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12 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 Although consumption of traditional media grew in 2020 owing to the pandemic, available advertising revenue declined in radio and grew marginally in television.According to the Telecommunications Authority of Trinidad & Tobago%u2019s 2020 third-quarter report, Television advertising revenue grew slightly by 4.7% from $42.5M (2019) to $47.2M (2020) while there was an 11.8% decline in radio advertising revenue, from $93M (2019) to $81M (2020).GML%u2019s rapid adaptation to the changing media landscape by way of new initiatives ensured that the Company%u2019s market share and profitably continued to grow despite negative economic conditions exacerbated by the national lockdown.Key to GML%u2019s success in 2020 include:1. The reorganisation of the Company%u2019s commercial structure and rebuilding of commercial teams on all GML platforms.2. The reduction in the Company%u2019s cost structure.3. Improved union relations, with the settlement of grievances and the Collective Agreement.4. Enhanced employee morale and a corporate culture based on focused employee engagement.5. Brand Image: The creation of new and innovative content designed to genuinely assist the population during the Covid-19 crises also served to attract mass audiences and further illustrate GML%u2019s commitment to assisting the population in a time of need.Programs such as Guardian Tertiary or GT Lessons, where certified teachers were able to reach children in their homes, produced live in GM Labs helped to keep children %u201cin school%u201d. %u201cAsk The Doctor%u201d which was broadcast simultaneously across the TBC Radio Network, featured a Medical Doctor who provided sound advice to citizens, and callers%u00a0were given the opportunity%u00a0 to raise their concerns, primarily focused on the coronavirus, all in a onehour program broadcast live each day.%u00a0 A similar program was launched in primetime on Thursday night on CNC3 Television.Our digital platforms provided users with real-time updates on the spread of the virus and the Ministry of Health bulletins on how to remain safe.It is evident that the Organization%u2019s ability to innovate expeditiously, its capacity to drive sales and efficiencies, combined with the guidance of a highly experienced Executive Team and loyal and dedicated staff, that Guardian Media was able to move into profitability in 2020 despite seemingly insurmountable odds. Guardian Media reported a net profit before taxation of $7M for the year ended December 31, 2020, in comparison to a net loss before taxation of $7.1M in 2019.At this juncture, it is important to recognise that some traditional media platforms will adapt and survive the digital onslaught, while others will not in their entirety or in their present configuration. Management is cognizant of this inevitability and the implications for Guardian Media should Management fail to take advantage of the opportunities that reside in the digital world. Our thrust into the digital arena will take many shapes and forms as we transform our traditional platforms to ensure continued relevance with consumers,%u00a0particularly%u00a0among Millennials and Generation Z.New and exciting digital products are also being developed to delight consumers and%u00a0 geared towards fulfilling the future needs and wants of an increasingly fickle consumer. The Company%u2019s positive financial results in 2020, the revitalization of our traditional platforms as well as our thrust into the future, could not be accomplished without the hard work and perseverance of our staff.Guardian Media remains committed to employee engagement and investing in our workforce in all areas, to ensure their physical well-being and to make certain that they are well prepared to meet the challenges of tomorrow%u2019s world.The COVID-19 Pandemic continued into 2021. Carnival 2021 was cancelled. There remains uncertainty as to how long we will remain in the throes of the virus, or when a significant enough portion of the country would be vaccinated to achieve herd immunity,%u00a0 but%u00a0I remain confident that we are fully prepared and on the right strategic path to ensure the future success of Guardian Media, %u00a0as the Management Team and our staff together have the knowledge and experience to lead the Company into a future of sustainable growth.In closing, I would like to take this opportunity to thank our Board of Directors, our Management Team and our dedicated employees, our advertisers and shareholders, and of course, the people of Trinidad and Tobago and beyond, who consume our content daily on all of our platforms, for their continued support in these challenging times.Brandon KhanManaging Director