Underage alcohol use is a widespread problem with significant health and safety consequences. This is the third Federal Trade Commission report on efforts by the alcohol industry to reduce the likelihood that alcohol advertising will target youth, by its placement or content. This report provides data about how industry members allocate promotional dollars; data on compliance with the industry’s advertising placement standard (requiring that at least 70 percent of the audience for advertising consist of adults 21 and older); analysis of external review of advertising complaints; and an update on the FTC’s “We Don’t Serve Teens” campaign. The report is based on the responses to Special Orders issued to twelve major alcohol suppliers, comments submitted in response to two Federal Register notices, and discussions with a wide range of stakeholders. It provides alcohol supplier data in an aggregate or anonymous fashion.