UNICA CARTE A PUBLICITATII DIN ROMANIA

MEDIA FACT BOOKROMANIA

2007

This book is a product of Initiative Romania.

In putting together the Media Fact Book we have used audience data and

information supplied by The Romanian Association for Audience Measurement

(ARMA), The Romanian Audit Bureau of Circulation (BRAT), The Romanian

Association for Radio Audience Measurement (ARA), TNS-AGB Data Research,

Alfacont, GfK Romania, Mercury Research, IMAS, Initiative Moldova (Evghenii

Crecesco) ARBOmedia, netBridge, CableDirect, Hollywood Multiplex, International

Advertising Association (IAA), The National Audio-Visio Council (CNA), The

National Institute of Statistics (INS) and The National Bank of Romania (BNR).

Acknowledgements to the following members of the team who significantly

contributed to this book:

Octavian Popescu – Managing Director

Alexandra Olteanu – Buying Director

Anca Fieraru – Senior Research Manager

Doru Panaitescu – Director of New Media

Rodica Caraghina – Senior Outdoor Manager

Marcela Tuila – Senior Print Manager

INITIATIVE MEDIA S.A, Bucharest, 2007

All rights reserved

This publication is protected by copyright. No parts of this book may be reproduced

without the prior written consent of the copyright owner.

Readers should understand that the data contained in the Media Fact Book is as

actual and accurate as the sources could provide it.

Your comments and suggestions are welcome and considered a valuable input for

the future issues of this book.

table of contents

initiative

TABLE OF CONTENTS PAGE

Editor’s Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

About Initiative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

Media Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Media Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

Television . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Radio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Press . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

Outdoor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42

Cinema . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

New Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

Romania - Economic Landscape . . . . . . . . . . . . . . . . . . . . . .52

Professional Associations . . . . . . . . . . . . . . . . . . . . . . . . . . . .55

Legislation and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62

CNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72

Moldavian Media Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78

Media Dictionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85

editor’s foreword

initiative 7

DDeeaarr rreeaaddeerr,,

The 10th anniversary edition of Initiative’s Media Fact Book, the unique Media Annual Guide availableon the Romanian Market is here.

2006 was a great year for the advertising industry in general as well as for Initiative. 33% rate of growthis amazing for an industry which had been trailing behind its CEE neighbors for too long. However,business organizations – local or foreign - in almost every domain are fighting to keep up the pace andmake the most of the moment. The cost of business is also on the rise, affecting the marketing industrymaybe more so than other industries. Bucharest has become on of the most expensive cities forbusiness in the region. Some business costs are at par or exceed the likes of Budapest, Prague or Sofia.Yet, foreign companies and private investors keep coming in. And the media market is no exception tothis trend. Long gone are the years when the cost and the offering of advertising in Romania did not dareto compare to that of Hungary, Poland or Czech Republic. We walked that distance and it is very likelythat we’d go beyond in a couple of years.With the power of purchase on the rise, with a sophisticated consumer in the big cities, with so manythat offers so much it is no wonder that our industry will keep thrusting ahead.

So, despite the fact that sheer audience returns will keep falling as people get busier, spend less timeat home watching TV or reading thus very reluctant in offering their most valuable asset to theadvertising community, their attention, the cost and the number of channels to reach them will rise. Andso should our interest in new media, innovation and out-of-the box thinking.The norm is dying.

We are adapting to the new world of entertainment, information management and interaction which isInitiative’s definition of the media business going forward.

Of course, there will be more TV channels with smaller audience shares, more magazines with a handfulof readers, more newspaper look-alikes, more free sheets, new Outdoor formats and more clutter. Did youknow there are more than 500 websites (advertising friendly) in Romania – out of a total of 30.000 - thatgenerate some 900.000.000 page views every month being used by 46% of the Urban 50.000+, 14-64?And the numbers grow as you are reading this.

For 2007 we predict a 34-35% growth of our media market size, to nearly half a billion euros net.

It’s gonna be fun.

Wanna join the party and find out a lot more? Visit us [email protected] or drop us a line [email protected].

You’ve been reading this for ten years now. Tell us what you think. We’d love to hear from you.

Please enjoy reading and…expect more.

Initiative Team

about initiative

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Initiative Romania is an affiliate of Initiative

Worldwide, part of Interpublic Group of Co’s

(IPG). Along with other reputed agency

networks such as Lowe & Partners Worldwide,

Lowe PR and Brand Connection, all part of

IPG, Initiative Worldwide is a truly global

network, offering capitalised brain synergy

and worldwide negotiation power in more than

50 countries on 5 continents.

2006 was again a celebration year for

Initiative, marking 10 years of successful

Media Fact Book.

IInniittiiaattiivvee RRoommaanniiaa started operations 13 years

ago as the first true media management

specialist company in the market. Currently

ranking 33rrdd llaarrggeesstt mmeeddiiaa aaggeennccyy in Romania,

Initiative focuses on offering its clients

thorough bbrraanndd aanndd mmaarrkkeettiinngg tthhiinnkkiinngg,,

‘‘iiddeeaattiioonn’’,, ccoommmmiittmmeenntt oonn ddeelliivveerryy aanndd

mmeeaassuurraabbllee ppeerrffoorrmmaannccee,, tteesstteedd eexxppeerrttiissee

aanndd kknnooww hhooww along with a constant

cchhaalllleennggee ooff –– aallmmoosstt –– eevveerryy nnoorrmm..

As of 2007 Initiative enhanced its digital

expertise and offering in order to take brands

closer to their evolving consumer and into the

future of marketing communication.

The client portfolio of IInniittiiaattiivvee RRoommaanniiaa includes

high profile clients such as: Orange, Reinert,

Raiffeisen Group, Berlin Chemie, EuroGSM,

Johnson&Johnson, GlaxoSmithKline, Pernod

Ricard, MOL, Sarantis, Georgia Pacific, Beres,

Carrefour (galleries), Provident Financial etc.

Initiative Romania offers the full array of

media services: quantitative research, media

strategy, conceptual and implementation

planning, buying, and employing the best data

and optimisation tools available in the market.

Initiative Romania offers enhanced quality

standards through usage of top-of-the-range

proprietary tools developed by Initiative

Technology and Futures such as Improve 2,

Radar and MATRIX.

IInniittiiaattiivvee RRoommaanniiaa offers added value:

Proprietary products:• Media Landscape – quarterly analysis of

the media market;• Media Fact Book – starting 1997, Initiative

Romania is the exclusive publisher of thismedia annual guide, unique on theRomanian market.

• Developing its own wireless communicationportal for efficient and smooth informationmanagement

Leverage media knowledge and understanding:• Media training – Presentation of media

basics (terminology, methods) and on-the-job training in Initiative’s office.

• Media PR – Initiative can provide mediacoverage to PR events organised byclients upon request and project specific.

2006 was a dynamic and successful year of growth

for Initiative increasing our business by 65%.

We put forward to our clients a solid team of

experienced media professionals with a deep

understanding of client’s marketing communication

needs and advanced knowledge of efficient and

creative planning and buying.

We are committed to create value for brands

by engaging consumers at best prices.

Find out more about Initiative Romania at

wwwwww..iinniittiiaattiivveemmeeddiiaa..rroo, call at +4021 301 01 00

or write to us at [email protected].

about initiative

initiative 9

media market

MEDIA MARKET

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The Romanian media market has been growingaccelerated over the past few years, in terms of bothvolume and diversification. Advertising budgets haveincreased at all traditional media channels as well asin Internet, cinema and place-based or new media.The development of research tools (audience,lifestyle, traffic and socio-demographic profile ofInternet users), buying and selling policies followedthe same trend.

More TV channels launched, others announcedsuch intentions. New dailies emerged along with anew trend of gearing more towards tabloid-likecontent in order to attract and keep an increasinglyvolatile audience seeking primarily entertainment tothe detriment of news and opinion. It is interesting toobserve the development of Internet publishing fromthe major Press players. The business press offeringas well seems to become more competitive whilefiner targeted. Radio continues to grow and fewsuccessful networks got a clear lead in terms ofaudience and geographical coverage. Given theincreasing clutter and migration of audience, newmedia is booming in all its forms: digital, indoor of allsorts, digital TV, etc.

Subsequently the audience fragmentation continuesacross all types of media; the number and types ofmedia channels addressing niche audiences isincreasing and manage to attract more investments.

• Ad-spend by mediumFor 2006 the total net advertising volume isestimated at 363 mil € (33% vs. 2005). Initiative’sestimation for 2007 is 485 mil € net.

Looking at the gross ad spend (rate card), the totalmarket in 2006 was 4.156.4 mil €, some 37% morethan in 2005. Although the gross numbers are far fromreality, especially where TV is concerned, they allow foran overview of media trends and top investors:advertisers, categories and brands (see graph 1).

Source: Alfa Cont, TNS-AGB, Initiative database

10

Graph 1: Total Ad-spend by medium (Mil €, rate card) 2000 – 2006

Romania is still, as expected given its stage ofeconomic development, a TV-driven market. In2006, the TV spends maintained quite a similar shareof total media, around 90% at rate card prices. Interms of net spend; Initiative has estimated anincrease from 2005, to cca 62%. TV inventory wassold-out in 2006 in all peak periods: March-June,October-December, as a consequence ofcontinuously increased demand from advertisers onthe basis of a flat offer - at best - of GRP inventory.This also affected the quality of placement wherelonger ad breaks had been replaced by more breaks,shorter in length, which led to a decrease in theaverage rating inside the ad break compared to theaverage rating of the program.

Graph 2: TV Ad-spend seasonality in 2006

Source: TNS-AGB

Graph 3: Ad spend by medium (rate card) in 2005

Source: AlfaCont, TNS-AGB, Initiative

Graph 4: Ad spend by medium (rate card) in 2006

Source: AlfaCont, TNS-AGB, Initiative

Press continues to loose share in favor of TV whileinternet&cinema grew by 59% vs. 2005. Radioincreased as well but at a lower rate while othermedia channels maintained their shares.

Ad spend relies on continuously developing researchtools measuring audiences as well as lifestyle andconsumption. TV, press and radio already enjoyreliable, industry-standard measurement. Internet isnext in line to implement a standardized and reliablemeasurement system in the near future.

As the measurement tools develop, buying andselling media gets more and more reliant onaudience performance, resulting into better budgetoptimization.

TV buying is based on guaranteed CPP, whilepress, radio and cinema on discounted rate card.For outdoor, discounts are not pre-determined –the final cost is negotiated based on the period ofthe campaign and the number of sites rented.Internet buying is based on cost-per-view andclick-through-rate.

• Top investors 2006 vs. 2005

From 1999 till 2006 the biggest categories weremainly in the FMCG sector; however, some top-spending categories switched places in 2006.Beer, Cosmetics, Milk Products and CarbonatedSoft Drinks lost at least one place in comparisonwith 2005. Starting 2006 the MobileTelecommunications category climbs 8th placesand leads the 2006 chart.

As for advertisers, P&G maintains the leadingposition from 1999 through to 2006. 2006 brings

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media market

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European Drinks&Food in the second positionand Unilever follows in the 3rd position.

Looking only at the 2006 advertiser’s chart, thetop spenders invested most of their media budget

in TV. Press is dominated by advertising formobile telecommunication and automotive, whilein the top of radio spend - media, automotive,mobile telecommunication products and retail arethe biggest.

TToopp 1100 AAddvveerrttiisseerrss iinn 22000066 vvss.. 22000055 -- aallll mmeeddiiaa ((TTVV,, PPrreessss,, RRaaddiioo)) -- RRaattee CCaarrdd BBuuddggeett

22000055 22000066

AAddvveerrttiisseerr EExxpp.. ((000000''€)) AAddvveerrttiisseerr EExxpp.. ((000000''€))

Procter & Gamble 161.010 Procter & Gamble 260.380

Danone 107.187 European Drinks & Foods 194.977

Unilever 98.309 Unilever 146.353

European Drinks & Foods 86.938 L'Oreal 138.409

Coca-Cola Company 82.334 Danone 124.600

Kraft Foods Romania 75.089 Kraft Foods Romania 114.570

Quadrant Amroq Beverages 71.606 Coca-Cola Company 92.963

L'Oreal 71.575 Quadrant Amroq Beverages 88.433

Henkel 70.969 Henkel 81.762

Nestle Romania 56.689 Nestle Romania 79.558

Source: AlfaCont & TNS-AGB

TToopp 1100 CCaatteeggoorriieess iinn 22000066 vvss.. 22000055 -- aallll mmeeddiiaa ((TTVV,, PPrreessss,, RRaaddiioo)) -- RRaattee CCaarrdd BBuuddggeett

22000055 22000066

CCaatteeggoorryy EExxpp.. ((000000''€)) CCaatteeggoorryy EExxpp.. ((000000''€))

Beer 184.735 Mobile Telecom. Services 233.465

Cosmetics 149.448 Beer 229.126

Milk Products 149.341 Cosmetics 216.487

Domestic Appl., Electric.&Electro. 145.859 Hair Care 206.192

Hair Care 129.279 Cars & 4x4 Vehicles 173.651

Newspapers & Magazines 123.913 Milk Products 172.267

Carbonated Soft Drinks 121.109 Medical & Optical Prod.& Serv. 163.145

Medical & Optical Prod.& Serv. 119.436 Hygienics 159.166

Mobile Telecom. Services 114.375 Laundry Products 150.956

Hygienics 104.923 Carbonated Soft Drinks 149.339

TToopp 1100 BBrraannddss iinn 22000066 vvss.. 22000055 -- aallll mmeeddiiaa ((TTVV,, PPrreessss,, RRaaddiioo)) -- RRaattee CCaarrdd BBuuddggeett

22000055 22000066

BBrraanndd EExxpp.. ((000000''€)) BBrraanndd EExxpp.. ((000000''€))

Danone 104.904 Danone 115.539

Nivea 45.263 Orange 71.165

Connex/Vodafone 43.594 Garnier 62.044

Orange 40.508 Connex/Vodafone 60.330

Pepsi 39.984 L'Oreal 56.561

Altex 34.418 Pepsi 53.112

Coca-Cola 32.957 Jacobs 51.405

Garnier 31.377 Cosmote 51.176

Elita 30.656 Nivea 40.599

Jacobs 30.392 Germanos 38.769

media market

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Source: AlfaCont & TNS-AGB

Perspectives 2007

Based on its thorough market knowledge Initiativepredicts a 34% increase of the advertising marketin 2007 generated mainly by TV inflation, by thedevelopment of new media/digital and OOH.Telecommunications, Automotive, Banking &Financial services, Food, Retail, as well as newadvertisers in the field of B2B or B2C services willincrease their advertising budgets.

Based on a TV demand that exceeds supply theTV cost will increase in 2007. Expected TVmarket growth is 45%.

The press market continues the consolidationprocess under the umbrella of major Internationalpublishing groups, yet fragmentation of audiencecontinues. The overall ad spend growth isforecasted at 8%.

The overall radio spend will maintain the highascending trend (+26%).

The OOH market is expected to grow insophistication (research) and volumes (+16%).The advertisers become more interested in thismedium.

Internet, Cinema and place-based media continuethe accelerated growth, cca +52% vs 2006.

The overall growth of the Romanian economy willcontinue and this will undoubtedly reflect upon theoffering of goods and services and the continuingconsumer education, where advertising andpromotion have an important role.

TToopp 1100 AAddvveerrttiisseerrss iinn 22000066,, bbyy mmeeddiiuumm -- RRaattee CCaarrdd BBuuddggeett

TTeelleevviissiioonn EExxpp.. ((000000''€)) PPrreessss EExxpp.. ((000000''€)) RRaaddiioo EExxpp.. ((000000''€))

Procter & Gamble 257.620 Orange 9.009 Ringier 2.987

European Drinks & Food 193.689 Vodafone/Mobifon 8.811 Group Renault 2.926

Unilever 143.256 Convergent Media/Intact 8.317 Convergent Media/Intact 2.504

L’Oreal 134.810 Media Pro 6.741 Orange 2.289

Danone 124.268 Ringier 6.162 Vodafone/Mobifon 2.197

Kraft Foods Romania 113.984 Group Renault 3.839 Media Pro 2.094

Coca-Cola Company 91.567 L’Oreal 3.599 Tiriac Grup Auto 2.060

Quadrant Amroq Beverages 87.390 Tiriac Grup Auto 2.847 Romaqua Group Borsec 1.824

Henkel 81.479 Romtelecom 2.802 Carrefour 1.755

Nestle Romania 78.467 Procter & Gamble 2.469 Eurial Invest/Trust Motors 1.531

Research is increasingly developing reflecting thesophistication of the advertising and media tools andprocesses. Started just a few years back, localresearch tends to get aligned to European standards.Reliable and complex audience measurement,industry-standard studies have been alreadyestablished for television, press and radio.

• October 2001: the launch of the national TVpeople meter system.

• October 2002: the launch of the NationalReadership Survey (SNA) for press.

• 2003: IMAS and Mercury Research wereappointed to deliver radio audience data.

• January 2004: the establishment of the new TVpanel based on 1.150 HH’s (vs. 750 initially).

• June 2004: the launch of the first wave of radioaudience data.

• October 2005: the launch of the first wave of SNAFOCUS (audience and consumption data).

• October 2006: the deliver of the first results ofSNA FOCUS

• November 2006: BRAT organised the first tenderfor the technical solution of the future IAM.

• September 2006 - January 2007, ARMAorganized the tender for the company which shallprovide SNMATV for ARMA members startingwith January 2008.

Acknowledging the importance of media research inbuilding a competitive and professional advertisingmarket, Initiative is an active member of all relevantassociations supporting the implementation ofaudience research tools. Accordingly, Initiative usesall media research tools available as industrystandard.

AUDIENCE MEASUREMENT

1. TV1.1. TNS AGB International – National TVAudience Measurement Service (SNMATV) In 2003, TNS and AGB Group, two of the largestTAM operators in the world created a joint venture.TNS AGB Int’l is the exclusive provider of TVaudience data on the Romanian market.

The data supplied by TNS AGB Internationalbecame the unique ‘currency’ used by televisionstations, media agencies and advertisers in theirmedia transactions, given the reliability,independence and transparency of themeasurement system. The universe is all individuals aged 4 and over, living

in private households having at least one TV set,without distinction based on race, language,nationality or socio-economic status. The national panel includes 1.150 HH’s, (cca 3.000individuals) and representative as such for the totalpopulation of 21.6 million. The size and the composition of the universe isannually established through EstablishmentSurveys. There are control procedures aimed to ensure thepanel is according to standards:

• The panel activity has been developed with thesupervision of the Members’ TechnicalCommittee (representatives of agencies, TVstations and advertisers).

• Members are informed about the technicalparameters of the service (Panel ManagementReport, Quality Report, Work Order etc.) on amonthly basis.

Features of the service: The households in the panel are equipped with aTARiS 4900 or TVM2 peoplemeter device (DFMsystem). Where a telephone landline is not available,the polling operation is performed through GSMmodems. Minute by minute viewing data is delivered thefollowing day (by noon on workdays). The data forweekend is delivered on Monday and the data forpublic holidays is delivered the next workday.

Pollux is the systems employed for the managementof the TV panel. The system includes the followingmodules: • Panel management • Data validation • Weighting • Quality report

Software: InfoSys TV is an integrated analysis system: • Daypart Analysis • Program Analysis • Commercial Monitoring • Audience Profiles • Graphical Reporting • Planning & Optimisation

TV Monitoring Service records and publishesdetailed information on TV programs andcommercials aired.

In the beginning of 2007 Audience and Monitoring

media research

MEDIA RESEARCH

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data are available for 35 TV stations: TVR 1, TVR 2,Pro TV, Antena 1, Antena 3, Euforia, Acasa TV,Prima TV, Kiss TV , UTV, Jetix, Discovery, MTVRomania, B1TV, Realitatea TV, Minimax, TVRM,National Geographic, TVR Cultural, TV Sport,Telesport, National TV, Pro Cinema, AXN, OTV,N24, Senso, Favorit TV, Hallmark, Atomic TV, SportKlub, Romantica, Kanal D, Antena 2, Eurosport.

The Monitoring System is designed to record, storeand digitally processes the transmissions of all TVstations. An archive of commercials is available athttp://www.tns-agb.ro, where clients can view all theTV commercials monitored since 1999.

2. PRESS2.1. BRAT (Romanian Audit Bureau ofCirculation) - National Readership SurveyRomania (SNA FOCUS) In 2005, BRAT organised a new tender for the pressaudience measurement. In May 2005 BRATannounced the research companies appointed tocontinue the work for SNA for the next two years. Thesurvey covers 229 titles (82 monthlies, 19 bimonthlies,48 weeklies, 69 dailies and 11 supplements).The SNA universe is based on a 22.500 sample,14-64 y.o., urban areas inhabitants, living in privatehouseholds and being able to understand and speakRomanian well (includes the Hungarian minority).Only one eligible respondent per HH is considered.The sample is wide enough to make data valid atlocal level, as well. The data is gathered by face-to-face interviews. The fieldwork is carried onthroughout the year and the number of interviews isbalanced by the day of the week. The questionnairecovers the following categories: • Primary media (local, regional and national

newspapers, supplements, magazines - 229titles)

• Secondary media (TV stations, radio stations,cinema, internet, outdoor)

• Topics of interest• General consumption• Yesterday time budget• Socio-demographicsThe audience indices are calculated through the‘Recent Reading Method’, the best methodology atthe moment, internationally recognised and used.

The Software is Sesame. Sesame is software formedia and consumer insights analysis and planning.Its strong points are:• Easy-to-use tables• Quick data analysis• Title ranking based on specific indicators• Simultaneous analysis and optimisation for up to

10 media plans

• The application includes 2 major modules thatcan be accessed from the main menu:

• Exploring Markets (target group definition andevaluation)

• Media Evaluation and Media Planning (mediaranking, accumulation, duplication)

The main variables in the study are: age, sex, socialgrade, area, and education level, shopping andconsumption behaviour, HH composition, children inHH, personal and HH income, HH expenditures,marital status, holidays, travel, ownership of mobilephone and home products, cinema attendance, PCand internet usage, smoking habits, pet ownership.

The study is delivered on a quarterly basis.Data is available upon subscription and is limited toBRAT members. Audience data is available only forBRAT member titles.

3. RADIO3.1. The Radio Audience Survey (SAR) is asyndicated research program in co-operation withthe Radio Audience Association (ARA). In 2003,IMAS and Mercury Research were appointed toimplement the new radio audience measurement.The new service is available since June 2004. The frequency of the study is two waves per year:March - April and September - October (8 weekseach), for a four-year period: 2004 - 2007.

The universe covers the urban population, aged 11+.The sample size is 11.000 individuals per wavetotaling 22.000 interviews / year (universe19.295.174 individuals). Sample structure: a) 11 regions (quite homogeneous areas identified

through a multifactorial cluster analysis) b) 4 categories of towns and cities (over 200.000;

100.000-200.000; 50.000-100.000; lower than50.000) = 219 totally (106 in urban and 114 inrural areas)

Data collection is performed at the respondent’sresidence, on a printed questionnaire. The audiencemeasurement uses the ‘Day-After Recall’ method.Respondents are assisted to recall as accurately aspossible the listening sequence from previous day.

The questionnaire, developed by IMAS, includes thefollowing sections:

a. Mass media: - Primary mass media (the stations listed by ARA).

The main stations to be measured are:Romanian public stations (national, regional,local); Romanian private stations; This section

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also includes questions regarding stations’awareness, radio reception equipment and radiousage habits.

b. Mobile/PC/Internet usage (necessary for anaccurate audience segmenting):

c. Consumption and purchase behavior (necessaryfor an accurate audience profile):

- Purchase intention regarding durable goods inthe next 12 months

- Alcoholic beverages consumption

d. Socio-demographic: - Respondent’s socio-demographic characteristics - Household characteristics

The processing and analysis of audience data isperformed with a specialized application of IMAS,MasoR.7. The audience segmentation considers allthe variables in the questionnaire on the basis ofwhich the user can build specific target groups.

4. OUTDOOR A reliable, standardised measurement system is notavailable yet. The main OOH suppliers subscribed toBRAT in order to establish an OOH departmentwithin this organisation. This department will decideabout a specialised study, tailored to the marketneeds depending on the degree in which all partiesinterested join forces to start this endeavour.

5. INTERNETThe BRAT members working in the field of internetfounded a new department inside the bureau, aimedto produce an internet audience study. Theobjectives set forth for this new department are theobjectivity of measurement and standardisation,finalised in a Internet Measurement System. Thefuture IAM will provide to the market the results forthe traffic, audience and socio-demographics profilesof the websites included in the survey.In 2006 BRAT succeed in creating a solid InternetDepartment with more than 60 members, betweenthem all the major players in the online industry.

In 2006, BRAT organised the first tender for thetechnical solution of the future IAM. BRAT received 7valid offers. BRAT was assisted in the tenderprocess by an independent consultant, Mr. ManuelSala – Technical Director of OJD Iterativa Spain.BRAT chooses at the end of the evaluating processthe German company Spring as the supplier for thenext years.

The method used for measuring the traffic, audienceand profiles of the websites is already used for many

years in other 4 European countries and is widelyaccepted and recognised. It fulfils the IFABCguidelines regarding the traffic measurement.

The results for the traffic measurement will beavailable for the first time in June 2007. BRAT willprovide to the members an application, availableonline, for the usage of these data.

The results for the audience and profiles of thewebsites will be available for the first time in autumn2007. The audience and profile results of thewebsites will be available to the member through aspecialized media planning software.

B. CONSUMPTION & LIFESTYLE RESEARCH

SNA FOCUS

In 2003 BRAT decided to develop a consumptionsurvey based on the already established SNAresearch. SNA FOCUS field research was launchedin October 2005 and the first results were deliveredin October 2006, thus replacing the TGI® service(former consumer lifestyle survey). SNA FOCUS is asyndicated research, controlled by the advertisingindustry (BRAT).

The research objectives reached by SNA FOCUS:obtain comprehensive information about mediapenetration, products and services purchase/usagepatterns and the socio-cultural behaviour. Types ofmedia analysed: print, radio, TV, internet, cinemaand outdoor.

Information:• Penetration of print titles / media channels• Qualitative data referring to usage behaviour,

product and services consumption, includingbrands

• Qualitative data referring to socio-culturalbehaviour

The description of the target group permits the usageof socio-demographics, consumption behaviour andpsycho-graphic variables. The information related torespondents’ lifestyle: purchase behaviour,information habits and sources, their attitudes andvalues are available, linked to the media usage.

SNA FOCUS has the same universe as SNA survey,urban area living people, 14 – 64 years old. At theend of the SNA face to face interview, the interviewerhas to ask the respondent if he/she agree to fill inanother questionnaire, the consumption one(FOCUS). The FOCUS questionnaire is selfcompleted by the respondent; the interviewer had

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only to help the respondent to understand the waythe questionnaire has to be filled in and to collect thecompleted questionnaire.

The SNA-FOCUS survey from BRAT will build thecomplex profile of the specific media consumer inone consolidated media resource. The researchcombines media penetration data, product andservices consumption and with socio-culturalbehavior.

C. MEDIA MONITORING

The services available with most of the specialisedcompanies include:• Advertising activity reports covering all media

(see each company below)• Special analysis reports:

- trends, rankings- brand, campaign analysis- category, sector analysis- producer, advertiser analysis

• Data reports:- at any level of detail- for specific brands, products, categories- for all selected media- for a specific day, month, year

• Campaign tracking:- monitoring and follow up on the implementation

of any advertising campaignAdditional services:

• Copy Service• Early Warning Service: interested parties can be

informed about competitive advertisements justgone on air, as early as possible.

The most important media monitoring companies are:

1. ALFA CONT – monitoring data for TV, press andradio. They offer: • Detailed and summarized reports;• Info regarding advertisers, manufacturers,

brands, media names, reports regarding marketcluttering (total ad minutes, number of breaks,number of spots) etc;

• Copies of TV and Radio spots and programs onVHS video tapes or on CD

• Color and black and white copies ofadvertisements on magazines and newspapers(Xerox copies, scanned and/or printed)

• Early warning service ( for new ads, differentnews or programs)

Database starting March 1999The monitoring covers a total number of over227media channels:

• 15 TV channels

• 9 radio stations• 203 press titles (21 central newspapers, 69 local

newspapers and 113 magazines)

2. MEDIA IMAGE – monitoring data for press, TVand radio.• Media Image Group is the only Romanian

monitoring agency that covers, beside the centralmedia, all the regional newspapers andmagazines in the 40 Romanian county capitals.

• The monitoring covers a total number of over 450media channels (27 central dailies, 109magazines, 301 regional newspapers, 9 TVchannels and 7 radio stations).

• The whole radio and TV broadcasts are recordeddigitally and clients have access to the latest 14days full program data. Media Image offersbacksearch monitoring for a maximum period offour years in case of central newspapers.

• Beside English and French translations, all MediaImage Group reports allow access to all originalmaterials (scanned articles, digital captures of TVand radio news, talk shows). In parallel,customers have access to complete daily-updated web archives of their monitoring reports,submitted to powerful search engines.

3. MEDIAFAX – monitoring data for press, radio andTV stations:

• Mediafax, the leading general and businessinformation provider in Romania, has beenproviding professional press clipping services for9 years now, to more than 200 corporate andinstitutional clients.

• Mediafax Monitorizare, the specialized pressclipping department of the company, monitorsmore than 240 central, local and foreignpublications, in both Romanian and Englishlanguages, 10 national TV channels and 9national radio stations. Mediafax Monitorizarealso offers access to an archive of all pressarticles monitored since 2001, through anelectronic interactive database, available onlineat www.monitorizarepresa.ro.

Theirs press monitoring products include:• Daily press monitoring reports – summaries and

clippings of press articles published in the centralpress, TV and radio newscasts

• Daily local press monitoring reports – summariesand clippings of press articles put out by over 140local publications although the country

• Event coverage reports - summaries andclippings of press articles published by the centralpress covering a certain event

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• Media image assessment analyses – periodicalanalyses, tailored to our customers’ needs,assessing their media coverage bothquantitatively and qualitatively

• On-demand recordings of TV and radionewscasts, talk-shows and programmes

• Transcripts of prime-time talk-shows

4. MONDATA Media – Outdoor Media Monitoring InfoMONITOR software:• 2 digital pictures for each side of a panel, 4

pictures in case of day and night campaigns• High resolution, detailed pictures for each poster

and / or panel • Pre-defined and / or user-defined reports for

each client• High flexibility in selecting campaigns, panels –

multiple choices filters for selections• Campaign monitoring results are delivered on

magnetic support (CD-ROM)• Possibility to print out pictures directly from

InfoMONITOR

5. EUROM MEDIA STUDIO – Outdoor MediaMonitoring – offers: • Day and night monitoring, with 2 photos for each

monitorized side• National roofing with monitorizing services• Written reports with informations (about the day

and time when the monitorization was made,about bilboard, poliplan and light status)

• Written reports about the client's monitorizedcompetition. Final reports are delivered on CD

Media Research Perspectives 2007

• Research remains an increasingly important toolboth for media owners, advertising agencies andadvertisers. It underlies the overall mediabudgets and their respective allocation.

• The target groups are analyzed in a morecomplex manner, beyond the traditionaldemographic criteria. SNA FOCUS is theresearch tool that analyzes the audiences fromthe psycho-graphics points of views e.g. lifestyle,brand and media consumption, attitudes towardslife.

• The main 2007 event: In Autumn 2007 we willreceive the first results of BRAT Internet study,which offers the data concerning audience andprofiles of the websites.

• Project 2007: IAB Romania intends to monitorand to offer to the members data concerningmonthly consumption on on-line media (e.g.general consumption on auto category etc)

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Overview Television remains the medium delivering thehighest and quickest reach at national level, itspenetration nearing 100%, acting as the main sourceof inexpensive entertainment for the overwhelmingmajority of the population.

According to the Establishment Survey 2007,developed by IMAS and TNS-AGB, the cablepenetration is 72% at national level and 84% in urbanarea, one of the highest in the whole of Europe.

As the ad spend grew faster than the prices, adominant market feature is the frequent ‘sold out’along with abrupt escalation of clutter in the peak-periods, especially during Quarter IV. Consequentlyanother significant price increase laid in store for2007 attempting to balance the decreasing inventoryagainst the explosive demand.

New channel launchesIn the past 12 months new TV channels werelaunched making for a better targeting alternative orcomplementing the major channels. They started tobe used in planning a lot more, according to theneeds of certain brands and advertisers. Forexample, the share of spent (rate card) going to smallchannels increased from 25% in 2004 to 48% in2006. Also, the share of GRP30L (buying audience)increased from 20% in 2005 to 32% in 2007 (Jan-Apr).Leaders (as GRP30L) are Realitatea TV, National TV,TVR2, Pro Cinema, Kiss TV and Antena 3.

The trend will continue and accentuate in 2007.There seems to be a significant price adjustment forthe thematic channels on the basis of increasedaudience and volume of advertising. Certainly, thefine targeting offered by these channels would allowsome niche brands to be advertised there almostexclusively.

TV channels launched in 2006 and expected tobe launched in 2007: Antena 2, Romantica, 9 Plus TV and Good LifeChannel (lifestyle); Kanal D (generalist); Cinemax,HBO Comedy and Movies 24 (movie); Anime+ andKids Co (kids); Canal Teleshop and The MoneyChannel, WBS, The Business Channel and FoxBusiness Channel (business); Sport Klub, Info Sport,Eurosport and Sport One TV (sport); UTV, Kiss TV(formely TVKlumea), VH1 (music).

Sold-out inventory, clutterThe number of TV advertisers respectively thenumber of GRP30’’ sold increased in 2006 by 8%,generating clutter and sold-out.

The high clutter affected both Prime Time and ExtraPrime Time thus caused:

- Difficulties in keeping with the media plan;- Longer lead-times for booking;- A decrease of audience inside the advertising

breaks;

Subsequently, TV stations set out again to increasethe price increase significantly in 2007 (cca +45%)On the other hand, advertisers and agencies devisedsolutions to optimise exposure through quality ofplacement and alternative station selection.

Graph 1: Advertising clutter evolution

Source: TNS-AGB

Compared to 2005, the average no of TVadvertisements a person (all urban, incl. guest) isexposed to during the weekday, increased by 7.5%.

The average spot length used in 2006 is 25seconds, while the total insertions are grouped asfollows: 45% of 5"-20"; 48% of 25"-35"; 7% ofother spot-lengths.

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TELEVISION

19

All

Urban

incl.

Guest

CChhaannnneellssWWeeeekkllyy TTVV cclluutttteerr DDaaiillyy TTVV cclluutttteerr

22000022 22000033 22000044 22000055 22000066 22000022 22000033 22000044 22000055 22000066

TTV 264 294 319 374 401 38 42 46 53 57

ProTV 85 88 99 99 103 12 13 14 14 15

Antena1 67 66 68 75 78 10 9 10 11 11

TVR 1 48 41 40 40 38 7 6 6 6 5

Acasa 22 32 40 55 52 3 5 6 8 7

Prima TV 30 36 31 31 31 4 5 4 4 4

The audience inside the break decreased by 30-40%compared to the program audience.

Graph 2: Audience variation inside ad-break (All,urban, 19:00-24:00)

Source: TNS-AGB

Net TV budgets followed the ascending trendsestablished in the last yearsThe increase of net TV ad-spend (€) in 2006 vs. 2005is estimated at 43%. Initiative’s estimation regardingthe net TV volume in 2006 is 223.8 mil.€. For 2007estimated figures are net 324.5 mil.€ (+45%).

TV Viewing patternThe annual pattern of time spent viewing TV hasremained constant, with peaks of viewership inNovember - March at 5.5 hours/day.The time spent viewing registered in 2006 a slightdecrease (-2%). However, the average value is35.7hrs/week.

Graph 3: TV Viewership / month, 2005 - 2006

Source: TNS-AGB

TV Channels’ profileNo significant changes from previous year. Leadingchannels, in terms of audience, are Pro TV, Antena 1,TVR 1, Acasa TV and Prima TV.

TVR1 ranks 3rd in terms of audience andregisters an abrupt growth during summer 2006(due mainly to World Cup transmission) whengets to the 1st place. Following the World Cup,TVR 1 lost audience and returned to 3rd position.

The small TV channels also increased on somesegments, Realitatea TV (challenging Prima TV forthe 5th position), increasing its share in 2006 (by 7%)mainly due to the professional news programs (inpartnership with CNN) and talk-shows.

Graph 4: Audience share evolution (All, urban, wholeday, 2006)

Source: TNS-AGB

Graph 5: Avg. rating evolution during the day / station– All, urban (January – December 2006)

Source: TNS-AGB

Pro TV (93% urban coverage) remains the leadingcommercial channel in the urban panel. In 2006, newentertainment programs e.g. Dansez pentru Tine andVacanta Mare, delivered constant high ratings. Still,Antena 1, TVR 1 and Acasa TV managed to performbetter on some time intervals. At the same time, due toits programming, Pro TV delivers a good affinityagainst 18-49 y.o. target, being a good choice formany advertisers.The station’s target group is ‘18-49 y.o., urban’ alsoused as a basis for its sales policy of guaranteed

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GRPs. The local network currently includes 26stations: Alba Iulia, Arad, Baia Mare, Bistrita, Brasov,Buzau, Bacau, Cluj-Napoca, Constanta, Deva,Galati+Braila, Iasi, Miercurea Ciuc, Oradea, Pitesti,Piatra Neamt, Ploiesti, Satu Mare, Sibiu, Sinaia,Slatina, Sighisoara, Timisoara, Targoviste, Tg. Muresand Turda.2007 brings decresing audience (mainly in EF and PT)and significant changes in programms structure (eg.TEO and Vacanta Mare have been discountinued).

Antena 1 (94% urban coverage) is the 2nd rankingcommercial station. Almost 50% of its programmingis based on local shows. Antena 1 has introducednew entertainment programs, acquired top moviesand refreshed its image. Some of the top-performingprograms in Prime Time are Piata Divertis, Dindragoste, Noaptea Erorilor, Genialii, and ZiuaJudecatii. Their well-known audience buster Divertiscontinues the undisputed success story. Antena 1 offers a wide range of local productions likethe soap operas „Secretul Mariei” and „Vocea inimii”;a sitcom „Fast Food”; fiction „Martorul”; animationseries „Animal Planet Show”.The buying target for Antena 1 is ‘All, urban’.The local network includes 22 stations: Sibiu, Pitesti,Ploiesti, Slobozia, Targu Mures, Targu Jiu,Targoviste, Vaslui, Suceava, Galati, Iasi, Fagaras,Alexandria, Arad, Buzau, Cluj-Napoca, Alba-Iulia,Oradea, Deva, Braila, Brasov and Constanta. Arad,Fagaras and Buzau are affiliated stations.

TVR 1 (99% urban coverage) is the main publicchannel ranking 3rd in urban areas, delivering peaksof audience through its successful programs basedon Valeriu Lazarov’s productions such as “Surprize-Surprize” and “Cei mai iubiti”. Concerning footballtransmissions like Liga Campionilor, CampionatulEuropean de Fotbal, TVR1 remains leader ofaudience (1st place in summer of 2006). Its mainadvantage over Pro TV and Antena 1 stays in itsnational coverage, including the rural audience. TVR1 sold GRPs based on urban target, while the ruralaudience is delivered as added value. In 2006 TVR 1 increased its share of budgets due tothe exclusive broadcast of Eurovision and TheFootball World Cup. Its programming target group is‘All, 25+ y.o., national’ while the buying target is ‘All,urban’. In 2007 TVR 1 sells GRPs based on 18+, urban.Regarding changes at the program level TVR1 lostthe National Football Championship to Kanal D.

TVR 2 (95% urban coverage) is the second publicchannel, with a focus on educational and culturalprograms addressed to a younger target (14-34 y.o,national). Its audience is still rather low but it is an

excellent choice for its upper profile.

Acasa TV (89.5% urban coverage): Lacrimi deiubire (Romanian soap operas) was major hit in2006. In many occasions this telenovela outscoredsuccessful prime time programs of other majorstations. Popular South-American TV series are alsoa top choice among its audience. Acasa TV broadcasts exclusively through cable. Thelarge cable coverage in Romania is the reason forAcasa TV ranks 4th in the top of TV channels.Through the years, it developed loyalty amongst itsaudience. Still, beginning the last quarter of 2006, itsaudience dropped significantly. Its programming and buying target group areidentical, ‘W, 15-49 y.o., urban’.

Prima TV (91.3% urban coverage) on the 5thposition in the top of urban audience. Its top-performing programs in Prime Time remain “Tradatiin dragoste” and “Schimb de mame”. Even if“Cronica Carcotasilor” remains a success story since2002, a significant lost in audience occurs in 2006 (-11% on ‘All urban’ target). The channel re-positioneditself through a new visual identity and a newschedule focused on entertainment & sitcoms aimingto attract a skewed feminine, young and upscaleaudience. Its programming target group is ‘All, 15-44y.o., urban’ while the buying target is ‘All, urban’.Further development of this channel is expected withthe support of holding group SBS.In 2007 Prima TV sells GRPs based on 18-49 urban.

National TV (84% urban coverage) was positionedas ‘Everyone’s Television’, with programs aiming at amass audience. The schedule is focused on movies,news and football. However, it seems that due tofrequent changes in the programming policy and lackof identity, building a loyal audience leaves to bedesired still. This reflects in the advertising loadingunder 100%. Currently, its programming target groupis ‘All, 18-49 y.o., urban’.

B1 TV (84% urban coverage) is still a small player,although it is part of the media-giant NewsCorporation. In 2006, its main programs deliveringaudience peaks were “No Comment by MonicaGabor/Columbeanu”, ‘Nasul’ talk-show andRomanian old movies.

Kanal D Romania (71% urban coverage) is a brandnew mainstream entertainment channel launched on18th of February 2007 by Dogan Media International,the Romanian branch of Dogan Yayın Holding(DYH), Turkey's leading media-entertainmentconglomerate, with operations in newspaper,magazine and book publishing, television and radio

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broadcasting, printing and new media.Centered on entertainment – locally produced oracquired- , Kanal D Romania started with a mix ofclassical formats for the Romanian market: VacantaMare, the team of La Bloc sit-com as well as thebroadcasting the National Football Championship -options 1 and 4. New entertainment formats like thereality show NORA PENTRU MAMA and otherentertainment programs produced by top productioncompanies from Romania and Turkey wereintroduced as well. The target of the station 18-49 Urban (bothprogramming and commercial)

Realitatea TV (88% urban coverage) is leader onthe segment of News specialty. Its audienceincreased significantly due to detailed and qualitativecoverage of major social, political and economicevents in 2006 and to its popular talk shows (“Cap siPajura”, “100%”, “Tanase si Dinescu” and “10 Fix”).Its programming target group is ‘25+ y.o., urban’ andits sales audience is 18+ urban area.

MTV Romania (65% urban coverage), Kiss TV (TVKlumea) 55% urban coverage and UTV interactivetelevision (37% urban coverage) are local musicspeciality channels. Their main target is 15-34 y.o,urban.

Jetix, formerly known as Fox Kids, (61% urbancoverage) is the most successful thematic channelfor children (4-14 y.o, urban area) together withCartoon Network (60% urban coverage) andfollowed by Minimax (61% urban coverage).

National Geographic (75% urban coverage)launched its Romanian feed based on subtitleddocumentaries, with the possibility to insertRomanian ads. Although the audience is rather low,its quality and loyalty are hardly matched by anygeneralist station. In addition, the cost to advertise israther low which makes it a prime option for nichebrands. Its target is 20-50 y.o, medium-upper status,urban.Important note in relation to National Geographic isthe fact that the program feed that covers Romania isnot exclusive, thus including other countries as well.It is therefore important to make sure that the TV ad,subject of broadcasting, is copyrighted in eachcountry where the same feed is broadcasted,according to the specs provided by the channel. 2007 brings sold-out periods starting in February.

Discovery Channel (78% urban coverage)features a similar media profile as NationalGeographic. Although the audience level is ratherlow, the station offers a good environment for up-

market brands. Its target is 21-54 y.o, high income &education, urban. For this channel PT interval isdefined as follows 20:00-25:00.In 2006, Discovery Channel launched its newexclusive Romanian feed (dedicated ad breaks,sponsorships and promo’s, unconventionaladvertising etc). In 2007 Discovery offers exclusive, new programs forthe Romanian market.

TV Sport (70% urban coverage) target Men, 4+,urban area and ProCinema (73% urban coverage)with the same buying target as Pro TV, are the majorsport, respectively movie channels. They are ownedand sold by Media Pro International (together withPro TV and Acasa TV).

TV Buying Perspectives 2007

The total net TV spend is predicted to increase in2007 by cca 45%.2007 TV parameters are estimated as:- a drop of 10% in audience- a drop of 6% in GRP inventory sold- an increase of 4% in TV loading- an increase of 45% in CPP

Most advertisers’ budgets are expected to beinvested in the second part of the year (autumn -when inventory is expected to be sold out). To limitsold out consequences TV costs have increasedsignificantly compared to 2006 while the stations’sales policy especially that of ProTV and Antena 1,has been developed to include quite interestingmedia packages: • The local station network and speciality

channels.• non-TV media such as Indoor, Internet, Cinema,

Radio and Press.

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OverviewThe commercial radio stations have a well-definedposition in urban area (targeting young people andadults, well educated, with medium and highincomes) and continuously attempt to consolidatetheir position in rural area by enlarging technicalcoverage, attracting new listeners, promotions,sweepstakes, etc.

Over the past years the number of the radio licensesissued by CNA increased, so in October, 2006 thereare 623 radio licenses, where 3 have nationalcoverage. Just 87% of the radio stations licensedhad started operations. Even so, commercial radiostations cover 90% of urban Romania.

Top 10 owners of radio licences:

1. SC SBS Broadcasting Media SRL with Kiss FMand Magic FM - 57 licenses

2. ABC Plus Media with National FM and Favorit FM- 35 licenses

3. SC Canaris SRL with Mix FM – 34 licenses 4. SC Compania de Radio PRO SRL with Pro Fm,

InfoPro, Pro Clasic – 30 licenses5. SC Audio Delta SRL with Micul Samaritean– 27

licenses6. SC Realitatea Media SA with Realitatea FM and

Guerilla – 27 licenses7. Mitropolia Moldovei si Bucovinei with Trinitas– 26

licenses8. SC Radio Deea SRL with Deea – 23 licenses9. SC Radio XXI SRL with Radio 21 – 23 licenses10.SC Minisat Telecom SRL with Radio Minisat – 18

licenses

After years of extending their coverage andimproving the programs, private radio market couldbe defined as completely developed. The followingyears, we will witness a series of transactions, duringwhich local stations will be absorbed/ assimilated byradio networks.

2006 News

Starting 1st of February 2006 Radio Magic 90.8 FMreplaced Star FM (formerly Uniplus Radio).

In 2006 Intact Group launched Metropol 89 FM astation for Bucharest focused on music andinformation, and extended the network of RomanticFM.Guerrilla, Kiss FM and Magic FM extended theirnetworks, too.

2006 Summary

Even if the public station Radio Romania Actualitati(RRA) has nearly 100% national coverage and itsaudience share is declining, still it stays the mostpopular in Romania. As of 2007 RRA has appointeda privately owned sales agent for their advertisingsales (CLIR Media).In urban areas, the leaders are two commercialstations Europa FM and Kiss FM. Compared to2005, RRA and Pro FM’s audiences in urban areadecreased, while Radio 21’s and Antena Satelorincreased. Kiss FM and Radio 21 draw theirlistenership from people aged 40 or less, medium-high education and income, working, residing inurban area. On contrary, people over 40 years of ageliving in rural areas prefer RRA, the public station.

Radio 21 (Lagardere) takes the lead on theBucharest market, while Europa FM (Lagardere),Kiss FM (SBS) are strong players on all the markets.Main radio shows (in terms of audience) remains“Dimineata DeMenta” - Radio 21 and ‘Cronica cuHuidu si Gainusa’ – Kiss FM (both from Monday toFriday, morning shows). The growth of ad spends triggered by the increase ofaudience share led to frequent sold-out situations. Private FM stations get the biggest share ofadvertising budgets due to their fun, attractiveprograms and flexible strategy e.g. packages withspecial discounts, involvement in BTL projects suchas concerts, contests, special events etc. Local radio stations are well represented and havegood regional impact. They are either part of a largernational network, or simply local stations. These areoften used in promotions and product campaigns,whenever advertisers go for geographically targetedcampaigns.

Graph 1: Radio stations % Market share (All, urban)

Source: IMAS all 2005-2006

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RADIO

Graph 2: Radio stations % Market share (All, national)

Source: IMAS all 2005-2006 (rank by 2006 figures)

Radio Romania Regional – aggregate stations(Bucuresti, Cluj, Constanta, Craiova, Iasi, Resita,Targu Mures, Timisoara).

Radio Romania Actualitati (RRA) remains the marketleader mainly due to its massive technical coverage.

Radio consumptionAccording to MASOR data (11+ y.o, national area)the average time spent to listen radio is around 4.7hrs/day in urban and 4.6 hrs/day in rural. Incomparison with 2005, the recent figures show asignificant increasing of ATS in rural area (+13%).

During workdays a significant share of audience ismade up by listenership while driving as well as whileat work. The percentage of the people listening toradio at work is significant only for urban areas. Inconclusion, at national scale radio listening remains ahome-centered, family habit. In weekend TV ispreferred over radio.

Graph 3: ATS (min) - Radio listenership (All, national)

Source: IMAS all 2006

According to SNA FOCUS data (Jan 2006-Jan 2007)– in urban area the main topics of interest for radio

listeners are Weather News; AmusementProgrammes; Health Programmes; Horoscope;Morning Programmes and Road News.

Radio gross ad spendIn 2006, total radio gross ad spends increased by48% vs. 2005 while the net spend by an estimated35%. Radio maintains its share (6% in the total ad-spend). In 2006 Kiss FM (featuring a continuousgrowth of audience share) was the station attractingthe biggest share of ad spend (29.5%), followedclosely by Europa FM (22.2%).

Graph 4: Radio ad-spend evolution 2005-2006

Source: Alfacont – MediaWatch (‘000 EUR)

The Newspapers & Magazines remained the leadingspending category in radio advertising with the topadvertiser being Ringier still (26% of total spend incategory). 2006 brings new entry in top 10 – “Autodealers and producers” (with advertisers likeRenault, Tiriac and Eurial Invest/Trust Motors), andalso out from top 10 in case of “Domestic appliances,electricals&electronics”.

Kiss

FM

Europa

FM

Radio

21

ProFM Magic

FM

RRA Info Pro Guerrilla R.Total Others

Evol

55%

Evol

30%

Evol

70%

Evol

26%

Evol

-16%

Evol

-2%

Evol

68%

Evol

170%

Evol

9% –

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Perspectives for 2007

The radio audience measurement system SAR (launched in 2004) continues to offer to clients and agenciesvaluable information about performance thus effecting upon sales policies and planning.

The overall radio ad spend is expected to maintain the ascending trend (estimated net growth of 26%) despitethe relative constant share in total media market (approx. 5-6% from the net total).

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Overview 2006The press market continued its development andconsolidation, growing more specialised. Titles eitherget grouped under the umbrella of a big publishinggroup or appoint a sales house to turn around theirsales performance. The market developmentconcerns both national and local press.

The development is reflected by the launch of newtitles on one hand and by acquisitions on the otherhand. The major publishers increased their portfoliowith titles in the following domains: business, womenlifestyle, shopping, leisure, lifestyle, home design,sports, automotive, etc. An obvious growth occurred inthe business area (real estate, insurance/banks andretail) as a consequence of the economicdevelopment.However, the abundance of titles is not matched by theevolution of circulation and readership which aredeclining sharply on most segments, driving up thecost per thousand.

Attempting to consolidate their audience and todevelop brands not just titles, in keeping with theEuropean trend, the major Romanian publisherscreated a web-world complementing the main mediaproduct with a source of rapidly increasing audience,often much bigger than that of the printed title. As anexample, the digital edition of Gazeta Sporturilor grewaccompanied by www.stelisti.ro, www.rapidisti.ro,www.dinamovisti.ro, www.violamania.ro , www.autof1.roetc. Also, MediaPro Interactive will build the internetdimension of the entire publishing portfolio, such as thewww.zf.ro attempting to become a major businessportal. MediaPro Group has a portfolio of around 50web-sites plus new projects aiming to duble thisnumber by the end of 2007.

One major endeavour of the industry that reflects thematurity of the press market remains The NationalReadership Survey (SNA) which evolved into SNAFocus (a single source for press audience combinedwith data about media habits and consumptionbehaviour). The study is highly useful for all industryplayers as it allows for more accurate targeting, efficientbudgeting and relevant media treatment. Reliable andaccurate data about circulation, audience andconsumption behaviour is available, helping the mediaselection and planning process in a transparent,practical manner. The data also allows most mediaowners to tailor their sales policy according to theaudience performance and reader profile. As a consequence the number of members in BRATand SNA is increasing. Net press budgets follow the same ascending trend

established over the few past years:The increase of net press ad-spend (€) in 2006 isestimated at 8%. Initiative’s estimation regarding thenet volume in 2006 is 71.3mil.€. For 2007 we estimatea print market of 77mil.€ net.According to Alfacont, the gross ad spend in press issplit between newspapers 51% (+23% vs 2005) andmagazines 49% (+11% vs 2005) of which monthliesand bimonthlies represent 56% and weeklies 44%. It is noticeable that the number of supplements isgrowing continuously (7% of total spend goes tosupplements) especially amongst newspaper titles:Businness, TV guide, Automotive, Arts, Cooking andArt of Living are the main favourite themes amongthese supplements.

The publishersImportant international publishers are present on thelocal market - Ringier, Edipresse, Sanoma Hearst,Burda, WAZ – as well as established local publishers -MediaPro Group (Publimedia, Mediafax and PlayboyRomania), Intact, Saptamana Financiara, Ziua, etc. InMay 2006, Realitatea Media takes over CatavencuGroup and currently owns: Academia Catavencu,Tabu, Psihologia Azi, Aventuri la pescuit, 24-FUN, Ideiin dialog, Cotidianul (daily), Superbebe, J’Adore,Bucataria pentru toti, Money Express, BusinessStandard, Bilant, Investitii si Profit.

Some major publishing groups, such as Ringier andMediaPro have a wide range of categories in theirportfolio: TV guides, lifestyle titles, business &economic titles, sports, top rated newspapers eithernational or local, free sheets, etc. Other publishers arespecialized on certain categories: Edipresse – womenlifestyle magazines, Business Media Group (BMG) –business magazines etcRingier, MediaPro Group, Intact and RealitateaCatavencu remain the dominant market players interms of both audience and advertising revenue.

Source: Alfacont

The obvious dynamic of the banking & insuranceservices category is due to mergers (eg. Unicredit

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PRESS

and HVB Tiriac, Wiena Staediche andUnita&Agras/Omniasig etc) or to high increase inpress spend related to numerous banking productsbeing advertised (personal loan, mortgage, car loansand SME loans). Thus ‘banking and insurance’became a top spending category with an increasingshare of newspapers. The same tendency is carriedon to the first quarter of 2007.

Source: Alfacont

MAGAZINESWomen lifestyle titles attract the largest share of thegross ad spend in magazines, followed by Businesstitles, Leisure & Travel and Home & Kitchen. In terms of audience, among the 5 top scoringperiodicals are DIY titles addressing topics such ascooking, home & garden. Other important categories interms of audience are TV guides, and sports titles.TOP 5 of magazines in term of audiencepositioning (according SNA Focus Jan 06-07, target 14-64

y.o, urban area)

Source: BRAT

Developments in 2006Edipresse Group - Launches: Familia Mea (April); Computer Bild (on-

line edition in July); Elle Decoration (September);- Olivia was closed (March) and Deco Style (August);- Viva! Biografii (October) and Vacanta ta perfecta

became quarterly (December)Burda Romania - Ioana Copilul Meu became Ioana Visul Copiilor

(December);- Launches/ re-launches: Burda (Romanian edition –

April);- Burda Monden; Locuinta Mea and Secretele

Bucatariei;- Practic in Bucatarie launched in Rusia (March); -

Autoshow and Quatrorotte enters Burda’s portfolio(December).

Ringier- Launched Unica Wedding (March) and Libertatea

Special Sanatate (October).Sanoma Hearst- Launched Casa si Gradina (September); Bine

pentru mine became Femeia de Azi (July); takeover and re-launches Femeia (October).

Publimedia- Launch Target (May); Apropo (closed in October).Business Media Group- Launch Business Week (May); closed Class (April). Bazar Media- Extended B- 24- FUN’s network with launches in

Craiova and Mures bi-monthlies).Zile si Nopti- Extended its network in 20 cities (weeklies and bi-

monthlies).Other new publications: Prezent (January); Audio-videomagazine (February); J’adore (February); Hipocrate(March); The Marketer (March); Le Monde Diplomatique(March); Expert Travel (June); Felicia (June); Galenus(June); Laptop Magazin (July); Gorj Domino (September);Clever Travel (October); Kicker Sport Magazin (becameweekly in October); Glamour (November); Light Magazin(November); Luxury (December); Exclusiv (December);BBC Good Home (December).

Developments in Q1 2007Edipresse- Launched Elle Wedding (January) - annual;- Familia Mea Baby (January). Publimedia- Take over Media&Advertising from Mediafax and

re-launch in March as monthly supplements ofBusiness Magazin; the same situation in case ofBusiness Construct (re-launched in February asmonthly supplement of ZF).

Realitatea Catavencu- Launched Money Express (April).

Other new publications: Business women lifestyle(March); MTV Magazine (closed in February).

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Monthly

Practic In Bucatarie 14.4 1305 4.5

Revista De Film Hbo 7.6 690 4

Practic-Idei Pentru Casa & Gradina 6.5 587 8.7

Medicina Naturista 6.2 557 31

Bucataria Pentru Toti 5.9 536 n/a

Bi - Monthly

Tv Satelit 8.4 756 10.1

Lumea Femeilor 7.9 712 14.4

Acasa Magazin 6.4 576 12.6

Ioana 6.1 554 9

Bravo 4.8 435 9.9

Weekly

Pro Tv Magazin 11.3 1021 12.2

Libertatea De Duminica 10.7 964 4.8

Gazeta Sporturilor De Duminica 9.2 835 26.3

Pro Sport De Duminica 8.3 749 14.5

Evenimentul Zilei De Duminica 6.6 599 14.2

press

initiative 27

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Weeklies

Academia

CatavencuCatavencu Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 64.836 20.477 4.4 395 55.1

AgendaTrustul de Presa

AgendaPublisher Statement (Jan - Jun 06) Jan 06 - Jan 07 59.417 7.600 1.8 164 77.45

Autosupermarket Unionpress Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 18.502 7.572 0.9 78 8.67

BanateanulPublimedia

InternationalCertificate (Jan - Jun 06) Jan 06 - Jan 07 10.892 3.206 0.4 37 193.66

Banii Nostri Media ON Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 19.654 2.042 0.8 68 194.29

BihoreanulPublimedia

InternationalPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 5.215 1.304 0.5 46 118.44

Business MagazinPublimedia


Capital Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 48.478 8.248 3.4 308 58.42

ClujeanulPublimedia


Evenimentul zilei de

DuminicaRingier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 51.073 13.351 6.6 599 19.15

Evenimentul zilei Ghid

TVRingier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 175.478 40.437 5.8 525 18.53

Fanatik Fanatik Media Certificate (Jan - Jun 06) Jan 06 - Jan 07 34.088 12.559 1.8 159 127.2

Gazeta Sporturilor de

Duminica Convergent Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 56.710 21.541 9.2 835 54.58

Gazeta de Maramures Carp Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 4.000 743 0.4 34 n/a

IeseanulPublimedia


Jurnalul De Bucatarie Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 110.308 23.768 5.1 461 24.12

Jurnalul Casei Mele Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 76.923 12.986 3.7 337 33.01

Jurnalul De Colectie Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 99.120 16.056 4.6 412 n/a

Jurnalul De Sanatate Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 84.960 14.038 5.3 476 23.36

Jurnal TV Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 150.908 28.643 6.8 616 15.03

Libertatea de


Libertatea pentru

FemeiRingier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 186.308 52.267 5.6 508 42.24

Libertatea de

weekendRingier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 511.213 103.382 12.5 1126 15.56

Obiectiv Vocea Brailei

TVDouble P Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 7.038 1.299 0.5 44 n/a

Pro Sport de


Pro TV MagazinPublimedia


Publi Tim Publicompact Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 26.746 256 1.2 109 90.11

Saptamana

Financiara

Saptamana

Financiara Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 27.198 6.046 2.6 232 71.09

Sapte Seri Kopa Publicatii Certificate (Jan - Jun 06) Jan 06 - Jan 07 60.000 96 1.2 104 74.54

Star G Publicatii Certificate (Jan - Jun 06) Jan 06 - Jan 07 67.120 27.009 2.1 193 41.94

StorySanoma-Hearst

Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 48.240 20.586 2.3 209 85.45

TV Mania Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 144.538 38.892 5.7 515 43.42

VIP Grup Management Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 37.682 9.656 2.9 261 51.64

Zau G Publicatii Certificate (Jan - Jun 06) Jan 06 - Jan 07 54.231 30.553 0.9 85 93.67

press

initiative28

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Bi-monthly

Acasa Magazin Publimedia


Autoshow Burda Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 14.858 1975 1.5 138 61.47

Bravo Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 68.846 9.490 4.8 435 20.79

Bravo Girl Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 60.077 9.771 3.3 299 30.25

Ciao! Revista Ciao Certificate (Jan - Jun 06) Jan 06 - Jan 07 55.731 15.869 3.2 289 44.37

Cool Girl Burda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 60.769 11.841 3.3 302 27.86

Ioana Burda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 82.515 26.207 6.1 554 19.45

Lumea Femeilor Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 73.654 18.492 7.9 712 13.24

TV Satelit Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 95.308 21.460 8.4 756 13.14

Zile si Nopti Brasov Zile si Nopti Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 22.154 117 0.4 32 30.75

Zile si Nopti Cluj Zile si Nopti Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.000 55 0.2 22 35.29

Monthlies

Auto Motor si Sport MotorPresse Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 21.133 6.363 3.5 315 35.31

AutoexpertMachine

MaintenancePublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.050 3.442 1.5 137 56.43

Avantaje Edipresse A.S. Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 43.941 9.896 4.3 387 40.29

Aventuri la pescuit Editura Milano Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 15.683 4.671 1.4 130 69.51

Beau MondeSanoma-Hearst

Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 30.000 9.509 1 87 131.91

Bolero Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 58.455 13.868 2 182 68.28

Bucataria pentru toti Athanor Publisher Statement (Jan - Jul 06) Jan 06 - Jan 07 55.766 16.449 5.9 536 16.22

Caminul Hiparion Certificate (Jan - Jun 06) Jan 06 - Jan 07 15.500 6.499 1.9 169 59.82

Casa de Vacanta Casa Lux Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 16.000 6.068 1.5 135 54.91

Casa Lux Casa Lux Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 23.833 6.038 4.1 369 27.42

Casa mea Hiparion Certificate (Jan - Jun 06) Jan 06 - Jan 07 16.542 3.190 3.9 350 28.89

Chip Computer &

Comunications

Vogel Burda

CommunicationsPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 31.083 11.260 2.4 219 43.15

CosmopolitanSanoma-Hearst


DescoperaPublimedia


Domus Hiparion Certificate (Jan - Jun 06) Jan 06 - Jan 07 17.375 4.294 1.3 119 82.23

Domus Util Hiparion Certificate (Jan - Jun 06) Jan 06 - Jan 07 24.333 5.454 1.2 104 38.87

Draga Mea - Ghid

practic in viata ta Casa Lux Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 17.000 8.078 2.7 247 20.48

Elle Edipresse A.S. Certificate (Jul - Dec 06) Jan 06 - Jan 07 26.074 4.574 1.8 166 84.98

EuroInvest Euroest Invest Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 26.000 0 0.4 33 223.34

Eva Magazinul

FemeilorMaxim Publisher Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.000 5.245 1.4 122 74.29

Farmacia Ta Galenus Certificate (Jan - Jun 06) Jan 06 - Jan 07 94.000 8.112 3.4 304 18.88

FHMSanoma-Hearst


press

initiative 29

press

initiative30

Source: BRAT & SNA Focus (Jan 06-07). The chart contains only the publications that are members of BRAT, have audience data

and/or circulation audit in 2006.

As expected, the high circulation titles have low CPT on ‘All, urban’, while the niche titles have higherCPT. The CPT comparison is relevant only amongst magazines in the same category, addressing asimilar audience e.g. teenagers (Bravo Girl, Cool Girl), up-market lifestyle female audience (Elle,Cosmo), automotive (Auto Motor & Sport, Pro Motor), male (FHM, Playboy) etc The following titles areBRAT members, but not SNA members yet.


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Monthlies – continuation

Go4it!Publimedia

InternatioPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 18.751 490 0.4 34 350.14

Gradina mea de vis Burda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.917 4.176 2.2 200 33.71

Ioana Locuinta mea Burda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 13.667 3.859 2.3 205 32.92

Ioana Secretele

BucatarieiBurda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 21.000 3.512 5.7 517 18.24

Ioana Visul Copiilor Burda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 17.000 7.300 1.7 155 54.45

Joy Edipresse A.S. Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 44.783 6.493 1.9 171 64.27

Level Games

Hardware & Lifestyle

Vogel Burda

CommunicationsPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 24.000 7.864 1.4 126 53.51

Look! Edipresse A.S. Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 25.500 5.538 1.2 112 62.94

MamiSanoma-Hearst


Medicina Naturista Macri Press Certificate (Jan - Jun 06) Jan 06 - Jan 07 26.108 8.130 0.9 83 177.68

Men's Health Burda România Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 24.500 11.178 6.2 557 13.37

National GeographicSanoma Hearst

RomaniaPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 24.643 5.890 3.8 340 56.99

PC Magazine Agora Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.765 7.869 2 179 43.15

Perfect pentru casa

meaBurda Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 12.417 5.635 0.9 82 81.98

Planul casei mele Hiparion Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 10.050 2.427 1.3 118 71.54

Playboy PBR Publishing Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 30.500 12.916 3.7 337 57.38

Popcorn Edipresse A.S. Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 43.500 5.822 3.8 344 19.6

Practic - Idei pentru

casa. gradina.

apartament

Casa Lux Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 90.000 26.558 6.5 587 14.36

Practic in bucatarie Casa Lux Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 359.167 66.236 14.4 1305 10.33

ProMotorPublimedia


Psihologia Azi Brand Development Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 20.000 6.069 0.9 86 101.42

Revista de Film

HBOHBO Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 169.833 0 7.6 690 22.87

Sana Edipresse A.S. Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 14.600 3.891 0.6 57 105.82

Slab sau gras Galenus Certificate (Jan - Jun 06) Jan 06 - Jan 07 32.000 7.084 0.7 64 52.95

Tabu Catavencu Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 27.650 12.261 2.5 224 72.77

Tonica Galenus Certificate (Jan - Jun 06) Jan 06 - Jan 07 27.000 6.978 0.5 45 74.37

Unica Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 55.241 15.211 3.8 339 43.91

Viva Edipresse A.S. Certificate (Jul - Dec 06) Jan 06 - Jan 07 27.250 6.969 2.4 213 56.28

Xtrem PC Romas Comercial Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 25.383 9.894 1.7 157 26.82

press

initiative 31

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Weeklies

Adevarul Economic Adevarul Certificate Jan - Jun 2005 5.276 1.670

Apropo Publimedia International Certificate Jan - Jun 2006 28.150 13.435

B 24 FUN Bazar Media Certificate Jan - Jun 2006 60.000 22

Bazar Banatean Inform Media Publisher Statement Jan - Jun 2006 16.290 328

Bine Sanoma Hearst Romania Publisher Statement Jan - Jun 2006 77.313 35.482

Bucharest Business Week Anamcara Media Group Publisher Statement Jan - Jun 2006 12.091 60

CamionSuperMarket Unionpress Odorhei Publisher Statement Jul - Dec 2006 11.862 5.330

Gazeta de Sud - Ghid TV Media Sud Management Publisher Statement Jan - Jun 2006 41.157 2.068

Gazeta de Sud ed de Duminica Media Sud Management Certificate Jan - Jun 2006 4.292 648

Indiscret in Oltenia Best Media Group Publisher Statement Jul - Dec 2006 6.135 1.248

Jurnalul National de Duminica Intact Publisher Statement Jul - Dec 2006 47.976 4.858

Libertatea pentru femei Ringier Romania Publisher Statement Jul - Dec 2006 186.308 52.267

Monitorul de Botosani - ghid TV Mediapress Certificate Jan - Jun 2004 7.032 659

Monitorul de Vrancea - Ghid TV Trinec Serv - Focsani Publisher Statement Jul - Dec 2006 6.346 1.088

Povestea mea Edipresse Publisher Statement Jul - Dec 2006 45.769 6.371

Prezent Greek Media Group Certificate Jan - Jun 2006 18.409 11.226

Pro Sport de Duminica Ringier Publisher Statement Jul - Dec 2006 72.375 23.080

Psihologia Azi Brand Management Publisher Statement Jan - Jun 2006 20.000 6.069

Redesteptarea Redesteptarea Press Publisher Statement Jul - Dec 2006 7.137 192

Sibianul Publimedia International Publisher Statement Jul - Dec 2006 4.177 1.284

Sport Plus Plus Press Publisher Statement Jan - Jun 2006 15.991 3.609

Ziarul de Iasi - Ghid TV Grupul de Presa Medianet - Iasi Publisher Statement Jul - Dec 2006 14.746 2.457

Ziarul de Mures Aurliv GM Publisher Statement Jan-Jun 2006 3.880 780

Ziarul de Vrancea - supliment TV Nord-Est Distribution - Focsani Publisher Statement Jul - Dec 2006 5.600 818

Ziarul Financiar Publimedia International Publisher Statement Jul - Dec 2006 20.507 2.771

Fortnightlies

Business Adviser Apulum 94 Publisher Statement Jan - Jun 2006 10.000 47

Cariere Editura Cariere Publisher Statement Jan - Jun 2006 7.504 3.500

Computerworld Romania Communications Publishing

GroupPublisher Statement Jul - Dec 2006 4.125 0

eWeek Agora Media Publisher Statement Jan - Jun 2006 7.000 0

Oblique Magazin Oblique Media SRL Certificate Jan - Jun 2006 100.000 0

Pont Inform Media Certificate Jan - Jun 2005 40.037 0

Sapte Seri - Craiova Kopa Publicatii Certificate Jan - Jun 2006 15.000 102

Sapte Seri Cluj Kopa Publicatii Certificate Jan - Jun 2006 20.000 99

Sapte Seri Timisoara Kopa Publicatii Certificate Jan - Jun 2006 20.000 100

Zile si Nopti Timisoara Zile si Nopti Brasov Certificate Jul - Dec 2006 10.962 204

initiative32

press

TTIITTLLEE PPUUBBLLIISSHHEERR BBRRAATT DDOOCCUUMMEENNTT CCEERRTTIIFFIICCAATTEE PPEERRIIOODD AAVVEERRAAGGEE GGRROOSSSS



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Monthlies

100 Femei de Succes (annual) Ringier Certificate Jan - Jun 2006 78.000 21.717

300 cei mai bogati romani (annual) Ringier Certificate Jul - Dec 2006 114.721 44.175

Autospecial - catalog Burda Romania Certificate Jul - Dec 2005 19.000 7.072

Barbie Egmont Romania Certificate Jan - Jun 2006 25.000 5.608

Best Magazin Master Communications Certificate Jan - Jun 2006 6.200 0

BLU Sensiblu Publisher Statement Jul - Dec 2006 150.000 0

Bucharest Cream of the Crop Creamvertise Publisher Statement Jul - Dec 2006 19.167 0

Bucharest in Your Pocket IYP Romania SRL Publisher Statement Jan - Jun 2006 16.667 41

Burda Burda Romania Publisher Statement Jul - Dec 2006 17.000 5.360

Business Review Business Media Group Publisher Statement Jul - Dec 2006 11.435 0

Carticica Draga Mea pentru copii Casa Lux Publisher Statement Jul - Dec 2006 90.000 25.427

Catalogul Ultra Pro Computers K Tech Electronics Certificate Jan - Jun 2005 62.714 0

Ce se intampla doctore Publimedia International Publisher Statement Jul - Dec 2006 38.619 12.741

Cinemagia Business Media Group Certificate Jan - Jun 2006 30.000 0

Colectia Carticica Practica Casa Lux Publisher Statement Jul - Dec 2006 150.000 40.005

Computer Bild Edipresse A.S Publisher Statement Jul - Dec 2006 19.333 6.228

Connect MTR Press Certificate Jan - Jun 2005 19.766 5.172

D.Sign Publimedia International Certificate Jul - Dec 2005 13.678 0

Deco Style Edipresse A.S. Certificate Jan - Jun 2006 13.200 5.568

Doxi CD Press Publisher Statement Jan - Jun 2006 39.500 4.813

e-finance Finmedia Publisher Statement Jul - Dec 2006 7.600 872

Familia Mea Edipresse A.S. Publisher Statement Jul - Dec 2006 25.800 8.854

Farmacist.ro Press Pro International Publisher Statement Jul - Dec 2006 8.400 30

Flacara Publicatiile Flacara Publisher Statement Jan - Jun 2006 7.200 4.753

Food&Bar Business Publishing Group SRL Certificate Jan - Jun 2006 14.000 167

Hotel, Restaurant, Bar Expert Crier Media Group Certificate Jan - Jun 2006 15.000 208

Hustler G Publicatii Certificate Jan - Jun 2005 44.167 23.332

Ideal décor MC Media Agency Publisher Statement Jul - Dec 2006 15.000 4.788

Idei in dialog Catavencu Publisher Statement Jan - Jun 2006 13.300 6.116

InfoConstruct Infoconstruct Publisher Statement Jul - Dec 2005 20.000 0

Ioana Horoscop Burda Romania Publisher Statement Jul - Dec 2006 19.000 5.606

Lucru de mana (biannual) Edipresse As Publisher Statement Jul - Dec 2006 20.000 3.878

Magazinul Progresiv Crier Media Group Certificate Jan - Jun 2006 26.000 260

Market Watch Fin Watch Publisher Statement Jul - Dec 2006 10.000 0

Maxim PBR Publishing Publisher Statement Jul - Dec 2006 21.067 11.570

Medic.ro Press Pro International Publisher Statement Jul - Dec 2006 14.100 35

Misiunea Casa Leon Consulting Publisher Statement Jul - Dec 2006 15.000 6.413

My City Bucharest (quarterly) AdVision Comp. SRL Certificate Jul - Dec 2005 30.000 0

Oferte Speciale Oferte Speciale Publisher Statement Jul - Dec 2006 50.047 0

Olivia Edipresse A.S. Certificate Jul - Dec 2005 23.600 6.160

PC World Communications Publishing Group Certificate Jan - Jun 2006 14.651 7.221

Pharma Business Business Publishing Group SRL Certificate Jan - Jun 2006 16.000 140

Pharmakon Ruve Press International Publisher Statement Jul - Dec 2006 17.130 0

Piata Business Publishing Group SRL Certificate Jan - Jun 2006 25.000 389

Princess Egmont Certificate Jan - Jun 2006 18.667 4.317

Psihologia Azi Brand Development Publisher Statement Jan - Jun 2006 20.000 6.069

Rebus Publicatiile Flacara Certificate Jan - Jun 2006 60.000 18.146

Stop to Shop Tycoon Media Press Certificate Jan - Jun 2006 15.000 0

Supercar Supercar Certificate Jul - Dec 2006 13.620 4.338

Taifasuri Taifasuri Media Certificate Jan - Jun 2006 69.654 16.076

Tango Zada Media Certificate Jan - Jun 2006 25.000 10.708

Terra Magazin CD Press Publisher Statement Jan - Jun 2006 130.613 4.804

The One Publione Media Certificate Jan - Jun 2006 22.883 10.876

Tonica Galenus Certificate Jan - Jun 2006 27.000 6.978

press

initiative 33

DAILIES

TOP 5 of dailies and supplements in term ofaudience positioning (according SNA Focus Jan 06-07,

target 14-64 y.o, urban area)

Developments in 2006

Ringer- Launched Compact free sheet (May).

ARBOmedia sales house extended its activity andis the exclusive seller for a portfolio of 40 local titles(Monitorul de Alba; Observator Aradean; Top Pitesti;Ziarul de Bacau; Crisana; Monitorul de Botosani;Monitorul Expres; Obiectiv Vocea Brailei; 24 de ore;Buna ziua, Ardeal; Observator de Constanta; Gazetade Sud; Viata Libera; Semnal de Ilfov si Giurgiu;Impact in Gorj; Gazeta de Hunedoara; Semnal deialomita si Calarasi; Ziarul de Iasi; Informatia deMaramures; Zi de zi; Ziarul de Mures; Monitorul deNeamt; Monitorul de Roman; Gazeta de Olt;Republicanul; Monitorul de Prahova; Informatia Zilei;Salajeanul; Tribuna Sibiu; Monitorul de Suceava;Gazeta de Teleorman; Renasterea Banateana;Acum; Obiectiv Vaslui; Gazeta de Valcea; Monitorulde Vrancea; Uj Magyar Szo, Gazeta de Bucuresti,Ziarul de Sibiu and Publitim).

In June 2006 Publitim migrate to Inform Media andGazeta de Bucuresti had the last issue in November2006.

Developments in Q1 2007

Adevarul Holding- Re - Launched Averea (March) as Click (with itssupplement - Click de duminica).Realitatea Catavencu- Launched Business Standard (May).

ARBOmedia increased their portfolio in 2007 with 1more local title (Replica Hunedoreana).

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Libertatea 15.4 1389 5.1

Jurnalul National 10.5 947 10.2

Gazeta Sporturilor 9.2 827 11.3

Evenimentul Zilei 8.4 759 10.5

Pro Sport 6.8 614 7.9

DDaaiilliiee''ss

ssuupppplleemmeennttss

Libertatea Weekend 12.5 1126 2.6

Jurnalul Tv 6.8 616 4.8

Evenimentul Zilei Tv 5.8 525 3.6

Jurnalul De Sanatate 5.3 476 5.1

Jurnalul De Bucatarie 5.1 461 4.9

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Dailies

Atac Info Media Press Publisher Statement Jan - Jun 2006 11.659 4.345

Averea Media Promovalores Certificate Jul - Dec 2006 44.583 16.930

Bucharest Daily News Daily News Grup Publisher Statement Jan - Jun 2006 2.052 109

Curentul Dramiral Media Group Publisher Statement Jul - Dec 2006 12.109 7.085

Jurnal Banatean Inform Media Certificate Jan - Jun 2005 7.350 512

Monitorul de Neamt Grupul de Presa Accent Publisher Statement Jul - Dec 2006 3.394 307

Monitorul de Roman Grupul de Presa Accent Certificate Jan - Jun 2005 1.161 75

Obiectiv Vaslui EMI Press Publisher Statement Jul - Dec 2006 3.497 282

Observator de Constanta 2x1 Holding - Constanta Publisher Statement Jan - Jun 2006 1.197 522

Societatea Argeseana Vasicos Media Publisher Statement Jan - Jun 2006 7.262 1.507

Sport Total Frigo Media Publisher Statement Jan - Jun 2006 19.584 10.830

Source: BRAT

press

initiative34


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Dailies

7 Plus N&V Press Group Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 19.770 8.689 0.8 74 181.16

Adevarul Adevarul Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 33.670 8.354 5 449 29.26

Adevarul de Arad Inform Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 24.261 395 0.6 58 168.76

Agenda ZileiTrustul de Presa

AgendaPublisher Statement (Jan - Jun 06) Jan 06 - Jan 07 4.809 664 0.3 29 122.16

Arad Expres Inform Media Certificate (Jan - Jun 06) Jan 06 - Jan 07 14.883 0 0.4 39 203.04

Bihari Naplo Inform Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 14.257 457 0.5 43 183.63

CotidianulRealitatea

CatavencuCertificate (Jul - Dec 06) Jan 06 - Jan 07 20.217 7.975 1.4 129 114.21

CrisanaAnotimp Casa de

Presa si EdituraCertificate (Jan - Jun 06) Jan 06 - Jan 07 9.227 797 0.4 38 156.18

Curierul NationalMedia Sud

Management Certificate (Jul - Dec 06) Jan 06 - Jan 07 7.211 1.996 1.3 120 109.25

Cuvantul Liber Inform Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 8.000 521 0.2 17 461.78

Editie SpecialaEditie Speciala

PopularCertificate (Jan - Jun 06) Jan 06 - Jan 07 20.104 1.180 0.6 55 167.65

Evenimentul zilei Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 89.566 22.792 8.4 759 26.8

Szatmari Friss

UjsagInform Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 10.636 490 0.1 13 607.99

Gandul Crucisatorul Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 40.170 9.702 2.5 226 63.8

Gazeta de Olt Click News - Slatina Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 2.443 136 0.2 17 233.43

Gazeta de SudMedia Sud

ManagementCertificate (Jan - Jun 06) Jan 06 - Jan 07 31.248 1.240 2 181 105.79

Gazeta Sporturilor Convergent Media Publisher Statement (Jul- Dec 06) Jan 06 - Jan 07 103.822 28.558 9.2 827 27.31

HunedoreanulPublimedia


Impact in Gorj GNC Pres-Gorj Publisher Statement (Jan - Jun 06) Jan 06 - Jan 07 3.025 415 0.6 51 69.17

Informatia ZileiSolpress - Satu

MareCertificate (Jan - Jun 06) Jan 06 - Jan 07 13.151 290 0.6 51 174.24

Informatia Zilei -

Maramures

Solpress - Satu

MarePublisher Statement (Jan - Jun 06) Jan 06 - Jan 07 3.029 377 0.3 32 141.11

Jurnalul Bihorean Inform Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 15.760 835 0.5 50 198.36

Jurnalul National Editura Intact Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 97.332 17.432 10.5 947 25.62

Libertatea Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 321.040 61.295 15.4 1389 18.16

Monitorul de

Botosani

Mediapress -

BotosaniPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 7.151 446 0.7 62 105.61

Monitorul de

SuceavaInterpress Suceava Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 8.863 525 0.4 37 176.43

Monitorul de

Vrancea

Trinec Serv -

FocsaniPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 5.097 794 0.3 26 224.79

Monitorul Expres Monitorul Expres -

BrasovPublisher Statement (Jul - Dec 06) Jan 06 - Jan 07 2.493 435 0.3 26 194.61

Obiectiv Vocea

BraileiDouble P Media Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 5.205 1.009 0.5 44 208.29

Pro Sport Ringier Romania Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 111.082 33.080 6.8 614 27.84

Renasterea

BanateanaTimpress Timisoara Publisher Statement (Jul - Dec 06) Jan 06 - Jan 07 14.713 766 0.4 39 136.93

press

initiative 35

Source: BRAT & SNA Focus (Jan 06-07). The chart contains only those publications that are BRAT members, have audience data

and/or circulation audit in 2006.

Most newspapers came out with varioussupplements covering various topics such as TVguide, automotive, health, real estate, leisure,lifestyle, home, decorations and architecture, financeand business etc. The TV guide supplements,usually released with the Friday edition, are the mostpopular causing the newspaper circulation to doublealmost. Supplements are in keeping with the overallaudience fragmentation trend.

Regional and local publicationsFollowing the increasing demand for more efficientlocal advertising, most local titles improved theirquality and subscribed to BRAT.Inform Media extended its portofolio at 9 titlesdistributed in 6 counties (West region of Romania)ARBOmedia developed its portfolio of local titles tosome 40 titles, thus offering quite significantgeographic coverage.


PPEERRIIOODD

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CCOOPPIIEESS

RREEAACCHH ((%%))

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Dailies

Romania Libera Societatea "R" Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 70.195 13.801 3.5 320 52.19

Szatmari Friss

UjsagInform Media Certificate (Jan-Jun 06) Jan 06 - Jan 07 11.156 482 0.1 12 660.03

Timis Expres Inform Media Certificate (Jan-Jun 06) Jan 06 - Jan 07 24.648 0 0.5 41 31.07

Timpul Inform Media Certificate (Jan-Jun 06) Jan 06 - Jan 07 9.227 964 0.3 27 297.75

Transilvania Expres Tipotex Brasov Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 9.554 1.414 0.7 62 173.42

Tribuna Casa de Presa si Editura

Tribuna - SibiuPublisher Statement (Jul-Dec 06) Jan 06 - Jan 07 15.938 603 0.9 85 107.98

Viata Libera Viata Libera Galati Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 10.428 885 0.7 62 235.74

Ziarul Ziarul C.N. Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 36.874 13.151 2 177 73.24

Ziarul de Bacau Mediabac - Bacau Publisher Statement (Jan-Jun 06) Jan 06 - Jan 07 2.353 741 0.3 24 238.05

Ziarul de Iasi Grupul de Presa Medianet Publisher Statement (Jan-Jun 06) Jan 06 - Jan 07 11.837 1.726 0.4 39 334.54

Ziarul de Roman Nord Est Group - Roman Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 1.520 97 0.2 20 60.23

Ziarul de Vrancea Nord-Est Distribution - Focsani Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 5.141 685 0.2 14 301.14

Ziarul Financiar Publimedia International Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 20.507 2.771 2.1 190 96.73

Ziua Ziua Publisher Statement (Jul-Dec 06) Jan 06 - Jan 07 27.182 7.391 2.8 249 63.53

press

initiative36

LLooccaall TTiittlleess

CCOOUUNNTTYY TTIITTLLEE CCIIRRCCUULLAATTIIOONN // BBRRAATT SSUURRVVEEYY PPEERRIIOODD

ALBA

Informatia de Alba

Unirea

Monitorul de Alba

ARAD

Adevarul de Arad Gross:24.261 returns: 395 Jul - Dec 2006

Observator Aradean

Nyugati Jelen

Arad Expres Gross:14.883 returns: 0 Jan - Jun 2006

ARGES

Curierul zilei

Evenimentul Muscelean

Realitatea Musceleana

Buletinul Pitestenilor

Ziarul de Arges

Top Pitesti

Impact de Arges

Observatorul argesean

Argesul Liber

Arges Expres

Societatea Argesana Gross: 7.262 returns: 1.507 Jan - Jun 2006

BACAU

Desteptarea

Onesti Expres

Observator de Bacau

Ziarul de Bacau Gross: 2.354 returns: 616 Jan - Jun 2006

Monitorul de Bacau

Gazeta de Bacau

BIHOR

Jurnalul Bihorean Gross: 15.760 returns: 835 Jul - Dec 2006

Crisana Gross: 9.227 returns: 797 Jan - Jun 2006

Bihoreanul Gross: 5.215 returns: 1.304 Jul - Dec 2006

Bihari Naplo Gross: 14.257 returns: 457 Jul - Dec 2006

Gazeta de Oradea Gross: 2.756 returns: 744 Jul - Dec 2004

Auto Info

Realitatea Bihoreana

Informatia de Vest

Piata Bihoreana

Bazar Banatean Gross: 16.290 returns: 328 Jan - Jun 2006

Pont Gross: 40.037 returns: 0 Jan - Jun 2005

Jurnalul de Dimineata

BISTRITA

Gazeta de Bistrita

Zile si Nopti

Atac de Bistrita

Rasunetul

Mesagerul

BOTOSANI

Monitorul de Botosani Gross: 7.151 returns: 446 Jul - Dec 2006

Monitorul de Botosani - ghid TV Gross: 7.032 returns: 659 Jan - Jun 2004

Actualitatea Botosaneana

Jurnalul Dimineata Botosanilor

Jurnal de Botosani si Dorohoi

BRAILA

Obiectiv Vocea Brailei Gross: 5.205 returns: 1.009 Jul - Dec 2006

Obiectiv Vocea Brailei-Ghid TV Gross: 7.038 returns: 1.299 Jul - Dec 2006

Monitorul de Braila

Arcasu'

Braila

Semnal de Galati si Braila

Viata Brailei

press

initiative 37



BRASOV

Transilvania Expres Gross: 9.554 returns: 1.414 Jul - Dec 2006

Informatia Brasovului

Gazeta de Transilvania

Monitorul de Brasov

Monitorul Expres Gross: 2.493 returns: 435 Jul - Dec 2006

Buna ziua Brasov

Pretul Zilei

Monitorul de Fagaras

Brasoi Lapok

Zile si Nopti Gross: 22.154 returns: 117 Jul - Dec 2006

BUZAU

Sansa

Amprenta

Opinia

Viata Buzaului

CALARASI

Curierul

Jurnalul de Calarasi

Semnal de ialomita si Calarasi

Exclusiv

CARAS SEVERIN

Timpul Gross: 9.227 returns: 964 Jan - Jun 2006

24 Ore

Sud Vestul

CLUJ

Clujeanul Gross: 8.187 returns: 1.810 Jul - Dec 2006

Buna ziua Ardeal

Kronika

Szabadsag

Ziarul Clujeanului

Auto Business

Adevarul de Cluj

Gazeta de Cluj Gross: 4.075 returns: 1.590 Jan - Jun 2003

Saptamana Clujeana

CJ 24 FUN

Sapte Seri Gross: 20.000 returns: 99 Jan - Jun 2006

Monitorul de Cluj

Piata Imobiliara

Piata de la A la Z

Informatia saptamanii

Zile si Nopti Gross: 15.000 returns: 55 Jul - Dec 2006

CONSTANTA

Telegraf Constanta

Cuget Liber

Observator de Constanta Gross: 1.197 returns: 522 Jan - Jun 2006

Fitzuica

Independentul

Jurnalul de Constanta

Impact

Seara de Seara

COVASNA

Observator Covasna

Cuvantul Nou

Haromszek

Szekely Hirmondo

DAMBOVITA

Jurnalul de Dambovita

Impact

Ziarul de Dambovita

DOLJ Gazeta de Sud Gross: 31.248 returns: 1.248 Jan - Jun 2006

Gazeta de Sud - ed de Duminica Gross: 4.292 returns: 648 Jan - Jun 2006

Gazeta de Sud - Ghid TV Gross: 41.157 returns: 2.068 Jan - Jun 2006

Sapte Seri Craiova Gross:15.000 returns: 102 Jan - Jun 2006

Editia speciala de Oltenia Gross: 20.104 returns: 1.180 Jan-Jun 2006

Indiscret in Oltenia Gross: 6.135 returns: 1.248 Jul - Dec 2006

Prima Ora in Oltenia

Cuvantul Libertatii

press

initiative38



GALATI

Viata Libera Galati Gross: 10.428 returns: 885 Jul - Dec 2006

Monitorul de Galati

Zile si Nopti Galati, Braila

Impartial

Realitatea

GIURGIU

Jurnal Giurgiuvean

Semnal de Ilfov si Giurgiu

Giurgiuveanul

Informatia de Giurgiu

Giurgiu Expres

GORJ

Gorjeanul

Impact in Gorj Gross: 3.025 returns: 415 Jan - Jun 2006

Olteanul

7 Zile

Gorj Domino

Adevarul de Gorj

Informatia Gorjului

Obiectiv Gorj Magazin

HARGHITA

Adevarul Harghitei

A Nap

Heti Hirheto

Uj Kelet

Vocea Muresului si Harghitei

CamionSupermarket Gross: 11.862 returns: 5330 Jul - Dec 2006

AutoSupermarket Gross: 18.502 returns: 7.572 Jul - Dec 2006

Harghita Nepe

Udvarhelyi Hirado

HUNEDOARA

Cuvantul Liber Deva Gross: 8.000 returns: 521 Jul-Dec 2006

Hunedoreanul Gross: 5.989 returns: 1.442 Jul - Dec 2006

Gazeta de Hunedoara

Zile si Nopti Deva

EuroPiata Hunedoreana

Servus Hunedoara

Gazeta Vaii Jiului

Matinal

IALOMITA

Impact

Semnal de Ialomita si Calarasi

Tribuna Ialomitei

Jurnalul de Ialomita

Puls

Independent

Mesagerul de Urziceni

Ialomita

Stirea

Gazeta de Sud-Est

IASI

Ziarul de Iasi Gross: 11.837 returns: 1.726 Jul - Dec 2006

Ziarul de Iasi - ghid TV Gross: 14.746 returns: 2.457 Jul - Dec 2006

Ziarul de Iasi - ghid IT

Ziarul de Iasi - ghid Auto

Ieseanul Gross: 6.004 returns: 1.724 Jul - Dec 2006

Evenimentul de Iasi

IS 24 FUN

Opinia Studenteasca

Flacara Iasiului

Jurnalul de Est

Monitorul de Iasi

Financiarul

24 de ore

press

initiative 39



MARAMURES

Gazeta de Maramures Gross:4.000 returns: 743 Jul - Dec 2006

Informatia Zilei Maramures Gross: 3.029 returns: 377 Jan - Jun 2006

(H) Ora Locala

De toate pentru noi

Jurnal de Vineri

Zile si Nopti Baia Mare, Satu Mare

Glasul Maramuresului Gross: 7.954 returns: 471 Jul - Dec 2005

Graiul Maramuresului

Piata de la A la Z

Banyayideki Uj Szo

Viata Maramuresului

MEHEDINTI

Gazeta de Severin

Mehedinteanul

Obiectiv Mehedintean

Publistar

Jurnalul de Mehedinti

Datina

Piata Severineana

MURES

Ziarul de Mures Gross: 3.880 returns: 780 Jan - Jun 2006

Cuvantul Liber Tg. Mures

Zi de Zi

Nepujsag

Zile si Nopti

24 Ore Muresene

Vocea Muresului si Harghitei

Jurnal de Sighisoara

Flash

NEAMT

Monitorul de Neamt Gross: 3.394 returns: 307 Jul - Dec 2006

7 Zile

Realitatea Media

Ziarul de Roman Gross: 1.520 returns: 97 Jul - Dec 2006

Monitorul de Roman Gross: 1.161 returns: 75 Jan - Jun 2006

Ceahlaul

Gazeta de Neamt

OLT

Gazeta de Sud - editie Olt

Gazeta de Olt Gross: 2.443 returns: 136 Jul - Dec 2006

Gazeta Oltului

Oltpress

PRAHOVA

Telegraf de Prahova

Monitorul de Prahova

Republicanul Gross: 2.011 returns: 435 Jul - Dec 2006

Raid

Argus

Opinia Romaneasca

Ploiestii

Gazeta de Prahova

Prahova

Informatia Prahovei

Agora Campus

Viata Prahovei

press

initiative40



SALAJ

Graiul Salajului

Salajanul

Gazeta de Salaj

Magazin Salajan

Szilagysag

SATU MARE

Informatia zilei Gross: 13.151 returns: 290 Jan - Jun 2006

Szatmari Friss Ujsag Gross: 11.156 returns: 482 Jan - Jun 2006

Gazeta de Nord - Vest

Glasul Satmarului

SIBIU

Tribuna Sibiu Gross: 15.938 returns: 603 Jul - Dec 2006

Sibianul Gross: 4.177 returns: 1.284 Jul - Dec 2006

Ziarul de Sibiu

Monitorul de Sibiu

Tribuna Sporturilor

De toate pentru toti

Topul firmelor din Sibiu

Zile si Nopti Sibiu

Rondul

Informatia Saptamanii

Hermannstadter Zeitung

Obiectiv Sibiu

Sibiu Business

Monitorul de Medias

SUCEAVA

Monitorul de Suceava Gross: 8.863 returns: 525 Jul - Dec 2006

Pretul

Crai Nou

Jupanul

Obiectiv Suceava

TELEORMAN

Teleormanul Liber

Gazeta de Teleorman

Informatia Teleormanului

VALCEA

Curierul de Valcea

Arena Valceana

City

Mica Publicitate

Radical

Ziarul de Valcea

Gazeta de Valcea Gross: 5.141 returns: 685 Jul - Dec 2006

Monitorul de Valcea

Obiectiv Valcea

Viata Valcii

Vocea Valcii

press

initiative 41

Source: Initiative & BRAT

2007 Perspectives

• A number of rate card tariffs get switched from EUR to RON.• The number of business dailies will grow (eg. Business Standard, etc)• More newspapers will join the layout transition from bleed page to compact.• Competition between top quality newspapers category (Cotidianul, Gandul, Ziua, Romania Libera), will

grow, as the newspapers are constantly revamped both in terms of layout and editorial. Promotionalinitiatives are expected to become more sophisticated. Interesting and unique is Cotidianul’s promotionwhere the newspaper is sold at a higher price on Monday and Wednesday but accompanied by books.This promotion triggered a 150% circulation growth.

• A new trend emerges, the so-called „intelectual tabloids” which are high-circulation newspapers such asAdevarul, Evenimentul Zilei and Jurnalul National seeking to boost their circulation through promotionalcampaigns such as ”Win a president salary” (Evenimentul Zilei) or „Cash Mania” (Adevarul) etc

• The acquisition trend on local press continues, which started a couple years ago, continues. Inform Media,MediaPro, WAZ and more recently German group EMI will continue to expand in this market.

• The free publications will continue their expansion.• More and more publications understand to go digital (on-line editions, blogs, mobile phone content, etc).

SATI – BRAT, the new internet measurement tool will help media agencies and clients alike to use the on-line magazine editions (especially on daily newspapers).



TIMISOARA

Agenda (weekly) Gross: 59.417 returns: 7.600 Jan - Jun 2006

Publi Tim Gross: 26.746 returns: 256 Jan - Jun 2006

Renasterea Banateana Gross: 14.713 returns: 766 Jul - Dec 2006

Banateanul Gross: 10.892 returns: 3.206 Jan-Jun 2006

Uj Magyar Szo - national Gross: 8.516 returns: 3.840 Jul - Dec 2005

Redesteptarea Gross: 7.137 returns: 192 Jul - Dec 2006

Focus Vest

Zile si Nopti Timisoara Gross: 10.962 returns: 204 Jul - Dec 2006

Sapte Seri Timisoara Gross: 20.000 returns:100 Jan - Jun 2006

Fotbal Vest

Bazar Banatean

Jurnalul Banatean Gross: 7.350 returns: 512 Jan - Jun 2005

Banat Business

Vacances

Vivid

Agenda Zilei Gross: 4.809 returns: 664 Jan - Jun 2006

Timis Expres Gross: 24.648 returns: 0 Jan - Jun 2006

TULCEA

Obiectiv Tulcea

Acum

Delta

Tulcea Expres

VASLUI

Obiectiv Vaslui Gross: 3.497 returns: 282 Jul - Dec 2006

Meridian

Pareri Tutovene

Monitorul de Vaslui

Adevarul de Vaslui

VRANCEA

Monitorul de Vrancea Gross: 5.097 returns: 794 Jul - Dec 2006

Monitorul de Vrancea-Ghid TV Gross: 6.346 returns: 1.088 Jul - Dec 2006

Ziarul de Vrancea-Ghid TV Gross: 5.600 returns: 818 Jul - Dec 2006

Ziarul de Vrancea Gross: 5.141 returns: 685 Jul - Dec 2006

Milcovul Liber

outdoor

initiative42

OverviewThe increasing outdoor market was stimulated by thedevelopment of advertising market; the perspectiveof EU integration and by the imminent ban of tobaccoadvertising. The major tobacco companies (PMI,BAT and JTI) increased their support of existingbrands and launched new brands. New entrants onthe tobacco market also invested in the quest forquick awareness (eg. China Tobacco – Dubliss,Gallagher, Sovereign).

The lack of inventory and the struggle of theseadvertisers for impact and differentiation weretriggered the development of unconventional, specialprojects, especially in core city centers. Thecompetition in terms of creative execution and therelated production led to an increase in budgetsinvested in this type of campaigns.

In order to absorb the budget increase the outdoorcompanies updated their existing networks bytransforming standard billboards in backlits or byupgrading the size of their billboards (4X3 and5.04X2.38 become bigger). Also, they the meshinstallation expanded rapidly across most cities.Despite this development, the demand could not bemet entirely.

The main OOH spending categories in 2006 are:Telecommunications, Tobacco, Retail andBanking/Financial Services, Automotive. StartingJan 2007 Tobacco advertising is banned but theremaining inventory has been already booked byother clients expanding their OOH investment.

The estimated net value of the Outdoor market(media only) in 2006 was is 39 mil.€, a 30% increasecompared to 2005 (Initiative’s estimation). For 2007we predict an increase of 15%.

According to statements gathered from major OOHcompanies active in the Romanian market, theRomanian Outdoor market structure is:• EPA Media (with Euromedia and Betacons):

44% market share;• News Outdoor: 13% market share; • Affichage (including Churchill View and RBN):

10% market share• Klass: 9% market share • Effect Media (property of Multireklama): 8%

market share• Imperial: 4% market share• New Age: 4% market share• Others: 8% market share

A number of specialized, independent Outdoorsuppliers account for quite a significant share ofmarket as shown at ‘Others’. Among the best knownare: Mistic Media, Wizard, Itineris, Amco, MediaCommunication etc.

The main OOH formatsAccording to SNA FOCUS data (Jan06-Jan07), themain types of outdoor advertising observed by 14-64individuals living in urban areas are large posters onstreets/buildings, advertising in bus shelters and ontransit vehicles. 6.5 mil persons are exposed formore than 3 hrs/day to outdoor advertising.

The estimated total number of outdoor sites inRomania is over 20.000. Usual OOH formats areclassic billboard, backlit, citylight and bus-shelter. Regarding the urban furniture, only a limited numberof sites and models are installed currently by themain OOH companies. The first in urban furniturewas News Outdoor with round poster stands andprisms. News Outdoor also replaced the citylight1.1X1.6m with a new, bigger one 1.2X1.8m. Still, theintroduction of this new format of citylight on astandardized market affects to some extent theplanning and production budget for citylightcampaigns.

OUTDOOR

outdoor

initiative 43

TYPE OF SPECIAL PROJECTS (examples)

Place-based media / Indoor

The development of place-based media, mainlyindoor, really took off in the recent years. Media owners developed such networks in schools,university campuses, medical centers, fitnesscenters, even in hospitals, in pubs and in businesscenters thus offering a wide range of target touch-point opportunities. OOPS network uses A3 formats inside therestrooms of restaurants, pubs and fast foods, beingthe first to launch this concept.

Monopoly TV developed a network of plasmascreens (with different type of display) placed insidemalls, major hypermarket and supermarket centers,pharmacies, clinics, airports, fast-foods (McDonalds,KFC) and gas stations. Also the development ofretail banking offered the opportunity for plasma TVnetworks installed in bank branches all across thecountry. Monopoly TV develops the system both interms of content and interactivity with the consumerat the point of purchase introducing also the ‘digitalposter’ in interaction with the mobile phone.

Also interesting for fine targeting needs is the offerconcerning advertising inside elevators at businesscenters and selected residential buildings.

OOH production suppliers

Over the past year, the Outdoor productionregistered a constant growth, major internationalcompanies entering the Romanian market.Subsequently the market could access moreefficient, and sophisticated production facilitiesdelivering innovation and improved quality. Thisserves well the increasing market demand for qualitysites (e.g. meshes, cubes, backlit and specialprojects).

Last two years brought a significant increase in termsof number of digital print machines (40 of them inBucharest and in the big cities). Main productionsuppliers already had a wide range of print machineswith different resolutions, formats and materials (e.g.flat bed).

Main production suppliers:

A&M INT’L - Outdoor digital prints and Indoor digitalprints

AVANTGARDE PRINTING - Outdoor digital prints

BIG PRINT - Outdoor digital prints

Impression Graphics ROMANIAFormerly operating as Hecht Romania, the companyis now part of Impression Group, no 1 in Europe;Services include Outdoor digital prints; OutdoorOffset (up to 6 colours) / Screen-printing (up to 4colours); Indoor digital prints

ELLERHOLD - Offset: up to 6 colours; Screen-printingThe main suppliers for illuminated signs (e.g. busshelters, rooftops) and urban furniture are: Eltrix,Klass Prodexport, Plasty-Prod, Arcomat andAerocompozite.

Developments in 2006

- A notable rapid development of building-mounted ‘TV screens”. The number of suppliershad tripled over 2005. The main suppliers in thisfield covering Bucharest and the biggest citiesare: Phoenix, Efect, Media Advertising, VisionMedia.

- The mobile affichage become more visible dueto Mobil Affiche company whose vehicles getbusier with orders from various advertisers alsothanks to the possibility to use the vehicles forunconventional displays.

- A syndicated outdoor study did not emerge in2006. Yet the main suppliers offer their ownstudies:

- EPA Media ordered the first research study for allsubway stations in Bucharest. The objective ofthe study is the measurement of efficiency foradvertising campaigns using this media channel.

- Phoenix Media, specialized on TV screensconducted a study in order to asses the cityareas with the biggest audience for this mediasupport.

- Affichage conducted an evaluation study for theirbillboards as well.

Perspectives 2007

- The following advertising categories areexpected to intensify their OOH communication:Banking and Financial Services;Telecommunications; Retail; Automotive

- Street furniture is expected to develop focusingon Bucharest in the beginning;

- The TV screen network will continue to increasefaster compared to all other outdoor media types;

- The authorities’ pressure to align to EUstandards will also increase the regulation of theOOH market, (dimensions, placement in keepingwith the urban planning requirements,authorization, etc).

outdoor

initiative44

OverviewAccording to NCC (The National Cinema Centre) the decreasing trend recorded since 2001 continues in 2006in terms of number of active cinema halls and number of tickets sold. Yet, the average price of ticket is thriving(by almost 20%) in 2006 compared to 2005.

As expected, American blockbuster productionsattracted the highest number of admissionsirrespective the year analysed, followed in order byEuropean productions, then Romanian ones.

Graph 1: admissions evolution

Source: NCC – Yearbook Cinema 2001-2005

In 2006, Cinema accounted for some 0.21% of thetotal net media spend (770.000 Euro according toInitiative’s estimation). For 2007 we estimate a 30%increase (around 1.000.000 Euro – net figures).

Main players on the market (estimated figures):

Media Pro Cinema (with Hollywood MultiplexBucharest Mall, Hollywood Multiplex Lotus Oradea,and Cinema Pro) is the main market player, with47% estimated market share in 2006.

Hollywood Multiplex Bucharest Mall (10 screens)remained the main market player, with 40% of thetotal gross box office. Also, according to Trafic.ro(http://stat.trafic.ro/stat/hmultiplexro) the number ofunique visitors of HM site increased permanently(going for as much as over 100.000 visitors in the last30 days). The most visited day of the week (onaverage) is Saturday.

Hollywood Multiplex’s sales policy has severalfeatures:• Audience Delivery Package (ADP) –

commercials are featured on all screens, at allmovies, with the option of excluding children’smovie. Advertisers buy a guaranteed number ofadmissions which are monitored by the ticketssold.

• Film Package (FP) – commercials are featuredat specific movies selected to match the brandpositioning.

RADEF used in present just 39 screens from all317 (the others are rented or closed). There is anintention for 2007 to sell the entire network to asingle buyer. This state owned organization facesmultiple challenges in a decreasing yetcompetitive market and there’s a visible trend ofdecreasing the number of effective runningscreens.

cinema

initiative 45

CINEMA

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NNCCCC

22000011 22000022 22000033 22000044 22000055 22000066

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No ofactive

cinemas259 230 -11% 191 -17% 155 -19% 85 -45% 73 -14%

Admission 5.726.248 5.316.388 -7% 4.527.054 -15% 4.002.349 -12% 2.829.563 -29% 2.777.000 -2%

Gross BoxOffice(RON)

15.415.730 20.122.043 31% 22.451.583 12% 24.872.000 11% 24.423.454 --2% 28.280.000 16%

Averageadmission

perinhabitant

0.26 0.24 -8% 0.21 -13% 0.19 -10% 0.13 -32% 0.13 0%

Averageticket price

(RON)2.69 3.78 41% 4.95 31% 6.21 25% 8.60 38% 10.20 19%

MMaarrkkeett SShhaarree%% AAddmmiissssiioonnss BBOO RROONN

HMO 32% 40%

Movieplex 24% 32%

Cinema PRO 3% 3%

Lotus 5% 4%

Others 36% 21%

Catalina Advertising is the main sales house forthis network. Catalina Advertising offers 10 first classlocations in seven cities and 18 second classlocations.

Cable Direct with Movieplex Bucharest (11screens), the Glendale Network (Cotroceni-Bucharest, Tomis Mall-Constanta) plus some othersin big cities such as Braila, Pitesti, Satu Mare, Zalau,Iasi. In the fall of 2006, Cable Direct also lost animportant screen, Glendale Constanta.

Movieplex compete on the cinema market withMultiplex. Concerning number of unique visitorswww.plazaromania.ro is on 3rd place afterwww.hmultiplex.ro and www.cinemapro.ro(with 13.000 visitors in the last 30 days). The daywith the most visitors is Wednesday. As regards thesales policy, Cable Direct is in position to offer morecompetitive advertising packages.

Where the sales policy is concerned, Cable Directoffers great flexibility to its clients, combiningpackages where commercials are placed at allmovies for a guaranteed number of admissions, butalso unique price per spot package.For the first time, Cable Direct offered its cinemaclients the opportunity to create an association with amovie of their choice across different media includingTV, radio and Internet.

All cinema advertising sellers offer their clientscombined packages including the opportunity toadvertise and promote off-screen.

• Hollywood Multiplex – sponsored premieres,special events (private broadcasting, productlaunches, press conferences etc), product samplingat the entrance in halls, mini-stands placed in thehallway, posters placed in the Multiplex Hall or inShopping Centre Halls, branded program leafletsand cinema tickets, inflatable, stickers, banners,spots on LCD, premium card partnership, interactivecontests on the net (at www.hmultiplex.ro) etc.• Catalina Advertising – places banners,

posters, rents the available space for promotionsor other interactive programs

• Glendale Network – offers nation-widecampaigns, based on movie associations, bothon and off screen

The seasonality of cinema goers directly influencesthe seasonality of cinema advertising. The peakperiods are April - June and November - December.

Profile of movie goers (SNA FOCUS Jan 06-Jan07 /Target 14-64 y.o, urban area by BRAT)

• Only 13% of the population 14-64, all urbanwent to the cinema in the last 12 months.Concerning frequency of visits to cinema 75%of the movie goers went to the cinema onceper trimester or often.

Graph 2: Frequency of cinema visits

• Cinema goers – main characteristics: youth (71%between 14-29 y.o); lonely (66% persons withoutpartner); high education and income (35%university degree and 31% has over 150€ perfamily member) see graph 2 page 47

• They are interested in traveling, new technologyand fashion see table page 47

• According SNA FOCUS (BRAT) most of cinemagoers (65%) usually go to a traditional cinemadue to low incidence of modernized cinematheatres countrywide and also because of alower ticket price. Still, going to a multiplexcinema increased at 27% in 2006 (the answersDK/NA were not taken into account). Mostmultiplex goers are young: 80% are 14-34 y.o.Over 55% of them are women and 44% havehigh social status (AB).

Cinema advertising split by industry

Advertising categories do not change much ascompared to previous years. The biggest spendersare : Auto, Beverages, Alcohol (beer), Cigarettes.There’s plenty of room for new challengers whorediscovered the benefit of this captive audience:FMCG, healthcare, real estate, banking etc.

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Graph 3: Movies goers - profile (Affinity index)

MMaaiinn TTooppiiccss ooff iinntteerreesstt CCiinneemmaa vviissiittoorrss iinn tthhee llaasstt 1122 mmoonntthhss

UUnniivveerrss ((000000)) AAffffiinniittyy IInnddeexx %% VVeerrtt..

Tourism (Travels/Holidays) 895 128 75.3

Internet 827 204 69.5

Fashion/Beauty 808 121 68

Computer/Software/IT 807 181 67.9

Culture/Music/Theatre/Cinema 786 146 66.1

Sport Events 704 115 59.2

Science And Technique 678 130 57

Tests/Games/Crosswords 549 125 46.2

Auto Motor 544 132 45.7

Economic/Finance/Bank/StockExchange

499 127 42

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OverviewIn 2006 the Romanian Internet market showedstrength and significant potential:- More than 30.000 Romanian websites

generating more than 900.000.000 page viewsper month (source: www.trafic.ro)

- Computer sales evolution is encouraging: over900.000 PC per year reported by EITO(European Information Technology Observatory),60% more than in 2005.

- Access to Internet is consolidating rapidlythrough consolidation and sophistication ofprovider companies along with continuousexpansion of triple-play offers (TV, Internet andVoice) for residential subscribers.

- The number of Internet connections is steadilygrowing, 135% versus 2005

- Out of 3.3 million Internet connections reportedat the end of 2006, aprox. 55% (1.8 million) arebroadband.

- Increased security over Internet and rapid spreadof ‘plastic money’ has helped e-commerce todevelop. Today there are more than 400 onlinestores, totalizing yearly sales of 42 mil. USD(according to Dot Commerce, Romcard).

Online advertising budgetsOnline advertising has grown its share in total adspend from about 2.400.000 € in 2005 to over5.400.000 € in 2006. The predictions for 2007 areabout 8.5 mil. €Internet is preferred mainly due to its select audience(relatively younger, more affluent and trendier, with anatural inclination toward experiencing and trial).

Graph 1: Net adspend evolution – 2001-2007

2001: 100.000 € 2005: 2.400.000 €2002: 200.000 € 2006: 5.400.000 €2003: 600.000 € 2007: 8.500.000 €2004: 1.000.000 € Source: IM estimation

Key Internet clients in 2006The major advertisers on Internet are especially fromTelecomm, Automotive, Banking and IT/Electronics/Communication categories, with brands whosetarget is a frequent Internet user. FMCG advertisersalso increased their Internet spend, a trend that isexpected to continue.

Source: Arbomedia

Amid FMCG advertising on Internet, Beer and SoftDrinks are the highest spending categories followedby Confectionery and Beauty products.

Source: Arbomedia

FFMMCCGG DDRRIINNKKSS FFMMCCGG BBEEAAUUTTYY FFMMCCGG FFOOOODD

Interbrew P&G Perfetti

Brau Union Avon Finetti

Coca Cola Unilever Dr. Oetker

Pepsi ColgatePalmolive PizzaHut / KFC

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INTERNET

48

TTEELLEECCOOMM BBAANNKKIINNGG//FFIINNAANNCCEE

CCAARRSS //AAUUTTOO

RREELLAATTEEDDIITT TTRRAAVVEELL

Romtelecom RaiffeisenBank Daewoo Nokia KLM

Zapp Allianz Renault Microsoft Air France

Orange BRD Citroen Panasonic BritishAirways

Vodafone ABN Amro Romcar Canon

CosmoteFinansbank /

CreditEurope

Porsche HP

EuroGSM Banc Post Autoitalia Ultrapro

ING Group Chevrolet Phillips

BCR/Erste Midocar Sony

OTP Suzuki Samsung

BancaRomaneasca Honda IBM

Unicredit Mol

Rompetrol

Top players in Internet sales

As compared to 2005, the market split is significant,more and more publishers invested big bucks invaluable content, attracting bigger and biggeraudiences. 8 vendors share the market as comparedto 4 in 2005, and the number is expected to doublein 2007.

1. Netbridge Investments – trafic.ro (monitorsthe traffic on Romanian sites, vendor for 100+websites): inventory of 300 mil. pageviews

2. ARBOmedia (media sales house for 150+websites): inventory of 240 mil. pageviews

3. Adevolution (online sales house for 100+websites): inventory of 170 mil. pageviews

4. MPInteractive (Digital division of Media Pro –biggest TV media group - owns 20+ websites):inventory of 100 mil. pageviews

5. SMInteractiv (online sales house for 20+websites): inventory of 41 mil. pageviews

6. Media Café (online broker for Yahoo!, MSNinventories): inventory of 3500 mil. pageviews

7. Rol Networks (online publisher with 30+websites): inventory of 44 mil. pageviews

8. Internet Corp (online publisher with 5websites): inventory of 45 mil. pageviews

Online formats & most visited sites

• Banners remain a widely used format: rectangle,leader-board, full banners. Although intrusive ad formats are a significantdraw-back for Internet consumption with negativeconsequences for brand perception and futuretraffic, still some advertisers use them in the formof: over-layers, automatic rollovers, sticky ads,interstitials, video.

• Other formats used are:- E-newsletters- Advertorials- Site and section sponsoring- Site branding- Online contests/games- Online sampling campaign, promotions with

temporary dedicated sites etcBlogging is not yet critical for Internet campaigns inRomania due to low coverage/use and also due todifficulties in designing and maintaining suchcampaigns. Some blogs of famous journalists havebegun to include online advertising, and there arepaid professional bloggers who attract small budgetsfor non-conventional online campaigns.There are also contextual advertising formatsavailable based on CPC model, still having a smallshare (less than 1%) of the total online adspend.

Top 20 most visited sites according to trafic.ro (morethan half are news websites):• Download sites: softpedia.com, soft32.com • News: evz.ro, libertatea.ro, hotnews.ro,

gandul.info, 9am.ro, antena3.ro, cotidianul.ro,jurnalul.ro, protv.ro, realitatea.net

• Portals: kappa.ro, rol.ro, acasa.ro, neogen.ro,itbox.ro, roportal.ro

• Entertainment: eastrolog.ro, jucaushii.ro• Dating: sentimente.ro• Lifestyle: eva.ro, • Business/Trading: ghidafaceri.ro, clubafaceri.ro,

okazii.ro, • Sports: gsp.ro, prosport.ro,• Auto/Moto: autovit.ro• E-learning: clopotel.ro• Jobs: ejobs.ro

Consumer insightInternet penetration 36% of population in urban area uses Internet, where24% of them at least once a week according to theInternet Monitor survey of GfK Romania 2006 (all, 15+).

Graph 1: Internet usage frequency

Source: GfK Romania Internet Monitor 2006

The Internet penetration rate in Romania is 23%. Bycontrast, the highest penetration rate in Europe isaround 75% in Sweden and Norway.Concerning the location for Internet usage, “homeaccess” increases vs “access from public places”.


PPllaaccee ffoorr uussiinngg tthhee

IInntteerrnneett

NNaattiioonnaall UUrrbbaann AArreeaa

BBaassee:: 22..772277 iinntteerrnneettuusseerrss


Home 52% 58%

Public places 25% 23%

Office 25% 25%

Friends, relatives 15% 15%

School 10% 9%

University 5% 5%

Mobile phone 3% 2%

Other places 3% 3%

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The Internet users in urban areas spend online some13.8 hours a week. The number is 12.4 hours aweek at national level. These numbers show a 46%increase vs. 2005.

Regarding internet usage purpose: news readersmigrate to the Internet (12 of the top 20 sites arenews sites).


2007 Perspectives

- Main investing categories largely the same as in2006: Telecommunications, Automotive, Bankingand IT/Electronics/Communication. FMCG,tourism and online shops expected to grow.

- Interactivity with the consumer is expected toimprove through special projects based onpromotion, newsletters, etc. Transaction-basedcampaigns will begin to play an important role inusing Internet not only as a branding tool but alsoas a sales outlet.

- Contextual advertising is rapidly expanding- The number of internet publishers and vendors is

expected to continue to grow in 2007- Market and online ad spend monitoring tools to

be designed by joint industry comitees (BRAT –Romanian IFABC, IAB Romania etc)

- Google entrance on Romanian Internet marketwill affect positively online advertising share ofbudgets, while competition between vendors willbe affected by this big entrance in a - still -emerging market.

IInntteerrnneett uussaaggee

ppuurrppoossee

NNaattiioonnaall UUrrbbaann AArreeaa



E-mail 61% 64%

Info about events 49% 50%

Reading news 47% 49%

Chat 46% 47%

Info about jobs 26% 27%

Reading sport news 20% 20%

Interacting withauthorities 18% 19%

Check timetables 13% 14%

Reading forecast 13% 14%

Buying things 9% 9%

Stock exchange info 8% 9%

Banking services 4% 4%

Others 17% 16%

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With an increasing number of Internet and mobilephones users, Romania is on it’s way in the newdigital world. The rapid ascension of “the digitalconsumer” reflected by the Internet penetration(23%), the 82% penetration of mobile telephony(82%) together with an obvious change in lifestylehave caused a decline trend for traditional TVaudience.

New technologies emerge and although net reach isstill small, the trend is sharply on the up. Hence theinterest of advertisers which drives the market andthe media spend. Among digital media channelsSMS/MMS, Bluetooth, Digital TV, mobile content andmobile TV are already here and can be used foradvertising.

SMS/MMS is a widely spread activity for Romanianmobile users. Advertisers use this opportunity soSMS advertising is on the rise, however nomeasurement data is available yet. While privacyprotection is arguable, SMS advertising is used as atactical component especially for “teen” and “youth”brands.

Bluetooth technology enables advertisers to reachcustomers in various traffic areas, such as malls,university campuses and other places. Although thishigh end technology is rapidly expanding, not allusers are aware of its usage and benefits.

Some pioneering campaigns using Bluetoothtechnology proved that the opening rate is good(more than 10%) and according to predictions, thepenetration of Bluetooth enabled mobile phonesshall grow in the following years. Two operators(MVCom and ProxyCast) share this incipient marketwith mobile units that cover certain high traffic areassuch as malls, big stores, university campuses oreven retail chains (Altex).

Digital TV is rapidly expanding in Romania: fouroperators (IPTV, Boom TV, Dolce, UPC) andtargeting new houses areas (Romtelecom’s Dolceservice has the biggest communication budget andthe largest coverage), dealing with some 100.000+customers. The growth rate is expected to skyrocketover the next few years, while analog TV audienceswill decrease. TV-on-Demand has a very low rate ofgrowth.

Mobile content is rapidly gaining momentum: severalbig websites already developed mobile platformsallowing mobile devices to connect and provide

valuable information for mobile users. Depending onthe technology used, these platforms either allowdownloading packages directly form Internet whileothers allow permanent connection where userssimply browse the necessary information byaccessing various WebPages.

Mobile TV is a big challenge for mobile operators,three out of four big mobile operators already havethe service running. Only one of the operators,Orange, has more than 18 TV channels available onmobile devices, while Vodafone has only 7 TVstations. The late entrant, Cosmote, is rapidlyexpanding this service using the top notch I-modetechnology (trademark of NTT DoCoMo, Inc) in orderto catch up with the leaders of the digital ‘race’.

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NEW MEDIA

Romania – Geographical and administrativeorganisation

Romania is the largest country in the Balkans and the13th in Europe, with an area of 238.391 square km(92.043 square miles).

Romania is a Republic, according to the Constitutionof 2003, the president being elected by universalvote every five years for up to two mandates. Thetwo-chamber Parliament, the Senate and theChamber of Deputies, are the people’s supremerepresentative body and the only law-makingauthority. Both chambers hold equal andcomplementary responsibilities. The officiallanguage is Romanian. Since 1st July 2005 -National currency is Romanian RON (1 RON = 10.000 ROL).

Bucharest Municipality is the political andadministrative capital of Romania (1.940.486inhabitants). Other major urban centres are: Iasi,Constanta, Timisoara, Cluj-Napoca, Brasov,Craiova, Galati, Ploiesti and Braila.

PopulationBased on the INS data the population was21.565.119 inhabitants (90.4 inhabitants/square kmand 2.9 persons/household) of which 54.9% in urbanareas and 45.1% in rural areas. The decrease ofaround 6% compared with previous Census (1992)is a result of the population negative natural evolutionand of the migration abroad.

Source: The National Institute of Statistics

Romanian population is composed of Romanians(89.5%), Hungarians (6.6%), Gypsies (2.4%) as wellas Ukrainians, Germans, Serbs, Turks (1.5%).By religion, the population is predominantly Orthodox(86.8%); Romano-Catholics is 4.7%, Reformats -3.2% and other religions - 5.3%.

The population is primarily young, the dominant agegroup being 0-44 y.o. (61.2%).

Graph 1: Population by age – evolution



EmploymentAccording to the data supplied by the NationalInstitute for Statistics, the unemployment rate tendsto decrease.

Graph 2: 2006 Unemployment rate evolution / month


SalaryNet nominal average wage per economy in 2006was 862 RON (about 245€). Compared to 2005, thenet salary was by 16.8% higher.

Graph 3: 2006 Medium net salary evolution / month


LLaabboouurr FFoorrccee 2002 2005

IInnaaccttiivvee ppooppuullaattiioonn 53.8% 54.4%

AAccttiivvee ppooppuullaattiioonn 46.2% 45.6%

Employed 42.4% 42.3%

Unemployed 3.8% 3.3%

LLiiffee eexxppeeccttaannccyy:: 22000055

Total population 71.35 years

Male 67.86 years

Female 75.06 years

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ROMANIA – ECONOMIC LANDSCAPE

ROMANIA – Macro-economical indicatorsExchange rateGraph 4: Average exchange rate evolution

Source: BNR

Foreign investmentsForeign investment reached over 9082 mil Euro inthe 2006 (+74% increased). In 2007 FDI is estimateto decrease with around 25% compared to 2006 (inabsence of major privatizations). The most attractiveeconomical sectors remain like in 2006: Auto,IT/telecommunications and Buildings (green-field).

Graph 5: Foreign investments evolution

Source: The Romanian Agency for Foreign Investments and

The National Bank of Romania

InflationInflation reached 5% in 2006 and was estimated4.3% in 2007. National Commission of Prognosis estimates thenext variations in comparison with the last year: 0.2%- January; 0.5% - February; 0.8% - March; 1.21% -April; 1.41%-May; 1.61% - June; 2.27% - July; 2.27%- August; 2.48% - September; 2.99% - October;3.81% - November; 4.3% - December.

Graph 6: Average inflation curve


Consumption marketIn 2006 was registered an increase of HH spends forconsumption with 110% according “ConsumerTracking Study of GfK Romania – FMCG ROL)In the Drink and Food classes - Juices, InstantCoffee, Fruit Yogurt and Chocolate Tablets/Bars arethe products which registered the highest increase interms of volume in comparison with 2005. In the Non-food class – significant increasing are registered byliquid Toilet Soap, Hair Shampoo, All PurposeCleaners and Detergents.

Investment in advertising vs. in-homeconsumption for FMCGApart from building and distinguishing amongstbrands, in an emerging market as Romania wherethe power of purchase is on an ascending trend, theadvertising spend contributes beyond doubt to anoverall growth for each category advertised.

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January – December 2006: Advertising investments vs. in-home volume of consumption for FastMoving Consumer Goods

Graph 7: Advertising expenditure vs consumption per category

Source: Advertising expenditures – Alfacont; Volume of consumption - GFK Romania

Observation: in analysis were not included brand group and mixed communications (eg. the same spot/layoutfor ground and instant coffee)

The consumption rose significantly for most products, mainly for some drinks and hygienics while few someother food products lessened. As competition is fiercer each year, advertising spend grew skyrocket for certainproducts such as edible oil, mineral water, toothpaste, detergents and shampoo.

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Advertising professional associations promote theinterest of the industry either as a whole or that of acertain domain. They support fair competition,enforce good practice and ethics, implement andmanage research tools as an industry standard andorganise industry events and competitions such asfestivals, seminars, training necessary for a highlyprofessional industry. Initiative Bucharest is an active member of allmajor industry associations: IAA, ARMA, BRAT,ARA and IAB.

International Advertising Association (IAA)

The International Advertising Association is a one-of-a-kind strategic partnership which champions thecommon interests of all the disciplines across the fullspectrum of marketing communications - fromadvertisers to media companies to agencies to directmarketing firms - as well as individual practitioners.

The International Advertising Association has grownfrom a tripartite organization (advertisers, agenciesand media) into a one-of-a-kind strategic partnershipwhich champions the common interests of allenterprises involved in the branding process. TheIAA has become a brand champion because allaspects of responsible commercial communicationswhich contribute to a brand’ reputation need thefreedom to flourish without unwarranted restrictions.

Now, the IAA draws its members on a local, regionalor global scale from enterprises and individuals thatare committed to brand building, and valuecommercial communications as vital to the successof their business.• advertisers • advertising agencies • media companies • corporate communications • marketing research companies • package/label design studios • sales promotion • public relations • interactive marketers and agencies • direct marketers

The IAA is uniquely positioned to intercept emergingcross-border trends before they become obvious,and to provide marketing communicationsprofessionals with an international, multi-industryforum for the global exchange of knowledge, bestpractices, professional development, intelligence,experience and ideas.

The IAA works for the freedom of companies tocompete through responsible commercial speech,and it fights for consumer choice made possible bycommercial speech which informs, inspires andempowers individuals to raise their sights and reachfor the life they want.

IAA Romania was founded in 1993 to serve theinterests of the advertising industry in Romania. Itincludes companies that advertise for their ownproducts/services, media and advertising agencies.Its role is to promote in Romania the internationaladvertising standards and, in order to do this theAssociation has achieved, in the thirteen years sinceits creation, a series of significant actions. As atrilateral forum, IAA provides an exchange ofopinions between members.

On behalf of its members, the IAA is dedicated to:• championing the freedom to advertise

responsibly without unwarranted restrictions inthe overall market, or by specific productcategory;

• fighting for consumers’ freedom to exercise theirright to choose in a free market society;

• continuously developing and implementingprograms designed to raise standards throughleading edge professional development for themarketing communications community of thefuture.

• providing an effective worldwide network for theexchange of local market knowledge,professional skill-set innovations and bestpractices in brand building through a variety ofcommunication platforms, which include a world-class Website.

• becoming the preferred portal/source for bestpractices in brand building communications;

• delivering state-of-the-art professionaldevelopment for the marketing communicationscommunity of the future.

• encouraging the freedom for advertisers andconsumers to engage in the exchange ofpersonal information, based on mutual respect,which delivers added value to the individual;

Membership Advantages:

• global information on critical problems that affectadvertisers and advertising agencies, media andother related specialized services.

• an international network of the marketingcommunications managers, who can connectwith each other for contacts, references.

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PROFESSIONAL ASSOCIATIONS

• contacts with governments and/or otherassociations of the industry, in order to promotethe advertisement’s and the free informationflux’s value, to encourage the practice andacceptance of the advertising self-regulations.

• publications on critical problems. • professional development. • congresses, symposiums and conferences. The

IAA Global Advertising Congress is anAssociation’s biennial summit meeting that wonthe reputation of the world’s greatestcommunication and marketing managers’meeting.

A Board elected in 2007 currently runs the IAA'sRomanian Chapter:

President: Felix T`taru (Managing Director, GMP);Vice-President: Alexandra Olaru (CommunicationsDirector, Unilever SCE);Secretary: Cristina Simion (Managing Director,Edipresse);Treasurer: Cezar Dumitru (Senior Brand Manager,Ursus Breweries);Programme Directors: Narcis Horhoianu (Associate Marketing Director,Procter & Gamble Romania); Dan Petre (ManagingPartner, D& D Research); Afrodita Blasius (Managing Partner, BridgeCommunication); Diana Flutur (Managing Director, OdysseyCommunication); Claudia Iacobu]` (PR Manager, QAB).

Over the last years, the IAA Board undertook fewimportant initiatives to the benefit of the entireindustry:

• EFFIE Awards in Romania. – EFFIE is an annualaward presented to recognize the year’s mosteffective advertising campaigns – campaignsthat have delivered superior results in meetingthe objectives they were designed to achieve.Both RAAA and IAA jointly organized the EFFIEAwards first edition, in 2004, followed by thesecond and third editions in 2005 and 2006.

• The IAA representatives worked together withthe authorities to revise the Audio-visual Law.The proposed amendments have beenpresented to all IAA members, for their input.

• The IAA representatives worked close togetherdifferent advertising norms, such as: product withCNA on putting placement in reality shows, theban of medical endorsements in TVcommercials, rules for advertising andteleshopping, advertising for medicines and

advertising for tobacco and beverages;• IAA organized the “Positioning - Differentiate or

Die” Seminar with the well-reputed Jack Trout asthe main guest;

• IAA started a partnership with the Faculty ofCommunication and Public Relations within theBucharest University;

• The IAA Board issues a regular newsletter for themembers.

• IAA School

- As the Romanian advertising industrydevelopment is far beyond the marketingeducational system capacity of providingprofessionals in this domain, the IAARomania developed the “IAA School” projectin order to build up educational programs forpreparing individuals for the marketingcommunications industry of the 21st century.

- The IAA School has a set of values andstandards, agreed by the entire Romanianadvertising industry and will benefit of theimplication of the specialists and thepractitioners in advertising, for a real trainingof the specialists.

- The educational programs in marketingcommunications meet the IAA’s professionalstandards and will prepare students forglobal marketing communications.

IAA Romania OfficeIAA Romania has its own office space, allocated bythe Bucharest City Hall. The office has almost 500sqm usable space and is located in a representativelocation, in a historical building, situated in thedowntown.The administrative center has offices for the entireIAA team and for the board members officialmeetings, a library and archive for the IAA members.The IAA School courses will be hosted in thislocation.

“How advertising works” bookIAA Romania will publish the “How AdvertisingWorks” book for the Romanian market. The original book “Wie werbung Wirkt” was originallypublished in Vienna in 2001 and it will be adapted forthe Romanian market.The book will be distributed free to the opinionleaders in communication, authorities and incommunication schools but it will also be available inthe bookshops.Source: Irina Iliescu, IAA


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The Romanian Audit Bureau of Circulation(BRAT)

BRAT is a non-profit organization aiming to supplythe advertising industry with accurate information onpress circulation figures and press audience. BRAThas members among the major actors in theadvertising industry e.g. print editors, advertising andmedia agencies and their clients, selling houses.Beside circulation data, BRAT is able to provideadditional data such as press audience studies,outdoor and Internet studies etc. Currently BRAT has211 members: 157 press publishers, 26 advertisingagencies, 5 sales house, 10 advertisers and 13 webpublishers.

The management of BRAT (since 16 March 2007)consists of:• Silviu Ispas (ArboMedia) – President• Arina Ureche – General Manager BRAT • Daniel Secarea – Print Audience Project Manager• Daniel Firez – Circulation Audit Project Manager• Adrian Motirlichie – Internet Project Manager

Board of Directors – members:

• Media agencies: Anca Fieraru (Initiative Media),Laura Dobre (Mindshare), Dan Balotescu (MediaInvestment)

• Magazines: Mirela Iordache (Burda), SzilardMeszaros (Edipresse), Claudiu {erban (RingierRomania)

• Central newspapers: C`t`lin Tolontan(Convergent Media), Monica Popescu (Ziua),Cosmina Noaghea (Publimedia International)

• Local newspapers: Grui]` Ien`[oiu (Solpress),Mihaela Rugina (Viata Libera)

• Free copy: Alex Sandulescu (Bazar Media), • DSA: Marius Gheorghe (Media Investment).• Internet Department: Daniel Dragomir (UPS)

Ongoing projects

a. Circulation AuditThe Audit Certificates include detailed information,on calendar months, regarding the printed copies,the sold copies, the copies given away for free, thecopies sold through barter and the copies returnedfor each audited publication. Starting on the first semester of 1999, thepublications for which the Audit Certificates had beenissued submit a quarterly Circulation Declarationupon own responsibility and under BRAT's authority.The Circulation Declaration includes the most recentcirculation figures, the editors being granted theopportunity to update such declarations monthly.Then the figures are certified by audit during the next

audit period. Through the Declaration, the circulationfigure may be made public before the audit and usedin negotiating the advertising contracts.The use of the Circulation Declaration offers asignificant competitive advantage to the publicationsalready having an Audit Certificate by using, underthe BRAT authority, the circulation figures 8-9months in advance.Based on the Circulation Declaration, the advertisingagencies and the advertisers can build advertisingstrategies and allocate budgets using real circulationfigures. The Circulation Declaration is recognizedinternationally as an instrument through which thepublications' current circulation figure can be madepublic and exploited, being guaranteed that suchfigures are monitored and will be audited forconfirmation shortly.

b. National Readership Survey (SNA)It is carried out in compliance with the internationalstandards. The method used for calculating theaudience data is the Recent Reading Method. Themain indicator is A.I.R. (Average Issue Readership),representing the average number of persons whoread / browse through a copy of a certain publication.SNA includes 229 titles in total: 82 monthlies, 19bimonthlies, 48 weeklies, 69 dailies and 11supplements. The SNA questionnaire includes questions regardingprimary media (press), secondary media (TV, radio,cinema, Internet, outdoor), general mediaconsumption, purchase behavior, buying decisions,socio-demographic data etc.

c. SNA FOCUSBRAT published for the first time the results of thegeneral consumption survey, named SNA FOCUS,in October 2006. SNA FOCUS is a complex studycombining media consumption with products andservices consumption.The products and services consumptionmeasurement is based on methods valid atinternational level, which ensures informationcredibility, standardization, comparability andindependence. Combining circulation data, audiencedata and detailed reader’s profile, BRAT provides acomprehensive description for any print title makingthe planning job easier and more accurate.The survey includes more than 300 productcategories and deliver results for aprox. 3.000brands.BRAT provides the data, based on specializedsoftware, only to subscribers, DSA members.


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Future projects

Internet Audit Department The Internet advertising market evolved rapidly sincea couple of years ago. Although the Internetinvestment in Romania is marginal compared toother media, the annual growth rate is stunning.Given the ascending trend of Internet, anindependent measurement becomes necessary.2007 will be the first year when BRAT will provide tothe market the results regarding the traffic and theaudience of the websites. This will create for BRAT anew stage of development, being the first step for theadvertising industry in Romania to gather all thestrategic information about media in one singlesource.Source: Arina Ureche, BRAT

The Romanian Association for AudienceMeasurement (ARMA)

ARMA's main goal is to provide its members withimpartial, accurate and objective audience data forthe Romanian broadcast media. The Association is mandated by the industry tomonitor the audience measurement research(National Service for TV Audience Measurement –SNMATV) in compliance with the internationalstandards and in full transparence towards market.

Current management is ensured by: Lucia Romaniuc (Pro TV SA) – PresidentBoard of Directors – members: Cristina Florescu(P&G), Anca Molnar (Unilever), Giulia Burlui (Coca-Cola), Mihai Trandafir (Bv McCann), Oana Petroff(MindShare), Mihaela Dumitru (Prima TV), BogdanCernusca (SRTV) and Rares Anita (Antena 1,Antena 3, Euforia TV), Lucia Romaniuc (Pro TV SA).Also attend Board of Directors meetings: Mr. MihailVartosu (Strategic Advisor Grey Group Balkans), Mr.Nicu Laita (Team Advertising) – ARMA TechnicalCommittee President and Costin Juncu –Managing Director ARMA.

Starting 2004 ARMA is the only owner of thecopyright upon the TV audience databases, asresulting from the contract with TNS-AGBInternational SRL on October 20th, 2003. Thecontract was signed after a public tender monitoredby a Parity Commission (5 CNA members, 5representatives of advertising agencies and 5representatives of TV stations) as stated in the Lawno. 504/2002.

In 2005 year, the Association has appointed anindependent auditor, respectively the Centre D’Etude

Des Supports De Publicite (CESP) from France, inorder to conduct an audit regarding SNMATV. Theaudit took place between 5th of October 2005 and 20thof December 2005. The audit concerned theconstruction of the panel, data production and reporting.

The Association members – 2006:

• 32 media&advertising agencies and saleshouse: Initiative Media, Grey/MediaComRomania, Tempo, MindShare, Media Insight,Media Direction, Media Link, Media PlanningGroup, Team Advertising, International MediaShop, International Sport Management,Optimum Media Direction, Zenith Media, Imager,ARBOmedia, McCann, Carat Romania, FCBBucharest, Optimedia, Starcom Media, OdysseyCommunication, Velvet Media, Media-Tique, DBVMedia House, Cable Direct, Splendid Media, CO. GE. P., Media Investment Communications,Media Audits, Brand Connection, C.L.I.R. Media,United Media Services.

• 4 major TV stations: Pro TV, Prima TV, TVR1 and Antena 1.

• 30 smaller TV stations: Acasa TV, TVR 2,TVR Cultural, Realitatea TV, TV Sport,Discovery Channel, Jetix, TV Klumea, MTV,Minimax, National Geographic Channel, TVRomania de Miine, B1 TV, National TV, FavoritTV, N24, OTV, Senso TV, Pro Cinema, EuforiaTV, AXN, U TV, Antena 3, Telesport, Eurosport,Kanal D, Etno TV, Romantica, Sport Klub,Hallmark Channel.

• 10 advertisers: Procter&Gamble, Henkel,Unilever, Nestle, Vodafone, Elite, Danone, Coca-Cola, Colgate-Palmolive, Ursus Breweries.

In March 2005, ARMA General Assembly decided tomodify the Statute in order to permit to the foreignlegal entities to become members of the Association.

In December 2005, ARMA General Assemblydecided to modify the Statute in order to create anew category of members, respective “associatemembers – legal entities”. In this category ofmembers are included all the legal entities which arenot advertising or media agencies, TV stations oradvertisers and which are interested in getting theSNMATV data.

From September 2006 to January 2007,representatives of the Association were members ofCOMPAR (Paritary Committee) in charge with theselection of the National TV Audience MeasurementService (SNMATV) provider starting with January 1st2008 till December 31st 2011.


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The winner of the tender process is the companyGfK Romania which shall provide SNMATV forARMA members starting with January 2008. Thecontract with GfK Romania was signed on February15th 2007. Details about the tender process, thecontractual provisions and about the new SNMATVyou will find on www.arma.org.roSource: Costin Juncu, ARMA

The Romanian Association for RadioAudience Measurement (ARA)

ARA was founded in March 2004.

The management of ARA (since 17 March 2006)consists of:

• Nora Marcovici (Kiss FM) - President• Lacramioara Loghin (Kiss FM) – Executive

Director


• Radio stations: Marius Strambeanu (EuropaFM), Carmen Petcu (SRR), Nora Marcovici (KissFM), Marius Dobre (Pro FM)

• Media agency: Cristi Parvan (Zenith)

ARA members: • 15 Radio stations: SRR, Europa FM, Radio 21,

Pro FM, Kiss FM, Magic FM, Radio Total, RadioGuerrilla, Delta RFI, Radio Romantic, Info Pro,National FM, City FM, Radio Deea, Radio Itsy-Bitsy

• 12 Media&Advertising agencies and saleshouse: Initiative Media, McCann, MediaCom,Starcom Media, MindShare, Media Insight,Zenith Media, Optimedia, Media Investment,Tempo, Team Advertising, Clir Media.

ARA’s main duty is to manage the results of theRadio Audience Survey (SAR) run by IMAS andMercury Research as assigned through a publictender organized by CNA in 2003.SAR is established for four years (2004 - 2007). Itprovides audience measurement for radio stations atnational level, based on a sample of 22.000individuals / year. There are two surveys per year –spring and autumn – with 11.000 interviews each.

Future projects

A new public tender will take place at the beginningof this summer to establish the new researchcompanies which will provide the Radio AudienceSurvey for 2008-2011 period.

ARA’s major goal is to use a different methodology inorder to obtain: an accurate map of radio positioning,a continuous measurement of radio market; trends etc.Source: Lacramioara Loghin, ARA

The Internet Advertising Group Bureau (IAB)

IAB Romania is a professional society, non-governmental organization, apolitical, autonomous,established at the end of 2006, who aims to protectand promote professional interests and investmentsin the online advertising market in Romania, toelaborate industry standards and to create a self -settlement background.IAB is a “must” for the internet advertising market’sself-settlement, as shown by the experience andexamples of other countries. In other markets, IABstandards have led to a thriving level of trust shownby digital market advertisers, and a growth ofinvestments in online advertising as compared toother countries – where implementation of IABstandards has been delayed.IAB Romania is currently working on affiliating to IAB(www.iab.net).

IAB Romania – main objectives:

• promotion of interactive advertising industry;• implementation of international standards on the

national market (dimensions of banners – size inpixels etc), recommendations size of files, actionstaking place within the banner, recommendationsabout pop-up, pop-under and overlayers,standards for counting actions of a campaign etc.

• development and promotion of instructiveprograms for the advertising clients and for thosewho wish to develop publishing projects or onlineservices, for a better understanding and follow ofthe basic guidelines of online advertising

• to conduct and sustain studies about efficiencyand power given by online advertising. Offersdata and analysis – beginning with the universeof internet users and ending with the investmentvalue (rate-card) in this industry, online campaignmeasurement and evaluation methods,indicators of click-rates or conversion rates (lead,action), actions for detecting click fraud (humanor non-human actions, on purpose or not)

• to create and actively promote deontologicalcode of online advertising market in Romania.

• IAB Romania is currently working on affiliating toIAB Europe, and is set to have a direct andextended collaboration with all local orinternational similar associations which havecommon objectives regarding online advertising:IAA, BRAT, RAC, ARMA etc.


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Managing Board of IAB Romania:

Subsequently to the General Agreement on the 23-rd of November 2006, the following Board ofDirectors has been chosen:President: Ovidiu Florea - managing director,Media Investment


Advertising clients and media agencies:Ana-Maria Bogdan - e-Business Director, AltexOana Petroff - Managing Director, MindShare Media(WPP)Cristi Parvan - Research Director, Zenith Media

Web Editors and media sales houses:Mihai Seceleanu - Managing Director, Internet CorpOrlando Nicoara - Managing Director, MediaProInteractivVal Voicu - Managing Partner, AdEvolution 2.0

List of members: Active Soft, Adactive Media,AdEvolution, Altex Impex, ARBOmedia, ArtmediaInsight, Avantaj Net, Barracuda Networks,Convergent Media, Ejobs Group, Ethos, GemiusResearch, HotNews, Imedia Plus Group, InformMedia, InfoTurism Media, Initiative Media, InternetCorp, Ismart V.R. Consulting, Kinecto International,Kondiment Service, LegalNET, MagnetiqueMarketing, Matrix Communications, MaximizeCommunications, Media Insight, Media Investment,MediaPro Interactiv, Media Direction, MetropolisNetwork, Mindshare Media, Netbridge Investments,Next Advertising, New Media Agency,NineSpices.com, OgilvyOne, Online Sport, PublidifIntex (ROM NET), Realmedia Network, RingierRomania, Rol Online Network, Senior Software Development,Splendid Media Interactive, SQUAD Media, StarlinkMedia, Touch Communication & Media, TriumfDoras Prodcom, Vodanet Media, Websens,Webstyler, White Image, Zenith Media.

Source : http://www.iab-romania.ro

The Romanian Advertising Agency Association(RAAA)

RAAA (affiliated to EACA - European Association ofCommunication Agencies) was founded in June2000, setting out to sustain the interests of theadvertising agencies, where the relation with theParliament and the advertisers' community isconcerned. Organizing advertising festivals andcontests (Ad'Or, Effie Awards), seminars, training

sessions and workshops for the employees in theindustry are just a few of its initiatives. Theassociation aims to build a communication platformfor the member agencies that are selected on thebasis of financial and service-providing performance.

RAAA's main objectives are to formulate rulesand regulations governing the activity of agenciesand to help members improve their performancethrough:• Exchanging ideas and projects that can lead to

improved results for member agencies. • Promoting the values of advertising

effectiveness. • Playing an important role as guarantor for the

interests of the advertising business in plannedor contemplated legislation within the area ofinterest to the advertising business.

• Seeking ways of harmonizing procedures,systems, contract and other international issuesto ease business between EU members and withother countries.

• Supporting the principal of self-regulationwherever possible.

• Developing international educationalopportunities.

• Setting up task forces to investigate these andother specific projects and concepts of mutualbenefit to agencies, in particular in emerging freeeconomies.

Maintaining an open forum to discuss further ideasand projects that may be of benefit.

In present - over 35 of advertising and marketingcommunications agencies operating in Romaniaare currently in membership of the RAAA (141Romania, ADDV Euro RSCG, Agency OneMarketing Communication, BAAS Mediaplus,Babel Communications, Brands & Bears, BVMcCann Erickson, CAP,Cohn&Jansen – Ashley, DDB Bucharest,Foote Cone&Belding, FOSS Advertising, GAVScholz&Friends, Gavrila&Asociatii, Genius Advertising,GMP Advertising, Graffiti BBDO, Grey WorldwideRomania, Headvertising, Leo Burnett&Target,Lowe&Partners, Mercury Promotions, NotoriousAdvertising, Ogilvy & Mather, OgilvyOne Romania,Profil Communication Marketing, Prospero, ProximityBucharest, PublicisSaatchi&Saatchi, Scala JWT, Spotlight, TBWA/MERLIN, Tempo Advertising, Violet Advertising,Young&Rubicam/Team Advertising). These agencieshandle more than 80% of all advertising placedby Romanian agencies.

In November 11, 2005 RAAA voted to expand the


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Board of Directors from 4 to 7 members (the decisionwas taken due to the growth of the association and inorder to insure better representation). The next step- RAAA elects a new Board of Directors: Adrian Duraof ADDV Euro RSCG – President, Radu Florescu ofSaatchi & Saatchi - Vice-President, TerezaMunteanu of Young&Rubicam/Team Advertising -Secretary and Victor Dobre of Scala JWThompson -Treasurer. Board Members are SerbanAlexandrescu of Headvertising, Mihail Vartosu ofGrey Group Balkans and Ioana Iordache of LeoBurnett&Target.Source: http://www.raaa.ro

Romanian Advertising Council (RAC - Members of Alliance)

Romanian Advertising Council is a professional, non-governmental, non-profit and independentorganization founded in 1999. It aims to develop theadvertising sector in Romania, to create and develop,within the legal framework, ethical self-regulatorygovernance in advertising in the spirit of faircompetition, to ensure consumers’ protection andgeneral public interest against negative effects ofadvertising.

Members of RAC:• Advertisers: ABN Amro, Altex, Asociatia Berarii

Romani, Beiersdorf, Coca-Cola Company,Colgate-Palmolive, Cosmote, Coty Cosmetics,Danone PDPA, Elite, Glaxosmithkline, Heineken,Henkel, Kraft Foods, Master Foods, Nestle,Ozone Laboratoires, Quadrant - Amroq Berages,Procter&Gamble, Telemobil, Terapia, Unilever,Ursus, Vodafone, Walmark.

• Media: Antena 1, BV McCann Erickson, DoganMedia, Grey/MediaCom, IAA, Lowe&Partners,NetBridge, Pro TV, RAAA, Ringier, ScalaThompson Communication, TBWA Bucharest,Team Advertising.

Current Board: Mihaela Ungar of Colgate Palmolive– President, Adrian Dura of RAAA – Vice-President,Radu Budes of IAA– Member, VolodymyrSemenikhin of Kraft Foods – Member, RoxanaCorha of Nestle – Member, Ecaterina Safarica ofProcter&Gamble – Member, Alexandra Olaru ofUnilever - Treasurer.

Concerns on the fair competition and informationleverage at governmental levels brought severalfocus points for RAC activities:- representation in relation to the state authorities;- effective lobby;- offer fast and effective legislative information in

the advertising field;- create a business environment similar to the

European one, at least in where advertising isconcerned;

- following the obvious trend: self-regulation in thedomain.

Source: http://www.rac.ro


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1. ADVERTISING TAXES• The Health Tax was first stipulated by Law no.467/2002 that modified and completed GovernmentOrdinance no. 22/1992, regarding the financial supportfor health protection. The legal provisions regardingthe taxes borne by the companies commissioningadvertising campaigns for tobacco products, cigarettesand alcoholic beverages stipulated by GovernmentOrdinance no. 22/1992 were in force up to 1th January2007, when they were abrogated by Law 95/2006regarding the reform in the health field, published in theOfficial Journal.

According to article 363 letter c of Law 95/2006, thelegal persons that obtain revenues from advertisingactivities for tobacco products and alcoholic beveragesshall contribute with a quote of 12% from the value ofthe revenues, after the deduction of the VAT. Thiscontribution represents an income to the Public HealthMinister’s budget.

• The Cinema Tax is settled by GovernmentOrdinance no. 39/2005 regarding the cinematography,published in the Official Journal no. 889/09.12.2002and modified by Law 328/2006.

According to article 13 of Government Ordinance no.39/2005, the cinema tax is a contribution of 4% appliedto the value of the advertising minutes bought frompublic and private TV stations and that is added to thisprice.

The cinema tax is due either by the advertising agent,the intermediary company that buys the advertisingminutes or the economical operator that acquires theadvertising minutes. The advertising agent, theintermediary company or the economical operator areobligated to provide the National Centre ofCinematography with a list of all the agreementsconcluded, including their price and the name of theselling agents.

• The Local Advertising Tax is settled by the FiscalCode, valid starting 1st of January 2004, with severalmodifications and completions.

Chapter 6 - The tax for using advertising andpublicity vehicles and material

Art. 270 - The tax for advertising and publicityservices(1) Any person, who benefits from advertising andpublicity services in Romania, based on an agreementor other settlement concluded with another person,

due the tax set by the present article, excepting thoseadvertising and publicity services run through writtenand audio-visual mass-media.(11) The publicity run through written and audio-visualmass-media, in the meaning of the present article,corresponds to the activity of the advertising agents,according to the CAEN classification, which means thepublicity run though newspapers, publications, radio,television and internet. (2) The tax set by the present article, named below thetax for advertising and publicity services shall be paidto the local budget of the administrative-territorial unitwhere these services are performed.(3) The tax for advertising and publicity services iscalculated by applying its % to the value of advertisingand publicity services.4) Its % is set by the local council, between 1% and3%.(5)The value of advertising and publicity servicesincludes any payment, current or future, for advertisingand publicity services, except for the VAT.(6) The tax for advertising and publicity services is paidat the local budget, until the 10th of the next monthfollowing the validation of the contract for advertisingand publicity services.

Art. 271 - The tax for posting with advertising andpublicity goal(1) Any person, who uses a billboard, a poster or aposting structure with advertising and publicity goal, ina public place, owes the payment of the annual tax setby the current article, towards the local budget of thelocal public administration authority where thebillboard, the poster or the posting structure is placed.(2) The value of the tax for posting with advertising andpublicity goal is calculated annually, by multiplying thenumber of square meters or the fraction of the squaremeter of the advertising and publicity posting area bythe amount set by the local council, thus:a) for a poster at the place where the person runs aneconomic activity, the amount is between 0 and 23RON;b) for any other billboard, poster or posting structurefor advertising and publicity, the amount is between 0and 17 RON.(3) The tax for posting with advertising and publicitygoal is calculated based on the number of months orthe fraction of month in a calendar year when theposting is performed.(4) The tax for posting with advertising and publicitygoal is paid annually, in advance or on a quarterlybasis, in four equal instalments, until the 15th of March,June, September and November.(5) Local councils can impose to those individuals who

legislation and taxes

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LEGISLATION AND TAXES

owe the tax for posting with advertising and publicitygoal to give an annual declaration at the specialitydepartment of the local public administration authority.

Art. 272 – Exemptions(1) The tax for advertising and publicity services andthe tax for posting with advertising and publicity goalare not applicable for public institutions, except forthose cases when they promote economic activities.(2) The tax set by the current article, named below thetax for posting with advertising and publicity goal, is notapplicable for a person who rents the billboard, theposter or the posting structure to another person; in thiscase, the tax is paid by the latter. (3) The tax for posting with advertising and publicitygoal is not applicable for those posters, billboards orany other advertising means placed inside buildings.(4) The tax for posting with advertising and publicitygoal is not applicable for the billboards of powerinstallation identification, warning or trafficannouncements and any other public utility andeducational announcements.(5) The tax for advertising and publicity means usageis not applicable for the posting on transport meansthat are not meant for advertising and publicity throughtheir construction.

2. Romanian legal framework on advertising

2.1. Law no. 148/2000 on advertisingThe provisions of Law 148/2000 apply to the content ofadvertising materials and advertising messages,including those broadcasted as part of televisionprogrammes. Law’s purpose is to protect theconsumers from the negative consequences ofmisleading and comparative advertising.According to article 5 of Law 148/2000, advertising isprohibited if:a. it is misleading;b. it is subliminal;c. it prejudices the respect for human dignity andpublic morality;d. it includes discrimination based on race, sex,language, social origin, ethnicity or nationality;e. it is offensive to religious or political beliefs;f. it prejudices honour, dignity and an individual’sprivate life;g. it uses superstitions, credulity or fear of persons;h. it prejudices people’s security or encouragesviolence;i. it encourages prejudicial behaviour to theenvironment;j. it stimulates the trade of goods or servicesproduced or distributed that violate legal provisions.Law defines misleading advertising as anyadvertising that, in any way, including its presentation,misleads or may mislead a person whom it targets or

who comes into contact with the advertising and mayaffect his economic behaviour, harming his interest asa consumer, or that may harm a competitor’s interests.According to article 23 letter b of Law 148/2000, thebreach of this interdiction is considered contraventionand it is sanctioned with a fine from RON 1.500 - RON4.000 Law defines subliminal advertising as anyadvertising that uses too soft stimulus in order to beconsciously perceived, but that can influence theeconomical behaviour of a person. According to article23 letter b of Law 148/2000, the breach of thisinterdiction is considered contravention and it issanctioned with a fine from RON 1.500 - RON 4.000 Law defines comparative advertising as anyadvertising that explicitly or implicitly identifies acompetitor or its goods or services offered.Comparative advertising is prohibited only if at leastone of the following conditions is accomplished:a. the comparison is misleading, in the sense that itmay mislead the person whom it targets or influencehis economic behaviour;b. it compares goods or services with differentdestinations or purposes;c. it does not compare, in an objective way, one ormore essential, relevant, provable or representativefeatures – including price - of goods and services;d. it generates confusion in the market between theadvertiser and a competitor or between trademarks,commercial names or other distinctive signs, goods orservices of the advertiser and those belonging to acompetitor;e. it discredits or denigrates trademarks, commercialnames, other distinctive signs, goods, services or otheractivities or situations of a competitor;f. it compares products with different indications, inthe case of products with a geographical indication;g. it unfairly takes advantage of a trademark’sreputation, of its commercial name or other distinctivesigns of a competitor or the geographical indication ofa competitor’s product;h. it presents goods or services as imitations orcopies of certain goods or services bearing a protectedtrademark or commercial name;i. it violates any other provisions of the Competition

Law no. 21/1996.According to article 23 letter b of Law 148/2000, thebreach of this interdiction is considered contraventionand it is sanctioned with a fine from RON 1.500 - RON4.000 According to article 16 of Law, advertising regardingproducts and services for minor is prohibited in case:a. it contains elements that may cause physical,moral, physical or intellectual damage to minors;b. it indirectly encourages minors to purchaseproducts or services by exploiting their lack of


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experience or credulity;c. it affects the special relationships between minorsand parents or teachers;d. it, unjustifiably, show minors in dangeroussituations.According to article 23, letter a of Law 148/2000, thebreach of this interdiction is considered contraventionand it is sanctioned with a fine from RON 500 - RON1.500.According to Law 148/2000, advertising for drugs orpsychotropic substances is interdicted and the breachof this interdiction is considered contravention and it issanctioned with a fine from RON 1.500 - RON 4.000.

Law 148/2000 also prohibits advertising for any type ofarms, ammunition, explosives and pyrotechnicalmethods and advertising for medical productswherefore a prescription is necessary. The breach ofthis interdiction is considered contravention and it issanctioned with a fine from RON 500 - RON 1.500.According to art. 10 of Law no. 148/2000, as furtheramended and completed, the explicit advertising fortobacco products is prohibited if broadcast in radio andtelevision shows and on travel tickets for publictransportation.

Art. 101 of Law 148/2000 prohibits explicit advertisingfor alcoholic products on thte first and last page orcover of printed materials from the written press andon travel tickets for public transportation.

In addition, any form of advertising of tobacco andalcoholic products in public education institutes and inhealth institutes or at a distance less than 200 metersfrom the entrance thereof, measured on the publicroad is prohibited. Advertising of tobacco and alcoholicproducts is interdicted in publications mainlyaddressed to minors and in theatres before and duringshows targeted to minors.Advertising of tobacco and alcoholic products is alsoprohibited if:a. it is addressed to minors;b. it shows minors consuming such products;c. it suggests that alcoholic and tobacco productshave therapeutical properties or a stimulant, sedativeeffect or means to solve personal problems;d. it provides a negative image on abstinence;e. it evidences the alcohol content of the alcoholicproducts in the purpose of stimulating the consume orit makes a connection between alcohol and driving avehicle;f. does not contain warning inscription, in Romanianlanguage, for the tobacco products.

2.2. Law no. 504/2002 on audio-visualThe general legal framework on advertising is

provided by Law no. 504/2002 on audiovisual, whichsuffered several completions and modifications inorder to reach a form that is compatible with Europeanregulations.

According to article 1 letter h of Law 504/2002,advertising represents any form of messagebroadcasted on basis of a contract with a natural orlegal person, public or private, in return for payment orother benefits, in connection with a trade, business,craft or profession, in order to promote the supply ofgoods or services, including immovable and intangibleproperty or broadcasted for self-promotional purposes.

Advertising must observe the following general terms: a. does not prejudice the physical, psychical or moraldevelopment of minor children;b. does not prejudice human dignity;c. does not include any discrimination form on basisof race, religion, sex, nationality and sexual orientation;d. it is not offensive at the address of religious orpolitical beliefs of on-lookers and listeners;e. does not encourage a conduct that can damagepublic health or safety;f. does not encourage a conduct that can damagethe environment;g. does not encourage a indecent or immoralconduct;h. does not promote directly or indirectly occultpractices.

Advertising may not cause any moral, physical orintellectual damage to minors and must observe thefollowing special terms:a. it must not directly instigate minors to purchase aproduct or service by exploiting their lack of experienceor credulity;b. it must not directly encourage minors to persuadetheir parents or other persons to purchase goods orservices that represent the object of the advertising;c. it must not exploit the special trust that minors haveinto parents, teachers or other persons;d. it must not unjustifiably show minors in dangeroussituations.

As regards advertising, Law 504/2002 prohibits thefollowing:a. advertising that harm the legal interest of theconsumers;b. any form of advertising for cigarettes or othertobacco products;c. advertising for medical products and medicaltreatments wherefore a prescription is necessary.

Advertising for alcoholic beverages must observe thefollowing terms:


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a. not to be addressed to minor children or showminors consuming alcoholic beverages;b. not to establish a link between the alcoholconsume and the improving of physical and psychicalqualities or the capacity of driving vehicles;c. not to create the impression that through theconsume of alcohol, social or sexual performances canbe obtained;d. not to suggest the idea that alcohol has therapeuticqualities or that it is a stimulant, sedative or a means tosolve personal problems;e. not to encourage the exaggerated consume ofalcohol or set in a negative light the refrain from theconsume or moderate consume of alcohol beverage;f. not to indicate that a high degree in alcoholrepresents a quality of beverages.

2.3. National Audiovisual Council’s Decision no.187/2006 concerning the regulation of the contentof audiovisual programme services

Up to 2006, the advertising activities were regulated bythe following NAC decisions:1. Decision no. 254/2004 concerning advertising,sponsorship and teleshopping, published in the OfficialJournal, Part I, no. 668/26.07.2004;2. Decision no. 519/2005 concerning the assurance ofa correct information and pluralism, published in theOfficial Journal, Part I, no. 888/04.10.2005.

In 2006, both of those NAC Decisions have beenabrogated by Decision no. 130/2006 regarding theRegulation Code of the Audiovisual Content, publishedin the Official Journal no. 250/20.03.2006.

On the 14th of April 2006, Decision no. 130/2006 wasabrogated by Decision no. 187/2006 regarding theRegulation Code of the Audiovisual Content, publishedin the Official Journal no. 338/14.04.2006.

At present, the advertising activities are regulated bythe above mentioned Regulation Code of theAudiovisual Content, which has been modified by theNAC Decision no. 194/2007, published in the OfficialJournal, Part I, no. 152/02.03.2007.

Hereinafter, we shall present the articles from theRegulation Code concerning the sponsorship,advertising and teleshopping activities:

Title VII Sponsorship, advertising, teleshopping

Chapter 1 - SponsorshipArt. 102. (1) Sponsorship means the participation of a natural orlegal person, not engaged in radio or televisionbroadcasting activities or in the production of audio-

visual works, in the direct or indirect financing of aprogramme with a view to promoting their name, trademark, image, activities or products.(2) The content and scheduling of a sponsorshipprogramme must not be influenced by the sponsor soas to affect the editorial independence of the radio-broadcaster.(3) Sponsored programmes shall not urge to selling,buying or renting the sponsor’s or a third party’sproducts or services, especially through promotional orcommercial references, to these products or services,made during these sponsored programmes.(4) Sponsorship shall be clearly separated byadvertising; sponsorship notices shall not containadvertising messages. (5) When a reference to the sponsor of the programmeis contained in a promotional notice, the reference shallbe short and minor.(6)The sponsorship notice shall not contain anyconnection with the advertising for the sponsor’sservices and products.

Art. 103.(1) News or political debates programmes can not besponsored; the whole programme service can not besponsored.(2) Audiovisual programmes can not be sponsored bynatural or legal persons whose main activity is themanufacturing or trading of products or the providing ofservices whose advertising is forbidden.(3) The sponsoring of programmes by natural or legalpersons whose activities include the manufacturing ortrading of medical products or medical treatments maybe performed only by promoting the name or image ofthe respective person.

Art. 104.Between 6.00 – 22.00 hours it is prohibited tobroadcast programmes sponsored by companieswhose names or trademarks are identical to the nameor trademark of an alcoholic beverage.

Art. 105.(1) In case of programmes destined to children, thereshall not be perceived any connection between thename, trademark or image of the sponsor and thename of the programme.(2) The programmes destined to children may not besponsored by natural or legal persons whose activitiesinclude the manufacturing or trading of medicalproducts, medical treatments or food supplements.(3) The programmes destined to children may not besponsored by natural or legal persons who organizegames and contests prohibited for children.

Art. 106.(1) Each time a programme is sponsored, this shall be


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clearly identifiable by the public, within the credit titlesat the beginning and/or the end of the programme.(2) Within sponsored programmes with a duration ofmore than 30 minutes, excepting sports transmissions,the name, trademark and logo of the sponsor or thename or image of a representative product shall bebroadcast for maximum 60 seconds of the wholeprogramme duration, without making any commercialreference or connection to the advertising for thesponsor’s products or services; in the case ofprogrammes with a duration of less than 30 minutes,the maximum broadcasting time is 30 seconds.

Chapter 2 - Advertising and teleshoppingSection 1General provisions

Art. 107.Advertising and teleshopping shall serve the interest ofthe public, by observing the rules of fair informationand competition.

Art. 108.Any form of promotion of products or services, whichsuggest or incite the public to renounce similarproducts or services, motivating that the latest becomeuseless or inadequate, is prohibited.

Art. 109.(1) Advertising that suggests the public to renouncefruits, vegetables or natural foods is prohibited.(2) Advertising and teleshopping for consumer goodsinvoking medical approvals or recommendations isprohibited; hygiene products are excepted.(3) Advertising and teleshopping for hygiene products,featuring doctors and medical practices, areprohibited.

Note: Article 109 par. 3 shall come into force onSeptember 15, 2007

Art. 110.Comparative advertising is possible only by observingthe provisions of Advertising Law no. 148/2000, withthe subsequent alterations and completions.

Art. 111.The duration of advertising and teleshopping does notconstitute a reason for justifying the circumventing ofthe obligations to inform correctly the public on thepromoted goods or services.

Art. 112.(1) It is prohibited to broadcast programmes, otherthan teleshopping, which present goods or servicesthat are clearly identified, or that may be identified by

the public by their trade mark, producer or specificmarketing; these restrictions do not refer to the namesof companies that produce goods or provide services.(2) Programmes on cultural products and services orthose dedicated to education are exempted from theprovisions of paragraph (1).(3) Programmes on automobiles and IT products areexempted from the provisions of paragraph (1) oncondition of presenting several products of the sametype, within the same programme, for informationpurpose.

Art. 113. (1) It is prohibited to present the qualities, others thantrademark and price, of products or services offered asprizes in quiz shows.(2) Cultural products and services are exempted fromthe provisions of paragraph (1).

Art. 114. (1) The information presented by advertising spots orby teleshopping programmes shall not mislead thepublic, directly or by omission, in the followingrespects:a) the characteristics of the product, especially thenature, identity, features, composition, quantity,durability, origin or source, as well as the methods ofmanufacturing or production;b) presentation of effects or qualities the productdoes not effectively have;c) the price or tariff ; these shall be presented in full,including the value added tax (VAT) and allsupplementary taxes related to final purchase;(d) the conditions of product distribution or servicesupply.(e) the suggestion that the product holds specialcharacteristics, while in reality all similar products holdsuch characteristics.(2) Any information or warning broadcast as videotextshall be presented static and legible and shall havesufficient duration, to be clearly understood by theviewers.

Art. 115. Advertising or teleshopping related to a special offershall indicate, clearly and non-equivocally, the datewhen the offer ceases or, if case be, the fact that thespecial offer is limited to the available services or stockof goods. If the special offer is not yet started, thestarting date of the period during which the specialprice or other specific conditions are applied shall beindicated clearly and non-equivocally.

Art.116.(1) The broadcast of advertising and teleshoppingfeaturing news presenters is prohibited.


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(2) The broadcast of announcements of public interestand charitable appeals promoting products andservices is prohibited.

Art. 117.(1) The advertising package shall be clearly separatedfrom the rest of the audiovisual programme, in soundand image, by neutral advertising screens.(2) Within an advertising package only onepromotional package may be broadcast.(3) In the case of advertising spots using characters,backgrounds or situations from broadcastprogrammes, besides the separation conditionsforeseen in paragraph (1), the mention “Advertising”shall be inserted during the whole duration of the spot.

Art. 118. During football games, the broadcasters maybroadcast advertising mini-spots while observing thefollowing conditions:a) the mini-spots duration shall not surpass 10seconds;b) maximum two mini-spots per each half of thegame;c) these shall be inserted in the natural breaks in thegame;d) during its whole duration, the advertising shall beaccompanied by a visible warning sign consisting of acapital letter “P” in a transparent circle, placed in theright lower part of the screen.

Art. 119.During sports competitions, the broadcasters maytransmit advertising logos while observing thefollowing conditions:a) the logo shall be inserted only duringannouncements on the replacement of a player or onthe score;b) the insertion duration shall not surpass 10seconds, and the total broadcast duration shall notsurpass 2 minutes of the whole transmission;c) the logo shall be placed above or under the areawhere the information specified in letter a) is broadcastand shall not exceed the dimensions of this area.

Art. 120.Within television programme services, isolatedadvertising spots shall be broadcast only when thepauses available for inserting spots between thefragments of a program, such as the breaks betweenthe rounds of a box or tennis match, are very short.

Art. 121. (1) By way of exception, within television programmeservices, two isolated advertising spots can bebroadcast between 20.00 – 06.00 hrs in other

situations than those under art. 120.(2) In case of advertising for alcoholic beverages, theisolated advertising spot shall be broadcast onlybetween 23.00 – 6.00 hours.

Art. 122.The isolated advertising spot shall observe thefollowing conditions: a) the spot duration shall not surpass 30 seconds;b) during the whole duration of its broadcast it shall beaccompanied by a visible warning sign consisting of acapital letter “P” in a transparent circle, placed in thelower right part of the screen.

Art. 123. Abrogated

Art. 124.In case of live transmissions, the advertising shall notaffect the integrity of the respective programmes.

Art. 125.Products and services placement is allowed inaudiovisual programmes only during films and series,by observing the following conditions: a) it should naturally fit into the audiovisualproduction;b) overdue visibility shall not be given to the productor the service, such as the mentioning of the trademark of a product or its presentation in close-up orfrom an angle that allows full view of the trade mark.

Section 2Advertisement for alcohol

Art. 126.(1) Any form of advertisement for distilled alcoholicdrinks is prohibited within television programmeservices between 6.00 – 22.00 hours.(2) Any form of advertisement for distilled alcoholicdrinks is prohibited in radio broadcasting programmeservices between the following hours:a) 6.00 – 8.00 and 10.00 – 22.00, from Monday toFriday;b) 6.00 – 22.00, on Saturday and Sunday.

Art. 127. For the purpose of the present Code, the distilledalcoholic drinks are those defined by the Order no.268/441/117 of April 10, 2003, of the Ministry ofAgriculture, Nourishment and Forests, the Ministry ofHealth and Family and the President of the NationalAuthority for Consumers Protection published in theOfficial Journal of Romania, Part I, no. 573 of August11, 2003, with the subsequent alterations.


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Art. 128.The broadcast of advertisement for alcoholic drinksthat promote violent, aggressive or antisocialbehaviour or attitudes is prohibited.

Art. 129.The broadcast of advertising spots for alcoholic drinksfeaturing minors is prohibited.

Art. 130.It is prohibited to broadcast promotionalannouncements or competitions that includereferences to the name or trademark of a distilledalcoholic beverage; within competitions it is prohibitedto offer prizes sponsored by companies producingsuch beverages.

Art. 131.The broadcast of sports transmissions sponsored byalcoholic beverages producers may be broadcast onlybetween 23.00 – 6.00.

Art. 132.Sports events taking place on the territory of Romaniawhich do not respect the provisions of the Law no.148/2000, with its subsequent alterations andcompletions, concerning tobacco products andalcoholic beverages shall not be broadcast bybroadcasters licensed in Romania.

Art. 133. In advertising spots for alcoholic beverages the use ofcharacters, scenery or situations from the broadcastprogrammes is forbidden.

Art. 134.The advertising packages that promote products ofdistilled alcohol shall end with the audio and visualwarning “Excessive consumption of alcohol seriouslydamages health”.

Section 3Advertising for foods

Art. 135.Advertising for food shall observe the followingrequirements:a) it shall not encourage excessive consumptionof food;b) precise affirmations regarding nutrition (forinstance, the effects of vitamin C) or health (forinstance “it promotes healthy digestion”) shall rely onsolid scientific facts and shall not create deceptiveideas regarding nutrition or healthy benefits of the food.

Art. 136.In case the advertising for juices and soft drinks isillustrated with fruits and/or vegetables, the quantity offruits and/or vegetables shall be precised inpercentages

Art. 137.(1) In case only fruits or vegetables flavours are used forthe food manufacturing, it is prohibited to use images,drawings or any other form of representing fruits and/orplant parts.(2) In case fruits or vegetables flavours are usedexclusively, this fact shall be mentioned in theadvertising spots, verbally and in writing, with thesyntagm „with taste of…” or, by case, „with flavour of…”

Art. 138.(1) Foods and food supplements shall not be ascribedcharacteristics of prevention, treatment or healing ofdiseases and no such characteristics shall be referred to.(2) Foods shall not be ascribed characteristics thatthey do not hold.(3) Advertising for foods intended to children shall notpresent celebrities, personalities, medical practitioners,popular characters, such as those of cartoons, fairy-tales, stories and similar contexts; advertising fornatural foods is excepted.(4) Advertising for foods shall not use nonfoodsintended for children, such as toys, stickers, andsimilar ones.(5) Between 06.00 – 22.00 hours, during each givenhour, one of the advertising packages shall end withthe following warning: “For your health, avoidexcessive consumption of salt, sugar and fat.Note: Article 138 par. 4 shall come into force onSeptember 15, 2007 and article 138 par. 3 shall comeinto force on 1 January 2008.

Section 4Advertising for medicinal products

Art. 139.Any form of promotion, within the broadcastingservices, intended to stimulate the distribution,consumption or sale of medicinal products andmedical treatments shall be considered audiovisualadvertising for medicinal products and medicaltreatments.

Art. 140.(1) Advertising and teleshopping are permitted only inthe case of medicinal products and medical treatmentsavailable without medical prescription.(2) The ads shall warn the public about the possiblyharmful content of the products that are availablewithout medical prescription.


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Art. 141.Advertising and teleshopping of medicinal productscontaining psychotropic or narcotic substances, withinthe meaning of the international conventions, areprohibited.

Art. 142.Advertising of medicinal products shall encourage therational use of the medicinal products, by presentingthem objectively, without exaggerating theirtherapeutically properties.

Art. 143.(1) The promotion of medicinal products within theaudiovisual broadcasting programmes shall includethe following:a) the name of the product;b) the common name, in case the product contains aunique active ingredient;c) the therapeutic indication (the affections for whichthe medicinal product is used);d) the warning: “This product may be purchasedwithout medical prescription. Read the prospectcarefully.”(2) By derogation from the provisions of letter d) of theprevious par., the advertising for medicinal productsbroadcast as reminder, shall include the warning: “It isrecommended to read the prospect carefully.”(3) To the sense of the present decision, remindermeans an advertising spot that cumulatively meansthe following requirements:a) it is a part, continuation and/or completion of thesame advertising campaign for a certain medicinalproduct, produced within the same programmeservice;b) it reminds to the audience elements of themessage presented in the main spot of the advertisingcampaign;c) it has a duration no longer than 10 seconds.(4) The warnings mentioned in paragraph (1), letter d)and paragraph (2) shall be broadcast by observing thefollowing requirements:a) in case of the main advertising spot the text shallbe presented at the end, audio and visual, lasting atleast 6 seconds;b) in case of the reminder, the text shall be presentedduring the broadcasting of the spot so as to ensure aclear perception of the message.

Art. 144.(1) The broadcast of advertising and teleshopping formedicinal products, vitamins, food supplements,nutrients, dietary supplements and medical treatmentspresented or recommended by personalities of thepublic, cultural, scientific or sports life or by otherpersons who, through their celebrity, may encourage

the use of such medicinal products or treatments isprohibited.(2) The broadcast of advertising and teleshoppingfeaturing medical practitioners or pharmacists whorecommend or express medical assent to foodsintended for children, medicinal products, medicaltreatments, vitamins, food supplements, nutrients ordietary supplements is prohibited.(3) The broadcast of advertising and teleshopping formedicinal products, vitamins, food supplements,nutrients, dietary supplements and medical treatmentsis prohibited if the presentations containrecommendations or agreements issued by medicalassociations.

Art. 145.(1) Advertising messages for medicinal products ormedical treatments shall not be directed to personsunder the age of 16.(2) The broadcast of advertising for medicinalproducts, vitamins, food supplements, nutrients,dietary supplements and medical treatments within theprogrammes dedicated to children or in the advertisingwindows preceding or following such programmes isprohibited.(3) Sponsorship of audiovisual programmes dedicatedto children by producers and distributors of medicinalproducts, vitamins, food supplements, nutrients,dietary supplements and medical treatments isprohibited.(4) Advertising and teleshopping for products andtreatments curing sexual dysfunction or sexualproblems or for breast boost shall be broadcast onlybetween 22.00 – 6.00 hours, and shall beaccompanied by warning stating that these productsare not intended for children.

Art. 146.(1) The broadcast of advertising and teleshopping isprohibited in case of:a) products for the treatment of alcoholism;b) clinical treatments for hair loss;c) hypnosis, hypnosis therapy, psychology,psychoanalysis or psychiatry;d) medicinal products whose cost is compensated.(2) Within advertising or teleshopping it is prohibited tomention therapeutic indications referring to diseasessuch as:a) tuberculosis;b) sexually transmitted diseases;c) other serous infectious diseases;d) cancer and other tumours;e) chronic insomnia;f) diabetes and other metabolic illnesses.

Art. 147.Advertising for medicinal products shall not contain anystatement which:a) shall give the impression that a medicalconsultation or surgical operation is unnecessary, inparticular by offering a diagnosis or by suggestingtreatment by mail;b) shall suggest that the effects of the medicine areguaranteed, are unaccompanied by side effects or arebetter than, or equivalent to, those of another treatmentor medicinal product;c) shall suggest that taking the medicine canenhance the health of the subject;d) shall suggest that the health of the subject could beaffected by not taking the medicine; this prohibitionshall not apply to the vaccination campaigns supportedby the pharmaceutical industry and approved by theMinistry of Health;e) shall suggest that the medicinal product is food, acosmetic product or another consumer good;f) shall suggest that the safety or efficacy of themedicinal product is due to the fact that it is natural;g) could, by the description or detailed representationof a case history or symptoms, lead to erroneous self-diagnosis;h) shall suggest, in improper or misleading terms,recovery;i) shall use, in improper, alarming or misleadingterms, images, pictorial representations or photosshowing changes in the human body caused bydisease or injury, or by the action of a medicinalproduct on the human body or parts of it;j) shall underline that the respective medicinalproduct is authorized by the National Agency ofMedicine.

Art. 148. (1) The broadcast of advertising and teleshopping ofnatural products and treatments that are notaccompanied by written and audio warning isprohibited, as the case may be:a) “product not certified by medical practice”;b) “method not certified by medical practice”.(2) In case the natural products and treatments aremedically verified, the Romanian Medical Practitioners’College shall certify.(3) The warning foreseen in paragraph (1) shall beplaced at the end of the advertising message.

Art. 149. Advertising and teleshopping for homeopathicmedicinal products and treatments are permitted onlyfor those products and treatments certified by theMinistry of Health or by the Romanian MedicalPractitioners’ College.

Art. 150.The broadcast of programmes or teleshoppingpresenting cases of cure of serious illnesses by usingconventional or unconventional treatments, in case themedical diagnosis and its attesting documents are notcertified by the Romanian Medical Practitioners’College or if no representative of this body is present inthe programme or teleshopping, to medically certify theresults, is prohibited.

Art. 150.(1) The broadcast of advertising and teleshoppingsuggesting that it is necessary for everyone tosupplement their diet with vitamins and minerals orthose supplements can better physical or mentalfunctions that are normally good is prohibited.(2) The promotion of food supplements, dietarysupplements, vitamins and nutrients within theaudiovisual radio and television programmes shallinclude, compulsorily, the following warning: “This is afood supplement. Read the prospect carefully.”(3) The minimum duration of the warning mentioned atpar. (2) shall be of 3 seconds, and shall be broadcastat the end of the advertising spot; on televisionchannels the warning shall be presented in sound andimage.(4) In the case of the reminder, the text foreseen in par.(2) shall be presented during the broadcasting of theadvertising spot, to ensure a clear perception of themessage.

Art. 152.Audiovisual programmes, advertising andteleshopping dedicated to weight loss and controlproducts and treatments without therapeuticindications shall observe the following requirements:a) there is trustworthy scientific evidence for anystatement on the benefice effects of the products ortreatments;b) where specific amounts of weight are claimed tohave been lost by individuals the period over which theloss was achieved must be stated;c) the amount of weight loss and the period overwhich it took place should be compatible with generallyaccepted good medical and dietary practice and notrefer to unrepresentative properties of the product ormedical service being offered;d) for low-calorie foods and drinks, if presented aspart of slimming regimes, it must be stated that theproduct leads to weight loss only as part of acalorie/energy control diet;e) specially formulated products intended for use incalorie restriction diets, products, which, according tothe producer’s instructions, totally or partially replacethe daily diet, shall be promoted under the name “totaldiet replacement for weight loss” or “partial dietreplacement for weight loss”;


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f) for low-calorie foods and drinks, no reference shallbe made to the rate or amount of weight loss as a resultof the use of those products, or regarding the reductionin the sensation of hunger or the increase in thesensation of satiety.

Art. 153.(1) The promotion or presentation of products andtreatments for slimming or weight control must includethe written and audio warning, with duration of at least5 seconds, “consult your doctor before starting thediet”; diet must be presented or promoted only as ashort-term measure.(2) Testimonials or specific case histories justifying thediet are forbidden.

Art. 154.Advertising and teleshopping for any kind of product ortreatment for weight loss or control shall observe thefollowing requirements:a) they shall not be directed to people under 18 andshall warn the public on this aspect by means of awritten and/or audio insertion;b) they shall not be broadcast within the programmesdirected to children or the advertising breaks precedingor following such programmes;c) they shall not be directly addressed to obesepersons, shall not include case histories, wherepersons that were obese before using the advertisedproducts or services speak about or present;d) they shall not suggest or state that beingunderweight is adequate or desirable.

Section 5Political Advertising and Advertising regarding thepracticing of certain professions

Art. 155. (1) For the purpose of the present cod, the advertisingspots that promote a party, a politician or a politicalmessage are considered political advertising.(2) Political advertising is prohibited, except duringelections campaigns.

Art. 156. (1) Advertising for public notaries offices or for any formof practice of the legal profession is prohibited.(2) Advertising for executors and judicial experts isprohibited.

Art. 157.(1) Active members of the Bar are not allowed toproduce or to moderate programmes dealing with legalcases still under investigation or in Court.(2) The participation and the interventions of lawyers inaudiovisual programmes dealing with legal cases stillunder investigation or in Court (cases in which these

lawyers are hired) shall observe the professionalnorms of barristers.

Art. 158.(1) Any form of advertising for private or publicproviders of public medical services is prohibited.(2) The participation and the interventions of doctors inprogrammes on medical themes shall observe thedeontological principles of the Medical DeontologyCode adopted by the Medical Practitioners’ College inRomania.(3) Drugs that may be identified by mark or commercialname, medical treatments, and public and privatemedical consulting rooms providing public servicesshall not be recommended during audiovisualprogrammes on medical themes.

Section 6Teleshopping programmes

Art. 159.(1) The teleshopping programme consists ofbroadcasting to the public direct selling offers regardingthe supply of certain goods in return for payment,goods that are available only by means of a remotecontract.(2) Within the meaning of the present Code, by remotecontract is meant a contract concluded between atrader and a consumer intended for the provision ofproducts or services, within a trade system organisedby the trader, that uses exclusively, before and uponconclusion of the abovementioned contract, one ormore distance communication techniques.(3) The offers broadcast shall abide by the provisionsof the Government Ordinance no. 130/2000,concerning the legal status of remote contracts,adopted and modified by Law no. 51/2003 and of theGovernment Ordinance no. 85/2004 on consumerprotection for the conclusion and development ofremote contracts on financial services, approved withits modifications by Law no. 399/2004.

Art. 160.(1) Teleshopping programmes shall be readilyidentifiable as such and clearly separated from otheraudiovisual programmes by means of neutral opticaland acoustic windows. (2) The teleshopping programme shall not contain andwill not be interrupted by advertising spots.

Art. 161.The provisions of art. 160 shall not apply to programmeservices exclusively dedicated to teleshopping.

Details of these regulations can be consulted on www.cna.ro.


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FoundationThe National Audiovisual Council was founded in1992 (under the stipulations of the Audiovisual Lawno. 48/1992, abrogated in 2002 by Law 504/2002and completed by Law 402/2003) in order to providea legal framework for setting and maintaining acompetitive and free audiovisual market in theRomania.

Role and missionThe National Audio-Visual Council (NAC) is a public,autonomous authority, under the control of theParliament. Its role, established by law, is to protectthe public interest in the field of audio-visualcommunication, under the conditions provided byAudiovisual Law no. 504/2002, published in theOfficial Journal no. 534 of July 22, 2002.

The National Audio-Visual Council (NAC) is the onlyregulatory authority in the field of audio-visualprogram services in the terms of and by observingthe provisions of Audiovisual Law.

The National Audio-Visual Council (NAC) has dutieswhere the broadcast licensing, the content and theadvertising are concerned: • the observance of a pluralist expression of ideas

and opinions in the program services transmittedby radio broadcasters under the Romanianjurisdiction;

• ensures pluralism of information sources of thepublic;

• favors of free competition in the broadcastingfield;

• a fair balance between the national andlocal/regional or thematic broadcasting services;

• ensures protection of human dignity and of minorchildren;

• ensures protection of the Romanian culture andlanguage, as well as of the culture and languagesof ethnic minorities;

• ensures transparency of mass communicationmeans from the audio-visual sector;

• ensures transparency of its own activities.

CompetencesThe Council has the following competences:• to establish the conditions, procedure and criteria

for the granting of audio-visual licenses;• to establish the procedure for the granting of the

retransmission authorisation;• to issue audio-visual licenses and retransmission

authorisations for the operating of radio and TVprogramme services and to issue the audio-

visual authorisation decisions;• to issue regulatory normative decisions, in order

to accomplish its attributions;• to draw up instructions and issue

recommendations for the development of theactivities in the field of audio-visualcommunication.

The Council is authorised to request and receivefrom radio-broadcasters and distributors of audio-visual programme services any necessary data,information and documents in order to accomplish itsattributions, having the obligation to keep theconfidentiality of the data that are not of public nature.

The Council issues decisions, instructions andrecommendations in the presence of at least 8members and with the vote of at least 6 members, inorder to fulfil its functions and attributions.

The Council’s decisions with a regulatorycharacter, including their motivation, shall bepublished in the Official Journal of Romania, Part I.The other decisions, including their motivation, aswell as the instructions and the recommendationsissued by the Council shall be made public.

The documents with a regulatory character, issuedby the Council, can be contested in theadministrative contentious court by any personestimating himself/herself prejudiced by them.

Decisions with individual character are communicatedto the interested parties and come into force on thedate of their communication, if not otherwise foreseen.

The Members of the CouncilThe Council is made up of 11 members. The NACmembers are assigned by the Parliament, on requestof the Senate (3 members), the Chamber of Deputies(3 members), the President of Romania (2members), the Government (3 members).

The current members of the National AudiovisualCouncil are:• Ralu Filip - appointed by the Chambers of

Deputies for the 2001-2008 period, appointedPresident of NAC for the 2002-2008 period;

• Attila Gasparik - appointed by the Senate for the2006-2012 period, elected vice-president by theother members of NAC;

• Constantin Dutu - appointed by the Chambers ofDeputies for the 2006 – 2012 period;

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THE NATIONAL AUDIO-VISUAL COUNCIL (NAC)

• Dan Grigore - appointed by the Government for the 2006 - 2012 period;• Ioan Onisei - appointed by the Chambers of Deputies for the 2006 - 2012 period;• Rasvan Popescu - appointed by Senate for the 2006 - 2012 period;• Radu Teodorel - appointed by the Government for the 2003 - 2008 period;• Gelu Marian Trandafir – appointed by the Presidency for the 2006 - 2012 period;• Cristina Trepcea - appointed by the Government for the 2002-2008 period;• Emanuel Valeriu - appointed by the Presidency for the 2001-2008 period;• Grigore Zanc - appointed by Senate for the 2004-2010 period.

Sadly, the President of the National Audiovisual Council, Ralu Filip, passed away suddenly in May 2007. AttilaGasparik became the Interim President of NAC.

The list of broadcasting licenses issued by NAC for the main TV and Radio stations:

TV LICENCES

TTVV SSTTAATTIIOONN LLIICCEENNCCEESS // CCIITTYY LLIICCEENNCCEE OOWWNNEERR SSHHAARREEHHOOLLDDEERRSS

PRO TV

Alba Iulia, Alexandria, Arad, Bacau, Baia Mare,

Bistrita, Brasov, Bucharest, Buzau, Cluj-

Napoca, Campina, Constanta, Deva, Focsani,

Galati, Gheorgheni, Iasi, Miercurea Ciuc,

Novaci, Oradea, Piatra Neamt, Pitesti, Ploiesti,

Satu Mare, Sibiu, Sighisoara,Sinaia, Slatina,

Targoviste, Targu Mures, Timisoara, Turda,

Zalau.

SC PRO TV SA

- CME Romania BV (Olanda) – 90.1057%;

- Adrian Sârbu – 4.7857 %;

- Rootland Trading Ltd (Cipru) – 4.9485%;

- Grigoruta Roxana Dorina – 0.08%;

- Petrovici Liana – 0.08%.

ACASA TV Bucharest SC PRO TV SA


- Adrian Sârbu – 9.8135%;




BUSINESS CLUB Bucharest SC PRO TV SA






PRO TV INTERNATIONAL Bucharest SC PRO TV SA




- Grigoruta Roxana Dorina - 0.08%;


PRO CINEMA Bucharest SC PRO TV SA






INFO SPORT Bucharest SC PRO TV SA






KANAL D Bucharest S.C. DOGAN MEDIA INTERNATIONAL S.A.

- Dogan Media International GMBH (Germania)

– 96%;

- Milliyet Verlags-Und Handels GMBH

(Germania) – 1%;

- Enteralle Handels GMBH (Germania) – 1%;

- Yasar Begumhan Dogan Faralyali – 1%;

- Mehmet Ali Yalcindag – 1%.

TELESPORT Bucharest S.C. TELESPORT INTERMEDIA SRL

- Sandi Oana Monica – 35%;

- Negoescu Gabriela Aurora – 30%;

- Nicolau Hora]iu – 20%;

- Chimoiu Claudiu Marin – 15%.

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ANTENA

Alba Iulia, Alexandria, Arad, Bacau, Baia Mare,

Botosani, Braila, Brasov, Buzau, Bucharest,

Calarasi, Cluj-Napoca, Constanta, Craiova,

Deva, Galati, Giurgiu, Hunedoara, Iasi,

Medgidia,Medias, Miercurea Ciuc, Oradea,

Pitesti, Ploiesti, Ramnicu Valcea, Sfantu

Gheorghe, Sibiu, Sinaia, Slobozia, Suceava,

Targoviste, Targu Jiu, Targu Mures, Topolog,

Tulcea, Vaslui.

S.C. TV ANTENA 1 S.A.

- Voiculescu Camelia Rodica – 40.491%;

- Voiculescu Corina Mirela – 35.491%;

- Lazar Mihai – 10%;

- Anca Raluca Gheorghe – 5%;

- Funda]ia Umanist` Dan Voiculescu – 4.532%;

- Grivco SA – 4.476%;

- Tipografia Intact SA – 0.004%;

- Sangold (Omi) Distributie SA – 0.004%.

ANTENA 3

News&Current Affairs Bucharest SC ANTENA 3 SA

- Voiculescu Corina Mirela – 48%;

- Oancea Sorin – 25%;

- Voiculescu Camelia Rodica – 21%;

- Funda]ia Umanist` Dan Voiculescu – 5%;

- Compania pentru Cercet`ri Aplicative [i

Investi]ii SA – 1%.

EUFORIA LIFESTYLE TV Bucharest SC ANTENA 4

- Crescent Comercial & Maritime (Cyprus)Ltd. –

34%;

- Voiculescu Corina Mirela – 28%;


- Grupul Industrial Voiculescu si Compania

(Grivco) SA – 15% ;

- Compania pentru Cercet`ri Aplicative [i

Investi]ii SA – 1%.

TVR 1 Bucharest Societatea Romana de Televiziune

TVR 2 Bucharest Societatea Romana de Televiziune

TVR INTERNATIONAL Bucharest Societatea Romana de Televiziune

TV ROMANIA CULTURAL Bucharest Societatea Romana de Televiziune

TVR Bucharest Societatea Romana de Televiziune

STUDIOURI TERITORIALE Cluj-Napoca, Craiova, Iasi, Targu Mures Societatea Romana de Televiziune

PRIMA TV

Alba Iulia, Braila, Bucharest, Campina,

Comanesti, Constanta, Iasi, Miercurea Ciuc,

Nasaud, Oltenita, Orastie, Petrosani, Piatra

Neamt, Slatina, Targu Mures, Zalau,

SBS BROADCASTING MEDIA SRL

- European Radio Investments Limited

(Anglia) – 99.6838%;

- Romanian Broadcasting Corporation Limited

(Anglia) – 0.3162%.

KISS TV Bucharest SBS BROADCASTING MEDIA SRL


(Anglia) – 99.6838%;


(Anglia) – 0.3162%

REALITATEA TV

Aiud, Bucharest, Brasov/Postavaru, Campia

Turzii, Cernavoda, Cluj-Napoca, Campulung,

Constanta, Corabia, Craiova, Delta, Deva,

Faget, Medias, Predeal, Ramnicu Valcea,

Suceava, Timisoara, Vaslui.

SC REALITATEA MEDIA SA

- Bluelink Comunicazione (Cyprus) Limited

– 54.998645%;

- Federatia Petrom a Sindicatelor Libere

Independente a Asociatilor si Ligilor Apolitice

din Ramura Industriei Petroliere – Romania -

FSLI PETROM – 25.001346%

- Petrom Service SA – 10%;

- Global Video Media SA – 10%;

- Luca Liviu – 0.000003%;

- Toroipan Gheorghe Cristian – 0.000003%;

- Luha Eugen Gheorghe – 0.000003%.

THE MONEY CHANNEL Bucharest SC REALITATEA MEDIA SA

- Bluelink Comunicazione (Cyprus) Limited

– 54.998645%;







- Luca Liviu – 0.000003%;


- Luha Eugen Gheorghe – 0.000003%.

ROMANTICA Bucharest S.C. ROMANTICA TELEVISION S.R.L.

- Zonemedia Broadcasting Limited – 51%;

- Realitatea Media SA – 36%;

- Global Video Media SA – 13%.

NATIONAL TV

Alba Iulia, Baia Mare, Beius, Brasov,

Bucharest, Constanta, Iasi, Hunedoara, Piatra

Neamt, Ploiesti, Resita, Targoviste, Targu

Mures

S.C. ABC PLUS MEDIA S.A.- Micula Ioan (Suedia) – 50%;

- Micula Viorel (Suedia) – 50%.

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N24 Bucharest SC CLAS MEDIA SRL- Micula Ioan (Suedia) – 50%;


FAVORIT TV Bucharest SC CLAS MEDIA SRL- Micula Ioan (Suedia) – 50%;


B1TV Bucharest SC NEWS TELEVISION (ROMANIA) SRL - News TV Romania BV (Olanda) – 100%.

OTV Bucharest SC OCRAM TELEVIZIUNE SRL - Diaconescu Cristian Dan – 100%;

ETNO TVCalafat, Campulung Moldovenesc, Mizil, Turnu

Magurele.S.C. ETNO FOLCLOR MEDIA SRL

- Progloff Eugen – 20%;

- Dinescu Mircea – 20%;

- Prigoana Vasile Silviu – 15%;

- Gardus Rares Alexandru – 15%;

- Opris Paul 15%;

- Bejinariu Camelia Dorina – 10%;

- Medaru Mircea Marian – 5%.

MTV Bucharest S.C. MUSIC TELEVISION SYSTEM SRL

- Chandler International SRL (asociat unic

Anghel Ilinca) – 70%;

- East Broadcasting Media SRL (asociat unic

East Broadcasting Company Network LLC, al

c`rei asociat unic este Nagy Csaba Attila)

– 20%;

- Haarmann Grup SRL (asociat unic Grigore

Iorgu) – 10%.

U TELEVIZIUNE INTERACTIVA Bucharest SC NEW TREND MEDIA SRL- Urdareanu Sorana Lavinia – 97%

- Dumitrescu Victor Andrei – 3%

TV FLUX Bucharest SC AFLUX PUBLIPROD SA

- Petre Mihai Bacanu – 38.59%

- Friceag Bogdan – 35.33%

- Cristodorescu Gilda – 13.04

- Search Chemicals SRL – 6.52%

- Pelin Lucretia – 3.26%

- Pelin Vasile – 3.26

BOOM Bucharest SC DTH TELEVISION GRUP SA

- Elran (D.D.) Investments Ltd. (Israel) – 34%;

- Milomor Trade & Communication Ltd (Israel)

– 34%;

- RP Explorer Master Fund (Ins. Cayman)

– 20%;

- Reuven Behar (Israel) – 4%;

- Druic` Constantin – 1.5%;

- Velicescu Adrian – 1.5%;

- Rosenfarb Eyal Yosef (Israel) –1.5%;

- Noam Jonathan (Israel) –1.5%;

- Jacoby Daniel (Israel) – 1.33%;

- Maor Meir (Israel) – 0.67%.

METEO TV Bucharest SC REAL TOP MEDIA TV SRL


- Gardus Rares Alexandru– 20%;

- Prigoana Honorius Adrian – 20%;

- Mihalache Dumitru – 10%;


- Minea Gheorghe – 10%;

- Pricop Cristina Laura – 10%.

TARAF TV Bucharest SC REAL TOP MEDIA TV SRL


- Gardus Rares Alexandru – 20%;


- Mihalache Dumitru – 10%;


- Minea Gheorghe – 10%;

- Pricop Cristina Laura – 10%.

SENSO TV Bucharest SC SENSO TV SRL - Anca Vlad – 100%

cna

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RADIO LICENCES

RRAADDIIOO SSTTAATTIIOONN LLIICCEENNCCEESS // CCIITTYY LLIICCEENNCCEE OOWWNNEERR MMAAIINN SSHHAARREEHHOOLLDDEERRSS

KISS FM

Adjud, Arad, Bacau, Baia Mare, Bistrita,

Borsec, Botosani, Braila, Brasov, Buzau,

Bucharest, Calarasi, Campulung, Caransebes,

Cluj-Napoca, Constanta, Craiova, Dobrogea

Sud, Focsani, Gheorgheni, Giurgiu, Iasi,

Neptun, Oradea, Petrosani, Pitesti, Ploiesti,

Ramnicu Valcea, Resita, Satu Mare, Sibiu,

Slatina, Suceava, Targoviste, Targu Mures,

Tulcea, Zalau

SBS BROADCASTING MEDIA SRL


(Anglia) – 99.6838%;


(Anglia) – 0.3162%.

KISS FM Braila SC Tehnic SRL - Prelipcean Gheorghe – 100%

EUROPA FM

Alba Iulia, Alexandria, Arad, Bucharest, Buzau,

Draganesti, Giurgiu, Satu Mare, Slobozia,

Vaslui

S.C. EUROPE DEVELOPPMENT

INTERNATIONAL ROMANIA SA

- Lagardere Active Radio International SA

(Fran]a) – 84%;

- Ovidiu Zegheru – 6%;

- Petru Berteanu – 3%;

- {tefan Bogdan Teodorescu – 3%;

- RFM Entreprises SAS (Fran]a) – 2%;

- Lagardere Active Management SNC

(Fran]a) - 1%;

- Lagardere Active Broadcast SA

(Monaco) – 1%.

RADIO 21Alba Iulia, Bistrita, Bucharest, Deva, Onesti,

Petrosani, Pitesti, Sebes, Sinaia, TurdaSC RADIO XXI SRL

- Corsum Invest A.S. (Cehia) – 80%;

- Lagardere Active Radio International SA

(Fran]a) – 20%

NATIONAL FM

Arad, Baia Mare, Beius, Bistrita, Blaj, Brasov,

Brad, Bucharest, Campia Turzii, Comanesti,

Constanta, Craiova, Delta, Deva, Faget,

Giurgiu, Lugoj, Marghita, Oradea, Petrosani,

Pitesti, Ploiesti, Resita, Sibiu, Slatina,

Targoviste, Targu Jiu, Targu Mures, Timisoara,

Turnu Magurele, Varatec, Zalau

S.C. ABC PLUS MEDIA S.A.- Micula Ioan (Suedia) – 50%;


PRO FM

Alba Iulia, Arad, Bacau, Brasov, Bucharest,

Buzau, Campina, Cluj-Napoca, Constanta,

Costinesti, Deva, Hunedoara, Mangalia,

Medgidia, Ploiesti, Predeal, Satu Mare, Slatina,

Targu Mures, Timisoara

SC COMPANIA DE RADIO PRO SRL Media Pro Management SA – 100%;

INFO PRO Arad, Bucharest SC COMPANIA DE RADIO PRO SRL Media Pro Management SA – 100%;

PRO CLASIC Bucharest SC COMPANIA DE RADIO PRO SRL Media Pro Management SA – 100%;

RADIO GUERRILLA Bucharest SC POLIFONIC SRL

- Poligraf SRL – 65%

- Regent House Printing&Publishing

(RHP&P) – 35%

ROMANTIC FM Bucharest GRUPUL MEDIA CAMINA (G.M.C.) SA


- Voiculescu Corina Emilia – 39%;

- Grupul Industrial Voiculescu [i Compania

(Grivco) SA – 10%;

- Sangold (Omi) Distributie SA – 10%;

- Funda]ia Umanist` Dan Voiculescu (membru

fondator [i pre[edinte – Dan Voiculescu) – 1%.

RADIO TURDA Turda SC Pansatelit Comunicatii SRL - Todea Marius Alin – 100%

RFI BUCHAREST Bucharest SC Radio Delta RFI FM SRL

- Radio France International (Fran]a –

Pre[edinte Cluzel Jean-Paul Philippe)

– 9.9655% ;

- Asociatia Cultural - Stiintifica “Delta”

(Pre[edinte Dan Alexandru Stoichescu)

– 0.0345%

MIX FM

Bacau, Bistrita, Blaj, Bucharest, Cluj-Napoca,

Constanta, Covasna, Gheorgheni, Mangalia,

Oradea, Sfantu Gheorghe, Sighisoara, Targu

Mures

SC Radio SRL

- Cinel SRL – 58% (Cancescu Aristotel Adrian

– 60% si Cancescu Aurelian Alexandru – 40%);

- Bran Vasile - 29%;

- Rus Alexandru - 13%.

MIX FM Bucharest, Campina, Miercurea Ciuc, Sinaia SC Radio Tampa SRL - Rusu Nicolae – 100%

MIX FM Alba Iulia, Arad, Sibiu, Slobozia SC Canaris SRL - Rusu Bogdan Aurelian – 100%

RADIO STAR Fagaras, Predeal SC Radio Tampa SRL - Rusu Nicolae – 100%

cna

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Source: http://www.cna.ro

RRAADDIIOO SSTTAATTIIOONN LLIICCEENNCCEESS // CCIITTYY LLIICCEENNCCEE OOWWNNEERR MMAAIINN SSHHAARREEHHOOLLDDEERRSS

RADIO BRASOV Brasov, Fagaras SC Radio SRL

- Cinel SRL – 58% (Cancescu Aristotel Adrian

– 60% si Cancescu Aurelian Alexandru – 40%);

- Bran Vasile - 29%;

- Rus Alexandru - 13%.

REALITATEA FM Bucharest SC REALITATEA MEDIA SA

- Bluelink Comunicazione (Cyprus) Limited –

54.998645%;







- Luca Liviu – 0.000003%;


- Luha Eugen Gheorghe –0.000003%.

RADIO TOTAL Bucharest EXPRESIV SA

- Comac Limited – 51% (Cipru)

- FSLI – 39%

- Cornel Nistorescu – 7%

- Andrei Dan Anghel – 1%

- Calin Ionut Anghel – 1%

- Alina Tudora Mantea – 1%

FAVORIT FM Bucharest SC ABC PLUS MEDIA SRL- Micula Ioan (Suedia) – 50%;


SPORT FM Bucharest SC SPORT FM RADIO SRL


- Popescu Gabriel – 20%;

- Popescu Simona – 20%;


- IIva Sport Regent SRL – 20%.

ITSY - BITSY Bucharest ON AIR STUDIO SRL- Tataru Nadia – 90%

- Tataru Constantin Felix – 10%

BOOM FM Bucharest SC DTH TELEVISION GRUP SA

- Elran (D.D.) Investments Ltd. (Israel) – 34%;

- Milomor Trade & Communication Ltd (Israel)

– 34%;

- RP Explorer Master Fund (Ins. Cayman)

– 20%;

- Reuven Behar (Israel) – 4%;

- Druic` Constantin – 1.5%;

- Velicescu Adrian – 1.5%;

- Rosenfarb Eyal Yosef (Israel) –1.5%;

- Noam Jonathan (Israel) –1.5%;

- Jacoby Daniel (Israel) – 1.33%;

- Maor Meir (Israel) – 0.67%.

ETNO FM Bucharest SC ETNO FOLCLOR MEDIA SRL


- Dinescu Mircea – 20%;

- Prigoan` Vasile Silviu – 15%;

- G`rdu[ Rare[ Alexandru – 15%;

- Opri[ Paul 15%;

- Bejinariu Camelia Dorina – 10%;

- Medaru Mircea Marian – 5%.

MAGIC FM Bucharest SBS BROADCASTING MEDIA SRL

- European Radio Investments Limited (Anglia)

– 99.6838%;


(Anglia) – 0.3162%.

RADIO DEEA Bucharest SC RADIO DEEA SRL - Iancu Andreea – 100%

INITIATIVE MOLDOVA – Short presentation

INITIATIVE Moldova, established in June 2002, isan affiliate of INITIATIVE Worldwide (InterpublicGroup). It is the leading media management agencyin the Republic of Moldova. Being a full range mediaagency INITIATIVE is specialized not only onplanning and buying (which are the core services).But also on additional services such as productplacement, outdoor advertising, sponsorship, directmailing, online advertising, PR-coverage, post-buyand competitive analysis.

Following INITIATIVE’s global philosophy ‘expectmore’, the agency has a pro-active attitude, a widerscope and a deeper understanding of media in orderto deliver the most qualitative and cost-effectivesolutions to its clients.

INITIATIVE Moldova has in it’s client portfolio bothmajor local and global clients, such as Voxtel GSM(France Telecom / Orange), LG Electronics, TempoGSM, Dirol Cadbury, Canon, supermarket chain AlinaElectronic, Group SEB, Plaza, Bucuria, Mary Kay.

MOLDAVIAN MEDIA LANDSCAPE

The Moldavian media market continued to grow fast in2006. Advertising budgets had continued to increasein all major media, especially on TV and in outdoor.Many regional TV and radio stations obtainedlicenses in order to widen their broadcasting on newregions of country. Despite specialists’ predictions the switch from theminutes’ rate-cards to GRPs’ ones didn’t occur.Several new major advertisers entered the market.The total net advertising volume on Moldavianmarket in 2006 was estimated at 13.7 mil USD(+61% vs. 2005).

Graph 1: Ad-spend by medium

Source: AGB Moldova & Initiative

Top Categories, Advertisers

Shops category increased their advertising activityand bypassed Mobile Telecommunication in“Category” chart in 2006. Banks and FinancialOperations had grown significantly over the last year.FMCG products increased their activity as well.The list of TV top advertisers remained almost thesame over the last several years. Procter&Gamble maintains the leadership in“Advertiser” top, followed by Moldcell, Efes VitantaMoldova Brewery and Voxtel.

Media Research

Even if media research is an important and integralpart of media market, unfortunately reliable andcomplex audience measurement in Moldova hadbeen established only for television. The radio, pressand outdoor measurement is either incomplete orunder elaboration.

Consumption and lifestyle research

TNS Moldova (part of the TNS Ukraine) measures acomprehensive range of consumer characteristics(target persons between 12–65 y.o. and residence in10 major cities), such as:- Demographics- Lifestyle- Media usage- Product and brand usage, etc.

The data is being collected during face-to-faceinterviews twice a year (spring’s and autumn’swaves). The software package – Galileo – gives theopportunity to build different kind of data tables,containing useful consumer information. Forexample:- Readership of newspapers and magazines- TV viewing behaviour- Radio usage behaviour- Cinema attendance- Attitude to different types of advertising, etc.

TELEVISION

Moldova is a television driven market. TV still givesthe highest feedback on the advertisers’ investment.Being a low-cost and accessible entertainment forthe majority of the population, TV delivers the highestreach at national level. The increase of net TV ad-spend in 2006 vs. 2005 was 37.3%.

moldavian media market

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MOLDAVIAN MEDIA MARKET

The first TV sales house – Video InternationalMoldova – appeared at the end of 2005 anddeveloped its activity through 2006. The newprofessional approach and modern technology ofselling the channels’ advertising time had a goodinfluence on the market. Now the sales house isrepresenting several major stations as follows: ORT,STS (since March, 2006) and MTV (since October,2006). It is expected that in 2007 some otherchannels will join the sales house.

The Moldavian TV market includes:

National stations:1. ORT-Moldova2. Moldova 1

Regional stations:1. STS 2. NIT3. Pro TV4. Muz TV5. NTV

Cable stations:1. TVC-212. Ren TV3. N 44. TNT

Local advertising spots may be aired only on TVstations that have the broadcast license for Moldova. Both ORT-Moldova and Moldova 1 have the bestpenetration being available in most Moldavianhouseholds. The regional stations are on air in allmajor cities of the country. At the same time the cablestations are broadcasted only in the capital.

Audience share

TV viewing share however differs a lot comparing tothe stations’ penetration.ORT-Moldova retains theleading position in terms of audience.

Graph 2: Audience share

Source: AGB Moldova

Commercial share of the major TV stations

ORT- Moldova once again holds the leading positionin terms of commercial share, while NIT and STSdecreased.

Graph 3: Major TV stations commercial share (%)

Source: AGB Moldova

Average ratings of the major TV stations

The best rating delivery station on Moldavian marketwas ORT-Moldova, followed by STS and NIT.

Graph 4: Major TV stations average whole dayratings (Av Rtg %)

Source: AGB Moldova

Advertising clutter evolution – no. of seconds

The number of advertisers respectively the numberof minutes sold increased (17%) in 2006 comparedto 2005. This was the reason of frequent clutters,especially in the first and fourth quarters of the year.Even new more expensive rate cards didn’t spotadvertisers from October-December clutter.


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Graph 5: Advertising clutter evolution per month (No.of seconds)

Source: AGB Moldova

NATIONAL STATIONS

ORT- Moldova (The First Channel in Moldova) (Rus)The absolute leader in audience share and in ratings.

Broadcasting: air and cablePenetration: 92% and Share: 37.84%Content: 100% re-transmission of the ‘Pervyi kanal’(Russia) – the biggest state-owned station in Russia.Movies, entertainment shows, soap operas, TVgames, comedy shows, sports and others are thehighlight of this station’s schedule. In addition to that,the Moldavian broadcasting company inserts localprograms (in Romanian and Russian).

Advertising policy: the local advertising breakscompletely replace the Russian ones. The stationhas local inserts.ORT - Moldova target is mass-viewers,predominantly middle-aged – 45-59.

Moldova - 1 (Public Moldavian Television –Moldova) (Ro/Rus)

Station has the widest penetration in Moldova.Broadcasting: air and cablePenetration: 97% and Share: not availableContent: Local news in Romanian and Russian,social programs, movies, serials, local cultural, sportand entertainment shows. The most popularprograms are News broadcasts (19:00 and 21:00)and evening movies.Moldova -1 is mostly preferred by the advanced agepopulation – 65+y.o.

REGIONAL STATIONS

STS (The First Entertainment Channel) (Rus)Type of broadcasting: air and cable

Penetration: 70% and Share: 5.26%Content: 100% re-transmission of the STS (the firstRussian TV station with exclusively entertainmentprofile). Movies, entertainment shows, soap operas,sitcoms, TV games, comedy shows and others.

Advertising policy: the local advertising breakscompletely replace the Russian ones.

The station target is the mass-viewer.

NIT (Rus/Ro)

Broadcasting: air and cablePenetration: 80% and Share: 4.24%Content: Digest channel (Russian TV stations – NTV,TVC, Darial TV and others); local news in Romanianand Russian, movies.

Advertising policy: the local advertising breaks didnot completely replace the Russian ones.

The station target is dominating by the young andmiddle-aged people.

Pro TV – Pro TV (Moldova) (Ro/Rus)

Broadcasting: air and cablePenetration: 55% and Share: 0.82% Content: re-transmission of the Pro TV (Romania);local news (in Romanian and Russian),entertainment and political shows.

Advertising policy: the local advertising breaks didnot completely replace the Romanian ones.

Stations profile for Moldova – young people – 25-34y.o, with middle and high income

NTV (Rus)

Broadcasting: air and cablePenetration: 8% and Share: 3.45% Content: re-transmission of the NTV (Russia);entertainment and political shows, TV games, talk-shows, analytics, cognitive programs.

Advertising policy: the local advertising breakscompletely replace the Russian ones.

Stations profile for Moldova – middle aged people –30-44y.o. with middle/high income.

Muz TV (Moldova) (Rus/Ro)

Broadcasting: air and cablePenetration: 18% and Share: not available


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Content: based on re-transmission Muz TV (Russia).Local programs (in Romanian and Russian).

Advertising policy: the local advertising breaks didnot completely replace the Russian ones.

Target groups profile: young people – 15-35 y.o.

CABLE NETWORKS/ STATIONS

Sun TV – is the biggest and widely spread cablenetwork in Chisinau.Beside the most popular Russian and Romanian TVstations, some well-known international stations suchas CNN, Discovery, HBO, Animal Planet, Eurosport,Euronews are included into the cable packages. Cable network is an alternative and cost-effectiveway to reach urban audience.Share: not availableContent: 100% re-transmission of the Ren TV, TNT,and local movie station – N4 (in Russian).

Advertising policy: in Prime Time the local advertisingbreaks completely replace the foreign ones. On N4are presented local advertising breaks only.

TVC 21 (Local) (Rus)Broadcasting: cablePenetration: 13% and Share: 0.44 %Content: 100% local – movies, analytical programsand news (in Russian)

Target group profile: young and middle-aged people– 18-40 y.o.

Ren TV (SUN TV) (Rus), N 4 (SUN TV) (Rus),TNT (SUN TV) (Rus)* Source AGB Moldova

TV buying system

In 2006 the traditional way of selling advertising timeby minute was kept. At the end of 2005 VideoInternational Moldova – a part of the biggest Russiansales house, Video International Russia – appearedon the Moldavian media market. It is selling theadvertising capacities of three TV stations inMoldova: ORT-Moldova, STS and MTV. The sales ofother TV stations are made through internal salesdepartments.

TV pricing policy

Most of the TV stations have different advertisingsales policies for local brands versus foreign brands.Cost of media is almost double for internationaladvertisers. The average amount of advertising

should not exceed 20% of the hour. Advertising ofthe tobacco brands is prohibited on TV, while spiritsmay be advertised between 22:00-06:00.Sponsorship of both news and political programs isprohibited. There is no restriction on the language ofTVCs. About 60% of all local TV spots are inRussian.

TV Buying Perspectives 2007

The overall TV ad-spend would keep an ascendingtrend in 2007. In order to reduce the clutter and toavoid the “sold out” situations, sales house and TVstations have implemented the following conditions:• the rate card prices are the subject to increase• seasonal coefficients for high cluttered periods

(October, November, December) have increased• discounts for non cluttered periods (January,

July, August) have been introduced• for floating or low-priority placement the

advertiser is offering additional discounts

TV researchSince December 2003 AGB Moldova (part of theAGB Ukraine) has launched peoplemeter audiencemeasurement service in Chisinau (150 households).

Starting from the 1st of September 2005 the newpanel covering the rural areas as well as urban hadbeen installed. In the beginning of 2006 the panel 4+ y.o. consistedof 300 households.

Peoplemeters distribution:Chisinau – 92 units; Center: 32 units – in the urban area and 39 units – inthe rural area;North: 49 units – in the urban area and 32 units – inthe rural area;South: 27 units – in the urban area and 29 units – inthe rural area.

Characteristics of the service:• each household is equipped with a TVM1 or

TVM2 peoplemeter device• minute-by-minute viewing data is delivered

electronically the night after the data is collected• 7 TV stations are included in the survey (TV

viewing, programs and advertising analysis):ORT-Moldova, NIT, STS, Pro TV, TVC 21, NTVand N4)

• The software package (Arianna) offers: TVviewing analysis, spot monitoring, campaignevaluation, advertising expenditures, post-buyand competitive analysis.

P&P Studio also is providing TV monitoring data but


initiative 81

has no opportunity to measure the audience.

RADIO

There are more then 20 radio stations available inMoldova. Most of them are re-broadcasting either

Russian or Romanian-based radio stations.The biggest commercial radio stations obtained newlicenses last year. This fact let them cover new areasboth urban and rural. The enlargement of thecoverage attracted the new audience and as a resultbigger advertising budgets.

Source: TNS Moldova, MMI 2006/1 & MMI 2006/2

Most of the radio stations (except the state-ownedRadio Moldova) broadcast in FM frequency rangeand have a private ownership. Russian-speakingstations are traditionally more popular than the localor the Romanian-speaking ones. Several new radio stations are expected to appearon the market both local and foreign. Some of theactually researched stations are expected to bedropped from the research in favour of other, morepopular.The total radio ad-spend is expected to be increased.

Radio researchTNS Moldova (part of the TNS Ukraine) providesradio audience measurement twice a year (spring’sand autumn’s waves) based on face-to-faceinterviews, covering major Moldavian cities. Thesoftware package is Galileo.

PRESSPrinted press is a part of the media mix for thecommunication campaigns in Moldova. The press marketcontinued to develop in 2006. The new titles werelaunched during the last year.There are daily newspapers, weekly newspapers andmonthly magazines available for the advertising exposure.

RRaaddiioo FFrreeqq.. FFoorrmmaatt SSoouurrccee ooff bbrrooaaddccaassttiinngg PPeenneettrraattiioonn CCvvrr..%%,, aallll uurrbbaann

Antena C 102.3 FM Musical Local Multi-regional 10.95

Avto 88.6 FM Musical Russian + local inserts Multi-regional 20

Avto Radio 103.2 FM Musical Russian + local inserts Multi-regional 24.8

Balti 103.5 FM Musical Local Balti 9.1

Europe Plus Moldova 106.4 FM Musical Russian + local inserts Multi-regional 26.05

Hit FM 101.7 FM Musical Russian + local inserts Multi-regional 46.3

Kiss FM 100.9 FM Musical Romanian + local inserts Multi-regional 18.8

Love Radio 89.6FM Municipal Russian + local inserts Multi-regional 9.25

Na 7 Holmah 105.2 FM Musical Russian + local inserts Multi-regional 18

Nashe Radio 101.3 FM Musical Russian + local inserts Multi-regional 16.85

Pro FM 106.9 FM Musical Romanian + local inserts Multi-regional 8.35

Radio 21 - HIT RADIO 102.7FM Musical Romanian + local inserts Multi-regional 8.05

Radio Moldova 72.02 FM Public Local National 18.15

Radio Noroc 99.7 FM Musical Local Multi-regional 14.65

Radio Nova 105.9 FM Musical Local Multi-regional 5.95

Retro FM 89.1 FM Musical Russian + local inserts Multi-regional 22.9

Ruscoe Radio 103.7 FM Musical Russian + local inserts Multi-regional 53.8

Serebreny Dojdi 107.9 FM Musical Russian + local inserts Multi-regional 24,5

Univers FM 92.8 FM Musical Local Multi-regional 2.05

Vzrosloe Radio Shanson 87.6 FM Musical Russian + local inserts Multi-regional 25.6


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Table 1: Radio Coverage

Table 2: Magazines (Monthly local editions)

Source: TNS Moldova, *MMI'2006/1, **MMI'2006/2

Table 3: Periodicals (Weekly editions)


Table 4: Newspapers (Daily editions)


The Russian newspapers with the local inserts(containing local ads) have traditionally highercirculation than the Moldavian ones. Advertising ofboth tobacco products and alcohol beverages innewspapers is allowed.

The well-known magazines Newsweek, Cosmopolitan,Vogue, Men’s Health, GQ, Elle etc. are presented onthe Moldavian market in the formats published either inRussia, Romania or Ukraine. The local Moldavianmagazines have turned to glossy quite recently.

Press researchAudience measurement is done by TNS Moldova(part of TNS Ukraine) twice a year. The panel coversurban population aged 12-65 y.o. The sample counts1.215 individuals. The software package is againGalileo.

OUTDOORFollowing the trend of overall ad-spend increase andnew legislation restrictions, the outdoor budgets hadgrown during the year. In 2006 the big advertisershad placed their visuals on less usual OOH(brandmauers, roof signs) more often than in 2005.Most of the OOH advertising supports are located inChisinau (80 - 85% out of total number of supports).The main OOH sizes are:• Billboards (6 x 3 m)• Large Billboards (10 x 4 m, 8 x 3 m, 12 x 5 m)• Citylights (1.2 x 1.8 m)• Public Clocks (4-sided, 1 x 1.9 m / side)• Brandmauers• Neon Panels• Roof Signs• Fence• Bridge

TTiittllee CCiirrccuullaattiioonn CCvvrr.. %% **,,aallll uurrbbaann

CCvvrr.. %% ****,,aallll uurrbbaann

Makler -Kishinevskyi

vypusk15 000 (Fr) 58 57.4

Flux 6 100 12.4 11.9

Komsomolskaya Pravda 9 500 22.5 26.6

MoldovaSuverana 5 000 8.5 7.8

NezavisimayaMoldova 6 517 14 17

Sport Curier 4 000 10.5 11.6

Vremea 8 800 11 11

TTiittllee CCiirrccuullaattiioonnCCvvrr.. %% **,,

aallll uurrbbaann

CCvvrr.. %% ****,,

aallll uurrbbaann

Aquarelle 4 000 14.1 11

Auto Expert 3 500 4.1 3,7

Auto Market 3 000 4.9 3.3

Bank/Finance /

Profit11 000 7.7 6.1

CHEF 12 000 2.2 1.4

Monitorul

Oficial9 000 n/a n/a

Obiectiv AV 1 000 0.7 1

Ostap 3 000 1.8 1

Promo Plus 10 000 1.3 1.3

Siesta Chisinau 6 000 4.3 2.4

Viata Ta n/a 3.2 1.8

VIP magazin 4 000 10.4 6


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TTiittllee CCiirrccuullaattiioonn CCvvrr.. %% **,,aallll uurrbbaann

CCvvrr.. %% ****,,aallll uurrbbaann

Antenna 60 000 42.8 46

Argumenty I Fakty 21 000 38.8 34.6

Shans 15 500 23.5 23.5

Spros I Predlojenie 10 000 n/a n/a

SUN TV 10 000 16.1 14.6

Jurnal de Chisinau 21 000 9.6 8.3

Timpul 12 000 9.6 7.5

Logos-Press 11 000 14.4 10.7

Trud 12 000 16.4 12.9

Sms Market 5 000 n/a n/a

Kishinevskie Novosti 8 500 14.1 13.4

Kommunist n/a 7.7 6.3

Saptamina 18 000 12.2 10.7

Literatura si Arta 16 000 8.4 6.4

Teleradio 23 500 n/a n/a

Capitala / Stolitsa 4 500 5.1 5.5

Moldavskie Vedomosti 6 000 6 5.6

Moskovskyi KomsomoletsMoldove n/a n/a n/a

Ofis 8 000 5.4 5.4

Eco 5 500 n/a n/a

Komsomolskaya Pravda -Tolstushka 65 000 59 49.4

Makler - Beltskyi vypusk 36 000 12 11

TV Programe / TV Programmy 32 000 19.8 11

Besides Chisinau, OOH supports cover 8-9 majorMoldavian cities, main transport routes and resorts ofthe country. Audience measurement andindependent monitoring for OOH are not available atthe moment.

CINEMA

In 2006 cinema had one of the smallest total ad-spend at Moldavian media market, but it should notbe ignored. Patria cinema network was the biggestadvertiser in this sector till 2006, but as it wasexpected, the other cinemas had joint their forcesand made a competitive network on behalf of Flacara– Gaudeamus.

Profile of movie goers

51.3% of the population 12-65 y.o. had visitedcinema during 2006.63.15% of movie goers are either medium or heavycinema users.Movie goers are especially aged between 16 and 39y.o., have a high or middle income level and higheducation studies (according with TNS Moldova,MMI 2006/1 & MMI 2006/2).

INTERNET

The Moldavian internet market is still under thedevelopment, but it has a big potential. The numberof internet sites, as well as advertising capabilities, isgrowing from year to year. The number ofhouseholds equipped with personal computers andinternet connection is in continuous up-growth. Themain advertisers in Moldavian internet belong to thefollowing categories: IT companies, mobiletelecommunication services, cars/auto related andshops.

PC penetration and usage: - there is at least one PC in approximately every

fifth household- about 15% of households which had no PC are

going to buy it in the nearest future.- the average use of PC in urban areas tends to

51%.- the majority of PC users (83.3 %) had access to

the computers at home and/or work- only 21.3% of PC users did not use internet in

their activity in 2006. The other 78.7% used theWorld Wide Web with the different frequency andfrom different places

2007 PERSPECTIVES ON THE MOLDAVIANMARKET

It is obvious that in 2007 the Moldavian media marketwill continue to grow fast. The experts believe that thenew advertisers, agencies and media stations willlaunch their activity on Moldavian market. Theaverage media inflation is predicted at the level of 40 - 60%. Both local and foreign advertisers areestimated to increase their advertising budgets.

As for Initiative Moldova, the agency is going to keepits leading position, to increase its solid professionalteam, strengthen the relations with the actual clients,gain new ones and ensure maximum return forclients’ media money.

Source: Evghenii Crecesco- Initiative Moldova


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Traditional media - advertising terms

Advertorial It is a subtle form of communication, used in print, bywhich the strengths of the advertisers’ brands arecommunicated in an editorial format. The feature isclearly marked as an advertisement. It should be inline with the editorial style of the publication. Affinity Index Is an efficiency indicator in media planning. It showshow a specific program / medium performs on aspecific target group compared with a referencetarget group. E.g., for TV, the specific target group ofa brand (expressed as TRP) versus a broader,reference target group e.g. ‘All Urban’, that is thebuying TA (expressed as GRP). The affinity index =TRP/GRP and it should be higher than 100% in orderto optimise the TV buying.Agency CommissionA percentage of the net cost of advertising paid byadvertisers to advertising agencies that manage theiradvertising budgets.AudienceThe number of homes / individuals in a specific targetgroup viewing, listening to or reading a particularmedia vehicle.Audit of CirculationThe detailed circulation analysis of a publication, runby a specialised audit company. This informationbecomes public and is a useful working tool for thepublications themselves, media agencies andadvertisers.Average Frequency The average number of times a target is exposed tothe advertising message.Barter A station / publication exchanges its adtime /adspace with other merchandise. Instead of sellingthe program to a station, its supplier gives theprogram to the station in exchange for commercialtime during that program or during other programs ofthe station.BillboardAmerican term for either the advertising on posterboarding or the sponsor’s mark around a televisionprogramme (usually static company logo).BleedFor print – running an ad to the edge of a page,leaving no margin.CirculationNumber of copies of a given issue of a publicationthat is distributed, either paid or for free.Client Volume Discount (CVD)A further discount for those advertisers that achieve

specific levels of expenditure with a media owner /sales house.ClutterThere are 3 main types of advertising clutter:(1) The overall market clutter – the total number of

ads seen or heard by a person;(2) The competitive clutter – the total number of ads

seen or heard by a person for competing brands;(3) The media vehicle clutter – the length of each TV

break or the number of ads contained within apublication.

Commercial BreakIs a break in a TV or radio transmission during whichads are broadcast.Competitive AnalysisA periodical (monthly, quarterly, yearly) monitoring ofthe competitive advertising activity: ad-spend,campaign period and weight, channel mix, strategy &tactics etc.Cost per Thousand (CPT)The cost of achieving a thousand contacts withreaders / viewers / listeners.Cost per Rating Point (CPP)The cost of a media vehicle (or media schedule) forreaching one rating point (1%) of the specificaudience.CommercialAny announcement that is broadcast with advertisingpurpose, an advertising spot.Coverage The proportion (expressed as %) of a targetaudience that has any opportunity to see / hear thespecific ad.Daily Monitoring Daily follow-up of an ongoing TV campaign, to keepit within the planned parameters: spot broadcasting,update of audience performance (GRPs, TRPs) vs.planned, budget status – supplementary spots areadded if the budget under-performed or budgets arecut if the budget over-performed.Day-Part SegmentsTime bands that have associated levels of audiencedelivery. For the Romanian market the standard day-parts are:- Day Time: 07:00 – 16:00- Access Prime Time: 16:00 – 19:00- Prime Time: 19:00 – 23:00/24:00- Late Fringe: 23:00/24:00 – 25:00The day parts may vary from station to station and/orin weekdays and weekend.Diary A log kept by members of a consumer panel torecord their viewing, listening, reading, purchase,consumption and other lifestyle habits etc. Used

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MEDIA DICTIONARY

currently for radio, press, consumption study.Double Page Spread Two full pages of immediately adjacent advertising.Effective Frequency The level of coverage and frequency calculated todeliver the optimum awareness / sales performancefor a given creative / campaign.Effective Reach The percentage of the target that is exposed to thead a sufficient number of times to produce a positivechange in awareness, attitude or purchasingbehaviour.Efficiency The relationship between circulation / audience andcost, most commonly expressed as Cost PerThousand (CPT).EquivalentIn TV and radio, the advertising expenditure, CPTdelivery for each commercial length is oftenexpressed as an index on 30” or ‘30” equivalent’. ForRomanian TV, the standard cost indices are:

FlightPeriod of advertising activity.FlowchartA yearly calendar of campaigns of a client. It showsthe active periods by medium, by brand / product,and the campaign phasing. It is the graphicrepresentation of the annul strategy.Gross Rating Point (GRP) The sum of ratings achieved by a specific mediavehicle or schedule. 1 GRP = 1% of the targetaudience having at least one opportunity to see thecommercial. GRP is a general media currency. GRPs = Net reach x OTS.Gross ExpendituresRefers to rate card budget, with no discounts, taxesor agency commission applied to it.Guaranteed CPP Is the dominant TV sales policy on the Romanianmarket. The cost for placing a spot results from theamount of rating points recorded by that spot. The net/net cost of a spot = Cost / Point (All urban) xNumber of rating points recorded. Based on thebudget committed by a client to a TV station, on theshare it represents of the total etc, the agencynegotiates a Guaranteed CPP with the media owner,for that client.Guaranteed GRPThe station commits to deliver a specific amount ofaudience – GRPs – for a certain campaign.Horizontal Road BlockingPlacing a TV or radio commercial at the same houron different channels. It builds the reach of acampaign.

Implementation PlanningProducing a detailed media plan that is to be boughtwithin any given market, following the mediastrategy.Impression(s)The actual exposure of an individual from the TA tothe advertisement.Media FragmentationIncrease in the availability of media choice. Theprocess can be seen through the increase in thenumber of print media titles, and more recentlythrough the rise in the number of television channels(such as satellite broadcasting, cable). The mediasupport becomes more targeted on a narrowerniche.Media VehicleAny advertising – carrying medium such astelevision, a magazine or an outdoor site.Media Plan A detailed media schedule containing the list of spot/ print layout placements for a period of time (TVstation / title, date, day, program, time, ad break /page number), estimated GRPs and costs. Themedia plan reflects the implementation of the mediastrategy.Net/Net Expenditure1. Rate card minus all the discounts and benefits; 2. Net/net Cost/GRP x Rating of the program.Net ExpenditureNet/net plus the agency fee and the health andcinema taxes, but excluding VAT.Net Reach Is the percentage of the target audience that wasreached by the message at least once during aperiod of time (e.g. a 4-week campaign). Net reach is 1+ coverage. Net reach = GRPs / OTS.OptimisationA method of schedule planning / building using acomputer program to produce an optimum scheduleaccording to criteria set by the planner / market.OTS / OTH The opportunity to see / hear an advertisement bythe target audience during a period of time (e.g. a 4-week campaign). OTS = GRP / Net reach.PanelSample of people who are used for regular (keepdiaries, PM etc.) or periodic (repeated interviews)research. The advantage of panels is that they allowthe tracking over time of viewing, listening or productconsumption.PeoplemetersAdvanced monitoring tools that record the status ofthe TV sets within a panel household, by member offamily, on a continuous basis.

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10” 15” 20” 25” 30” 35” 40” 45” 50” 55” 60”

50% 70% 80% 90% 100% 120% 150% 170% 180% 190% 200%

Phasing Strategy of alternating the weekly weight of acampaign in order to obtain greater media efficiency.Post-Buy AnalysisThe evaluation of a schedule’s achievements after itsrunning, compared to the planned level. The analysiscovers TRP and GRP performance, OTS, coverageand frequency, airing time, the actual position inbreak, analysis of the used TV channels andprograms, trends etc.Premium PositioningPreferential placement of ads in specific media e.g.for print, positioning might mean the placement of thead to face editorial, on the right page, on the backcover or inside cover etc. For TV, this might mean thechoice of the break or the choice of the positioninside break – first / last etc.Rate Card A medium’s price list. Rate cards are issuedperiodically and show the prices charged for varioustimeslots, programs, press modules.Rating Point The percentage of audience recorded by a particularprogram / issue of a publication. 1 rating point = 1% of a target group reached by thatprogram. Readers per Copy The average number of persons that read a copy ofa publication calculated by dividing averagereadership of an issue by circulation.Outdoor Site An outdoor location where one or more poster panelsare placed.Share of AudienceThe percentage of a viewing audience watching onechannel out of all the TV viewing, at a given period oftime.Share of Expenditures (SoE), Share of Spend (SoS)The brand’s or group of brands’ advertising weightexpressed as a percentage of expenditures of adefined total market or market segment, in a giventime period.Share of Voice (SoV)The brand’s or group of brands’ advertising weightexpressed as a percentage of GRPs, number ofpages, of poster sites etc. of a defined total market ormarket segment, in a given time period. SNA FOCUSIt is a consumption survey based on the alreadyestablished SNA research. The research objectives:obtaining comprehensive information about mediapenetration, products and services purchasepatterns and the socio-cultural behaviour. It is asyndicated research, controlled by the advertisingindustry (BRAT).Solo SpotAn advertisement placed in the middle of a TV

program, without being announced as advertising. Itrecords the rating of the program and has maximumimpact. Its cost is higher than regular advertising. ByCNA decision, a TV station may broadcast maximumtwo solo spots per day.Strategic Media PlanningProviding a media solution to marketing plans,establishing communication goals, media choice,seasonality and targeting.Target (universe / audience)The people or the market a campaign aims to reach.TGI (Target Group Index) A deeper analysis of the audiences, considering,beside demographics, the qualitative,psychographics criteria such as lifestyle, mediaconsumption, brand consumption etc. The indexemphasises the analyzed target group’s behavioursversus a reference, broader target group.Target Rating Point (TRP) Is the percentage of audience recorded by a program/ issue of a publication against a particular targetgroup. 1 rating point = 1% of a target group reached by thatprogram.UniverseA group of people whose total number represents theultimate potential reach of a piece of activity(advertising, research etc) e.g. ‘All housewives’.Vertical Road BlockingPlacing a TV or radio commercial on varioustimeslots on the same channel, on the same day. Itbuilds the frequency of a campaign.WeightThe size of the advertising burst or campaignmeasured by the GRP delivery.

Online - advertising terms

Ad Server - A computer, normally operated by athird party, that delivers and tracks advertisementsindependent of the web site where the ad is beingdisplayed. Use of an ad server helps establish trustbetween an advertiser and publisher since thestatistics are maintained by a objective third party.Banner Burnout - A term used to describe an eventwhen a banner has been shown to the samevisitor(s) to the point where the click through rate hasdropped dramatically. Rotating banners helps toreduce banner burnout.Clicks - The number of click through that haveoccurred as a result of a user clicking on a bannerand being redirected to an advertisers web page.Click Through Rate - The percentage ofimpressions that resulted in a click through.Calculated by dividing the number of clicks by thenumber of impressions. For example if a banner wasclick on 13 times after being displayed 1000 times,

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the banner would have a click rate of ( 13 ÷ 1000 =.013 ) 1.3%. This is also commonly known as abanners click rate.CPM - Cost per thousand (CPM) is one of the onlinepayment models by which advertisers pays for every1000 impressions of their advertisement. Pricestypically range from $1 to over $50 per thousandimpressions. This is an ideal method of payment foradvertisers who want to guarantee only the numberof people who sees their banner. The "M" in CPM isfrom the Roman numeral for 1000. The Romannumeral M was derived from the Latin word "mille"meaning "thousand".Frequency - A term used to describe the number oftimes the same advertisement is shown to the samevisitor during a particular session or time frame. Thiscan be accomplished through the use of cookies.House Ads - A type of banner advertisement that aweb site publisher runs in an ad space when nopaying advertisement is available to fill the space.Typically filled with an advertisement promoting oneof the web sites services, products or features.

Impressions - The number of times a banner adwas requested and presumably seen by users. It isoften hard to obtain an accurate impression count asthey can be undercounted due to issues relating tocache or overcounted due to requests that were notcompleted.Inventory - The number of ad spaces available forsale on a web site during a certain time frame.Determined buy taking into consideration the numberof advertisements on a page, the number of pageswith advertisements and the number of page viewsduring a specific time frame.Island Position - A advertisement that iscompletely surrounded by editorial material with noadjoining advertisements to compete for theaudiences attention.Landing Page - The page on a web site where oneis taken after clicking on a advertisement. While thiscan be any page, it is often a page designed toexpand on the service or product mentioned in theinitial advertisement.

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UNICA CARTE A PUBLICITATII DIN ROMANIA

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