Table of Contents
Key Sector Views and Top Picks ............................................3
Key Investment Themes ..........................................................6
Secular Outlook — Telecoms..................................................7
Secular Outlook — Media ........................................................9
Price Targets...........................................................................10
Stock Investment Theses ......................................................11
Earnings Calendar..................................................................15
Key Telecom News and Research of the Week ...................16
Key Media News and Research of the Week........................21
Media: Audience Developments............................................24
Valuation: Multiples................................................................25
Valuation: DCF Valuations.....................................................27
AFK Sistema ...........................................................................28
Key Company Projections .....................................................34
Please see the relevant research report, or the most recent company-specific
research published by J.P. Morgan for important disclosures, including a discussion
of valuation and risks, for any security recommended herein before forming any
investment opinion whatsoever. J.P. Morgan research is available at
http://www.morganmarkets.com, or you can contact the covering analysts or your
J.P. Morgan representative.