This is in addition to the revenuederived from subscriptions and rentals. 2.FIRST QUARTER 2009: ORGANIC REVENUE DECREASE OF 11.9%On a reported basis, revenues decreased by 11.9% to ?424.6 million compared to?482.2 million in the same period last year. Excluding acquisitions and theimpact of foreign exchange, organic revenues decreased by 11.9%, reflectingunprecedented economic conditions for the three divisions and most geographiesof the Group and the comparable growth of 6.9% in the first quarter of 2008.Core advertising revenues, excluding revenues related to the sale, rental andmaintenance of street furniture products, decreased by 12.3% organically. Q1 Revenues 2009 2008 Reported growth (%)Organic(?m) (?m)growth(1) (%)Street Furniture198.6238.6-16.8% -14.0% Transport 137.5134.72.1% -4.7%Billboard 88.5 108.9-18.7% -16.2% Total 424.6482.2-11.9% -11.9%(1) excluding acquisitions/divestitures and the impact of foreign exchangeStreet Furniture revenues decreased by 16.8% to ?198.6 million from ?238.6million in the first quarter of 2008. Excluding acquisitions and the impact offoreign exchange, organic revenues decreased by 14.0% over the period. Coreorganic advertising revenues, excluding revenues related to the sale, rental andmaintenance of street furniture products, decreased by 15.9%.

Negative organic revenue growth was recorded in most developed markets as demandreduced, leading to lower occupancy rates and pricing pressure from other media,particularly television. France reported a revenue decrease in the first quartersomewhat better than the division`s average while the United Kingdom experienceda mid single-digit organic revenue decrease reflecting a more favourable 2008comparable. Some other Street Furniture markets - including Spain, Germany andNorth America - recorded double-digit negative organic revenue growth in thefirst quarter of 2009 due to extremely challenging market conditions and a veryhigh 2008 comparable for North America. Positive organic revenue growth wasrecorded in smaller markets, such as Belgium and Luxembourg, and the Middle Eastonce again achieved a very good performance over the quarter.

Transport revenues rose by 2.1% to ?137.5 million from ?134.7 million in thefirst quarter of last year. Excluding acquisitions and the impact of foreignexchange, organic revenues decreased by 4.7% on the back of a double digitorganic revenue decrease in March following slightly positive performances inthe first two months of 2009. Most European markets recorded double-digit organic revenue decreases during thefirst quarter of 2009 due to lower airport passenger traffic and adverseadvertising conditions with Spain being particularly difficult over the quarter.Asia-Pacific overall recorded a double digit-organic revenue decrease due totough trading conditions in March in China and very high comparables in 2008.The revenues generated by newly operated contracts in the Middle East, Europeand India somewhat offset these organic revenue decreases. North America recorded a mid-single digit revenue decline thanks to the morelonger term contracts and additional assets in the Group`s US airports. Billboard revenues decreased by 18.7% to ?88.5 million from ?108.9 million inthe same period last year. Excluding acquisitions and the impact of foreignexchange, organic revenues were down by 16.2%. Market conditions further deteriorated in the first quarter of 2009 leading toweaker demand and subsequent fiercer competition in many markets.