1

2015 Holidays

Planned Holiday Spending Per Shopper Increasing

2 Source: NRF Holiday Forecast Survey A18+, Oct. 2015

Total Amount Spent Per Shopper on Holiday Items

$755.1

$694.2

$681.1

$719.0

$740.6 $752.2

$767.3

[VALUE]

$834.2

2007 2008 2009 2010 2011 2012 2013 2014 2015

Television Dominates Holiday Spending Other Traditional Media Losing to Digital

3 Source: Kantar Media Winter Holiday Report, Media Mix. Television includes National TV and Spot TV. Digital includes Display,

Video, and Paid Search.

46% 46% 45%

22%

17% 15%

17%

21% 23%

6% 7%

7% 6% 6%

8%

201420132012

Television

Digital

Newspaper

Radio

Magazine

% Share of Total Holiday Spending

Broadcast TV Has the Highest Influence of Traditional Media

4

1.4%

2.5%

7.2%

7.6%

8.8%

14.3%

17.4%

20.5%

Yellow Pages

Outdoor Billboards

Radio

Magazines

Cable Television

Newspaper

Direct Mail

Broadcast TV

Source: NRF Monthly Consumer Survey 2014, A18+

Regarding advertising for Holiday Shopping, which of the following media influences you to shop at a particular store?

People Spend More Time with Television Than with Any Other Major Medium

4.7

1.7

0.8

0.8

0.7

0.5

0.4

0.4

0.3

0.2

Television

Radio

Video Games

Smartphone

Internet-SocialNetworks

Internet-E-mail

Internet-Search

Tablet

Newspapers

Magazines

Daily Time Spent Yesterday (In Hours)

5 Source: GfK Multimedia Mentor Scan Spring 2014. Persons 18-64 M-S 6A-12M.

Broadcast: Superior New Season Ratings

6 Source: Nielsen NPower 09/21/2015 - 11/1/2015 Adults 25-54 Live+SD Ratings;

A25-54 10 Cable Networks based on A25-54 Ratings.

10.2

9.1

9.0

6.6

5.8

5.6

4.3

4.0

4.0

3.5

3.4

3.3

3.2

3.1

3.1

3.0

3.0

2.9

2.9

2.8

0.3

FOX NFL Sunday Football

CBS NFL Football

NBC Sunday Night Football

CBS NFL Thursday Football

Empire

The Big Bang Theory

The Voice Monday

Supergirl

The Voice Tuesday

Modern Family

NCIS

The Big Bang Theory (Syndication)

Blindspot

Scandal

Survivor

Life in Pieces

60 Minutes

Grey's Anatomy

The Goldbergs

CSI - Finale

10 Cable Networks

Adults 25-54 Live+SD Ratings

November Followed by October and December Are Key Holiday Shopping Months

7 Source: Nielsen Local Watch October 2015, Nielsen Ad Intel Total Spot TV ad spend in Millions by Month in 2014

$3 $36 $19 $7

$3

$98 $85

$63 $19

$9

$64 $53

$26

$36 $7

$44

$132

$60

$31

$22

$146

$239

$177

$130

$65

DecemberNovemberOctoberSeptemberAugust

Video Games

Toys

Jewelry

Electronics

Cookware

$545

$345

$223

$106

2014 Spot TV Ad Spend of Popular Gift Categories (in Millions)

$355

Thanksgiving Kicks Off Holiday Spending 2014

8 Source: Kantar Media Winter Holiday Report, Oct. 2015

$502.4

$414.3 $421.9

$435.4

$585.7

$695.0

$507.5 [VALUE]

$396.1

$362.8

10/27/14 11/3/14 11/10/14 11/17/14 11/24/14 12/1/14 12/8/14 12/15/14 12/22/14 12/29/14

Retail Holiday Dollars By Week (in Millions)

Thanksgiving and Black Friday Shopping on the Rise

9 Source: Offers.com, 2015 Holiday Shopping Survey November 2015

48% 53% 51%

55%

Thanksgiving Black Friday

% of Consumers Planning to Shop

2014 2015

Broadcast Reach: One Program Has 2-6X the Reach of Full Day on Cable

18.8

18.1

17.7

15.8

9.3

8.7

6.1

5.7

5.6

5.1

4.2

4.1

3.6

2.8

2.7

CBS Thanksgiving Day Football

FOX Thanksgiving Day Football

NBC Thanksgiving Night Football

NBC Thanksgiving Day Parade

CBS Thanksgiving Day Parade

ESPN Total Day

TBS Total Day

USA Total Day

AMC Total Day

FX Total Day

A&E Total Day

TNT Total Day

Nickelodeon Total Day

Nick at Night Total Day

Adult Swim Total Day

Thanksgiving Day Reach

10

1 unit

Source: Nielsen NPower. November 27th 2014 Adults 25-54.

1 unit 1 unit 1 unit 1 unit

20 units

42 units 46 units

13 units 12 units

39 units 24 units

17 units 18 units

24 units

Parents are More Likely to Shop on Thanksgiving

11 Source: Offers.com, 2015 Holiday Shopping Survey November 2015

70%

45%

30%

55%

People with Children People without Children

NoYes

51% of all Holiday Shoppers plan to shop on Thanksgiving, compared to 48% in 2014.

Broadcast TV Reaches Parents

12 Source: Nielsen NPower 9/29/2014 - 12/21/2014 Adults 18+ w/ presence of children Live+SD Ratings;

A18+ 10 Cable Networks based on A18+ Ratings.

10.5

9.4

8.5

8.0

7.7

7.3

7.1

5.2

4.3

4.0

3.7

3.6

3.3

3.1

3.1

3.0

3.0

3.0

2.8

2.8

0.3

FOX NFL Football Thursday

CBS NFL Football Thursday

FOX NFL Football Sunday

CBS NFL Football Sunday

NBC NFL Football Thursday

NBC Sunday Night Football

Macy's Thanksgiving Day Parade

CMA Awards

American Music Awards

The Big Bang Theory

Dancing with the Stars Finale 11/25

The Voice Monday

The Voice Tuesdays

Scandal

Modern Family

Victoria's Secret Fashion Show

Home Depot Prime College Football

NCIS

Blacklist

Latin Grammy Awards

10 Cable Networks

Adult 18+ Live+SD Ratings

Cyber Monday Continues to Grow

13 Source: Offers.com, 2015 Holiday Shopping Survey November 2015

47%

54%

2014

2015

Consumers Planning to Shop Online on Cyber Monday

No

Broadcast TV Delivers Internet Shoppers

14 Source: GFK MRI Spring 2015 , Base: 18+ Index Internet Shopping: Ordered items

Index 145

140

137

137

134

133

131

130

130

127

126

125

124

123

123

123

122

121

120

119

105

Brooklyn Nine-Nine

Madam Secretary

The Mysteries of Laura

Modern Family

Marvel's Agent Carter

The Last Man on Earth

Grimm

Scorpion

The Blacklist

New Girl

Once Upon a Time

The Goldbergs

Fresh Off the Boat

The Middle

Grey's Anatomy

Last Man Standing

The Big Bang Theory

Shark Tank

Secrets and Lies

Marvel's Agents of S.H.I.E.L.D.

10 Cable Networks

Television Ads Are Motivation To Do Further Research Online

15 Source: TVB Media Comparisons Study 2014. GfK Custom Research North America Survey.

Has an advertisement on television motivated you to go the Internet to find out more information about that product or service?

60 60 61 58

62 64 64

A18-34 A18-49 A25-54 A35-64 HHI $75K+ HHI $100K+ Parents

Percent Yes

Local TV Offers Multi-platform Opportunities

16

10.7

10.1

8.0

7.8

7.8

7.2

6.0

4.1

Local TV Station Website

Network TV Website

Internet Display Ad

Email Offer

Social Media Site

Internet Video Ad

Internet Search Engine

Newspaper Online

Actually Purchased

Local TV Station Websites An Important Digital Influencer

Source: TVB/The Futures Company; “Purchase Funnel 2015”

% choosing either as 1st 2nd or 3rd Most Important

Multicultural Households Expect to Spend More

18

14.0%

13.0%

9.0%

African AmericansHispanicTotal Population

Source: The Nielsen Company, 2015 Holiday Sales Forecast

Question: Compared to a year ago, do you plan to

spend more on holiday gifts?

Broadcast Delivers African Americans and Hispanics

19

11.5 8.1

7.2 6.5 6.2 6.0 6.0 5.8

5.4 5.4 5.3 5.1 5.0 5.0 4.9 4.9 4.9 4.8 4.8 4.8

0.2

Copa Concacaf 10/10

Senor De Los Cielos III Monday

Amores Con Trampa - Monday

FOX NFL Sunday Football

Lo Imperdonable Monday

Lo Imperdonable Wednesday

Lo Imperdonable Thursday

Lo Imperdonable Tuesday

Lo Imperdonable Friday

NBC NFL Sunday Night Football

La Banda Sunday

CBS NFL Football

Senora Acero II Friday

Yo No Creo en Hombres Thursday

Senora Acero II Tuesday

Yo No Creo en Hombres Wednesday

Yo No Creo en Hombres Tuesday

Senora Acero II Wednesday

Yo No Creo en Hombres Monday

Senora Acero II Monday

10 Cable Networks

Source: Nielsen NPower 9/21/2015 - 11/1/2015 African American, Hispanic 25-54 Live+SD Ratings; Broadcast Includes all Networks and Syndication A25-54 10 Cable Networks highest rated against African Americans and Hispanic 25-54 Ratings.

28.7 12.4

10.9 9.9 9.8

9.2 8.4 8.2

6.6 5.0 5.0

4.0 3.6 3.4 3.4 3.2 3.1 3.0 3.0 3.0

0.5

Empire

FOX NFL Sunday Football

NBC Sunday Night Football

CBS Footbal

Rosewood

Scandal

CBS NFL Thursday Night Football

How to Get Awat with Murder

Family Feud (Syndication)

Law & Order: SVU (Syndication)

Judge Judy (Syndication)

Grey's Anatomy

Law & Order: CI (Syndication)

Weekend Adventure

Maury (Syndication)

The Simpsons

60 Minutes

Black-ish

Young and the Restless

The Voice Monday

10 Cable Networks

African American

Hispanic

Gifts People Are Planning to Buy This Holiday Season

20

[CELLRANGE] [CELLRANGE]

[CELLRANGE] [CELLRANGE]

[CELLRANGE] [CELLRANGE] 24.1% 21.8%

Apparel &Accessories

Gift Cards Books, CDs,Video Games

Toys Food & Candy ConsumerElectronics

Personal Careor Beauty

Items

Jewelry

Source: NRF.com Press release 11/13/15

Types of Gifts Planning to Buy

Higher Clothing Expenditures for Women 25-54 Index vs. Total U.S.

Clothing Expenditures Women 18-34 Women 18-49 Women 25-54

Total: $500-$999 124 129 132

Total: $1,000-$1,999

132 152 158

Total: $2,000+ 132 166 189

Total: $3,000+ 157 174 195

21 Source: GfK MRI Spring 2015, Index Values: Clothing Spending by Age vs. Total US

Broadcast Delivers Women 25-54 During The Holidays

22 Source: Nielsen NPower 9/29/2014 - 12/21/2014 Women 25-54 Live+SD Ratings;

W25-54 10 Cable Networks based on W25-54 Ratings.

8.8

8.4

8.0

6.7

6.7

6.2

5.8

5.6

5.5

5.4

5.3

5.1

4.9

4.8

4.5

4.3

4.2

4.1

4.1

4.0

0.3

FOX NFL Football Thursday

Macy's Thanksgiving Day Parade

CBS NFL Football Thursday

FOX NFL Football Sunday

CMA Awards

NBC NFL Football Thursday

The Big Bang Theory

Dancing with the Stars Finale 11/25

NBC NFL Sunday Night Footbal

Scandal

The Voice Monday

American Music Awards

The Voice Tuesdays

Modern Family

Rudolph the Red-Nosed Reindeer

Grey's Anatomy

The Voice Finale

Criminal Minds

Dancing with the Stars

How to Get Away with Murder

10 Cable Networks

Women 25-54 Live+SD Ratings

Local TV Recognizes that One Size Does NOT Fit All

23

Macy’s

The Redder- The better

Source: GfK MRI 2015 Market-by-Market weighted by Adult 18+ population. Shopped 3+ times in past 30 days

Zero in on the Best Customers with Local TV

24

216 216 207 206

183 178 162 160

151 141

Los Angeles Palm Springs Philadelphia Baltimore WashingtonDC

New York NY Miami San Diego West PalmBeach

Pittsburgh

Macy's Frequent Shopper DMAs

Source: GfK MRI 2015 Market-by-Market weighted by Adult 18+ population. Shopped 3 Times in the Last 30 Days at Macy’s

Broadcast TV: The Gift that Keeps on Giving

25 Source: GfK MRI Spring 2015, Base: A18+; Index for Gift Cards- Amount spent in total

168 153

150 148 147 146 146

144 143 143 142 141 141 141 141

138 137 136 135 134

106

Secrets and Lies

Madam Secretary

Mom

Nashville

Empire

Scorpion

The Goldbergs

The Bachelor

NCIS: New Orleans

The Amazing Race

Marvel's Agent Carter

Modern Family

Undercover Boss

The Big Bang Theory

The Blacklist

Elementary

Mike and Molly

Person of Interest

Shark Tank

The Mysteries of Laura

10 Cable Networks

Index

Broadcast TV: Game On!

26 Source: GFK MRI Spring 2015, Base: Adults 18+ Personally Played Any System Index

217

194

193

188

182

178

165

155

150

147

144

135

134

130

126

121

119

117

117

108

Bob's Burgers

The Simpsons

Family Guy

The Originals

The Vampire Diaries

Brooklyn Nine-Nine

Supernatural

New Girl

Once Upon a Time

GOTHAM

Arrow

Sleepy Hollow

Empire

Marvel's Agents of S.H.I.E.L.D.

Grimm

Are We There Yet?

Hell's Kitchen

White Collar (Syndication)

MasterChef

10 Cable Networks

Video Game Users Index

Broadcast TV Reaches Parents Who Bought Toys

27 Source: GFK MRI Spring 2015 , Base: Households with Children that Purchased Toys Index

173

169

152

150

149

148

143

140

139

138

135

134

133

129

127

127

127

123

118

100

The Vampire Diaries

The Originals

Are We There Yet?

Extreme Makeover: Weight Loss Edition

Bob's Burgers

Wife Swap

Brooklyn Nine-Nine

Once Upon a Time

The Simpsons

New Girl

Family Guy

So You Think You Can Dance

Grey's Anatomy

The Bachelor

The Goldbergs

Empire

Black-ish

MasterChef Jr.

Modern Family

10 Cable Networks

Tune into Men Shopping for Electronics with Broadcast

28 Source: GfK MRI Spring 2015, Base: Men Index Shopped for electronics online or at Best Buy, Apple Store, or Radio Shack in the last 12 months

141 140 139

137 136

132 132 131 131

124 122 122 121 120 119 118 118 117 117 116

103

Marvel's Agent Carter

So You Think You Can Dance

Black-ish

The 100

New Girl

The Mysteries of Laura

The Last Man on Earth

Modern Family

Brooklyn Nine-Ninee

The Blacklist

MasterChef Jr.

Shark Tank

Once Upon a Time

Grey's Anatomy

Marvel's Agents of S.H.I.E.L.D.

The Goldbergs

GOTHAM

The Simpsons

The Biggest Loser

The Middle

10 Cable Networks

Index

209

201

196

192

179

176

176

173

162

160

156

145

145

137

134

116

Mike and Molly

48 Hours Mystery

Grey's Anatomy

The Voice

Shark Tank

America's Funniest Home Videos

Family Guy

Modern Family

NCIS: Los Angeles

Law and Order: Special Victims Unit

Criminal Minds

Blue Bloods

The Big Bang Theory

NCIS

Dancing With The Stars

10 Cable Networks

Broadcast Delivers Jewelry Shoppers

29 Source: GfK MRI Spring 2015 Adults 18+; Index for Shopped Jared, Kay, or Zales

Index

Where Do You Plan to Purchase Holiday Items This Year?

30

9%

17%

24%

27%

33%

44%

53%

56%

56%

Catalog

Crafts or Fabrics Store

Local/Small Business

Electronics Store

Clothing or Accessories Store

Grocery Store/Supermarket

Online

Department Store

Discount Store

Source: NRF Monthly Consumer Survey A18+, Oct. 2015

Broadcast Reaches Discount Store Shoppers

31 Source: GfK MRI Spring 2015, Base: Adults 18+

Index 115

114

113

113

113

112

111

111

111

110

109

109

109

109

109

109

109

102

Secrets and Lies

Fresh Off the Boat

Hollywood Game Night

American Crime

Crimetime Saturday

CSI: Cyber

Are We There Yet?

The Originals

Wife Swap

Calling Dr. Pol

Mistresses

Black-ish

Extreme Makeover: Weight Loss Edition

Dog Whisperer: Family Edition

The Bachelor

Marvel's Agent Carter

The Vampire Diaries

10 Cable Networks

Broadcast TV Viewers Shop at Department Stores

32 Source: GfK MRI Spring 2015, Base: Adults 18+

200 196

190 171 171

168 163

159 159 158 158 158

149 149 149 148 148 146 145 143

105

Mistresses

Black-ish

Madam Secretary

How to Get Away with Murder

So You Think You Can Dance

Scandal

The Bachelor

Empire

Nashville

The Good Wife

Chicago Fire

Chicago PD

2 Broke Girls

Wife Swap

20/20

The Amazing Race

Hawaii Five-O

Scorpion

Dateline

60 Minutes

10 Cable Networks

Index

Gift Splurgers* Spend Five Hours a Day with TV

33

155

145

98

Broadcast TV Cable TV Radio

*Gift Splurgers – someone who says they like to shower their loved ones with gifts and consider themselves more of a spender than a saver.

Minutes Spent per Day

Source: Nielsen Local Watch October 2015, Nielsen Scarborough USA+ R2 2014 Adults 18+

85% Watched Broadcast TV in the past week

64% Watched Local News

in the past week

Where Are the Gift Splurgers? Miami and Tampa Have the Most Generous Holiday Spenders

34

31%

29%

28% 28% 28%

27% 27% 27% 27% 27%

Miami Tampa Baltimore Houston Atlanta Washington,DC

Charlotte Chicago Orlando Dallas

National Average 26%

Source: Nielsen Local Watch October 2015, Nielsen Scarborough USA+ R2 2014 Adults 18+

Key Holiday Takeaways

35

Holiday spending is expected to increase from the 2014 season. More consumers are expected to shop on Thanksgiving, Black

Friday, and Cyber Monday Television dominates holiday spending and has the highest

shopping influence of traditional media. Apparel, gift cards, video games, toys, food and electronics are

the top holiday categories. Broadcast Television delivers top ratings and reach during key

holiday shopping periods. Gift splurgers spend more time per day with Broadcast Television

than with cable or radio.