Message from the co-CEO

In 2008 we had a good first half but an increasingly challenging second six months.

"In 2008 we had a good first half but an increasingly challenging second six months. However, the operating performance delivered by the Group for the year was solid reflecting the strength of our business model, the soundness of our strategy and the commitment of our teams.

In 2009 - with economies slowing down at rates rarely seen before – this will inevitably lead to reduced advertising budgets, increased competition between media, and increasingly reduced visibility. In this environment, we expect organic revenue, for the first time in Company's history, to decline. In the first quarter we anticipate that this decline will be around 10%, albeit compared to a particularly strong first quarter last year. Given the reduced visibility we are not in a position to give guidance for the full year, although comparables to 2008 may improve given the weaker second half last year compared to the first quarter.

In these conditions it is important to maintain JCDecaux's financial flexibility and optimize our leading market positions. We will focus on cash generation and preservation and more selective capital expenditure allowing us to take advantage of opportunities that may arise in our industry. It is with this in mind that the Board is proposing that a dividend payment is not made for 2008. Additionally, the Board will be seeking to reduce expenses through improved processes and infrastructure.

JCDecaux has a well invested portfolio, market leading positions and a strong balance sheet - all of which will provide good support in challenging market conditions. We continue to believe that outdoor advertising remains structurally well placed for the future and it is our intention that we will come out of this recession with a stronger market position than when we entered into it. “