?ZLg"& of which via a fixed platform (%)Zyg??S?`?dI?I/?8^i?h!? .*?A+!?O?GJaڰ? ~?ZNh#& of which via a mobile platform (%)Zyh>y?Ѓi?,O"Ӱ?B?AB-?ؙ.5?Ur棫?~=?ԥN`?rk=K?Nz?Z0j(Average Fixed Internet Users (millions) ZyjO@p= #+@R5@q= ףp<@zG@@RB@<6D@JE@;-G@J+H@ܘ3H@bG/H@]ݯ1I@Zk Growth (%)Zxkn.a.I?ԑgۿ?0_ ??%Ƈr?i ?ϑ?N?? \?9pot?XLЀ?ńBP?Z1l)Average Mobile Internet Users (millions) Zyl&kC4:?Y@hh@ZER,@M*:8@])n=A@_u}D@sǞ8F@QG@TFH@ŪI@Zm Growth (%)Zvmn.a.n.a.n.a.^PI@^+ ?Z? X~?Q8?09 ?^ɠ?!(?ӿk~#?cYk@?Z0o(Fixed On-line Users Shopping On-line (%)ZyozG? ףp= ?Gz?n?!rh?T㥛 ???Q?p= ף?= ףp=?ףp= ?Q?Z1p)Mobile On-line Users Shopping On-line (%)Zyp?RQ?ףp= ?(\?\(\?zG?q= ףp?Gz?(\?Q?zG?Z0r(Average Fixed Internet Buyers (millions)Zyr./&y]?Ciq@Dؠ@מY@H%@G+@fa12@"Γ6@F;@q}.?@Ga/0A@FgyB@ڻqC@Zs Growth (%)Zxsn.a.0U@MF[?+?|P ? `6?Îp??*?mp*+?^?:?pޥ?S?Z1t)Average Mobile Internet Buyers (millions)Zyt=x҆î?* `?DD}@1Vf@;ɾ'@@15W4@zWct;@7q@@yB@zä*D@STE@Zu Growth (%)Zvun.a.n.a.n.a.{ @j@"P?4 I\?-?!`?&Q?Ӱ-?cAZW?ST]?Z!wMaximum potential overlapZyw^܇?^'?q&?]3^??.zDr?b0?{DqW?ë(?R-y?Md;?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Zyx{Gz? ףp= ?Q?Q?333333?Q?Gz?{Gz?ףp= ?Q?333333?Z)y!Unique Internet Buyers (millions)Zyy./&y]?Ciq@oBz@`pj4 @v&@_%@g-@҂!|2@27@>ɚ@@-4\C@4F@8jbH@uU{JI@Zz Growth (%)Zxzn.a.0U@Uo ?rܱ1?=T?9?U%"C?sgX?% d?ϥU?TS?zKf?_?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|pGh@6@uH @[]ކ@q]@򖰏@}7ͫ@rr{@_<[@gɯUR@ڳ@cp@D@Z} Growth (%)Zx}n.a.o]?wÿU'W?t9X?"e_?dj?E A?G'nzjx?B?퉱*Z?#?ZL~"& of which via a fixed platform ( )Zy~pGh@6@X7ot@@1@0wl@,@]fv@5q@^/@_2@ @@c߱sĊ@ZN#& of which via a mobile platform ( )ZyēX@p>@"PW@Ո h@O[rs@^v {@3@p-@I4XH@86C@%/u@Y@Z!Italy (December Year-End)Z8@<@@@D@H@L@P@T@X@\@`@d@h@l@ZCountry StatisticsZPopulation (000s)Zz!@m~@% @`os@R@k@!@c@V<@K3+\@QwH@ iT@C@L@Z Growth (%)Zn.a.8MeRV8MeRV@W*?@W*?@W*?@W*?@W*?@W*?@W*?@W*?@W*?@W*?@W*?ZPeople per householdZ&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@&y)>|@ZHouseholds (000s)Z@@jO%n@Ja`Ӣ@0k.@㉣@'@L̐m@@a@ w@GR@Y䀘@)#@\/0d@6π@Z GDP ( m)Z R80APA|xK1AW{>1A9y2AjY*3A^"3Aa5.t4AM! 5A~a05Ac&6AEsz6AD 7AOz7AX,7AZ  Growth (%)Z n.a.~@?m*?'zפ?2^D,?ɀE?$st[:?Qoܝ?6G~x?qE?Y.M@?Hd??s?Z$ GDP/Capita ( )Z "EZ@ik@6@pf8@2!Y@&8@@vq@ck @Aˡ@VǠ8@^<@e.G=@+3啳@Z CPI (% growth y-o-y)Z n.a.>@g'֧@w5fQ@kN~@ǰ0F@8cf@yv"@{Ag7@Z Growth (%)Zn.a.fB5Ja@BM?CWq?~q?VO?o'F?yv|?Y#_?:?-ao?lʝ?jo?R ?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Z"ֽv6?g7t?AӔJ?pPa?t9?{Gz?p= ף??HzG?ffffff?= ףp=?)\(?q= ףp?Gz?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Z#wļ!@UUUUUZ@l@y@@@bk@D*w@ï@K@J1s@bsA@+@z@ܔ i@Z$ Growth (%)Z$n.a.yDE+@?zӛ??j?jB+?׃d;?vg?=*?#?u ?jsO?-T?Z4&,Total On-line Penetration per Households (%)Z&Ol ?1L?dFUSA?\,T?S=?Es~X?׀i?@|?qSN?6׳?kM?-{ ?27I?HL=D"@?rK?@%ʳ?ZB,:Internet Users (Business, Academic and Residential) (000s)Z,$@L@ @p@@6@_q@ƺ @4&@Mj9@fq@[ق@֗3.@V@Z- Growth (%)Z-n.a.`?333333?؉؉?wwwwww?H@?i&?Yg5?$?o V?`/Wͧ?C諒?4:dY ?F-@?Z.Net User AdditionsZ.n.a.:@@@0@@m@Z#B@p3@?6@|@2W/m@ހ5(k@@Xp{@Z%/Average Internet Users (000s)Z/ t[&@@@=@@@/ϸ܌@< 37@}YQ@@ڙ.v@Ro.@\1z@He@Z0.. of which PC-basedZ0wP@̌ @m۶m@@o4;@ﰌ7@X_9@jJ@,vZŽ@pmj@ku'@^%_z@%@8o@Z810.. of which Set-Top, Thin Clients, Screen PhonesZ1Zu0@fffffd@$I$Iw@NN@\#@+A?a?? ?J\D?A?5J'q?M}"?f&W*?[10O?.E6?s<ح?zE?T/߯Z2:*Mobile Internet Penetration per Capita (%)Z:`Fu?] ?fv3?f?'5?")?.?LU ?jEA?Loo~?犐? ףp= ?Z8;0Mobile Internet Penetration per Mobile Users (%)Z;Q????333333??333333??q= ףp?Gz?Q? ףp= ?Z$<Mobile Internet Users (000s)Z<jI2B)Ó@6@"W@+@6ZvB@E0@J@[̼!@\и@H@B@*Ӹ9;@Z= Growth (%)Z=n.a.n.a.n.a.'zwM@T%?qL.Vm?Y]閭?&q?oX˲?t ?V)?VY۱?">?dZ,>$Average Mobile Internet Users (000s)Z>jI2B)Ã@ $@\kƄ?Q@=@ޕ@Hfh@e@Vg@Fm!@ 4@Em-N@΀@ZAAdvertising MarketZC Error CheckZC`:r-Ϊ@@S]+s!@P@JoBֽ@ ]z@Kr&@{@@䮡HY@&߅@H@^&]m@oEBT@I\O@ZLD"Total Advertising Market Size ( m)ZD`:r-Ϊ@@S]+s!@P@JoBֽ@ ]z@Kr&@{@@䮡HY@&߅@H@^&]m@oEBT@I\O@ZE Growth (%)ZEn.a.#w?p94|u?חu?԰x?3v $?Q%@?`IK9?GAl)?L?r ?ҭ?اU?ZM Growth (%)ZMn.a./$@? ףp=  ףp= ??333333????333333??333333?ZNN#Other Media Advertising Market ( m)ZNUp&e@ 6O@L@^oP@ 1]9Zn@├Ц@s̨@_ê@Z2@@kĊ4@ݷb@ͮL͠f@f@5@ZOAs % of total AD MarketZOU`?>/g?`*{?.1d?`?YXA~S/I AZT Growth (%)ZTn.a.dE(@6ѿ1?CPN_ ?7Q?Nq ?vI?GY%c?/5p?[L?Wst?՞jT?ƌLR1? ףp= ?ZLU"& of which via a fixed platform (%)ZU??e]#?`3?1$?|d?1D?7Sٛ?;&?mr%>?oC#?3iڹ?+6?rUC?ZNV#& of which via a mobile platform (%)ZV`S4[?<'?( 'q޶? "l?9?8 ?Qg?I4j?"x9?,SJ??4Ux?ZFXTotal B2B eCommerce Market ( m)ZXuYLWt@ʆG.@@T$@\V @ؓ @f/ݿ@ZaT @lF5@e~`O@@MU)@Px1C@h7Qd?@Zk Growth (%)Zkn.a.SW?:? YB?A0?_ )y?8_?%)u?It?%zQ?>+xֱ?qI+ѥ?zU ʟ?OL}?Z1l)Average Mobile Internet Users (millions) ZlG?/fhU?*xo?uP??K??Z1t)Average Mobile Internet Buyers (millions)Zt8e$?ɼ:m?P?BZ%@Wi؆b/$@LP1@6 8@AJm=@?@@XXRC@10uD@z`/F@Zu Growth (%)Zun.a.n.a.n.a.m2)@Po @c^@A+ =&?/?1B?  ?CA8Z?JPƜ? _ص?0?Z!wMaximum potential overlapZw7Ll?CX?3K?f?۠r!?gFxcs?~? T??j??k\?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Zx~jt? ףp= ???333333?55?ɰI?P?f_e^?bRd???Z)y!Unique Internet Buyers (millions)Zy^?L!q%?)&e+?D[5 @%2x@O;@H%@K9W1@cVݝ8@kVɧ}=@ZU A@-ݜSC@lU/E@zWF@Zz Growth (%)Zzn.a.šD?Ļ ?n?ꉑ3F?c-ie?Z?lY9?\m5?_?!c= ?Ү,%?凩j?!k?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Z|2Ѓs@Pȹq@x @Lʊ@λR@"v@u@?yx0a@SBJ@"Ё)@&@]lJ@Eގ@ IYc@Z} Growth (%)Z}n.a.w-i?m-??I?x6ewi?"+l?Ww \ dÿ֟<%/?&Z?XY(Z ?hj)?ZL~"& of which via a fixed platform ( )Z~2Ѓs@Pȹq@0EZ(@= WB@pH@Xg@H? Q@Jz@ bw@qx@qOtx@bx@gςy@`y@ZN#& of which via a mobile platform ( )ŽU֎<@ʿ֧ b@ЙX]%t@w(k}@3@4WmV}@ *ˌ@y?К86?Lޗ?pQ6??j32?Z4,On-line PC Penetration per PC Households (%)ZyXl?6Ӵ?_o?Ws5Ws5?-'j]??G?~{/?;33?TtV?U?N4d?j?Z1)On-line PC Penetration per Households (%)Zy޵sw?d~?A.??I'?>3?sO`?yo?y-U?po]@B?%Q$X?QCZ? :?Z91Year-end On-line PC Households/Subscribers (000s)Zy(@0@fffff@V@f@@H@@)\Q@~j&@J%u*@()@A. po@Z Growth (%)Zxn.a._'P?/}$-E?ko?Ş?#O?Q????? ףp= ?{Gz?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"8*6R?O~bx?|6ScӨ?6y`8?pImC?L7A`?Q?zG?p= ף?333333?q= ףp?Q?Gz?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#h;@k(b@33333@@m۶mb@2ۄ@ @ r@xgL@NhE@> @z\@"7q@Z$ Growth (%)Zx$n.a.YY#@b_@ހ;B? ާ?L?ʺT?*?z?Qb=?C?Š?Oj*Ȳ?]Ҏ?Z4&,Total On-line Penetration per Households (%)Zy&ɢD ?N ?q?I ?\v?:s?ɕ ?nzw?&-Ԥ?>aST?N?r?_l?e?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'>4և@Z@@`6@ܶm6@ֈmB@}_߄@م+6@^.@fi(@gy]@Ɖq@\F@Z( Growth (%)Zx(n.a.Y(?#qM?{7A?po?Y?M?>7?D? ?bFu?ɿM g?fJY?Z%*Internet Users per SubscriberZy*ad@V؜@$ּR@V@,@&'@@ffffff@ ףp= ??333333?Gz?HzG?Z0+(Internet User Penetration per capita (%)Zy+śJ/?AS?`?|nz? ?F?O7(?~fo?1V?zijP?>jP?ͪ`?'? 7?%u^?Z)6!Mobile Penetration per Capita (%)Zy6?Hd?~O?]mV so?=i?wcG@=?Q?>jP?>jP?ͪ`?'? 7?%u^?Z!7Mobile Phone Users (000s)Zy7SEc@|"@E@@QI@@ @٣1@=3 c'@|;@A&@T]@*^ۧ@Z8 Growth (%)Zx8n.a.~?y ?M?euV|?vhXҢ?L|vJ?of(? ZJp?aĀ?Gh|?:?yV?Z2:*Mobile Internet Penetration per Capita (%)Zy:SR?H?[?Oh91?S?2 .?5?Gc?M?W }?є'?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<E:q+vӋ@xraq@밂B@ U@Qy@qzZ@'AL@J5N@[eL@Y s@@Z= Growth (%)Zv=n.a.n.a.n.a.3:< @Ze?&%-?.??S%"?%I?xjs?)??ްy>?L-]?Z,>$Average Mobile Internet Users (000s)Zy>E:q+v{@l'v@}Ұڵ@B{@,Px]@LJ@\޾Sk@8@RMڑ&@a @Tn@ZAAdvertising MarketZC Error CheckZyCkQ@!r^o@jQ@A@t@ r@e@ tz@'A@q>@ 3*T@o S@5@ZLD"Total Advertising Market Size ( m)ZyDkQ@!r^o@jQ@A@t@ r@e@ tz@'A@q>@ 3*T@o S@5@ZE Growth (%)ZxEn.a.iM?EԸ?`牛Gz?)\(?p= ף?p= ף?\(?\(?)\(?\(?\(?ZF Error CheckZyF:NL@6W@c#!@Y`@=N-@@i7`?@ X ܰ@nys@mɱ@'ò@iS̳@w{u@6Ҷ@ZRG%Total TV Advertising Market Size ( m)ZyG:NL@6W@c#!@Y`@=N-@@i7`?@ X ܰ@nys@mɱ@'ò@iS̳@w{u@6Ҷ@ZHAs % of total AD MarketZyHKn?+'c?@@?w齫E ?v齫E ?v齫E ?x齫E ?x齫E ?x齫E ?x齫E ?w齫E ?w齫E ?w齫E ?Z`I,Total Directory Advertising Market Size ( m)ZyIfffffl@S㥝@8m@ҽjb@Y=@ʈh@핬Q@#|@ l':ޅ@Hs 5W@>b@+j<@])Ew0@ZJAs % of total AD MarketZyJu}.Z?X?R2!?>]?FX`7?3X>?>t?LA?o?E4=?2f@?+4;ר?l,1?Z\K*Total On-line Advertising Market Size ( m)ZyK9@A@ b@g@k@RQs@$|@\C@va^@ @x1<@VW>s@Թ@xbDI@ZOAs % of total AD MarketZyO~?ۼcb?e&v?H21f?O 6G?T!?a?wp?U_?OP?$?B2A?zc?J?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZySMg1y@[ @)͋?5@Uk @c@<@* VQ@>@ZNA!)=8 Ah0+ Al A\S٥AZT Growth (%)ZxTn.a.gMs@W[?%K}@:?F*=+?2P1?=p?=?Mм?6U?pK(R?AP ?dҺ!c8?ZLU"& of which via a fixed platform (%)ZyU??Kh?h+H?q?>n?"?H?v*i&?|!3U?;P㏝9?ZNV#& of which via a mobile platform (%)ZyV`/?y3As?<ڼOq?GbD?ںۖ?Vny`?-?U?^?`>l?9Č?ZFXTotal B2B eCommerce Market ( m)ZyXMg1ńs@[ /@&3+@Q6X@c@7pR@Ln[@$d@a)BAȎAhAg' AїS AZY Growth (%)ZxYn.a.eXv@xi?F??v?0,?19?^O? ȿ?nč?V( th?Q?߳~ ?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[{Gz?{Gz?{Gz?Q?{Gz??)\(?Q?p= ף?Q?333333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\Mg1p@[ o@L gK@UkU@cQ@7pŤ@()@P@\$_@vv*A~uzAMXUA"̱ AZ] Growth (%)Zx]n.a.`@Q^w?? ?vƬ?(\??Q?(\?zG?(\?Q?Q?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^E@s@@fffff~@ @p@(\@|?5^+@|@n)@an@Y@Xy@Z_ Growth (%)Zx_n.a.wqG@ 5P@ڏ؏?Q???zG?333333?)\(?RQ?{Gz?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)ZyaV@s@ه@33333@@x@@ףp=G@lY@Zd;77@I@5@o|Z@#NEq@sm}@@B/j@Zf Growth (%)Zxfn.a.]tE]@~~?;S˅?_C\a?:o?XR?kɥ?:$P?8V?"ti?{)Lp?xGϿ?ZLg"& of which via a fixed platform (%)Zyg??Kh?h+H?q?>n?"?H?v*i&?|!3U?;P㏝9?ZNh#& of which via a mobile platform (%)Zyh`/?y3As?<ڼOq?GbD?ںۖ?Vny`?-?U?^?`>l?9Č?Z0j(Average Fixed Internet Users (millions) Zyjjnj@{G@Qx&@Qk1@(\O8@33333?@ڈLA@AOC@sTiE@RG@ҩ8H@㾘|I@;C J@Zk Growth (%)Zxkn.a.\%?ฺ?`ʝ?Wc"=P?2Y1Y?3oZ?Ե@-}?]Ҕݻ?Ӷ?V/?lʇj?ŲlN?Z1l)Average Mobile Internet Users (millions) Zyll~?K[@$a@%'@3@U S=@):YA@=bD@mMթF@*7JH@9PШI@Zm Growth (%)Zvmn.a.n.a.n.a.IW@J/?J?引 ?3Y?لu@?Z?lS?E<+?Ѭ?Z0o(Fixed On-line Users Shopping On-line (%)Zyo~jt?Cl?K7A`?q= ףp?$C?\(\?zG?Gz??(\?)\(?q= ףp?Q?Z1p)Mobile On-line Users Shopping On-line (%)ZypQ?p= ף?q= ףp?(\??HzG?\(\?Q?zG?p= ף?= ףp=?Z0r(Average Fixed Internet Buyers (millions)Zyr6J?c('U?L$z?J&@hƢD@K&@]`M-@snm&2@Gfye{6@'R ;@-?@- VHA@" B@Zs Growth (%)Zxsn.a.P%?#v?}P*?`:*q?xM5?_n? EID?b3 ?vn~?C=M?aQW?%t?Z1t)Average Mobile Internet Buyers (millions)ZytsϥZ?NN?Rϖ?(mO@Ƒ,Y!@=a'/@~KZH5@M3N:@7@@u(zB@`m E@Zu Growth (%)Zvun.a.n.a.n.a.U$@~C& @)*"T@ŀ X{?ix?Ʈ9?إ~z?:HZ?S4O?$?Z!wMaximum potential overlapZyw~ψ(??z=5?p?>?7H?w?R*i??qhs>?yK?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??Z??q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)Zyy6J?c('U?^V4?.fjٷ@S}I@y h(@U#0@4"G8@|θ>@HC@W}y)E@f%H@Zz Growth (%)Zxzn.a.P%?L=_?\,l?-?FZ?N0?rMu?ݖ&?'X? ?g?dzas?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|{w@,’|@'IVy@8H<@y@B(|É@^z%@n=q@8&zI@T&#Z@08m?@=@㵡q0@Z} Growth (%)Zx}n.a.4|?W9 N?l?3RKԓ?.?,UW?gz?_(6Ǒ#ztS1rx?ZL~"& of which via a fixed platform ( )Zy~{w@,’|@nJDy@n}@`ą@Ȕ@\0@_?ew@9FMgҊ@#" L@̾:@5tT@ ,g@4wu@v @73,v@_u'h@4܄@&2˲@I Xd@YDZ'Netherlands (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zy@@#@Q@}@@@@@ @@*@8@C@Z Growth (%)Zxn.a.wFx?tC.x?^Cޢw?zqzv?*Wu?7s?Frr?u7mzFq?4p?51m?`uy5l?f!e?ZPeople per householdZy?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@?1.я@ZHouseholds (000s)Zy@l`@ Q׺@^=@86$@6B I@⫶s&k@;Zj. @C^=Ȩ@olĻ@I޻@x9@+E/ @Z GDP ( m)Zy %j}AvAsR|AԼ)AZZA@mAR+Az@AORAeBv_A4WG4 AB A5!AZ  Growth (%)Zx n.a.Axê?$*m?I'?N*?;B̥?ۏ µ?c?Eo*ְ?=A?-lPޠ?+]6f?8lr?Z$ GDP/Capita ( )Zy a@|e@& =6@I2F@ O@ @L&@9=!@\@4n@zR@@(D؇@Z CPI (% growth y-o-y)Zx n.a.zF?r|7[9?2Y8>6?ۨv?/S ?< ?7^1E?Z@v?;nLV?YPi/?pnm?H@k?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)ZyT?NVE?u`6?7kҎ4?{D?Ult9e?q= ףp?ffffff?\(\??(\??= ףp=?Z%Year-end PC Households (000s)Zy@"@@@X@d@ n^@ G@d20@SіӴ@d+@fm-`_@(v@@Z Growth (%)Zxn.a.dddddd?L p?bAsX?t+h?e?E ج?[?1?BT?3j?vkߝ?bMVa?Z4,On-line PC Penetration per PC Households (%)Zy222222?* ?۶m۶m?%M3=?Z5?T?(\??Q?= ףp=?(\?zG?333333?Z1)On-line PC Penetration per Households (%)ZyyEu?Jq-k?/f ?Ip?`9!?1Ӊ?w#?Q?]C?Gz?m4?/$?M?Z91Year-end On-line PC Households/Subscribers (000s)Zy@ @V@@8@r@&]qj@9>+ٮ@cZ@*@ @K¿nʲ@od02@Z Growth (%)Zxn.a.as?g\5?ؑz?fk?Wx? k?@41?c1K?ᠦ?0=,?F ›H?/XKt?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"zwh?7*c1V?$eE?PrUO?Q_ܩ?Q?(\?q= ףp?p= ף?= ףp=?ףp= ?Q?ffffff?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#?4և3@^Cy uX@<<<<47@6P^@@UUUUU@(8@e:@}-@Q=b@߼@bIs@HpjP;@F @}@Z( Growth (%)Zx(n.a.Iˊ(Ӯ?UvPA;?M(i?fBg??j8?}[zm?B?\?2D̲?3 ?%[Ih?Z%*Internet Users per SubscriberZy*g/N@ S@e?x? EP ?lp?{Gz? ףp= ?Gz???)\(?Q?Z0+(Internet User Penetration per capita (%)Zy+^=?uk[?ExRy?I~?䥐?b `?q{A?MgH A?헦&?h2:?Lf9=?iI%?ҩ?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,\@6@@@@0@'RW$@&,VI:@0Ņ5@ʫn&6@^@uŻw@ @Z- Growth (%)Zx-n.a.br1?ˊ?U;?4lu$?$I$I?3_?GO ?X[e?ר?&,[3?-0=?8? SQ?Z.Net User AdditionsZx.n.a. @@p@H@0@ z"zE@@H _@@uэg@  @@_vCzw@ע;Dp@HPSk@Z%/Average Internet Users (000s)Zy/f @d@@4@˻@@)+*@)kP@ʍ@}Cյ@G|ߕ@"ת6@fb@Z0.. of which PC-basedZy0w@e@@̌@L@*0G @/@H(@J/c@u.%϶@ _A@zhC@x+·@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1MI{L<@_@@̍@fffffE@Eq @#AI@bxM@ C @P@WC`@HYEܶ@T㙷@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5ҭUc?lߘ?F5uS?Юe`?ʸ?wJ*?{2-r?{2-r?g?aq[4??Rj|?Z)6!Mobile Penetration per Capita (%)Zy6IW?ҭUc?lߘ?F5uS?Юe`?ʸ?wJ*?{2-r?{2-r?g?aq[4??Rj|?Z!7Mobile Phone Users (000s)Zy7:̫@B~@xk?F 8n?!?jeVO?Z2:*Mobile Internet Penetration per Capita (%)Zy: IpډĔ?^]u?t%?9`??[W[?yOQ ?R?Λ?k,?1X?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<To5t@ @<g@BZ@?l@^S@VB@Iu@" J@.@7I@Z= Growth (%)Zv=n.a.n.a.n.a.3im(@UO?Ku?&^?&|j?|L!%?9Уie?W);2?r^G?TT?Z,>$Average Mobile Internet Users (000s)Zy>To5d@t 3@Rf1G@Waa@rⲈθ@0⋥@2x@Ode@F$j@`H@41+@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyD<'Ӭ@dXe{@!mVM@OL@l\@aa!@k[s@[E*@)*@7@T@vހ@Va@ZE Growth (%)ZxEn.a.(W̱?x?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyK̝ @,@9@9@@9@Q=@jtD@IO_O@.;?lY@{n2b@1!h@EFm@nVT q@ZLAs % of total AD MarketZyL3NoL?0v!0Em?&:fx?*y?Az?Pu4)*}?~݂?4v?+ܩ?H5 ͜??ZLU"& of which via a fixed platform (%)ZyU??VoDI?<^?/?lӒˁ?‡8?Kȓ?*?o *O?0Iiw?ڐ??㓠?ZNV#& of which via a mobile platform (%)ZyV@5rϖ??Ԁ?8ؾ4?ZFXTotal B2B eCommerce Market ( m)ZyXպ|n@׽;@v9Dߡ@$z@~HUQ@Y@!^R@ؖ @8@.G@ES>@T~ p@ Aޡ@ZY Growth (%)ZxYn.a.vxIy@1˶?&?9XD?6? <9?-˦j?֜ؒ?Lp?(,M^?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[{Gz?{Gz?{Gz?Q?{Gz??)\(?Q?p= ף?Q?333333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\պ|f@׽;P@xsB^@$za@~HUQB@ #W@X+@Nd@@)O;@SU@@$K-@qb@Z] Growth (%)Zx]n.a.8ګ @qd?$M?K?ffffff?Gz?ףp= ?)\(? ףp= ?{Gz?Q?p= ף?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^P@f@u@@@@@@ClS@{쑪@V @@+߱@`@EA'@Z_ Growth (%)Zx_n.a.?}'}'? /?A?Ǐ??(\?Q?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya[@j@s@333333@`@@\(<@u@ft@cdbٴ@%>^|ϸ@ 1=@2J@Zb Growth (%)Zxbn.a.+c?:&oe?7??<}?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc@Q@q@R둇@R둗@Clq@ď1w-9@@j'@|dΎ@(Ӹ@Bh}O@Zd Growth (%)Zvdn.a.n.a.n.a.98 @@ߒ&t????333333?)\(?333333??ZFeTotal B2C eCommerce Market ( m)Zye[@j@333333t@33333S@@Gz$@(\@ Ac-@H0~@RݚE@QQ3@,5c@X@Zf Growth (%)Zxfn.a.+c?͓?*0.{M^?4?va,Y?(Yd8?M-'?-P??ZLg"& of which via a fixed platform (%)Zyg??VoDI?<^?/?lӒˁ?‡8?Kȓ?*?o *O?0Iiw?ڐ??㓠?ZNh#& of which via a mobile platform (%)Zyh@5rϖ??Ԁ?8ؾ4?Z0j(Average Fixed Internet Users (millions) ZyjDP? @@(\@(\u@ @x~ƙ"@fB($@?27%@_E9;&@蚃֣ '@V3J'@ɶ1?(@Zk Growth (%)Zxkn.a.icM9?؉؉?%F?4Q?.D8k?>pFK?oJl?a?1\@Nl!@ؙ#@.\x6Overlap between Fixed and Mobile Buyer Populations (%)Zyx{Gz? ףp= ?Q?Q?333333??Gz?{Gz?ףp= ?(\??Z)y!Unique Internet Buyers (millions)Zyyuh?x?o"r?$9"?5T#@Nej@q+@P@!@1 {: @ t#@JN`&@p;!)@Zz Growth (%)Zxzn.a.@Ѹ?߹9?E?v?'Wu?n *?&?Hb?"z?l&^ ?C28?E?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|3}@&T}@[qx@]~@9ZY׃@/"5@&1s@Bf@;(֦@/s@54@pWA@7UQ@Z} Growth (%)Zx}n.a.Gq?l mTſ?2|a?i??Ag?,T㔛r?`+i$1?|Cw?8X~?eNk?ZL~"& of which via a fixed platform ( )Zy~3}@&T}@w@SR2{@N@@[@@@ng@L?@D @!Wg@,(@@@ZN#& of which via a mobile platform ( )Zy_mil!@H@bI_@zn@P@v#6@lͩ@H=@Ѵ@Ϩ@a1@ش@)^2@?dp@_ۥX@ZHouseholds (000s)ZyHzR@ q@6-@h1@bs-@9lj۰@ Ҽ@D`@e+@~_E@Ht a@V@|@w@Z GDP ( m)Zy 3Jh A=f@z Ad[ A7 eA3cAf\wA`AMdAF=A'f3AA eA6Ek6AZ  Growth (%)Zx n.a.pۡ?gs?7L4H?1m ?:Ium[?uU Ɲ?vC?OB)Ч?.o?j?:f?uR?Z$ GDP/Capita ( )Zy UtU@EO%N@z27@2)@\fA@ x_@% Ug@N`%3/@$}j>@ǥG@ @O@j@Z CPI (% growth y-o-y)Zx n.a.K?6?X>?o?[w?s1?JNœ?1>? ?:yon?M%i? ˮ?KIЏ?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zyw[?F:?>- ?] S?j6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"9]?-H?RX?h/?Ճt?q= ףp?{Gz?zG?p= ף?Q?(\?Gz?(\?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy# |q@7MP@p>cpk@,d! ـ@@_8]@i@ ,ߪ@[6ڡ@`@c@]@ cq@Z$ Growth (%)Zx$n.a.C t&@JԮD@@.K?i@?[s/?]+ߓ??E$jr?Ϗ?`Fp?DJ?.$?Z4&,Total On-line Penetration per Households (%)Zy& :3?c*?]k??ݼe(?2Jjt9?d`T??5^I ?q_Q?X9v?\_????ffffff???333333?Z0+(Internet User Penetration per capita (%)Zy+-K? HjQ?D1WD?(np ?+*? jZb?61$C? H?:չ*?H2?5!i?01?rШ?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,@@P@h@^@`@ ls@?5@` .C@Z_ )@"^H@7cŽ@SHf@Z- Growth (%)Zx-n.a.ڕ]??333333?9J?KVͅ?y:?k}?E3?^ѵ? #?Go{}g?c,;?Z.Net User AdditionsZx.n.a.@@@z@`@P@@p^g@0qEV@` ȧ@T Oz@@`Sce@Ps@%d@Z%/Average Internet Users (000s)Zy/N:U@p@@\@@߱@{@bȶ@*h@0 @ܬ=@,/e1,@`@Z0.. of which PC-basedZy0Qn,h@@)@33333p@33333@zǥ@p@@u5@'U@)P@^@@EΪ@T }r@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1aC{+@X@33333t@33333@G@S @\KX,U@P;@ۨ@ƾ$@FS@[{@D@U"Q@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5%X?@ZV?S{? TZ$f?C?r(%u? ? ??I?S{?.^R\?ܥ3?Z)6!Mobile Penetration per Capita (%)Zy6}?5^I?%X?@ZV?S{? TZ$f?C?r(%u? ? ??I?S{?.^R\?ܥ3?Z!7Mobile Phone Users (000s)Zy7g^@sި@G;m@@^,7ǿ@aND@ @ub@mL'@댦@‹ @d }@u[j@Z8 Growth (%)Zx8n.a.e9Zr?. 0q?(?q3{8?tj:??EGy?LO?"y8oȥ?$OX?=hӗ?SpT)?Z2:*Mobile Internet Penetration per Capita (%)Zy:3 vܐ?Ƴ?$Average Mobile Internet Users (000s)Zy>ӊXLU@}@':C@Y3g^@t@E {@(@IF@[VBLA@V@@!:O@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyD`j{Y@C'[x@yO@^@?<[@qٵ@_@xWNJ@MY@)6x@@kHBl@+5@ZE Growth (%)ZxEn.a.)\(?J?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyKp@ @1@1@Q+1@+پ3@Fx :@&uC@.σN@?T@67m%Z@:Kq^@{闉`@ZLAs % of total AD MarketZyL/@d?biDp?kLl??]?!B8 ?J?cp E?B?ʁu]?j#-?R:o)x?H!??ZM Growth (%)ZxMn.a.l??{Gz?333333?ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyNnoH^3H@C'[X@y-@^|@@3c'8ڠ@oc@M+@_úݣ@ Ф@d^*Vե@ٲ@eSeH-@ZOAs % of total AD MarketZyObп5?-~v?fk&?s5?BԻ?վu?=Ρ?U{?S=?"?\ yd}?@?S#?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS8*E{#X@3+U}@7@J0@HT@\$Ǻ@Z@y J@ɛ[:@`9@&6ye@S@ZFYj@ZT Growth (%)ZxTn.a.$7V@Y\]#"?˒+e*?Nmj?/OO8?œb?I?I>Ci?̡y:.?6P?ZLU"& of which via a fixed platform (%)ZyU?? }?M?Q?}b6?{?[Ya?)>D?M3Nܥ?NT?iCT?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[{Gz?{Gz?{Gz?Q?{Gz??)\(?Q?p= ף?Q?333333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\oTO@3+U|r@Wx@,w@y@go4@B\a@(c?(\?Q?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya6@W@33333d@33333s@@@@@0@fffff@C @e6dܦ@W5Y4@DIԯ@CM@Zb Growth (%)Zxbn.a./袋. @}#_?$L??va1J?lٲe?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc @F@e@Rw@Pn@:pΈ@@ ;@K̢@5b@Tvl@t@Zd Growth (%)Zvdn.a.n.a.n.a.@.袋@%u?ffffff??Q?(\?p= ף??(\?ZFeTotal B2C eCommerce Market ( m)Zye6@W@33333e@33333sv@@Gz@T㥛֠@Pk;@ iTb@dX(FԴ@FiEL7r@uE2 @l5D w@Zf Growth (%)Zxfn.a./袋. @Oe)?lD6"?d%?m`љ?ı ?D?~?YI|B^?J]?[? ]Bt^h?ZLg"& of which via a fixed platform (%)Zyg?? }?M?Q?}K@VCHj@GA@Zs Growth (%)Zxsn.a.% m@Q?$Q?ف_??x ?BO? Y'Wy?B,P?Kez?Ў^a?"ȹ?c~@?Z1t)Average Mobile Internet Buyers (millions)ZytK??ve8?Da?]?o R?U @:@@vgA&@i2@x@|]ZgJ@pp@Zu Growth (%)Zvun.a.n.a.n.a.v5/&D"@zu>@*l?s?&E? \%?NY?H??a"kb?aľ?JЌ?Z!wMaximum potential overlapZywL1?o R?)?l&p?1v[?BKw?z?Vlٸ?'AoEW ?O?2|?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??Q?(\?q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)Zyy(EIٚ?M?)!? l?rם?ݴ:W|?oe'@r:Fg @]:RL,@C3u=@{d݈@@kA@Zz Growth (%)Zxzn.a.% m@@[?9Vk4? kEM?zkA?[.g$? N?@[?RD_?Y?'?A ?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|F"|vx@h|@&>;w@-|@n@y uޅ@|/ڈ@ Ye@x@Iva@:@IK@O,$@Z} Growth (%)Zx}n.a. ?NPYſx ?Z8Xp?ap??"v?Y (8?n]ի?C?*g?DV1ek? ?ZL~"& of which via a fixed platform ( )Zy~F"|vx@h|@=kv@mYG%y@tc{@@"ٕY_@e|R@oڀ@c8@9B@?,0E@g@ZN#& of which via a mobile platform ( )Zy 1@L@`@zg@E\p@Kk u@s]?9[\-?ZPeople per householdZy333333 @"| @hV @ Oy @pyx| @a@ @a@ @a@ @a@ @@@@@ZHouseholds (000s)Zy2Z@+f>@9Vp@@@7@;>@sD@@8(I@{70a@`4d@Be@q>@Z GDP ( m)Zy XWoG!AY3P}"A#5^*"AU.z"A9F#AAlp4#Adž U#A: `U$Aqss$Ab9t%Ac9s%A BPg%A;;&AZ  Growth (%)Zx n.a. ףp= ?Q?;On?;On?;On?;On?;On?;On?;On?;On?;On?;On?Z$ GDP/Capita ( )Zy 2O@6/p@qjR@ B@Is@WI@,y@4-@$1t@_J@n̼4g@kU@P~>@Z CPI (% growth y-o-y)Zx n.a.EtKe?Bs?@Ľ-?zĽ-?>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"ٚi6p!9?gW?اNUU?W A/ ?ڒ18? ףp= ?Q?{Gz?zG?HzG?ffffff??Q?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#@1@@o@ |@p@"o@&4VF@}v/?j?^8Aw?Z)6!Mobile Penetration per Capita (%)Zy6v?pZ ?,,k?h/?4Ź??*E?|g?#?#? l?>}v/?j?^8Aw?Z!7Mobile Phone Users (000s)Zy7%U6@lN@IDm@x~1@ˍ@g"ݤ%@f@P@ZhGT@-kq@X3C5U@9@ 5@Z8 Growth (%)Zx8n.a.N|s?$r?r?ٟUI?sq @ }@ c@@1y@=y@|({v@JB@S|e@Z= Growth (%)Zv=n.a.n.a.n.a. Pޗ@X4?|g?$Average Mobile Internet Users (000s)Zy>T"sv@A2ݜ@xRuѱ@ N^+e@k"&f@}W+LÏ@|;@cy<@\;/@DpN@JXQ@ZAAdvertising MarketZC Error CheckZyC@@b^@LӴ@Ch@_m@/󡛶@ٷ@w@ @4#5 @"nuh@ +@T xAL@ZLD"Total Advertising Market Size ( m)ZyD@@b^@LӴ@Ch@_m@/󡛶@ٷ@w@ @4#5 @"nuh@ +@T xAL@ZE Growth (%)ZxEn.a.n}?_,̿?šNTb{Gz?)\(?)\(??{Gz?Gz?{Gz?{Gz?ZF Error CheckZyFaJo @6>%@f@`@\( @Tm@k:@ ߟIx@KN@02ȥ@@&s@ᵃIxa@ZRG%Total TV Advertising Market Size ( m)ZyGaJo @6>%@f@`@\( @Tm@k:@ ߟIx@KN@02ȥ@@&s@ᵃIxa@ZHAs % of total AD MarketZyH=Z?7 ?wU,3?nEE&^)?nEE&^)?cI{?05?dn ?&: q?޿?ZD?Of?;O?Z`I,Total Directory Advertising Market Size ( m)ZyIPR`Lt@=v@y@@|@P~@X@@@@@X@Ћ@P@ZJAs % of total AD MarketZyJb3Qb?4#b?n? YK?x!÷? ]*?cN?&?2?W*?x4-?X#y?? w ?Z\K*Total On-line Advertising Market Size ( m)ZyK4Ǵ@0@B@L@L@QP@T㥛 W@QIb@f,in@L!qv@@zք@@ZLAs % of total AD MarketZyLW[9 S?A1 j?qH :z??*Zތ?g[aC?m 8^?X;Ҙ?ؤ@~??!?}iȽ5?܃:-?] +O?ZM Growth (%)ZxMn.a.⪲@?rq? ףp= ??333333????333333??ZNN#Other Media Advertising Market ( m)ZyN,'@&Oi@ļM@N@ 0@I`s:@C@6.ץ@ l̥@F.LN@#~t@ 3J@Nբ@ZOAs % of total AD MarketZyO?Fb2?yKSm?^?҃?E?Šn? M?.h?o]=v-?xGmg?N?1ur?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZySsK=f@E#F@sZǛ @k@Z @nt^5@l@~<f@"'@#~@?`MKa?Ap?H%kK?-o?z, ?K%LZLU"& of which via a fixed platform (%)ZyU??T?NN?));?}"?>?ϧÆ?;(v?) [?HF?HF?5xJ7?ZNV#& of which via a mobile platform (%)ZyV0b?؉؉?\X#?S`??* ?ϧÆ?;(v?) [?HF?HF?5xJ7?ZNh#& of which via a mobile platform (%)Zyh0b?؉؉?\X#?S`??* @V0"@.u0@ga7@^B%';@e#=@ӓ ?@W@@fpA@Zm Growth (%)Zvmn.a.n.a.n.a.`(_K@~?%F ?/t4?$ ?[s?t"lƴ?wlPo*?Ԫ(_s?k1_̦?Z0o(Fixed On-line Users Shopping On-line (%)Zyo ףp= ?)\(?Q?sh|?? rh?Q?RQ?{Gz?Pn?Gz?ףp= ?q= ףp?ffffff?Z1p)Mobile On-line Users Shopping On-line (%)Zyp{Gz?)\(??{Gz?= ףp=??= ףp=?)\(?(\?\(\?RQ?Z0r(Average Fixed Internet Buyers (millions)Zyr "?ݓZ?0L F%?"q]?иp $@@Tì@"3"@qQ"j&@ r)@_6Y,@"c9/@Z1@Zs Growth (%)Zxsn.a.2ևj?8?8mZ?]i.??!r"_?:Y?=S?V? 2K?2D%$_c?Z!wMaximum potential overlapZyw!L?fiޛ?>?1 [??0@?ܘ7?p?*Gu?E ?2?ӉKE?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q?p= ף?ffffff?ףp= ? iT0?d?~7}?Rg@?B-R?Q?Z)y!Unique Internet Buyers (millions)Zyy "?ݓZ?ިp?m#wc? su.K @+vX@aѰ @l (@L~c0@Sd3@ׇ6@2&9@`;@Zz Growth (%)Zxzn.a.2ևj?lº?Y]p ?|f?*V -)?Qg?EQ?95?OgL,?m>$?i?bC%׳?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|*ɯj@2@Ѽ @ytT@ pMa@g0@>H@V @ Xj@ҭz6@7ΐ@ҠtL@Y~pܑ@Z} Growth (%)Zx}n.a.$o?+y?u ?GM?, ?TU-]?E~[VC?r?1{??$'ᨠ?ZL~"& of which via a fixed platform ( )Zy~*ɯj@2@d~@6ȃ"=~@NX뺆z@z@cj|@H'{@x) lz@^/k{@C%|@Tt*|@2Ca~@ZN#& of which via a mobile platform ( )Zy~%@°X)3I@a@ݥ t@/CH&|@A$+@OO4@,@fU@&@7c%@YD Z'Switzerland (December Year-End)Zy1998A1999A2000A2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zyӻ@A@sħ@^=D@/>(@+>@DV6S@qn-i@~@@;j@߫H@@Rּ@Z Growth (%)Zxn.a.tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?tF_h?ZPeople per householdZygZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@gZsi@ZHouseholds (000s)Zy)\µ @ ^5@dJ@T; I^@]⸸s@@lkUE@*z@-ǫ@=ܫ@+e@pb@S# @Z GDP ( m)Zy &xAˣ.Ah<+Ak,~AFg~.AWX%A֦"xxAj,Aܠi/AΩrA Ax>KM0AV^iAZ  Growth (%)Zx n.a./$?4k?nji?{u-H=?䪨Փ?J p?|d ?I ? xK?83+?廊b?on 8?Z$ GDP/Capita ( )Zy  }Jm@,K@@ @99\@@/e@3&F@;%&m@wBQ@.?0+@U `v@e]@wjFa @Z CPI (% growth y-o-y)Zx n.a.pF!g?m([?OǍ?ZY$?xQ?b W?Ht?5s[&?yh?:'>?6а`2?{NlB?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)ZymZ?g:E?p?5,KS,W?*|V?8TRg?Q?p= ף?(\? ףp= ?p= ף?= ףp=?ףp= ?Z%Year-end PC Households (000s)Zy0@@D@@@@Iwtؠ@5tݡ@^7(@/9@ͨ@ֆ%@ Wr(u@Z Growth (%)Zxn.a.T']c?5"|?Mr?t$Tt?A@?F$ R?㑟\?Iec?0?ɞ?~6o?t5j?Z4,On-line PC Penetration per PC Households (%)ZyL_w?C)?1?|xn?k"k"?>cć'?Gz?333333?)\(?(\?q= ףp?Gz?(\?Z1)On-line PC Penetration per Households (%)Zyr<۽?\}Oo?lW?Ia9I? E?@gtU?ƺ?!rh?Z8m? -?ǘ?lV}b?!uq?Z91Year-end On-line PC Households/Subscribers (000s)ZyPy@`@h@H@@@-0?@{.@]?Q@}ւhK@\b@6O@_JL@Z Growth (%)Zxn.a.j;?u@7?@6?6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"uEevMS?;pބ?@?? ?F3?ףp= ?zG?RQ?333333?q= ףp?\(\?p= ף?Q?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#]tE]@F}gA@⎸#_@;wܹ#w@˲,˲@kf&@v2@q@@^ @~ @|~f@3 @ZŦ@Z$ Growth (%)Zx$n.a.Ka@FɊu@d0Z?\R5?螰?wh+?}b?@2[F ?N#-?L8S?HGU?=,!3?Z4&,Total On-line Penetration per Households (%)Zy&< )?T9?f?eI ?!>Q?h??Ԛ?cX9H?ܵ|?3?8EGry?c]F?9#J{?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'E]ty@mw6{@wa@ϝ;wl@fYeY@6j3@W8@ X@'@1@m(@@ڿ-(@c$@Z( Growth (%)Zx(n.a.~z? Y[!?>eQ?:+?@SI?coh?C344A?I>$5?Xt'?hϷ?CL'?0?Z%*Internet Users per SubscriberZy*@a @RP@u^@<'w:\@R[mg#?ffffff??Gz? ףp= ?(\?= ףp=?(\?Z0+(Internet User Penetration per capita (%)Zy+3:?F?- ?Qwp:?|GGQw}? +`?dp???59@?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,h@@(@@Ȯ@N@ys({(@jH@r v@5,@Z5Sq@P;.@ I@Z- Growth (%)Zx-n.a.zy?|nS?%mI[? FS?jֿ?I3Rk?1 I;j?}P7?W?ޗV?^ak?M54?Z.Net User AdditionsZx.n.a.@@@ @`@~@ 7}@@_#<}@Gr~@0 #}@0i{@/5y@Qt@Z%/Average Internet Users (000s)Zy/4QA@ @@ @\@Y@ɼ9=;@a@|V@m&G̷@ `(6@;:@#l'4@Z0.. of which PC-basedZy0>ZM@@I@fffff"@)@s9I:@AH2@@@7 ҥ@UJS@54@nҪ@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1ٹzk@ O@33333m@fffff@fffffd@Ym@P*HW@rv0@N-H@%<Ʃ@%kҫ@x`la@il{@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp55lA.-?! iJ?%s??o.?b7 r?B0y?B0y?8?}@&aV·@@Z= Growth (%)Zv=n.a.n.a.n.a.;%ԙ@?? C( ?.,?l' ?Q/'ϰ?~B?Ⅳe2r?m?5.Sa?Z,>$Average Mobile Internet Users (000s)Zy>ʰ[kFQ@]D{u@vR@JD燚@?=o@j)2m@@/c@fZl@ J5@.&S@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyDOq{wO@@]i&O.@7"@ 0a@Adt@Ord@q0A,@|"Ǯ@iOI-<@ A @Gq@%CZ@ZE Growth (%)ZxEn.a.<':?7'h?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyKki^Y@,@6@>@B@E@M@U@y`@+\}f@6333]l@? cjp@y:,r@ZLAs % of total AD MarketZyLOqV?Sq? Xz?7r"?kI.V?$`ӊ?E?n??Zrӂ?#+?P? /ZMP?ZM Growth (%)ZxMn.a.[X,.f@$I$I?F]tE??333333?ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyN͟JG@@]i&O@7@ 0@Ad4b@O@q0}@ J@mu @p8XY<@p3? @= h@ZOAs % of total AD MarketZyOX ?0X??ſOg8?7vK?RF?}V?b׭w?$2j@?T?Wҗ?G@U?;.?]'?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS,|9i@;'jR@l&W@@@Ř@K*@z3@ּ@:@n@/U6@ǻ!a@db@ZT Growth (%)ZxTn.a.a2 @\V ?@ ?oG?۶*`C?eʽ?21?֭"?Xz?TnD?˽fq?/Kc?ZLU"& of which via a fixed platform (%)ZyU??uL?-;s?Ɇ/?1L<[?)(0$? ?f%fQ3?6HM?mԓ8?<@S?8B?ZNV#& of which via a mobile platform (%)ZyV`K1h?&f1?9@?<;??j?L23]?\Ïne?&WT!?X?܃gz?ZFXTotal B2B eCommerce Market ( m)ZyX,|a@;'jʅ@0@NВ@߁t1@#P@elO@t|~0@@_@ͅ @Sy@}mg@ZY Growth (%)ZxYn.a.?d@P1Sv?;J?Eh n~3?%Wg?M0P?[B#?DP.J?7$NĘ?Q?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[{Gz?{Gz?{Gz?Q?{Gz??)\(?Q?p= ף?Q?333333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\/X2[@wN4@YIJ@NВZ@߁t1@#P&@&@E>p@h_f~@{@xGy@aˌ@=<@Z] Growth (%)Zx]n.a. @\F??NF??ffffff?Gz?ףp= ?)\(? ףp= ?{Gz?Q?p= ף?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^A@h@{@ @`@@Gz@|гY@#]2@9@1gPI@` @Y@Z_ Growth (%)Zx_n.a.KKKKKK@#:R?Qg?qdN?~ g*?(\?q= ףp?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)ZyaM@ j@Yv@@@@33333@I +?@(IL@N43u@)1T@04d@j"g@Z@Zb Growth (%)Zxbn.a.IݗV@~=1?8!?~Iw?K`m?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc @333333G@c@Rw@Pn@:pΈ@"}@ @{(ђ@ZqD@ue@Zd Growth (%)Zvdn.a.n.a.n.a.333333@FXi@zCѭ?ffffff???RQ??333333?Q?ZFeTotal B2C eCommerce Market ( m)ZyeM@ j@v@̌@@Gzd@|?5^@8gDi﹮@St$G]@L;@fNq@~F@L]@Zf Growth (%)Zxfn.a.IݗV@t?B:؎?7?[U ^?:q{?up?'R?*ߡ-?: ަ ?b/u?2?ZLg"& of which via a fixed platform (%)Zyg??uL?-;s?Ɇ/?1L<[?)(0$? ?f%fQ3?6HM?mԓ8?<@S?8B?ZNh#& of which via a mobile platform (%)Zyh`K1h?&f1?9@?<;??j?L23]?\Ïne?&WT!?X?܃gz?Z0j(Average Fixed Internet Users (millions) Zyj4??Q@@ ףp= @= ףp@A@f@VUv@)~^@k9X0@}pJ@K?W@Zk Growth (%)Zxkn.a.!Oj3?Xmq?$I$I?_;M??'?l<׹?+8:ʷ?c<6/?&?{z㑰?N}/?Z1l)Average Mobile Internet Users (millions) Zyl`4?Pn=%@??|?Pָ*?B@̃iY@ Hs@x@=yئ@1O @gq@Zm Growth (%)Zvmn.a.n.a.n.a.=%ԙ@׌?,?-;S?Wdth?HC?_?Io?nRO*?%g?Z0o(Fixed On-line Users Shopping On-line (%)ZyoZd;?MbX?Mb?zG?(\?Pn?)\(?Gz??333333??ffffff??Z1p)Mobile On-line Users Shopping On-line (%)ZypRQ??ףp= ?(\?\(\?(\?{Gz?ffffff?Gz?RQ?(\?Z0r(Average Fixed Internet Buyers (millions)Zyr@ o=?{?? +?:H?hHK?1gim@ Y@*T@ 1> @R@ Yj̈́@So@Zs Growth (%)Zxsn.a.v$ \?Ӛ?>ˇ?*??9@C?1_J?t0?t?|2@"{@#v @G_T%@a F@MtA%m@Zu Growth (%)Zvun.a.n.a.n.a.6p"@DsZ@qC?5[? J?0T?NlP?o{]?zolK׳?:FH`?Z!wMaximum potential overlapZywqi?&18?h?qSt>p??;Ex?x6Overlap between Fixed and Mobile Buyer Populations (%)Zyx{Gz? ףp= ?Q?Q?333333??Gz?{Gz?ףp= ?(\??Z)y!Unique Internet Buyers (millions)Zyy@ o=?{? &?8,?_!???qM@R8w@禋jRZ @[@lک@h@8WX@Zz Growth (%)Zxzn.a.v$ \?r?Khʈ?PeDF?Lѵb:?1sH? )?X???)5r?3j?g]E ?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|Z @J ]@[nI@ \ކ@?@OU櫐@ [@ҡ@3o3@-=F+@أt@Oa@?PL@Z} Growth (%)Zx}n.a.U?<CŷՖrL?.?!F?Ve3?-Eӏ? ? [?%Q ?oJ?Zs-?ZL~"& of which via a fixed platform ( )Zy~Z @J ]@ewp׃@QA@g`J@ʛNl@@nC@)b?Y Z /Z4 0?Q?Q??$@ w(@^I [6@^I [6@^I [F@^I [6@;6@33333SV@ꞘY@['e@Zo&@Q@3&k@"/Ɍ@4@ *@֧!x!@ ۑ@Z1?Q?Q??$@ w(@^I [6@^I [6@^I [F@^I [6@;6@33333SV@ꞘY@['e@Zo&@Q@3&k@"/Ɍ@4@ *@֧!x!@ۑ@Z4 1= ףp== ףp=S[!s'U"|&i|3R!3R!3R!CR!3 ףp=2R=&p9%ppS1U5ґ\C*5ґ\C*5ґ\C*5Z2= ףp== ףp=S[!s'U"|&i|3R!3R!3R!CR!3 ףp=2R=&p9%ppS1U5ґ\C*5ґ\C*5ґ\C*5YZy:z7{N^o^wp+pzO|,NY8H6\P{713vL&Y; >\9ZFz7{N^o^wp+pzO|,NY8H6\P{713vL&Y; 8\9YZ Per Subscriber<@Q1 00Q2 00H1 00Q3 00Q4 00@@Q1 01Q2 01H1 01Q3 01Q4 01D@Q1 02Q2 02H1 02Q3 02Q4 02H@L@P@T@X@\@`@d@h@Z TIS Active Subsʠ@(\"@w@w@@(|@(|@v8@@@@@@@~@~@@@@O@{@=@@K@@@@Z TIS FreeNB Subs@l&@ffffr@ffffr@\@@@F-(g @@@y&1Y@d@d@VUUUU)@ӵ@ӵ@е@@@O@w@Ȯ@@ց@Z TIS PayNB SubsA@ͪς_@g@g@{Gn@H`9q@H`9q@tcq@~@~@:v@ @ @@(\@(\@ @MbP@MbP@@3333s&@@ffff涶@(\z@@@@U@Z TIS BB Subs4@D@D@I@N@N@@U@Q-a@Q-a@i@Sn@Sn@@33333:@@gffffN@)\•ʡ@@N@@Z TIS PayvsFree Subs Jv3?Q?ףp= ?ףp= ?A`"? V-? V-? ?033333?033333?@ǘ????p= ף?p= ף?HzG?p= ף?p= ף???333333??ffffff????Z TIS Access ARPU4**?'54? D.?'g?W]??TV2?GC@33X#@Q@ce(#@E۠=@:B!a@>F?!@Jյ@-K@f`J{@Xih@Gs@|&@d@QWZ@<ྠ1@@]4I: @ &_ @h~ @ZTIS NB4**?'54? D.?'g?V]??VV2?eV@Mz@U"*G@t '@ @Jsm`@IQR@k~ڥ@ @r zP @/y3.@!5H@=Y[@|@RXWe@J3@k@R')@@ZA'@ZTIS BBn.a.n.a.n.a.n.a.n.a.n.a.n.a.D@ D@ D@PD@yJH@.20@! @ȉM$@f:8q@Fq1ή ":rG @V.@j 6|)@84@C43@h[0@ O%0@r 7.@Z TIS BB %-Eg? |mxw? |mxw?p{?S h7Հ?S h7Հ?dxq:?&S?&S?S㥛?q?q?q= ףp?n? ףp= ?:v?K7?HzG?Q?(\?Z  TIS Access COSږuV@ D?nK@~w\$ @o @WRW@Ъi @I@'z@t@)V@ӹ@L6@BRa@a4͵@Pq`@) T@pv@@"@ `f@S@f_헳C@̹@2@ @2@ @Wez@ _+N@Z  TIS Access GMX`fe KTƻ+B"ˣ b [9$G fNxҿd4 xv" >ɿXsΖtT@Ӛ?Ӛ?Ӛ?Ӛ?? #?zs,?X_E .?-8ǖh?.8ǖh? >?q2??-?ܿq??Z  TIS EV/SubZ r@ZU qFq@^!cp@u8Eȓn@:Xk@ΖŎGi@dإ#lg@9*f@c>@|?5^3@E_/@NfP@ףp= Q@sh|X@%C'e@l^@K]@,倫y@333333a@KHmb@=Лq@j>b@0 b@STR7A@ᇹw@fB2@Y@zkw:@FÃt@L i @c4@.k@Z TIS Telco Rev6^3@PnC&@Cl5@GzT@@x&-@𭁭*@NGɏN@|?5^$@S'@^I k6@2@+@/$5K@(@%@6@r= ףp#@"~!@MD@8@Z TIS Bus Revffffff?+?+?K7!@Ŧ90@V@)9@p= 2@|G:/@q= ף@@9@:@QUU@fffff5@Q6@(\rF@V%8@ ܺ9@3W@pA,_v\@Jї`@;ˡOc@!oe@p>&g@Q~h@ j@²Ok@Z TIS Adv Rev0) (n?ףp= ??Gz?@rg&. @*@I + @rh<)@5^I 4@4@8@n8P@333333@):4@bC@|͍5@7 r:@U@\_@Ƭe@Ns69k@Q&թp@Vc s@ev@'Ly@h{@Z TIS ecom RevZ TIS Other Rev)\(?K7A?v@Q @(\@O\W :@Y>*@l?}?5^I%@-')@@@I +5@@{Gz@> ףp= @8EGr@LN{@^0@뢕9eg1@Sy2@|$2@N¶3@R.\4@.u,5@/ϵ6@6@ZTIS ARPUڒ@ݜ@5g@Ks}@ύA @R2!"@oKj"@;U J @{i @Q^j}!@3~vuI@l, @"aB/"@' L @,Z!@!8 @B6O!@'P!@q$!@,f\#@L .%@dK9&@gl` '@`['@e8j(@h|h3 )@7S)@ZTIS COSږuV@ D?nK@~w\$ @o @WRW@Ъi @I@'z@t@)V@ӹ@L6@BRa@a4͵@Pq`@) T@pv@@"@ `f@S@f_헳C@̹@2@ @2@ @Wez@ _+N@ZTIS GMN5?i1? ~?pFr?W?OKpQ?btOؽ?Z@;T?Un?m?+9H?\ߎ?~Z?9oC?:??E?>6j?? Xxʿ N?{Gz?P48d?d?Q?VvQ?333333?`?Q?333333?{Gz?{Gz?333333?333333?Q?Q?ZTIS G&AX7Az+?RD0R?<?F ?Sc?S?!?>'=g?, @#%@2,C? ?,z?ye@ ՙ/,@9T@N@t1̲@#{h@Zug@nVY|@rW^@=T@S@L{'@@?t&$+@^t@Z TIS G&A %׷IAC:?MvB?Ү4 ?`vٿh:a&?g'݈.?'!? :??XhѿQ?q= ףp?IL?)\(?= ףp=?RQ? ףp= ?(\?{Gz?{Gz?{Gz?Z TIS Op Costsi?(ݠ?-2b?CϬ?d?y#X?ᒡ?=?7@ 8@xIw@>c@o\xH @@fG-B@笫H@4g8@>U @'8 @>q> @*3@*r*@݂V@r@S@L{'@欯x@t&$+@^t@Z TIS Op Costs %n3?w?MƦ2?5C?'{،?A /?? C?nO]g{?Tvj+?g?Eh?r )?{!X?zG?5???&S?RQ??Gz? ףp= ?(\?Q?|Gz?{Gz?Z TIS Capex(jN?u-?Tag?iow@Yڞ?`^UO?# z?c@hOK@(Sw?۳&@NY_y@q{?)Ag?T?P^Cy ?1xnf?;>?d? >Q4?7<?[?6a#?:P,?m?T?+Z?Z  TIS Capex %,2?^}Ni5?m»'?#0/~b?"?QÔ?m `??w?)g ?zH*)?W[n%?Oq?BӲ?備aT?Q9 OaE?>?zbǽ?z?2v?X>fV?޶? bM?bYz/I @{@'z%@=8S@+^@4 Gݴ? 0?ӛ?O?eΧJ?CO?\M?F?YZxQuarterly Results, EUR kQ1 00 AQ2 00 AQ3 00 AQ4 00 AQ1 01 AQ2 01 EQ3 01 EQ4 01 EZaSubscribers, 000s(\"@w@@(|@v8@@@@ZgVoice Telephony Revenue@      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefgijklmnopqrstuvwxyz{|}~?@=@ܣp=*Z@|@L@@&@ZgInternet Access Revenue@T@@p= G@0d@@@@@Z^Portal Revenue`c@@@@%@$@@@p@ZaBusiness Servicesh@W@A5^@@@@@Z] Other Revenue_@@[@%ú@8@@P@@@Z] Total Revenue'@n@@5333?M@@)A4AAZ]  Cost of Sales2Lv@UZ\! Gross ProfitL޸@3333}@@R-@?@@}@@Z_#Operating Costs=a?W.Hgfffb:ͅ@ZV%EBITDArĕƤ$+V-R̤]2:Z'A - Actual Results E - Estimated Results NB The breakdown of Actual Results may include Lehman Brothers estimates where full breakdown was not disclosed by the company.ZTAccounting ShenanigansZVWhen reviewing Tiscali's ARPU figures, the fact that there is currently a voice telephony revenue stream inflating the ARPU should be recognised. This revenue stream has been declared to not be a strategic priority and will be phased out as current contraZb Revenue CAGRZ\cVoice Telephony Revenuen.a.;`z@76"?1lc ? \߲a?55y?x?+1?ؓS?Z]pBusiness Services ARPU'y'?wTw쳔?AU?׷o?]F?wD8?P?ZQq Other ARPU]?!P(?Aw ?#cAt?U'K?*a!@`, "@KJK#@L .%@dK9&@ZZtGross Profit, EUR m1999A2000A2001E2002E2003E2004E2005EZSv Gross Profit0;?4@If@yE4u@Nc{@d;t@yN@ZZwGross Profit MarginN5??Z? ~@)?CS? }???ZWxGross Profit CAGRn.a.?#@*zE5@}e?`bHf?2.oh?~P#F?ZMzEBITDA1999A2000A2001E2002E2003E2004E2005EZM|EBITDA~j8~E$/$Me'z%@=8S@+^@0 Gݴ?0?Л?ZQ~ EBITDA CAGRn.a.rCNa"^?klr@R'?(?KClientsWanadooeresMasBackupCountry Projection Statistics - Europe.xls InstructionsProgress Log + KeyIndividual Country GraphsGeographic Area GraphsPrint Stats + GraphsAdminAustriaBelgiumDenmarkFinlandFranceGermanyGreeceIrelandIsraelItaly NetherlandsNorwayPortugalSpainSweden SwitzerlandUK5 MktsEurope Overview Regional DataComp dB outputTop8Web - MktStatsYYYYYYYYYY Y Y Y Y YYYYYYYYYYYYYYY\@reueqt08USERSTELECOMISPsMarket ProjectionsCountry Projection Statistics - Europe.xls InstructionsProgress Log + KeyIndividual Country GraphsGeographic Area GraphsPrint Stats + GraphsAdminAustriaBelgiumDenmarkFinlandFranceGermanyGreeceIrelandIsraelItaly NetherlandsNorwayPortugalSpainSweden SwitzerlandUK5 MktsEurope Overview Regional DataComp dB outputTop8Web - MktStats CompetitorsCountry Projection Statistics -YYYYYYYHZ#Austria (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zyr@s@,htw@n @@ zÿ@0Ϳ@ @ؿ@4@}u@ @LbI\@q[@Z Growth (%)Zxn.a._LU?_LU?_LU?_LU?_LU?_LU?_LU?_LU?_LU?_LU?_LU?_LU?ZPeople per householdZy!#@!#@!#@!#@!#@!#@!#@!#@!#@!#@!#@!#@!#@ZHouseholds (000s)Zy@sW@"@h+@Pp3@^Z;@iV/9D@EϡL@n; U@HP@u{]@\)}e@/BT`n@|v@Z GDP ( m)Zy c@,AKAߴAJşM A`YN At A v9 A0J AOc A$1X A7@u AڇI Ar%oAZ  Growth (%)Zx n.a.1ҋ*?Me?%F m?:`wۚ?UUQ??6>?$N?t.?U^(_?=?xj?2 _?Z$ GDP/Capita ( )Zy DU@k&Ӑ@44NP@@f@gD-@e1@FoKL@ {$@\cQ@tg@R ?@߬@Z CPI (% growth y-o-y)Zx n.a.Tf?-]`_?4?;I~?lhYJ?K_?Ȯ?$ Ŝ?iy[?B,?e3o? ?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy *)w?58`?{A?o?t+uo?Eb??(\?Q?Gz?p= ף??ffffff?Z%Year-end PC Households (000s)Zy@@ܕ@@@@q@@@2@ٻħa@3*@`p0ӡ@Z Growth (%)Zxn.a.foo?n"?eZ~'? d[?ׄ?8M?P}?r`?:?#*v?㰂?n 9?Z4,On-line PC Penetration per PC Households (%)ZyM+??ќ5(?߈+?G T??g?HzG?zG?{Gz?Gz?Gz?HzG?333333?Z1)On-line PC Penetration per Households (%)Zy֜B?ۚe4?'l?B37?&?m?/$?D?gj+?(?_L?Mb? ףp= ?Z91Year-end On-line PC Households/Subscribers (000s)Zyj@s@0z@@@Ȉ@c@B݋@}{@]Z@7I>@P@YYkM@Z Growth (%)Zxn.a.W9&?R!R!?I͐? Cn?˴r?+?9 ?_?ƷRC?ժ(?+oa?ǔ?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"S`?eu?JWZF?*gU?ޘk?q= ףp?(\?)\(?p= ף?zG?ffffff?Gz?(\?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#*:@,d;@>cpV@s Ck@?%Cz@-f 7@ cSd.@(oC@ـ)tX@J!O@&'Xǡ@2Ѣ@8ܣ@Z$ Growth (%)Zx$n.a.^k @J_@8sT? N(8?"*\*?+O? c?m&h)x?Ϗhk??P}?r`?Z4&,Total On-line Penetration per Households (%)Zy&xvw|o?{mG?,T?(?t- ?n?ʡE?jM?W[?_):?JY8?Zd;_??Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'/~Qk@! YBfu@@H怇@PqC@3@߁@}j@+~:@jꩺ@K@0@̳@Z( Growth (%)Zx(n.a.b!? ?3?V?كO i?j?q8?wsa^?]JZ?ot|r?&؉S9?o+9Ѵ?Z%*Internet Users per SubscriberZy*@@ M!@M/@@[Ko@! @(\@(\@333333@@?Q?Q?Z0+(Internet User Penetration per capita (%)Zy+@Y)?ʳT?[Ьٿ ?Mc?c9?u?ՁF?|Z$?lq?.??pu?0OP?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,@@̥@@@@V%@EŅ@;!\?[@jꩺ@btN>@Xػ@|׻[\@Z- Growth (%)Zx-n.a.?/袋.?OC?j.Wa?E)͋??=Ĺ?_Rb?d=;Dش?6L+۬?< 7?zEΡ?VPڛ?Z.Net User AdditionsZp.@P@ @@Ё@.`]2~@0)~@ MW}@0rߨu@EFr@Mm@Rp`@Z%/Average Internet Users (000s)Zy/- t@p@@@P@@v+쒱@wu@pd9p@R @FQ@$BS a@1@Z0.. of which PC-basedZy0S ݉@@fffff @@ޣ@c£@f@JL@DR3Σ@@d@7L@~a@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1y^2@W@̤t@ׇ@@68@àR@ *@F @eL @]@q-@L\9"@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5*}c?Es ?B_ji?8m_?VE?6?$8tJ?vޜ?Ȩ"?aЧ@?l,? ?Z)6!Mobile Penetration per Capita (%)Zy6RQ?*}c?Es ?B_ji?8m_?VE?6?$8tJ?vޜ?Ȩ"?aЧ@?l,? ?Z!7Mobile Phone Users (000s)Zy7 @T.@-l`Ǯ@%@EM"@/{A6ͻ@٬e z@C4 &@y䁽@܄wrݽ@ й!:9@u;@"lv@Z8 Growth (%)Zx8n.a.H_?6$&?l ?y\L?_M?a=?5g%;?nq?H0y҈?&+Bӕ?uvZ?rW ?Z2:*Mobile Internet Penetration per Capita (%)Zy:$CP?U!?Q?-i?MT1?\(o?dL#9+?Ӹ?"?1%?%5?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<J Df@Ϻ8/@T @b4\>@O=@Х R@%@@+?λ@Zz@懆@Z= Growth (%)Zv=n.a.n.a.n.a.&Pfq@-Ǖ4?Vo?dr)?HwPZ?Җ#/T?6X?D*"?Y?6H ?Z,>$Average Mobile Internet Users (000s)Zy>J DV@"d;Az@xCQ@FV#q@V45@pzb 4@tm3@KW@__W@.$F@ :@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyD#;@)lLL@Ce@Hq@NS!!@pM@.?T?@1RSD@^ޟ@MfWЦ@7lh@ -rd@$tɪ@ZE Growth (%)ZxEn.a.M?Sᓔ?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyK@@,@,@HzG,@A`B0@[ A6@GŧA@ :L@zlS@ ףp@i|? @-@x-!4W@w*Ҍ@Բ0@m75@'@Zd Growth (%)Zvdn.a.n.a.n.a. @.?ʡE?ffffff???RQ??333333?Q?ZFeTotal B2C eCommerce Market ( m)ZyeI@g@ v@gffffƄ@ @Qv@Zd;ݦ@u@r'#@(@TD@Ϋu@ȣC@9曝ý@Zf Growth (%)Zxfn.a.(\@$AG?W7L?t?N~?ࠊM?w& ?Ⱥձ?mC҆n`?1!1 ?N/?m?BPy?ZLg"& of which via a fixed platform (%)Zyg??fG-B?fL?{a? )T|,?M||?@(F̞?Ex&?u[ ?C٠L?D MHo?=?ZNh#& of which via a mobile platform (%)Zyh+ݫ?hd?`{?W?f?s f?u?I?zMނf?xeo!??Z0j(Average Fixed Internet Users (millions) ZyjM_??Gz@HzG @ ףp= @(\@HZ*@'\C @9Y@>gѤ@,@^@ @{!C@Zk Growth (%)Zxkn.a.YOx?zG?S?Q:g *?#2 ? h9O۽?߯ʵ?=-R?mz˂?U\r)?M-[?tP&@@ü\ @ |~'@3y(Ev@&ew@ (@Zs Growth (%)Zxsn.a.e??Ǵ?He?L7?aC~?՜B?Oj?ޘ&?TE?鑳'˻?^-?Z1t)Average Mobile Internet Buyers (millions)Zyt }?~E+?EEQ\?i?M&?d c@A`>9@Tg}:[@1QRp@©ɒ@j]~@Zu Growth (%)Zvun.a.n.a.n.a.T;$@I@'ɛ?ʼn0ˤ?b?lu0?0~?Ԙ ?M1q?TVM?Z!wMaximum potential overlapZywgQ?M,? q?A4`?4Z?C?A{ ?bl)?H>?HFC?f..?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Zyx{Gz? ףp= ?Q?Q?333333??Gz?{Gz?ףp= ?(\??Z)y!Unique Internet Buyers (millions)Zyy1}?MbX9?Ht,?Rʕ-?G0Q?]?e%@&u# @LaU@y; @G@'X!@*t@Zz Growth (%)Zxzn.a.e?vA!?^?r?#W̢?݊y? QiU?0?8R M?hd;f?B'?蜯ؔ?Po~?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|d4U@u@E @X)@V Nc@7Pc@4;ǜs@=On~@6%a܂@Y@.,;@v@=-\C?xFB0[v\o?`~+?TA?NVQ?4c ?u;M?fJ?6x? 3?Kao?YHZ#Belgium (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zy!@L7A@\@1Ԑ@áb@2`kr @Irb@#T@I F@_s:@ߓ/"@Q3&'@,@Z Growth (%)Zxn.a.gZEa?v: X?LO?LO?LO?LO?LO?LO?LO?LO?LO?MbP?ZPeople per householdZygL@Vti@:>P@v#6@lͩ@H=@Ѵ@Ϩ@a1@ش@)^2@?dp@_ۥX@ZHouseholds (000s)ZyHzR@ q@6-@h1@bs-@9lj۰@ Ҽ@D`@e+@~_E@Ht a@V@|@w@Z GDP ( m)Zy 3Jh A=f@z Ad[ A7 eA3cAf\wA`AMdAF=A'f3AA eA6Ek6AZ  Growth (%)Zx n.a.pۡ?gs?7L4H?1m ?:Ium[?uU Ɲ?vC?OB)Ч?.o?j?:f?uR?Z$ GDP/Capita ( )Zy UtU@EO%N@z27@2)@\fA@ x_@% Ug@N`%3/@$}j>@ǥG@ @O@j@Z CPI (% growth y-o-y)Zx n.a.K?6?X>?o?[w?s1?JNœ?1>? ?:yon?M%i? ˮ?KIЏ?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zyw[?F:?>- ?] S?j6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"9]?-H?RX?h/?Ճt?q= ףp?{Gz?zG?p= ף?Q?(\?Gz?(\?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy# |q@7MP@p>cpk@,d! ـ@@_8]@i@ ,ߪ@[6ڡ@`@c@]@ cq@Z$ Growth (%)Zx$n.a.C t&@JԮD@@.K?i@?[s/?]+ߓ??E$jr?Ϗ?`Fp?DJ?.$?Z4&,Total On-line Penetration per Households (%)Zy& :3?c*?]k??ݼe(?2Jjt9?d`T??5^I ?q_Q?X9v?\_????ffffff???333333?Z0+(Internet User Penetration per capita (%)Zy+-K? HjQ?D1WD?(np ?+*? jZb?61$C? H?:չ*?H2?5!i?01?rШ?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,@@P@h@^@`@ ls@?5@` .C@Z_ )@"^H@7cŽ@SHf@Z- Growth (%)Zx-n.a.ڕ]??333333?9J?KVͅ?y:?k}?E3?^ѵ? #?Go{}g?c,;?Z.Net User AdditionsZx.n.a.@@@z@`@P@@p^g@0qEV@` ȧ@T Oz@@`Sce@Ps@%d@Z%/Average Internet Users (000s)Zy/N:U@p@@\@@߱@{@bȶ@*h@0 @ܬ=@,/e1,@`@Z0.. of which PC-basedZy0Qn,h@@)@43333p@43333@zǥ@p@@u5@'U@)P@^@@EΪ@T }r@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1aC{+@X@33333t@33333@G@S @\KX,U@P;@ۨ@ƾ$@FS@[{@D@U"Q@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5%X?@ZV?S{? TZ$f?C?r(%u? ? ??I?S{?.^R\?ܥ3?Z)6!Mobile Penetration per Capita (%)Zy6}?5^I?%X?@ZV?S{? TZ$f?C?r(%u? ? ??I?S{?.^R\?ܥ3?Z!7Mobile Phone Users (000s)Zy7g^@sި@G;m@@^,7ǿ@aND@ @ub@mL'@댦@‹ @d }@u[j@Z8 Growth (%)Zx8n.a.e9Zr?. 0q?(?q3{8?tj:??EGy?LO?"y8oȥ?$OX?=hӗ?SpT)?Z2:*Mobile Internet Penetration per Capita (%)Zy:3 vܐ?Ƴ?$Average Mobile Internet Users (000s)Zy>ӊXLU@}@':C@Y3g^@t@E {@(@IF@[VBLA@V@@!:O@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyD`j{Y@C'[x@yO@^@?<[@qٵ@_@xWNJ@MY@)6x@@kHBl@+5@ZE Growth (%)ZxEn.a.%\(?J?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyKp@ @1@1@Q+1@+پ3@Fx :@&uC@.σN@?T@67m%Z@:Kq^@{闉`@ZLAs % of total AD MarketZyL/@d?biDp?kLl??]?!B8 ?J?cp E?B?ʁu]?j#-?R:o)x?H!??ZM Growth (%)ZxMn.a.l??{Gz?333333?ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyNnoH^3H@C'[X@y-@^|@@3c'8ڠ@oc@M+@_úݣ@ Ф@d^*Vե@ٲ@eSeH-@ZOAs % of total AD MarketZyObп5?-~v?fk&?s5?BԻ?վu?=Ρ?U{?S=?"?\ yd}?@?S#?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS8*E{#X@3+U}@7@J0@HT@\$Ǻ@Z@y J@ɛ[:@`9@&6ye@S@ZFYj@ZT Growth (%)ZxTn.a.$7V@Y\]#"?˒+e*?Nmj?/OO8?œb?I?I>Ci?̡y:.?6P?ZLU"& of which via a fixed platform (%)ZyU?? }?M?Q?}b6?{?[Ya?)>D?M3Nܥ?NT?iCT?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[Gz?Gz?Gz?Q?xGz??(\(?Q?p= ף?Q?433333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\oTO@3+U|r@Wx@,w@y@go4@B\a@(c?(\?Q?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya6@W@43333d@43333s@@@@@0@gffff@C @e6dܦ@W5Y4@DIԯ@CM@Zb Growth (%)Zxbn.a./袋. @}#_?$L??va1J?lٲe?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc @F@e@Rw@Pn@:pΈ@@ ;@K̢@5b@Tvl@t@Zd Growth (%)Zvdn.a.n.a.n.a.@.袋@%u?ffffff??Q?(\?p= ף??(\?ZFeTotal B2C eCommerce Market ( m)Zye6@W@43333e@43333sv@@Gz@T㥛֠@Pk;@ iTb@dX(FԴ@FiEL7r@uE2 @l5D w@Zf Growth (%)Zxfn.a./袋. @Oe)?lD6"?d%?m`љ?ı ?D?~?YI|B^?J]?[? ]Bt^h?ZLg"& of which via a fixed platform (%)Zyg?? }?M?Q?}K@VCHj@GA@Zs Growth (%)Zxsn.a.% m@Q?$Q?ف_??x ?BO? Y'Wy?B,P?Kez?Ў^a?"ȹ?c~@?Z1t)Average Mobile Internet Buyers (millions)ZytK??ve8?Da?]?o R?U @:@@vgA&@i2@x@|]ZgJ@pp@Zu Growth (%)Zvun.a.n.a.n.a.v5/&D"@zu>@*l?s?&E? \%?NY?H??a"kb?aľ?JЌ?Z!wMaximum potential overlapZywL1?o R?)?l&p?1v[?BKw?z?Vlٸ?'AoEW ?O?2|?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??Q?(\?q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)Zyy(EIٚ?M?)!? l?rם?ݴ:W|?oe'@r:Fg @]:RL,@C3u=@{d݈@@kA@Zz Growth (%)Zxzn.a.% m@@[?9Vk4? kEM?zkA?[.g$? N?@[?RD_?Y?'?A ?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|F"|vx@h|@&>;w@-|@n@y uޅ@|/ڈ@ Ye@x@Iva@:@IK@O,$@Z} Growth (%)Zx}n.a. ?NPYſx ?Z8Xp?ap??"v?Y (8?n]ի?C?*g?DV1ek? ?YHZ#Denmark (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)ZyQ@ˡE@GSSڴ@@1@B, @̽F%@`E }>@*W@|Eq@B[(׊@?u#Ħ?>?U i?ӿ?;X~?u@ߚܝ?/hWC?Z4,On-line PC Penetration per PC Households (%)Zypo(?hۿ ?uΚ?5g?J H??(\?zG?Gz?p= ף?HzG?(\?Gz?Z1)On-line PC Penetration per Households (%)Zy){#???t:/A? i?vQEP?_L?Ǻ?HP?1*? F%u?St$?Bi?Z91Year-end On-line PC Households/Subscribers (000s)Zy ~@@@@@l@)@ݢ!dח@_4~@b핼B\@Uʶ]@xPQ@A0@Z Growth (%)Zxn.a.?55?JnH8?)??B?{?s?ĚN?rɧj?&h:?c|K?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"h7q?Ən?05#? 8?r+ 2?(\?)\(?(\?Q?(\?Gz?(\?Q?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#Cc}h#@l(C@E]t_@iIs@;0@3Y@\#e@=-1@Y@.-#%@@AF@=痕@Z$ Growth (%)Zx$n.a.)@W4F@a;^?|=H?EVm?5?5f?5{?fҴ?K?R0?'?+?Z4&,Total On-line Penetration per Households (%)Zy&v?f?bsE??uL?e:1?HP?x $(~? gj?鷯C?*D?B>٬?ڊe?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'Cc~@kȇ@]tEq@AA@kZ@ bV@&WT@ ~9@%?4k@H-@4Unɬ@m'K@?+@Z( Growth (%)Zx(n.a.Bi ?vh}?*N?i ?hg? Q?6;?l?FWw?V5r? 'aS=۪?Pc.;?Z%*Internet Users per SubscriberZy*MaMa@@X,γ@^_x&+@&0FKX?j;?(\??Q??p= ף??Q?Z0+(Internet User Penetration per capita (%)Zy+f{8X?=d6V?ѮL ~?Σn?!5^?s?[Jq?@? E?l?oKt?J?Q1?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,@؝@8@@̪@8@K@^=+@1ߣV@E[#@H@d8~@94W?@Z- Growth (%)Zx-n.a.zja?&m?-?wqG?|&#?uC5U?}&B?u?@l3H?iӜ?CK? ސ?Z.Net User AdditionsZp.`@0@0@@z@`s@Ě},~n@P9;gn@ Doj@`2g@`qD`@@&YW@@\>S@Z%/Average Internet Users (000s)Zy/P&toH@@@^@(@@&c+@_P @dŎ@㲱@ +6P@Dxc@Hj@Z0.. of which PC-basedZy0֌@Ӗ@@@j@^.k7@lѡ@:zɡ@g@$oH@J@T muҢ@@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1\ހ2q,@fffffM@33333kh@43333}@@C(@F @~&E@_3Hx@F @rrj @4.@BQ@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5?SiY?#j?OqPL?x4Fu?:;?ɖ:1?OY>?OY>?x?׶?ZY0V?md?Z)6!Mobile Penetration per Capita (%)Zy6= ףp=??SiY?#j?OqPL?x4Fu?:;?ɖ:1?OY>?OY>?x?׶?ZY0V?md?Z!7Mobile Phone Users (000s)Zy7殄@z!Y5@=p@H,P2@\:#@,_@'*g>@_;FWϮ@ ?|@m$2@{WD@]f57@ZU㻱@Z8 Growth (%)Zx8n.a.@ƾ?CC:?8#u?OLM?vN2?Ğe:6?ue8?ZDs?ç?A?3 m?9i??Z2:*Mobile Internet Penetration per Capita (%)Zy: ӓ? 5=ֱ?`\k?/?NFnU?z}z? P2%?ݸ??i\?`?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<E7vY@s[w@}h@4@ Kq%@bk1@1O@]'@r"T@.W/@MJ@Z= Growth (%)Zv=n.a.n.a.n.a.%3l@>36a?v8`?a^E?j?XD???c ͫ?#/?%?Z,>$Average Mobile Internet Users (000s)Zy>E7vI@9Qm@r]@@ݑ@:E*!d@j1[|e@+{@6lo@s@h6:@ERY@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyD BS6Ԙ@hl7@vEw_@)W:@0A lۘ@۲i9@f0+@(@Pa@)R@ 3"v@˰l@wr`o@ZE Growth (%)ZxEn.a.~?Z(F?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyK o@$@6@6@Q86@ rh9@jM?A@!lVI@ . T@'[@nض `@tc@ށfe@ZLAs % of total AD MarketZyL|UV?^Yy?M2#_?f4x?%^暌?ļ|O.?!5Ó? -՛?I{r?X&*?72?(әj?:)靱?ZM Growth (%)ZxMn.a.dX @333333?{Gz?333333?ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyN2˘@hl7p@vEw_Y@)W:H@:Š@P2ә@lc@ f։@S( @^ j@eg@A;5@Yjl@ZOAs % of total AD MarketZyOy1U5?CL?7q?.kt?d? F?;Pa?XR!?nKظ?D]]??ŬR?B?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS+Fڑa@s+n@˂@PknO@d@ē@ f#@M@\@qQ@C9&@(9n@}t@ZT Growth (%)ZxTn.a.3 @V^?m?+?cXo?Hh?w?uP2?8(}?,f?<'B?Bއ?ZLU"& of which via a fixed platform (%)ZyU??q?WmAn?a}? [o? IU?|?*;??}z?ٔ(?T4?cg?ZNV#& of which via a mobile platform (%)ZyVX0Ҏ?HŠ?| [?I ?mT?rR?y9?q >?~L,?X|Ƌ?81?ZFXTotal B2B eCommerce Market ( m)ZyX;V Y@V 1P~@˂@Ƃ@d@7o@V@ Uu@8ZH@/\YY@B@o&@_@ZY Growth (%)ZxYn.a.gx @݁, ?gxl?q<=?M?S?mk?Hrw?ٽ?~pP?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[Gz?Gz?Gz?Q?xGz??(\(?Q?p= ף?Q?433333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\;V cS@V 1u@pk}e@lkO@j@7o@.@( &d@o@ @Pe1@7el@.x@Z] Growth (%)Zx]n.a. ٍ @-J ?"^T?on}?ffffff?Gz?ףp= ?)\(? ףp= ?{Gz?Q?p= ף?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^:@`@433333s@33333@@`@\(@;OΞ@0 -@d@g8?@g;@eh$<@Z_ Growth (%)Zx_n.a.ON@y5h?RUUUU?߅??p= ף?? ףp= ?{Gz?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)ZyaB@^@Lk@gffffy@@@ @(\@Eio9@ˡE@jz@hvM@Pt?@ZS^=@Zb Growth (%)Zxbn.a.g`@I?~˷|˷?&H=x??zG?{Gz??RQ?(\?333333?Q?ZHc B2C Mobile eCommerce Market ( m)Zyc433333#@J@e@Rw@ @jR ȏ@\Y@upi@B N@重@Ŕ#@Zd Growth (%)Zvdn.a.n.a.n.a.@؉@%u?Gz??RQ??333333?Q?)\(?ZFeTotal B2C eCommerce Market ( m)ZyeB@^@l@gffff&}@@Gz@sA@=If@%P ۭ@QۆQ@C4@g}N@(p @Zf Growth (%)Zxfn.a.g`@q? Oպ?-袋.?j,?׶Q5.?D]?E.?3k$?h[Q?8?h߰ 5?ZLg"& of which via a fixed platform (%)Zyg??q?WmAn?a}? [o? IU?|?*;??}z?ٔ(?T4?cg?ZNh#& of which via a mobile platform (%)ZyhX0Ҏ?HŠ?| [?I ?mT?rR?y9?q >?~L,?X|Ƌ?81?Z0j(Average Fixed Internet Users (millions) Zyj3Y?RQ?{Gz@zG@(\ @Gz @XKQ@El@iOT@q}{@N@d!3@>@Zk Growth (%)Zxkn.a.2BG??QUv?rg_Dz?]*?"'V5dz?m%?P8Z?"%^ee?,Ҩǡ?ʳr?zd?Z1l)Average Mobile Internet Users (millions) ZylBt;v??S?Jީ?'QK?FWX2X?甐3I@Y2 @Ze @뫩@ELY'@`@Zm Growth (%)Zvmn.a.n.a.n.a.%3l @Qf?<`?'"q?]$G?A\[?F-?JE?i2Uı?Z1t)Average Mobile Internet Buyers (millions)Zyt#m?O4?7 ?KMz?B5?1j?Cr8@^yG@ũB?@9S+ @hݕx9 @Zu Growth (%)Zvun.a.n.a.n.a.$'@X@kJ/?Rd?yx ? %Ƃ+?&0?DIU?/֗?,^?Z!wMaximum potential overlapZyw%S?V*ԟl??P*?z:? Rf?~>D?SYʂ+?(;?q?Gi`?; ?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Zyxy&1|? ףp= ?L7A`?ףp= ?= ףp=??Q?)\(?333333?= ףp=??Z)y!Unique Internet Buyers (millions)ZyyY+f?s?k?-?'Z4?l8?/3!ƽ?f%t@vW @{#} @Cv? @u̢@2:O@Zz Growth (%)Zxzn.a.&?/ά@x?) < ?R^l?Pn֎=?黎? ?ل?|kVqFV?lȬP?Å_?=ފw?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy| ־ @! ?@4 @"n@oX@ *VV@{rՓ@sf"@I-i@O7@ɵvp@@ ^Ö@R£E@Z} Growth (%)Zx}n.a. В?V׊ҵ/v?,wk?S?[u?ټեȰ?mB?Dڑ[5?u ?r??b?YH Z#Finland (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zyv.K:t@@QΏ@O @@axr@fǴ@1Adմ@i_k@"2n{@)'5@yH{ @nE@Z Growth (%)Zxn.a.Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?Ϡe?ZPeople per householdZyA@@A@@A@@A@@A@@A@@A@@A@@A@@A@@A@@A@@A@@ZHouseholds (000s)Zyxi@?x;@9m@v\@pKὡ@ @ɡ@+?@ա@P@ mv@ͷ@\Ne@(@LTS@Z GDP ( m)Zy 2«6@ i}@J@ &vCA*.\_A)sˆAAWAAӈ ;^A[Af1Ab ٞGAZ  Growth (%)Zx n.a.??CF7?w?4? ֤?IC ?,)𪊟?>p?Kߗ?Zc1Ŕ?|(5?K*q?4eZ?Z$ GDP/Capita ( )Zy Ziu@/Ymh6x@ @ nƧ@.Zh@6m@%Bl+@U@]nIf@;YL@U@c@P@Z CPI (% growth y-o-y)Zx n.a.ȥ?;?Lm.?mX;p?M.?=|WŜ?J箘? ?msy?ob?އ9? >%?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy1a?hB?g3?pvmJ?tYc?y_eu?HzG?= ףp=?333333?RQ?HzG?= ףp=?\(\?Z%Year-end PC Households (000s)Zy`@@@@@L@NC@@0Gb@у@MY{pԖ@Ԧ@ wP\@3ps@Z Growth (%)Zxn.a.7'h?y=?Ho!?@?uPuP?@4?DOݭ?ec]?ԱJ?ib?* K?uG2?Z4,On-line PC Penetration per PC Households (%)Zy?O1?qq??uPuP?J7??Q?MbX?q= ףp??Gz?ffffff?Z1)On-line PC Penetration per Households (%)Zy^R?_ ?l Y3?;0vx?F0?}]cb?v?( 0?^K=?W2ı?v?Af?x&1?Z91Year-end On-line PC Households/Subscribers (000s)Zyz@h@(@8@@@U@&vH@x&s@(]@Odg,@#@Z1[!@Z Growth (%)Zxn.a.MzG?B!?Lg1t?!G]?JgQ?IP{Q?Kz?+B?zڈ?9X?r5A?5=w?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"fo?N?|w2?#?ҌR?Q?(\?\(\?(\?Q?~jt??333333?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#۶m۶m!@8@UUUUUT@"ei@dvgx@H@%]ҋ@@@wɲ9̔@PW@Zx(l@4N@B'͞@Z$ Growth (%)Zx$n.a.Rc?Zk@D{ %? (?a??`?b *? (?.Mu ?v<?Sq"??R?m4@?V-?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'm۶m;{@UUUUU,@@~X <͐@=] @a$ @m9AH?@i @rC@X,]@_ GL@J2C@kcA@Z( Growth (%)Zx(n.a./?U$^E?`94?CH#?l?yź-?y"?ήB?S+?A+1?`? `?Z%*Internet Users per SubscriberZy*9t1 @j6 @6P^C @]捆@ @@gaE@(\?\(\?Q?p= ף?Gz?Q?Gz?Z0+(Internet User Penetration per capita (%)Zy+Qo?Lw?zy?MS?{H?yV?Nm_`?? /?%?[P?e:Ȧf?ʼVWW?9 U@?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,ؘ@@P@ @P@@+kU@3G(خ@P0i@N,8@@M?PѰ@~晱@=P@*#@Z0.. of which PC-basedZy0v`@43333@fffffZ@@Z@)SZ@<*2n@J.ն@aw|tן@E^6@`{^J@Y@HfQ @Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1?5@M@e@43333y@x@RY@b]N@@_q#^ԟ@=7 @=Xo@)ue @ : @Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5~ޒ&?n??1 q9?dAP\?nH?z0!?z0!?mX[?Ǎ?%}m?b?Z)6!Mobile Penetration per Capita (%)Zy6?~ޒ&?n??1 q9?dAP\?nH?z0!?z0!?mX[?Ǎ?%}m?b?Z!7Mobile Phone Users (000s)Zy7@ө@_I'@!e @:MK@p%#@;z?x˰@iKt7@Dai $ @sD`@NI@B @8Z@Z8 Growth (%)Zx8n.a. ?R=? aoʰ?PaK?ŏ?i4to?od4?b"?e???a2?S?Z2:*Mobile Internet Penetration per Capita (%)Zy:k~?@Bj?B -?A}o?^ ?9HN?΂-1?QJ?QX1?Vz׸?( ?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<|\@5ԫy@Į@<8x@G]'@x 2@XW@6QF̯@FHjӰ@ܗ”@GEszZ@Z= Growth (%)Zv=n.a.n.a.n.a.Oq?kj@A,?=}?\:?.L^?$Average Mobile Internet Users (000s)Zy>|L@pJsp@o%s@x @M@x @h@b@p \@4@@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyDO+"@#p@e3Km@f߇@Ͼ@ܼ@;ѐ6w@SǮ@=&]@hЛ@<{lX@ i@T@ZE Growth (%)ZxEn.a.Tj7Ɠ?>v?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyKS??$@3@3@q= ף03@K76@Oe<@r:E@%tP@6&a276V@o[@kX_@j5; a@ZLAs % of total AD MarketZyL|UV?ʓ}?'?M=?+4g? ?e?A!/?(@(?R?;엽F?{XV?z:4?ZM Growth (%)ZxMn.a.B h@?{Gz?333333?333333?Q??ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyNz$@#H@e3K!@f;@ٕ•@egM@>'u@S@[fMV@hVpdm@@+0@9s@w@ZOAs % of total AD MarketZyOy1U5?XjL?daA?͙ ??,c?R?AҼc?&?p[u}?d޺%g?-3&?04?XIo?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZySu Y`@1S-{@"@Dn@Cԫ@I.@me:@ FTr@;@X@* t+B@Y@-9 /@ZT Growth (%)ZxTn.a.ZG@u_z_)?3ʲ??QO?9LI?s?yO(?=zB?`L?}:)?~t?ZLU"& of which via a fixed platform (%)ZyU??jFX? ` `??N5R?ji?A )/:?v,Zr}? )a?.nj??d F?ZNV#& of which via a mobile platform (%)ZyV`{?'}'}??b[%?+}n,?~I?K?9Ȭ=?q?:'R?6s?ZFXTotal B2B eCommerce Market ( m)ZyX!W2S@1Ss@*!V&@DΗ@C@lt@W~Br@o^@dSq@`tE@吕@݂q@ּ-2@ZY Growth (%)ZxYn.a.  @Y?^e?*w"?dk=?WHl?ʮ:?,*?sSsgd?WQ?Q?p= ף?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[Gz?Gz?Gz?Q?xGz??(\(?Q?p= ף?Q?433333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\Bօ'dJ@>cVk@] UY@7wN@Ct@+^@W~Br@X4@dW_l@gfQ@hp8@/W@'>@Z] Growth (%)Zx]n.a.jwe @yVkd?z9?x?ffffff?Gz?ףp= ?)\(? ףp= ?{Gz?Q?p= ף?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^8@@W@433333g@433333u@@@@@@(\"@"lxz@ j?@F7gi @ӗp @w]xIܳ@Z_ Growth (%)Zx_n.a.@??a{?`}?ى؉?333333?Q?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)ZyaK@]@f@@s@@@Qe@{/L"@a@6F@I T@MA@@Zb Growth (%)Zxbn.a.h/?V 'u??]tE]?rq?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc433333#@J@f@[d;Oy@ v@!zR&5{@X@x箻'@SŷV@؀k@#_@Zd Growth (%)Zvdn.a.n.a.n.a.@;;@ʡE?Gz??RQ??333333?Q?)\(?ZFeTotal B2C eCommerce Market ( m)ZyeK@]@333333g@v@@@S@2Y@@N@ž@^oT@}RrU@6[/@\q0do @Zf Growth (%)Zxfn.a.h/??H U?|a?qq?EMfj?꽻?F#~?B%[O?rb.??6b?%?ZLg"& of which via a fixed platform (%)Zyg??jFX? ` `??N5R?ji?A )/:?v,Zr}? )a?.nj??d F?ZNh#& of which via a mobile platform (%)Zyh`{?'}'}??b[%?+}n,?~I?K?9Ȭ=?q?:'R?6s?Z0j(Average Fixed Internet Users (millions) Zyj ?= ףp=?)\(@= ףp=@@ףp= @S*8 @8%ū@NKL@=sh8@?: @շ@sa@=g @@-N@:^gɝ@\f@Zm Growth (%)Zvmn.a.n.a.n.a.Oq?kj @9Q?R7R/~?*/?ߕ?4ׯ?8d?i?>$VQ?yVȼ?Z0o(Fixed On-line Users Shopping On-line (%)ZyoMb?/$?-?%C?n?m?(\?ffffff?HzG?zG?(\?Q??Z1p)Mobile On-line Users Shopping On-line (%)Zyp?q= ףp?(\?zG?RQ?\(\?(\??(\?= ףp=?zG?Z0r(Average Fixed Internet Buyers (millions)Zyr1m?fL2r?o*Ral!?n/i?l+ݓ?Y4 N?a?(0"/#?!MTQ@ԁ2R@避e@qk @,p# @Zs Growth (%)Zxsn.a.\g?#?;8??;hC ?dt?ZR}|??\??0zD?߰O\?U?ߜm?)"z?_3=?eV?Z!wMaximum potential overlapZyw `? &0?gDo??l tD`??{>?Z?/?!h'~?h8*?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Zyx;On? ףp= ?L7A`?ףp= ?= ףp=??Q?)\(?333333?= ףp=??Z)y!Unique Internet Buyers (millions)Zyy1m?fL2r?ޚ@t[A?Ec?rL=X?9;u?,܌UO?@3b@ @8@y@n^@Zz Growth (%)Zxzn.a.\g?vШ6?m ?&O3?HsK?jweN?T j4?h F??a%?,U#?%?۲u?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|d7lKz@%#1V}@֘={@j[F@¥h@>0L@?o@q8V@J6Z @2F=V@_@ł2@:@Z} Growth (%)Zx}n.a.FI?S.E/? lp?&Uq?:^Z?]#Qs?"4ޥ?`Ԫ?Vc?Qt?gfD?YD Z"France (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)ZySEc@71@DS;@ac@UMt@i[@֨4@3#97@y?К86?Lޗ?pQ6??j32?Z4,On-line PC Penetration per PC Households (%)ZyXl?6Ӵ?_o?Ws5Ws5?-'j]??G?~{/?;33?TtV?U?N4d?j?Z1)On-line PC Penetration per Households (%)Zy޵sw?d~?A.??I'?>3?sO`?yo?y-U?po]@B?%Q$X?QCZ? :?Z91Year-end On-line PC Households/Subscribers (000s)Zy(@0@fffff@V@f@@H@@+\Q@~j&@J%u*@()@A. po@Z Growth (%)Zxn.a._'P?/}$-E?ko?Ş?#O?Q????? ףp= ?{Gz?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"8*6R?O~bx?|6ScӨ?6y`8?pImC?L7A`?Q?zG?p= ף?333333?q= ףp?Q?Gz?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#h;@k(b@33333@@m۶mb@2ۄ@ @ r@xgL@NhE@> @z\@"7q@Z$ Growth (%)Zx$n.a.YY#@b_@ހ;B? ާ?L?ʺT?*?z?Qb=?C?Š?Oj*Ȳ?]Ҏ?Z4&,Total On-line Penetration per Households (%)Zy&ɢD ?N ?q?I ?\v?:s?ɕ ?nzw?&-Ԥ?>aST?N?r?_l?e?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'>4և@Z@@`6@ܶm6@ֈmB@}_߄@م+6@^.@fi(@gy]@Ɖq@\F@Z( Growth (%)Zx(n.a.Y(?#qM?{7A?po?Y?M?>7?D? ?bFu?ɿM g?fJY?Z%*Internet Users per SubscriberZy*ad@V؜@$ּR@V@,@&'@@ffffff@ ףp= ??333333?Gz?HzG?Z0+(Internet User Penetration per capita (%)Zy+śJ/?AS?`?|nz? ?F?O7(?~fo?1V?zijP?>jP?ͪ`?'? 7?%u^?Z)6!Mobile Penetration per Capita (%)Zy6?Hd?~O?]mV so?=i?wcG@=?Q?>jP?>jP?ͪ`?'? 7?%u^?Z!7Mobile Phone Users (000s)Zy7SEc@|"@E@@QI@@ @٣1@=3 c'@|;@A&@T]@*^ۧ@Z8 Growth (%)Zx8n.a.~?y ?M?euV|?vhXҢ?L|vJ?of(? ZJp?aĀ?Gh|?:?yV?Z2:*Mobile Internet Penetration per Capita (%)Zy:SR?H?[?Oh91?S?2 .?5?Gc?M?W }?є'?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<E:q+vӋ@xraq@밂B@ U@Qy@qzZ@'AL@J5N@[eL@Y s@@Z= Growth (%)Zv=n.a.n.a.n.a.3:< @Ze?&%-?.??S%"?%I?xjs?)??ްy>?L-]?Z,>$Average Mobile Internet Users (000s)Zy>E:q+v{@l'v@}Ұڵ@B{@,Px]@LJ@\޾Sk@8@RMڑ&@a @Tn@ZAAdvertising MarketZC Error CheckZyCkQ@!r^o@jQ@A@t@ r@e@ tz@'A@q>@ 3*T@o S@5@ZLD"Total Advertising Market Size ( m)ZyDkQ@!r^o@jQ@A@t@ r@e@ tz@'A@q>@ 3*T@o S@5@ZE Growth (%)ZxEn.a.iM?EԸ?`牛Gz?(\(?p= ף?p= ף?\(?\(?(\(?\(?\(?ZF Error CheckZyF:NL@6W@c#!@Y`@=N-@@i7`?@ X ܰ@nys@mɱ@'ò@iS̳@w{u@6Ҷ@ZRG%Total TV Advertising Market Size ( m)ZyG:NL@6W@c#!@Y`@=N-@@i7`?@ X ܰ@nys@mɱ@'ò@iS̳@w{u@6Ҷ@ZHAs % of total AD MarketZyHKn?+'c?@@?w齫E ?v齫E ?v齫E ?x齫E ?x齫E ?x齫E ?x齫E ?w齫E ?w齫E ?w齫E ?Z`I,Total Directory Advertising Market Size ( m)ZyIfffffl@S㥝@8m@ҽjb@Y=@ʈh@핬Q@#|@ l':ޅ@Hs 5W@>b@+j<@])Ew0@ZJAs % of total AD MarketZyJu}.Z?X?R2!?>]?FX`7?3X>?>t?LA?o?E4=?2f@?+4;ר?l,1?Z\K*Total On-line Advertising Market Size ( m)ZyK9@A@ b@g@k@RQs@$|@\C@va^@ @x1<@VW>s@Թ@xbDI@ZOAs % of total AD MarketZyO~?ۼcb?e&v?H21f?O 6G?T!?a?wp?U_?OP?$?B2A?zc?J?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZySMg1y@[ @)͋?5@Uk @c@<@* VQ@>@ZNA!)=8 Ah0+ Al A\S٥AZT Growth (%)ZxTn.a.gMs@W[?%K}@:?F*=+?2P1?=p?=?Mм?6U?pK(R?AP ?dҺ!c8?ZLU"& of which via a fixed platform (%)ZyU??Kh?h+H?q?>n?"?H?v*i&?|!3U?;P㏝9?ZNV#& of which via a mobile platform (%)ZyV`/?y3As?<ڼOq?GbD?ںۖ?Vny`?-?U?^?`>l?9Č?ZFXTotal B2B eCommerce Market ( m)ZyXMg1ńs@[ /@&3+@Q6X@c@7pR@Ln[@$d@a)BAȎAhAg' AїS AZY Growth (%)ZxYn.a.eXv@xi?F??v?0,?19?^O? ȿ?nč?V( th?Q?߳~ ?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[Gz?Gz?Gz?Q?xGz??(\(?Q?p= ף?Q?433333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\Mg1p@[ o@L gK@UkU@cQ@7pŤ@()@P@\$_@vv*A~uzAMXUA"̱ AZ] Growth (%)Zx]n.a.`@Q^w?? ?vƬ?(\??Q?(\?zG?(\?Q?Q?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^E@s@@gffff~@ @p@(\@|?5^+@|@n)@an@Y@Xy@Z_ Growth (%)Zx_n.a.wqG@ 5P@ڏ؏?Q???zG?333333?)\(?RQ?{Gz?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)ZyaV@s@ه@43333@@x@@ףp=G@lY@Zd;77@I@5@o ףp@l@w@R?o: @`P}@jt@=XC @/d@Zd Growth (%)Zvdn.a.n.a.n.a.qq@m۶m@cX9H@333333?333333??{Gz?zG?{Gz?Q?ZFeTotal B2C eCommerce Market ( m)ZyeV@s@L@Q@@(\@#~K@߾|K@&;6@>|Z@#NEq@sm}@@B/j@Zf Growth (%)Zxfn.a.]tE]@~~?;S˅?_C\a?:o?XR?kɥ?:$P?8V?"ti?{)Lp?xGϿ?ZLg"& of which via a fixed platform (%)Zyg??Kh?h+H?q?>n?"?H?v*i&?|!3U?;P㏝9?ZNh#& of which via a mobile platform (%)Zyh`/?y3As?<ڼOq?GbD?ںۖ?Vny`?-?U?^?`>l?9Č?Z0j(Average Fixed Internet Users (millions) Zyjjnj@{G@Qx&@Qk1@(\O8@33333?@ڈLA@AOC@sTiE@RG@ҩ8H@㾘|I@;C J@Zk Growth (%)Zxkn.a.\%?ฺ?`ʝ?Wc"=P?2Y1Y?3oZ?Ե@-}?]Ҕݻ?Ӷ?V/?lʇj?ŲlN?Z1l)Average Mobile Internet Users (millions) Zyll~?K[@$a@%'@3@U S=@):YA@=bD@mMթF@*7JH@9PШI@Zm Growth (%)Zvmn.a.n.a.n.a.IW@J/?J?引 ?3Y?لu@?Z?lS?E<+?Ѭ?Z0o(Fixed On-line Users Shopping On-line (%)Zyo~jt?Cl?K7A`?q= ףp?$C?\(\?zG?Gz??(\?)\(?q= ףp?Q?Z1p)Mobile On-line Users Shopping On-line (%)ZypQ?p= ף?q= ףp?(\??HzG?\(\?Q?zG?p= ף?= ףp=?Z0r(Average Fixed Internet Buyers (millions)Zyr6J?c('U?L$z?J&@hƢD@K&@]`M-@snm&2@Gfye{6@'R ;@-?@- VHA@" B@Zs Growth (%)Zxsn.a.P%?#v?}P*?`:*q?xM5?_n? EID?b3 ?vn~?C=M?aQW?%t?Z1t)Average Mobile Internet Buyers (millions)ZytsϥZ?NN?Rϖ?(mO@Ƒ,Y!@=a'/@~KZH5@M3N:@7@@u(zB@`m E@Zu Growth (%)Zvun.a.n.a.n.a.U$@~C& @)*"T@ŀ X{?ix?Ʈ9?إ~z?:HZ?S4O?$?Z!wMaximum potential overlapZyw~ψ(??z=5?p?>?7H?w?R*i??qhs>?yK?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??Z??q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)Zyy6J?c('U?^V4?.fjٷ@S}I@y h(@U#0@4"G8@|θ>@HC@W}y)E@f%H@Zz Growth (%)Zxzn.a.P%?L=_?\,l?-?FZ?N0?rMu?ݖ&?'X? ?g?dzas?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|{w@,’|@'IVy@8H<@y@B(|É@^z%@n=q@8&zI@T&#Z@08m?@=@㵡q0@Z} Growth (%)Zx}n.a.4|?W9 N?l?3RKԓ?.?,UW?gz?_(6Ǒ#ztS1rx?Y! Z#Germany (December Year-End)Zy1998A1999A2000A2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)ZyP@Op @? @ @?@[!@ dD'&@F!O+@y0@15@7+$:@!?@,E.E@Z Growth (%)Zxn.a.MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?MbP?ZPeople per householdZy#[|~|@Sr@֔h@G_@;U@xK@xA@u1h8@ΉO.@ٯ$@#@wX@.@ZHouseholds (000s)ZyS@<*b@yڣq@^YȀ@U<"G@`6@@a ׽@7D:@3̩@)&@%d=@=mE @Z GDP ( m)Zy )Փ}=AA^_C>AȜe?Aa?Aə s@A&@A4"eAA AAYp]eBADCBA_#sCAq"ԭDAM{7DAZ  Growth (%)Zx n.a.k!J1}#?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Ok?Z$ GDP/Capita ( )Zy .= @(kQKĕ@,u:@g@vgr@8y C@qf@з@i0q^y@3@@cu @?I@%*`׵@Z CPI (% growth y-o-y)Zx n.a.-?3?H3?3?3?L3?3?"3?$3?3?3?3?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy w?w5ncl?vH?bK?ɺs?.O"?zG?)\(?q= ףp?Q??HzG?(\?Z%Year-end PC Households (000s)Zy@T@T@@d@@@!KZ @OIG@H,Qc1@<@M>9b@<{2M@D@Z Growth (%)Zxn.a. &h1[?}jZ?u\?R}_?Z?mwq?u;?% ! ?>ĐR'?<Ԏ `?~G ?})2?Z4,On-line PC Penetration per PC Households (%)Zya^5y?ku?!.e?>v?7{aG?/9?(\?zG?333333?Q?ףp= ?)\(?{Gz?Z1)On-line PC Penetration per Households (%)ZyV+#1?4lh{`v?_1~Hj?KA]?1v?b,YS+?z6>W?a4?MbX9? ?zG???3ı.n?Z91Year-end On-line PC Households/Subscribers (000s)Zy@B@,@@@@K@L掮@ Cj@W@!{@u\R@ d@Wpp>"@Z Growth (%)Zxn.a.F?[n ?>?c}?v Թ?f?5_?.`?J2Z?zwwq?]ӥ?p8 ?Z80Connected Set-Top Penetration per Households (%)Zy [?HC?7 Y?u?χ?~?,[?Fŝ?\ ?/w_?7?Fr ?+?Z4,Year-End Connected Set-Top Households (000s)Zy@\@@=@@@@@@@@7@P@Z Growth (%)Zxn.a.?mw6;?H 9?&0?{Gz?beFt?%f-t?t??s?,s?{s?ZB:Online Set-Top Penetration per Connected Set-Top HouseholdZyZ Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZI!ASet Top, Thin Client and Screephone Penetration per Household (%)Zy!J\:V?fW-3y?*:?7?`:?zG?Q?Q?RQ?= ףp=?{Gz?Gz?\(\?ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"J\:V?fW-3y?*:?7?`:?zG?Q?Q?RQ?= ףp=?{Gz?Gz?\(\?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#֯uI@l7˓l@zӛ@a@z@8H@Du-@^ dw$@&}-@u@QĂ8@\uY]2@@Z$ Growth (%)Zx$n.a.}Fe @_ @6yW&"?m0*?&f?%omr?<׿P?5%M? ? bs".? 5?lk?Z4&,Total On-line Penetration per Households (%)Zy&]?'??}?5WjWw?z'|?vM?~:?W2ı?ʡE?ZӼ?Gz? y)?):?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'_)P@YD)@ozӛ^0@0 ðu@I@p7κ@x,o@y@|TK@ KID@cVq u@fK@ O@Z( Growth (%)Zx(n.a.֧ņ? ݏ-Rr?lLD?+3|?v$p?u?yqϑC??c+ڙ߸?3)?jM=?//]M?Z%*Internet Users per SubscriberZy**@#;@}٠ɗ ?B7V`?d?lO?p= ף?zG???(\???Z0+(Internet User Penetration per capita (%)Zy+XQ;!?JIq?2rY?l?˅c?i?dE:?(R?QY?" q?0DF?0dAj ?@lڿ@`3.@Z- Growth (%)Zx-n.a./?EM4D?1 0 ??KtߩD?r[^ s? H?IqD?Ѷ"F?*M,?Nz?.$ޘ?Z.Net User AdditionsZx.n.a. @@|@,@@4\@|CR@8ބ./@@@LP@?9@@U6@Z%/Average Internet Users (000s)Zy/:a6@@@@@B@@p™&]@Qk1Y@|ltV@\Bx@2g@m~@<@Z0.. of which PC-basedZy0\61դ@r@4333@@|@^jS@@+@"^Eۄ@"2@L14@S ͧW@HӜ@dbS:W @Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1݉0aO@gffffu@̳@@$@žB+@%d@]@@Qx@E@DKDa@ڭ@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5F2?A?3?k)?8@g)?Gj?ܰ8r?ܰ8r?$?C\3?b*R?XG?Z)6!Mobile Penetration per Capita (%)Zy6R?F2?A?3?k)?8@g)?Gj?ܰ8r?ܰ8r?$?C\3?b*R?XG?Z!7Mobile Phone Users (000s)Zy7|@ _@/d`@.Il@HIn@5@:_:@R@i;-H@_yj@@jcׁ@G@Z8 Growth (%)Zx8n.a. <?&W%??{Gm??5u?xQ_2?MbP?8H??"aY?ܖ/,J? z4?Z2:*Mobile Internet Penetration per Capita (%)Zy:?Ox?s꺙?Ǚb?s;Uc?'=?Ika?in-?q@@/?UY7̽?kX-}0?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<,@ԥ@m{%@d6+M@Vl@~V@JY}t@"H_@KP@BJ$4P@u@Z= Growth (%)Zv=n.a.n.a.n.a.A@ CD?-BC?BqÐa?Y2?ʡE?"?,N"?(v?ف?Z,>$Average Mobile Internet Users (000s)Zy>,@@&2f@v^@"%@Ꝋ3@3'j@}/@ 1 X@(@P@VjTm@ZAAdvertising MarketZC Error CheckZyCnG*0@,oz@Z&F@-@?O@/$@;k@qtKG@R+S@@ZLD"Total Advertising Market Size ( m)ZyDnG*0@,oz@Z&F@-@?O@/$@;k@qtKG@R+S@@ZE Growth (%)ZxEn.a.W?lw_?ףp= Gz?p= ף?p= ף?\(?\(?\(?*\(?\(?ZF Error CheckZyFcvP!l@2ݰ@ffff&a@sh@Z;@.^ @P&@j| U@ȓ?qZ?I? a?ZM Growth (%)ZxMn.a.?? W0?333333?333333?ffffff??333333??ffffff??333333?ZNN#Other Media Advertising Market ( m)ZyNv.@{,t*@p= @6EGr@mđ@+R@1@R9~@)2@j5}!@ҍ@m)p@N) u@ZOAs % of total AD MarketZyOha6Tm?ҏjG?cs1?p?e1Ω|? k,*Y?G 0?K~&?AvT?jrg?9󂘹 ?ʰ(|?ؤD7?Z1 P $3p?~"S?wg՛?q8V@?3?ZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS>c@NJ_[@hY@%@pNd1@ম"@DLA#? A$}AT/A0+A/i޴AnGAZT Growth (%)ZxTn.a.VW@Ձ ?tlf?m t?^X8?Bg ?o\f?Q M?,4;???k?DݣE7?ZFXTotal B2B eCommerce Market ( m)ZyX>C@NJ_@:z$@0:v@pNd@ম"@Z򓲯AlAG A/A?h1A<" AK{UAZY Growth (%)ZxYn.a. ~3/ @I#?֊?B+*?Ľ]Y?{~C?N"?ͬ T ?E?033333?`?tX,?ZLZ"& of which via a fixed platform (%)ZyZ??Gz?\(\?Q?Gz?q= ףp??{Gz?)\(?ףp= ?Q?333333?ZN[#& of which via a mobile platform (%)Zy[Gz?Gz?Gz?Q?xGz??(\(?Q?p= ף?Q?433333?Zt\6Wholesale (Process Use) B2B eCommerce Market Size ( m)Zy\}ܗ@l@F}g@0:v@pNd@ম"@Z@}^IAV[ AcM+ AgGArA. yAZ] Growth (%)Zx]n.a. r @Id-?3"?? ףp= ?(\???(\?333333?p= ף?Q?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^o@h@@ @@P@@ rr@xT@Xl!@e f@Qnm6Qs@7@Z_ Growth (%)Zx_n.a.x<@D4i?͈ ;?C!?|pod?HzG?zG? ףp= ?{Gz?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya@@,@Ѥ@@p@@)\@iod@L3y@r@@EolX@M@w@Zb Growth (%)Zxbn.a.rq?s?Gۜ?.]?ٗ|?(\?{Gz?p= ף?zG?(\?333333?p= ף?ZHc B2C Mobile eCommerce Market ( m)ZycF@q@@ROA|@bZJ@OIh@cx@'@m @&C@EA@Zd Growth (%)Zvdn.a.n.a.n.a.袋.@ @c@ffffff?(\?Q?{Gz?Q? ףp= ?333333?ZFeTotal B2C eCommerce Market ( m)Zye@@,@)@@@)@(os@ȘJ>a@X꼠@˞k@@dtg@{ W/@Zf Growth (%)Zxfn.a.rq?w[?C@L?`?=??R?ǰ8?Ë?4߻?w_?JA[?ZLg"& of which via a fixed platform (%)Zyg??$17z?RyY?6@?j&wۢ?ED]?IVP?Vr>?"`?)9?O $?oD?ZNh#& of which via a mobile platform (%)Zyh h?pjch?'?Xf#t?:twE?8 $lS_?TQ;?N:л??w,?Q`鷕?!w?Z0j(Average Fixed Internet Users (millions) ZyjL9+!@R-@p= C4@:@̬A@= ףpE@5]pI@0UM@9x P@5eNP@aQ@ 6@+B@M'E@ PG@'vJ@ҁL@Zs Growth (%)Zxsn.a.].NU?c8?-o?d|?Y\.d?7Ц?7PF6?j?:t?Lo_l?;7?9:g?Z1t)Average Mobile Internet Buyers (millions)ZytW!?oQ;Y?i:L@J@@}=)@[3:C5@9̠<@ ?A@JQvD@ ޚoG@kUYJ@Zu Growth (%)Zvun.a.n.a.n.a.$r@g@%72J_?>{?`["a?IiI?ϴ ?\U?o2?BJ5Կ?Z!wMaximum potential overlapZyw;֒G?r?WZ5?{? KkN? ?s4??KM?t:H?7a?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??= ףp=??q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)ZyyHjD2?6ُ@{XFV@7[n@n#w(@䍈d1@7@$*[/?@8'B@ݱ1F@o1J@ǥHuN@XF'P@Zz Growth (%)Zxzn.a.].NU?D+🴷?2F7T?9h$4?mݎ_?Z=--?VHu?dJls?}j?i?#|?0 ٻ?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|w0@M@VVL@ѕe@]G׵6Ĉ@@Z4@FH @#G@*7@ܔǶ߭@֑#j@4z/$@BܩϘ@Z} Growth (%)Zx}n.a.`.~Y?dHNe7??>1?;7=t?܀$?[>?j(3?8Lb?P?=i?ZL~"& of which via a fixed platform ( )Zy~w0@M@/Eq6@:=@j8@CQA@V%@k!.M@.> @Qe@HB9J@55@@ZN#& of which via a mobile platform ( )ZyщM$@ɒv{B@%n'Z@pTk@l6)~x@mI6@1@_=@d,`@-r@e@Zj1Average eCommerce spend by web buyer per year ( )Zyw0@M@o,b@oʺ @1@@A?@&wψ@}?+@QFV@>ZÍo@>V֋@8U@d;@Z Growth (%)Zxn.a.`.~Y?H Y[/e?ry?Q?TRؑv:Ũ?i*'?i-?a1fY?'.?Z|:Average eCommerce spend by Mobile user-buyer per year ( ) Zyg@)Dzz@`@}@ĥ`e@2d#ad@8Qa/ @g[b@vHx؋@7@R@ңT@Z Growth (%)Zvn.a.n.a.n.a."1I5ҿ͡?/t[$%I?4}?9zRbS?+̸?k.?!?s\k^?Z,$as % of Fixed eCommerce annual spendZyO?m3?v7N?m#|!?Pv+??:?6p?em y??a?b;?Z#German Internet Users - AgeZ8 14-1920-2930-3940-4950+TotalZ4,Ages of German internet users (000's) YE1999Z: gffffp@gfff拱@Hz.X@)\S@Rk@@Z&German Internet Users - GenderZ MaleFemaleTotalZ6.Gender of German internet users (000's) YE1999Z Q^@(\B@@Z*"German Internet Users - Usage TypeZ) WorkPersonalBothTotalYJ Z"Greece (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zy@*"Ӟ@0@]@HJ@TPIy@DN)@@1 @ @ `4L@ ?%@i$3@Z Growth (%)Zxn.a.icd?icd?icd?icd?icd?icd?icd?icd?icd?icd?icd?icd?ZPeople per householdZyףp= @ףp= @ףp= @ףp= @ףp= @ףp= @ףp= @ F%u@]@< !@7M@M)@Lq@ZHouseholds (000s)ZyL'ɛ@Ε{@F@5ѫ@y:@@@b@E@zT@7z@٭@ c;N:@Z GDP ( m)Zy  6@Vi@}J@50@UHU&aA:#AAК1A@%>AҸA?5}AeA_^AZ  Growth (%)Zx n.a.q -?,zy?)fR} ?˩??D?X:^?ե?2!?[6z? G?Jp1H?B) ǜ?pc"z?Z$ GDP/Capita ( )Zy `R*@n&@Y@9oD@N[tK@}d@w'^@w@씦@x$@|?Z@Yńv @C@Z CPI (% growth y-o-y)Zx n.a.t8 ?CS?L-ѿ?װ{o?Ga?ɥ\;|?8?3%#?`=T?MqU*?L"!!??6ӗ?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy4ݚ]?/]?cYE?R)?h?SfԜ?:@?ɪ?;6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"XHF?`^l?m#Sn?j-? Џ+?+s^P?H??{?tҳ?\Q5?cO?Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#ףp= @(@C@433333\@S㥛m@$EdX{@EFa@T!)u@ĕۈǒ@UŕҖ@."?@:K@Z$ Growth (%)Zw$n.a.n.a.@Wڕ]@pFnF?]#EW??&F?b4?L$?CP0?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'I@]@i@Pt@`}@(@P@v@gffff@@ @R@nk<@Z( Growth (%)Zx(n.a.UUUUUU?D D ?+Q?ȍȍ?v/?ȩܲ?ffffff?333333???333333??Z%*Internet Users per SubscriberZy*------@m۶m@dp>c@/B/B@&W+@@mp+)@>K @M!`@@NЕB@ s҄@g @Z0+(Internet User Penetration per capita (%)Zy+xA?em}? ;?fr?3q?Ҧ D?k?y/?]Kf?3? ?,?*%?ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,p@@@@@ģ@ب@@̌m@a@I ׹@_Yĸ@@BؘX@Z- Growth (%)Zx-n.a.K??Mb?Zk?Sq?333333?333333?333333?333333?Q?p= ף?Q?Z.Net User AdditionsZp.y@Ё@@@P@}@dffff$@X@X9@`BU@ ‰@)+ފ@Z%/Average Internet Users (000s)Zy/!{6Ah@}@(@@D@N@@̌@(\@8vO@-+?@Tg:`@s٥@Z0.. of which PC-basedZy0!{6Ah@43333C}@Ō@fffff,@@=%@ e#@[_@VkƠ@q@B8h@<lɦ@8|@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1%33333@jffff&F@b@z@@zx܀@Z]@Lً@[a{W@3Io@jCGp@[og`@Z*3"Mobile Phones and Internet Market Z5 Error CheckZp5,eE?5"?k?D'vv?ֽW?BCn?ߢ$?ߢ$?&y<$?E'vv?;'9?1P?Z)6!Mobile Penetration per Capita (%)Zy6333333?,eE?5"?k?D'vv?ֽW?BCn?ߢ$?ߢ$?&y<$?E'vv?;'9?1P?Z!7Mobile Phone Users (000s)Zy7@^@J%)@>K@k0@ҫqX@$~@f#ģ@V@\@(@X@x.=@Z8 Growth (%)Zx8n.a.i|?ŋOl?|VF?Be?< ?#t-Y?3q?icd?ҹ~?CR_1?3ā?ͬ?Z2:*Mobile Internet Penetration per Capita (%)Zy:W5?>UVL1?j^?fuޗ?ZP? ?j=+?$Average Mobile Internet Users (000s)Zy>--;V@d3k~@OOU@ħ_1y@Y ~@L΄@Dؽ@B湾@6Pj@]@g(h;E@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZE Growth (%)ZvEn.a.n.a.n.a.GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZRG%Total TV Advertising Market Size ( m)ZHAs % of total AD MarketZyHZ`I,Total Directory Advertising Market Size ( m)ZJAs % of total AD MarketZyJZ\K*Total On-line Advertising Market Size ( m)ZyK??@@= ףp=@K7A @k @R!u9@L%@-@t2@2&}95@4wX7@ZLAs % of total AD MarketZyLZM Growth (%)ZxMn.a.@@{Gz?333333?ffffff???ffffff??333333??ZNN#Other Media Advertising Market ( m)ZyNп= ףp=K7A k R!u9L%-t22&}954wX7ZOAs % of total AD MarketZyOZQeCommerce MarketZHS Total eCommerce Market Size ( m)ZyS@iNJA@b0,d@[!I{@sOG@޳=I@[D@>U@S@uN@H@8@jq*@D (*B@ZT Growth (%)ZxTn.a.q4@vBj?.qT?ZFz?c?ʉP?c?탄?6?i M?崕?[Es?ZLU"& of which via a fixed platform (%)ZyU??F]tE?818?B!?jC.? *%?ㇼ?INjٶ?f? g^ȋ?||-ס?0J$M?ZNV#& of which via a mobile platform (%)ZyVtE]t?281?{?L=?|BG?7do?Cc?E?vC?38 ? P-?ZFXTotal B2B eCommerce Market ( m)ZyXX0Ҏ?@b0,b@ ףp=@K{/LƄ@lcp>@!B!?*f?9D9?sW)?S4}? 7"Y?ϮI?w?ZLg"& of which via a fixed platform (%)Zyg??F]tE?818?B!?jC.? *%?ㇼ?INjٶ?f? g^ȋ?||-ס?0J$M?ZNh#& of which via a mobile platform (%)ZyhtE]t?281?{?L=?|BG?7do?Cc?E?vC?38 ? P-?Z0j(Average Fixed Internet Users (millions) ZyjOt8;?ffffff?zG?Q?Gz@ףp= @ +Y @N@s@oG8-x@%R@?(@^b@hv^`@Zk Growth (%)Zxkn.a.nC5*?#X? ?Kz?sr?C?333333?333333?,33333?o?-Ɏ$tA?|~?~k,?t//?~+P? r?Cϼ@S5u@-@Zs Growth (%)Zxsn.a.ZtA??r? c?̮?SXՠ?rq?(\?|?oS=?5B?dW?Z1t)Average Mobile Internet Buyers (millions)Zyt֏r$}?\FF?n#??o@G*k @ 7,7@wH@V$g@,2OJ@Gq2hC @Zu Growth (%)Zvun.a.n.a.n.a.օ\)@t@٘M=?q?lx?pE?̵?ve??ULj?Z!wMaximum potential overlapZywb?.W]?YZna?Mj?Y;G?^&J??g.w?A?!|Z?nv? HӁ?Z>x6Overlap between Fixed and Mobile Buyer Populations (%)Z)y!Unique Internet Buyers (millions)ZyyAL/w?DJ?Qu{V?b?HR?;w1?hI@ 8@j.@ӏ@A!@t`F$@d}&@Zz Growth (%)Zxzn.a.ZtA?G&jU??''y??|2+4F?AVY?wR?r^@?jt'?yW?19p?Ůw??Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|7Msi@`|v@Ŝ=@,N5@{]Ӿm@\eFG@ g5@ m@o@,N@\,/sS@w3@zUz@Z} Growth (%)Zx}n.a.{#a-B?mFH?јD#? Ɇw?׼0?E@fX?-{@?Ikc?x??^?3?YH Z#Ireland (December Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)ZyB2@G[Pά@3\ @眅!@qwbHK@Gu@1xނ@U7ɭ@=1@a@ECiJ@Cs=v@eE顮@Z Growth (%)Zxn.a.Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?Ǻv?ZPeople per householdZy@@@@@@@@@@@@@ZHouseholds (000s)Zy"@ Y @I<,@HW}N@'_mo@B&@'`ϲ@xԗ@d_!@M@;@%)ŗ^@j@Z GDP ( m)Zy |@-@;@|ˮ@Lu@^@s-@W;d/AJ AL7[AtGA&faArpAZ  Growth (%)Zx n.a.y&1? o_ι? m9?!?{0΄ϲ?*7?y?~mm? CI?W[7?V/?gw?Z$ GDP/Capita ( )Zy ֹ*@p WL@si@ dpz@[Lf{@F݀=g@G@n#@c}@kA2|@]X=@T@ïOw@Z CPI (% growth y-o-y)Zx n.a.[52?zHҮ?F:t?"vil? j-?9"=?3?)a?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy?`}?8j?@U*?%U?oxrƨ?RQ?zG?Q?Q??Gz?= ףp=?Z%Year-end PC Households (000s)Zy h@i@k@`m@@o@p@C4Zr@et@gw@ z@'@ϖ@Y3K@Z Growth (%)Zxn.a.LFW>?H%e?tE]t?AL &W? rh?M?I(??fj+?ˎHGg?0+?s C?Z4,On-line PC Penetration per PC Households (%)Zyn?C? k߰?/|*K?~jt?H?я~?q= ףp?Gz?Q? ףp= ?\(\?Gz??Z1)On-line PC Penetration per Households (%)Zy8٢?aHū?66DZ?Q̵?*&?FE5?Ac]K?_L?䃞ͪ? o_?|?5^?gDio?Gz?Z91Year-end On-line PC Households/Subscribers (000s)ZyK@T@Y@_@c@`e@21p"h@Ik@~2Up@=ns@Rrtv@Áz@Rp$~@Z Growth (%)Zxn.a. %?ffffff?VC?M&d2??|/]???Nk^?H?fj}z?2B,?IZA?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"06_8?@텃b?C]ߚ?iAF-?o1?Q?q= ףp? ףp= ?p= ף?ffffff?zG?\(\??Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#tE]t? @88&@7@@Yas O@sdZ@Mve@7W(q@ jXx@!ހ@).<[@ ,@L0@Z$ Growth (%)Zx$n.a.qq@vwwwww@7J2?H?wj?e:?IB^?^N??s u?fj+?F`z?Z4&,Total On-line Penetration per Households (%)Zy& =Vb ?pB?uʓ?9H?L51E?b@2x?鷯? ^)? q?' ?x&1?镲 q?q= ףp?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'F]tEK@UUUUUT@qq\@0Md@VHj@)?Iq@('v@\z~@EІy@Nڰ@Sgڏ@;H @:x@Z( Growth (%)Zx(n.a.88?K~?L83?W:?!.a?  ?5++6TL?A?}-L{?U^?wm?d$܁?Z%*Internet Users per SubscriberZy*@> ףp=@@ɱ@w@iG@5 q@Gz@Gz@(\ @HzG @(\@RQ@zG@Z0+(Internet User Penetration per capita (%)Zy+)!ʌ?I͏?2??k!Ar?N?`6X? Bìa?q~?v/Ы@ wS唬@Z8 Growth (%)Zx8n.a.SqL?_3?ROm?qTU?6`"?NDf?VN?.v?I^99?5ȡ?so\?o߬RJ?Z2:*Mobile Internet Penetration per Capita (%)Zy:3<?룟,?ŕrގ?l\g?Q?>t?`?k'v?$?*#~v?[hͩ?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<ӶR@sA]r@x(т@f[B&)@1tjA@6ˢ@V@q@e@/뺿@85$@!P8p@Z= Growth (%)Zv=n.a.n.a.n.a.3Ж@v?i!u?3?ꤍ`?cDio?楒A?*B捭?}ެ?%2V?Z,>$Average Mobile Internet Users (000s)Zy>ӶB@(V%f@sə|@~"@L[|5@L@I@YY^@@4\Zr@̩˜ʪ@ZAAdvertising MarketZC Error CheckZLD"Total Advertising Market Size ( m)ZyDɪY@v0@9@Ӿ9A@҇.ld@E/x@狠@fRB@P͞Ի@ /%cӰ@ˎOX@Zbq@܁bB@^@t6u@RL@@ZT Growth (%)ZxTn.a.D+>@EY*?ͣ?:U%?w `?+,U?5aF?"W?cE;?g?(2?ZLU"& of which via a fixed platform (%)ZyU??+j?.~%?Sr ^N?^S?2mk? ?j4^yD?,D\??Aή?9QwF?ZNV#& of which via a mobile platform (%)ZyV`R֯?Hi?>4և?B1X ?$$)??,C kv??;tq0:?ߪ?"cWIJ?ZFXTotal B2B eCommerce Market ( m)ZyXb:;@k|(Y_@vnY@Vr1u@QG@S w@641@ |@7Z!Ž@\@Z] Growth (%)Zx]n.a.YkéH @hBD? ?O?ffffff?Gz?ףp= ?)\(? ףp= ?{Gz?Q?p= ף?Zf^/Retail (End-Use) B2B eCommerce Market Size ( m)Zy^@9@433333M@^@j@r@ ףp=x@!lV~@ӀAJ@o8^G=f@Z@ @tΠ@Z_ Growth (%)Zx_n.a.UUUUUU @K7A`?1bĈ? a a?;;?(\?Q?RQ?(\?333333?Q?p= ף?ZFaB2C Fixed eCommerce Market ( m)Zya*@C@333333R@gffffa@o@x@ ףp= @ yǩ@tBȌ@Sj@U4@f[q@WU@Zb Growth (%)Zxbn.a.ON?%N?"?7Ck?1c?zG?Q?HzG?)\(?RQ?(\?333333?ZHc B2C Mobile eCommerce Market ( m)Zyc@9@gfffffP@B`"b@ݵ|Ss@ pe@ Lԋ@>;“@EIK@3<.(T@=D$¡@Zd Growth (%)Zvdn.a.n.a.n.a.@?ԬL???333333?zG?Q?RQ? ףp= ?ZFeTotal B2C eCommerce Market ( m)Zye*@C@S@e@s@X9ȶ@1%@g@Xs`N@|0S@>@ZE@%mЯ@Zf Growth (%)Zxfn.a.ON?#X?ogH?K׺Bs?˰"?Lg; ?Mi?<|s?!]_?}^k?>2Ku)?iQ?ZLg"& of which via a fixed platform (%)Zyg??+j?.~%?Sr ^N?^S?2mk? ?j4^yD?,D\??Aή?9QwF?ZNh#& of which via a mobile platform (%)Zyh`R֯?Hi?>4և?B1X ?$$)??,C kv??;tq0:?ߪ?"cWIJ?Z0j(Average Fixed Internet Users (millions) Zyj?Gz?ףp= ?= ףp=? ףp= ?333333? 0l?F@Wk@;wv@@@7]w@B@Zk Growth (%)Zxkn.a.wk? br1?{0T1?wÏ?x\N?j^?8k?X?iT$r?;Jٴ? C>?`E?Z1l)Average Mobile Internet Users (millions) Zyl/Sw?G0l?qx?)6ɛA?D)l-H?Ĥ+ (@&@UJ@"¦@X= @$3o @Zm Growth (%)Zvmn.a.n.a.n.a.rhK@Dqy,? l@Zs Growth (%)Zxsn.a.3P?\?Ny?K ?ÚW??@e?M ?ݾ%p"?; uv?uj?BJ)?ɰx6Overlap between Fixed and Mobile Buyer Populations (%)ZyxMb?Q???Q??pɞ,?v˹?q= ףp?{Gz?)\(?Z)y!Unique Internet Buyers (millions)Zyyq?,?'@?? Lpq?c%@[?M ?MI&?:tr?%7@TMJ@@/<@Zz Growth (%)Zxzn.a.3P?g?      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghiklmnopqrstuvwxyz{|}~B4{U?T?'TY?rRg?0t9i?T%A?gD?gʹ?a?qC?Zh|0Average Annual B2C eCommerce Spend per Buyer ( )Zy|{@]K@~@r+=@O@}O-@ 5 :@L9'w@(8 @E-@&'@U7}@|_@Z} Growth (%)Zx}n.a. >t?q Sj¿.EW?ləL"?0l?HT~?Ж TL?<,?|5 l?aȜ?w: ?2ſ]=?YHZ!ISRAEL(december Year-End)Zy1998A1999A2000E2001E2002E2003E2004E2005E2006E2007E2008E2009E2010EZCountry StatisticsZPopulation (000s)Zyfffff@S@ff@ff]ͷ@8)޷@A@ѻ@iX@\=$@o6@:l\H@("Z@fpk@Z Growth (%)Zxn.a. kkg? kkg? kkg? kkg? kkg? kkg? kkg? kkg? kkg? kkg? kkg? kkg?ZPeople per householdZyǣG @" @333333 @Mb @s @ӌE @3 @Zc$چ @Ud @r#C @Po! @? @z" @ZHouseholds (000s)Zyfffffʙ@?/9@wZ:@i>$@a ]@ @^М@u @Um0E@(O@h@@S5@Z  GDP (US$m)Zy (:@yB"G@dbA<Ar`6A]CU~ArG Ap@PAN̲WAx@CA/aKA{ mAF$:AZ  Growth (%)Zx n.a.jId?EXS?AB:&N?XJW?l?Y?u1t?o oi?tLb?a/?){j?3h#g~V?Z GDP/Capita ($)Zy E @ɢ@W약@GL @C6ҙ?9@Ax@d@hb(@_CHr@TB@Yg@g@^ei@Z CPI (% growth y-o-y)Zx n.a.r?d N? g^_?_$?Xn?Z"sg$?F9?29;?*6d?L)?>sи?}扷?ZLDPCs, Set-Top Boxes, Thin Clients, Screen Phones and Internet Market Z)!PC Penetration per Households (%)Zy(\?Q?q= ףp???zG?ףp= ??(\?ffffff? ףp= ?\(\?Gz?Z%Year-end PC Households (000s)ZyZd;@M'Ni@T^@i>$@R3@f.ސ@K:ݑ@O8@&}@5Y@u~Ji@>7@Z@Z Growth (%)Zxn.a.4?|"n߸?Gmu?$?һ?Ɉɴ?r8 H?Ǟ?fߠܫ?$w8?,Gɢ?5C].l?;w9?Z4,On-line PC Penetration per PC Households (%)Zy6}?xK?_G?(\?(\?333333?ףp= ?)\(?{Gz???Q?Q?Z1)On-line PC Penetration per Households (%)ZySs?Уڭ2?9n3?(\?K7??5^I ?B?M?!Ac]?)\(?#~j?sA?x $(~?Z91Year-end On-line PC Households/Subscribers (000s)Zy p@{@@p$Y[@~@{ȉ笌@Y3 @D՜@@c7@Y@6XD@.-@,CߞW@Z Growth (%)Zxn.a.)kʚ?8;?OoM?.?һ?..6t??ޜsp?B?j0?,Gɢ?H{V?;w9?Z Error CheckZ-%Set-Top Penetration per Household (%)ZyZ>6Year-end On-line Set-Top Households/Subscribers (000s)ZyZ Growth (%)Zln.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.ZP"HSet Top, Thin Client, Screephone and Other Penetration per Household (%)Zy"Z|#(S?+(u?3G0ڠ?1o|?_b? ףp= ?Q??p= ף?)\(?ffffff?RQ??Za#YYear-end On-line Set Top, Thin Client, Screephone and Other Households/Subscribers (000s)Zy#@"@B@@X@f@@0t@5"@ <@Fq@Y@*Д@ӖDǖ@_YҨ*@Z$ Growth (%)Zx$n.a. @@qq?YDa?.xS5?<+?_]&?Rn?bEBM?$?q_#?jsH4?Z4&,Total On-line Penetration per Households (%)Zy&_L Đ)?S"N?l75?x?ɣ@?+?JY8?v?X?(\(? rh?? ?Z<'4Year-end Total On-line Households/Subscribers (000s)Zy'@p@ |@ @p$Yc@~Յ@N .{@"b@)[:@Vw@Y@Wc @K X@nQ#A@Z( Growth (%)Zx(n.a.'vb'vb?xV4?Y?e3?c:?I&?hD ?J 1GX?uw?/B ?^um?h;iե?Z%*Internet Users per SubscriberZy*ى؉?qq?ON?@@@@Q??zG????Z0+(Internet User Penetration per capita (%)Zy+>n ?߱?gyb?Kl?J >? RS?J?vz?ZY?σL/`?9et=!?asޡ??ZB,:Internet Users (Business, Academic and Residential) (000s)Zy,y@@P@@hV@n@qMʨ@^pΫ@[Ĥ@\:@s@-"@=ڰ@Z- Growth (%)Zx-n.a.??~N?$Wn? c:?]j?|- ?{V?{LW?9@?gSa6?Ns?Z.Net User AdditionsZx.n.a.y@@@p}@(Ok{@tg`@;ҹz@‹xx@Py!Dem@`(Ti@_Z@gl#?`@ 3IC@Z%/Average Internet Users (000s)Zy/k-s@@h@@m@1@b@)@-!L@o@fo@R@_%I@ wǝ@Z0.. of which PC-basedZy0 s@;;s@;{@`#2@(ځ@$*f@jт @W@|^'@@Y1 b@Ok؞@Ro7ᯞ@Z810.. of which Set-Top, Thin Clients, Screen PhonesZy1_^?;;#@NNE@nFna@r@M@BE_iC@ zr*@,Jy$@P@2 "@Š$'@h\"@Z*3"Mobile Phones and Internet Market Z5 Error CheckZy5Jd?O7f?Hկ?m ??RQ?p= ף???????Z)6!Mobile Penetration per Capita (%)Zy6Jd?O7f?Hկ?m ??RQ?p= ף???????Z!7Mobile Phone Users (000s)Zy7Œi@j14 @$yl@]FQ@8)޷@:G?j@!@[G@Xn9Z@X(>l@0-@(ב@񍤹@Z8 Growth (%)Zx8n.a.L ? L$?}mq?H?h7+Tw?Ec<?^W?kkg?kkg?kkg?kkg?kkg?Z2:*Mobile Internet Penetration per Capita (%)Zy:?$} ;3??&1?+?zG?(\?> ףp=?x?/$?T㥛 ?Z8;0Mobile Internet Penetration per Mobile Users (%)Zy;Q????333333??333333??q= ףp?Gz?Q?Z$<Mobile Internet Users (000s)Zy<97f@`@@@t!@2@'e@I/269@1F@1Ҷ@U8u@l @)H@Z= Growth (%)Zv=n.a.n.a.n.a.vmٝ @6U?Y?)?\pf?lǰ?U}%G䪯?J? Y@?qKƘ?Z,>$Average Mobile Internet Users (000s)Zy>97f@P@_Fu@Yg W@@^) K@.Zq@=D@Z47@8$\+@N @JgS@ZAAdvertising MarketZC Error CheckZ+D#Total Advertising Market Size (US$)ZyDo@Gzo@( qp@,p@orq@eq@8=r@#-$#s@8.s@I W9t@lt@ ֣tu@CPkv@ZE Growth (%)ZxEn.a.Q?Q?GzQ)\(?p= ף?p= ף?)\(?\(?\(?!\(?\(?ZF Error CheckZ0G(Total TV Advertising Market Size (USD m)ZHAs % of total AD MarketZyHZ7I/Total Directory Advertising Market Size (USD m)ZJAs % of total AD MarketZyJZ5K-Total On-line Advertising Market Size (USD m)ZyK!.Cp?y5X@Dͮ@Dͮ@&@ > @l6N@ɿ @e&/*(@P3qj/@tC2@"`Z5@&2s7@ZLAs % of total AD MarketZyL/@d?#4?Mb?kGЏ?Xe#2?Ac?U،d?>cG?h?aH?ڨ?0#??N)g*?D VC?ZM Growth (%)ZxMn.a.*P@]bQ?{Gz?Q????333333??333333??Z.N&Other Media Advertising Market (USD m)ZyNn@ƙ _o@K.p@p@yӱ-q@9Ϋq@>5"r@,%Ίr@PM5r@E>s@-s@Kt@-t@ZOAs % of total AD MarketZyOaп5?p/$?rh|?{ᾀ?kr7?,Px?={T[? - ?"q?y LPr?ŭ0?8?l>?ZQeCommerce MarketZ(S Total eCommerce Market Size ($m)ZyS:@R@Qc@u@@@@|@yx@Z$˰@CY"@v 5@S-'@a)/@ZT Growth (%)ZxTn.a.vb'vb'?ة̧?zR}%?yy??Q u?5w?2