According to Polish Outdoor Industry Chamber advertising market in this segment shrunk by 9.7% in 2Q09 to PLN 176.5m. In 1H09 the fall amounted to around 9% and the head of the Chamber expects this rate of fall to be maintained in 2H09. Our view:The fall of outdoor market at around 10% in 2Q09 was in line with our expectations. In 1Q09 Agora’s sales in this segment were much better than the market (down only 3.6% y/y). This is likely to be continued in 2Q09.