TAILIEUCHUNG - Sustainable Capitalism

Public media, whether TV, radio or newspapers, attract sizeable audiences and are the market leaders in many countries. Without exception, the western European public broadcasting channels examined in this survey attract one-third or more of the national television audience. In contrast, audiences for public service channels in Canada, Australia and New Zealand, as well as the United States, tend to be significantly smaller. Public media are funded by a variety of sources, including license fees (assessed only to television set owners with revenues reserved for the media organization), direct government funding (general tax revenues), taxes on commercial media or telecommunications. | generation Sustainable Capitalism February 15 2012 Sustainable Capitalism For additional copies of this report please contact Generation Investment Management LLP 20 Air Street London W1B 5AN . Main 44 0 207 534 4700 Fax 44 0 207 534 4701 suscap@ v. January 2012 Copyright 2012 Generation Investment Management. All rights reserved. Design by Manoverboard. Sustainable Capitalism IMPORTANT INFORMATION This report is for information purposes only. It is for the sole use of its intended recipient. It is intended solely as a discussion piece around the topic of furthering the goal of Sustainable Capitalism. In consequence under no circumstances is it to be considered as a financial promotion. It is not an offer to sell or a solicitation to buy any investment referred to in this document nor is it an offer to provide any form of investment service. This report is not meant as a general guide to investing nor as a source of any specific investment recommendation. While the information contained in this report is from sources believed reliable we do not represent that it is accurate or complete and it should not be relied upon as such. Unless attributed to others any opinions expressed are our current opinions only. Certain information presented may be provided by third-parties. Generation believes that such third-party information is reliable but does not guarantee its accuracy timeliness or completeness and it is subject to change without notice. For Non-US Recipients Generation Investment Management LLP Generation UK is authorised and regulated by the Financial Services Authority FSA . This Document does not constitute investment research with the meaning of the FSA Rules due to its generic nature and should not be relied upon as such. For United States Clients Please note Generation UK is an affiliate of Generation Investment Management . LLP Generation US and is a limited liability partnership based in the United Kingdom. Generation UK is not

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