Weekly Internet/Digital Media Sector Summary Week of May 18th, 2009 Industry Stock Market Valuation Internet / Digital Media Last 12 Months Last 3 Months 110 180 100 170 69% 160 90 150 80 -23% 140 40% -31% 33% 70 -33% 130 32% -36% -38% 120 18% 60 -39% 15% 13% 110 -48% 50 100 40 90 30 80 05/16/08 07/07/08 08/29/08 10/20/08 12/12/08 02/02/09 03/27/09 05/19/09 02/18/0903/02/09 03/13/09 03/27/09 04/10/09 04/23/09 05/06/09 05/19/09 (1) (2) (3) NASDAQ Search / Online Advertising eCommerce Internet Content (4) (5) (6) Publishers Diversified Marketing Media Conglomerates Notes: 1) Search/Online Advertising Composite includes: MSFT, GOOG, YHOO, IACI, VCLK, MCHX, INSP, LOOK, MIVA, BLNX. 2) eCommerce Composite includes: AMZN, EBAY, CPRT, EXPE, PCLN, SHOU, NFLX, GSIC, FLWS, OSTK, STMP, DSCM, ALOY, TZOO, ABTL, VPRT, NILE, LINTA. 3) Internet Content Composite includes: BIDU, WBMD, RNWK, KNOT, NAPS, TSCM, DIET, SCOR, WWWW, UNTD, MOVE, DHX, MWW, EHTH, SFLY, RATE, TTGT, INET. 4) Publishers Composite includes: PSO, MMB-FR, WPO, GCI, UBM-GB, NYT, SSP, TRI, NWS.A, RHD. 5) Diversified Marketing Composite includes: EFX, ACXM, HHS, IUSA, VCI, WPP, OMC, PIG, PUB, AGS, HAV, MDCA. 6) Media Conglomerates Composite includes: DIS, TWX, SNE, VIA.B, CBS, MVL, LGF, PLA, EXPN, CMCSA, DISCA. Public Company Valuations - Media & Internet Financial Metrics $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 5/19/09 Low High Value Debt Value CY 09E CY 010E CY 09E CY 010E CY 09E CY 010E Growth PEG 010E/09E Y/Y MRQ Search / Online Advertising Microsoft Corp. $20.31 $14.87 $29.89 $180,753 ($23,341) $157,412 2.6 x 2.5 x 6.5 x 6.2 x 11.5 x 10.6 x 10.6% 1.0 3.8% (5.6%) Google Inc. (Cl A) 398.88 247.30 589.92 126,022 (17,785) 108,237 4.8 4.2 10.4 9.2 18.9 16.7 22.9% 0.7 12.8% 6.2% Yahoo! Inc. 15.18 8.94 28.33 21,186 (3,446) 17,740 3.7 3.5 10.3 9.5 43.0 36.2 16.9% 2.1 4.9% (13.1%) IAC/InterActiveCorp. 15.31 13.23 21.08 2,291 (1,913) 377 0.3 0.3 2.6 2.0 38.7 23.9 11.7% 2.1 4.9% (10.4%) ValueClick Inc. 10.69 4.66 20.45 930 (104) 825 1.5 1.5 6.0 5.7 17.3 15.6 16.1% 1.0 4.3% (20.2%) InfoSpace Inc. 7.27 5.07 11.94 254 (196) 58 0.4 0.4 3.4 2.7 NM 38.3 42.5% 0.9 5.4% (7.4%) Marchex Inc. (Cl B) 3.18 2.98 14.15 114 (26) 88 0.9 0.8 6.7 5.4 NM NM 25.0% NM 10.7% (28.3%) Blinkx PLC 0.26 0.14 0.69 71 (32) 39 2.8 2.0 NA NA NM 27.6 NA NA 44.0% NA Mean 2.1 x 1.9 x 6.6 x 5.8 x 25.9 x 24.1 x 20.8% 1.3 11.4% (11.2%) Median 2.1 1.7 6.5 5.7 18.9 23.9 16.9% 1.0 5.2% (10.4%) Internet Content Monster Worldwide Inc. $13.59 $5.95 $27.94 $1,713 ($158) $1,555 1.7 x 1.7 x 16.1 x 13.4 x NM 90.8 x 17.6% 5.2 1.0% (30.6%) WebMD Health Corp. (Cl A) 27.52 13.63 35.40 1,605 (205) 1,400 3.3 2.9 13.0 11.3 45.2 38.7 22.0% 1.8 12.3% 11.9% United Online Inc. 6.86 3.76 12.50 573 284 858 0.8 0.8 3.5 3.5 9.3 9.3 11.0% 0.8 2.0% 116.4% Bankrate Inc. 29.94 15.77 52.43 562 (47) 515 3.3 3.0 9.2 7.9 22.0 18.5 19.6% 0.9 9.9% (9.7%) eHealth Inc. 16.55 8.38 25.58 412 (151) 262 1.9 1.7 8.4 7.1 28.8 24.3 22.9% 1.1 15.2% 21.5% Shutterfly Inc. 14.67 5.62 15.08 369 (66) 303 1.4 1.3 8.7 7.0 NM NM 16.0% NM 11.0% 4.9% RealNetworks Inc. 2.65 1.97 7.61 356 (365) (9) NM NM NM NM NM NM 18.7% NM 3.5% (4.6%) Move Inc. 2.11 0.64 3.21 325 (46) 279 1.3 1.2 10.0 8.1 NM 52.8 21.3% 2.5 5.7% (11.4%) ComScore Inc. 10.84 6.63 29.10 325 (69) 256 2.0 1.7 9.7 7.7 21.6 15.2 28.1% 0.5 16.5% 16.1% Knot Inc. 8.55 5.35 12.09 288 (75) 214 2.1 2.0 15.5 11.3 NM 54.1 21.5% 2.5 6.9% (0.4%) Internet Brands Inc. (Cl A) 6.34 4.43 7.32 283 (60) 224 2.1 1.7 5.8 4.5 22.2 15.9 20.2% 0.8 22.2% (5.7%) Dice Holdings Inc. 4.29 2.10 9.50 267 15 282 2.7 2.7 6.6 6.9 27.5 21.8 18.3% 1.2 (1.1%) (25.3%) TechTarget Inc. 4.22 2.13 13.57 175 (56) 120 1.3 1.2 6.9 6.6 19.7 20.1 21.0% 1.0 1.4% 8.2% Web.com Group Inc. 4.91 2.05 9.20 130 (37) 93 0.9 0.9 4.6 4.3 71.6 35.9 26.6% 1.4 4.1% (9.8%) TheStreet.com 1.90 1.69 7.86 58 (65) (6) NM NM NM NM NM NM 18.0% NM 2.3% (26.0%) eDiets.com Inc. 1.15 0.98 4.75 29 13 42 2.0 NA NM NA NM NA NA NA NA (39.1%) Mean 1.9 x 1.7 x 9.1 x 7.7 x 29.8 x 33.1 x 20.2% 1.6 7.5% 1.0% Median 2.0 1.7 8.7 7.1 22.2 23.0 20.2% 1.1 5.7% (5.1%) Internet Commerce Amazon.com Inc. $77.87 $34.68 $91.75 $33,457 ($2,656) $30,801 1.4 x 1.2 x 19.5 x 16.2 x 48.5 x 38.2 x 22.9% 1.7 18.1% 18.2% eBay Inc. 17.87 9.91 31.37 22,991 (2,837) 20,154 2.5 2.4 7.0 6.8 12.5 11.9 18.9% 0.6 5.8% (7.8%) Expedia Inc. 15.05 6.00 24.47 4,338 329 4,667 1.7 1.5 6.6 6.1 13.7 12.3 15.0% 0.8 8.8% (7.6%) priceline.com Inc. 103.99 45.15 139.16 4,332 (125) 4,207 2.0 1.8 10.5 9.1 15.6 13.8 16.8% 0.8 12.0% 14.6% Liberty Media Holding Corp. Interactive Series A 6.10 1.97 17.58 3,622 6,299 9,921 1.3 1.3 7.0 6.6 14.6 14.1 9.5% 1.5 3.5% (4.2%) Copart Inc. 30.10 22.54 49.34 2,518 (13) 2,506 3.2 NA 8.7 NA 16.3 NA 15.3% NA NA (2.1%) Netflix Inc. 39.63 17.90 50.24 2,287 (248) 2,039 1.2 1.1 7.6 6.4 23.2 19.1 16.8% 1.1 15.8% 20.8% VistaPrint Ltd. 39.20 11.75 40.00 1,657 (95) 1,562 2.8 2.5 12.2 9.8 22.5 19.1 22.8% 0.8 14.9% 20.6% Digital River Inc. 37.10 16.88 45.45 1,416 (346) 1,070 2.7 2.5 9.3 8.6 19.1 17.6 12.0% 1.5 5.9% (0.7%) GSI Commerce Inc. 13.07 5.69 18.24 639 153 792 0.8 0.8 8.6 7.6 NM 33.7 19.9% 1.7 7.9% 0.5% Blue Nile Inc. 43.98 18.34 55.48 638 (31) 606 2.1 1.9 24.6 22.3 58.6 46.8 21.0% 2.2 10.1% (11.4%) Travelzoo Inc. 10.65 3.72 11.74 175 (16) 159 1.8 1.7 14.3 14.6 NM 62.6 NA NA 4.5% 11.5% drugstore.com inc. 1.45 0.65 2.89 145 (32) 113 0.3 0.3 7.4 10.4 NM NM 25.0% NM 4.9% 6.2% 1-800-Flowers.com Inc. Cl A 2.27 0.85 8.67 145 87 231 0.3 0.3 5.3 4.6 14.0 NA 15.5% NA 1.9% (21.2%) Stamps.com Inc.