PPT Slide

Argentina. With an approximate investment of US$ 117 MM, representing 11% of the total income:

- 15% adjustment in revenues;

- Additional adjustments in expenses from the operation and merger of new radio stations: (i) centralization of stations, (ii) one administrative team and (iii) reduction in sales team.

- Revenue adjustment of US$ 2 MM;

- Focus on the maintenance of expenses and variable costs;

- Low cost shows and events. Ex: Chicago;

- Promotion and price plans to stimulate demand.

- Take advantage of the Zoo operation: an economic option for people’s entertainment.

*

Recession and/or

Slowdown Environments

32% Radio

49% Events

19%

Zoo

We have adjusted the operations for worst-case scenarios.

We have taken several measures to reduce negative effects on the balance sheet. Ex: transfer CIE Argentina’s debt (US$ 4.7 MM) to CIE Mexico (1% of total debt).

Participation in Revenues:

Radio

Events and Theater

Zoo

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