Weekly Internet / Digital Media Sector Summary Week of January 2 nd , 2012 Industry Stock Market Valuation Internet / Digital Media Last 12 Months Last 3 Months 130 125 120 120 (1%) 17% 110 (2%) 16% (2%) 115 (3%) 13% 100 (4%) 110 9% (5%) 90 8% 105 80 100 70 95 60 (6%) 90 50 (51%) (11%) 40 85 12/31/10 04/01/11 07/01/11 09/30/11 12/30/11 09/30/11 10/21/11 11/14/11 12/07/11 12/30/11 (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: AOL, BLNX-GB, GOOG, IACI, INSP, MCHX, MSFT, QNST, RLOC, VCLK, YHOO, YNDX. 2) eCommerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, GRPN, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, STMP, TZOO, VPRT. 3) Internet Content Composite includes: DHX, DMD, EHTH, LNKD, MOVE, MWW, P, RATE, RENN, RNWK, SCOR, SFLY, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: MMB-FR, NWSA, NYT, PSO, SSP, TRI, UBM-GB, WPO. 1 5) Diversified Marketing Composite includes: ACXM, AGS-GB, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. Public Company Valuations Internet / Digital Media: 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 12/30/11 Low High Value Debt Value CY 11E CY 12E CY 13E CY 11E CY 12E CY 13E CY 11E CY 12E CY 13E Growth PEG 12E/11E Y/Y MRQ Search / Online Advertising Microsoft Corp. $25.96 $23.65 $29.46 $218,380 ($45,476) $172,904 2.4 x 2.2 x 2.1 x 5.6 x 5.2 x 4.8 x 9.6 x 8.9 x 8.0 x 10.1% 0.9 7.4% 7.3% Google Inc. Cl A 645.90 473.02 646.76 165,351 (38,373) 126,978 4.3 3.5 3.0 7.9 6.6 5.6 17.5 14.7 12.5 20.3% 0.7 22.7% 33.4% Yahoo! Inc. 16.13 11.09 18.84 20,006 (1,981) 18,026 4.1 3.9 3.8 11.2 10.7 10.5 19.7 17.9 16.0 14.7% 1.2 4.5% (24.0%) Yandex N.V. Cl A 19.70 16.60 42.01 6,363 (432) 5,931 8.8 6.3 4.7 19.5 14.0 9.6 32.7 23.8 17.6 33.5% 0.7 39.7% NA IAC/InterActiveCorp. 42.60 28.05 43.89 3,248 (769) 2,479 1.2 1.0 0.9 7.1 5.6 5.3 20.1 16.4 13.8 12.3% 1.3 18.2% 22.6% AOL Inc. 15.10 10.06 24.91 1,470 (331) 1,139 0.5 0.5 0.6 3.2 3.7 3.8 23.2 21.8 17.6 5.4% 4.0 (4.1%) (5.6%) ValueClick Inc. 16.29 13.35 19.73 1,345 46 1,392 2.5 2.0 1.8 8.2 6.4 5.9 13.9 14.5 11.8 15.0% 1.0 27.9% 17.6% QuinStreet Inc. 9.36 8.43 24.91 446 (41) 404 1.0 0.9 0.9 4.7 4.6 4.3 9.7 9.7 9.1 10.1% 1.0 6.0% (2.3%) InfoSpace Inc. 10.99 7.83 11.95 433 (279) 154 0.7 0.7 0.6 4.8 4.5 3.5 22.6 21.5 21.5 17.5% 1.2 4.2% (8.8%) Blinkx PLC 1.19 0.77 2.60 429 (53) 376 3.5 2.3 1.7 21.6 11.2 6.1 42.5 24.8 10.9 NA NA 50.8% NA ReachLocal Inc. 6.18 6.08 28.39 182 (94) 87 0.2 0.2 0.2 6.1 3.8 2.1 NM NM 17.8 47.5% NM 21.3% 27.9% Marchex Inc. Cl B 6.25 5.53 10.87 173 (35) 137 0.9 0.8 0.7 5.9 4.8 4.0 21.3 18.4 15.1 19.3% 1.0 16.7% 60.4% Mean 2.5 x 2.0 x 1.7 x 8.8 x 6.8 x 5.5 x 21.2 x 17.5 x 14.3 x 18.7% 1.3 17.9% 12.8% Median 1.8 1.5 1.3 6.6 5.4 5.0 20.1 17.9 14.5 15.0% 1.0 17.4% 12.5% Internet Content LinkedIn Corporation $63.01 $55.98 $122.70 $6,150 ($388) $5,762 11.2 x 7.0 x 4.9 x 68.0 x 38.6 x 22.4 x NM NM 69.3 x 61.9% NM 60.3% 125.7% Bankrate Inc. 21.50 13.38 21.94 2,150 129 2,279 5.5 4.5 3.8 17.7 14.1 10.9 37.2 27.0 20.8 20.0% 1.4 22.2% NA WebMD Health Corp. 37.55 25.56 58.55 2,139 (301) 1,838 3.3 3.2 3.0 10.3 10.2 9.3 25.0 25.8 24.7 18.5% 1.4 2.1% (0.1%) Pandora Media Inc. 10.01 9.15 26.00 1,614 (91) 1,523 5.8 3.7 2.6 NM NM 59.1 NM NM 95.8 31.5% NM 54.6% NA Renren Inc. Cl A ADS 3.55 3.21 24.00 1,393 (1,195) 198 1.7 1.1 0.8 NM 42.4 5.3 NM NM 51.4 NM NM 49.7% NA Monster Worldwide Inc. 7.93 6.34 25.90 1,022 (99) 923 0.9 0.9 0.8 5.1 4.5 3.9 20.1 14.4 10.9 16.5% 0.9 2.8% 13.2% Shutterfly Inc. 22.76 22.16 66.70 789 (69) 720 1.5 1.2 1.0 8.9 6.6 5.3 73.7 35.3 21.6 27.4% 1.3 25.1% 56.3% comScore Inc. 21.20 12.50 31.28 700 (20) 680 2.9 2.4 2.1 14.8 11.4 11.7 25.9 19.0 16.0 25.2% 0.8 20.2% 28.6% Zillow Inc. Cl A 22.48 21.22 60.00 620 (96) 524 8.1 5.4 3.9 49.0 27.2 16.2 NM 75.5 34.4 47.0% 1.6 49.9% 131.6% Demand Media Inc. 6.65 5.24 27.38 558 (79) 478 1.5 1.3 1.1 5.8 4.5 3.7 27.6 20.6 15.9 15.4% 1.3 16.6% 24.7% Dice Holdings Inc. 8.29 7.02 18.75 551 (58) 492 2.7 2.4 2.1 6.5 5.6 4.9 16.8 13.3 11.2 25.0% 0.5 13.3% 36.2% Web.com Group Inc. 11.45 6.47 16.01 541 71 612 2.8 1.3 1.2 12.0 4.1 NA 11.7 7.8 5.7 13.3% 0.6 111.2% 34.1% United Online Inc. 5.44 4.80 7.50 485 149 634 0.7 0.7 0.7 3.6 3.9 4.4 5.5 6.8 8.0 13.5% 0.5 (1.4%) (5.6%) eHealth Inc. 14.70 11.45 15.73 295 (127) 168 1.1 1.1 1.4 7.7 7.4 7.5 45.8 42.3 39.2 13.3% 3.2 1.4% (7.1%) RealNetworks Inc. 7.50 6.92 17.24 257 (183) 74 0.2 0.2 NA 4.3 12.0 NA NM NM NA 7.5% NM (2.5%) (2.3%) Move Inc. 6.32 4.05 11.04 244 (81) 163 0.8 0.8 0.8 6.7 5.3 5.0 29.6 19.0 14.4 23.0% 0.8 3.5% (7.5%) XO Group Inc. 8.34 6.67 12.18 239 (84) 155 1.2 1.1 1.0 8.9 6.8 6.5 54.2 32.8 23.5 17.7% 1.9 9.5% 13.8% TechTarget Inc. 5.84 4.85 9.77 225 (46) 179 1.7 1.5 1.4 7.0 5.7 4.8 17.9 14.6 11.9 20.5% 0.7 11.3% 17.7% TheStreet, Inc. 1.68 1.57 3.64 54 (62) (8) NA NA NA NA NA NA NM 33.6 18.7 NA NA NA 0.0% Mean (1) 1.8 x 1.5 x 1.4 x 7.9 x 9.0 x 5.9 x 27.9 x 20.8 x 18.4 x 17.1% 1.1 17.8% 13.5% Median 1.7 1.3 1.4 8.3 6.8 5.9 25.9 20.6 19.7 20.0% 1.1 14.9% 15.7% Internet Commerce Amazon.com Inc. $173.10 $160.59 $246.71 $78,718 ($6,326) $72,392 1.5 x 1.1 x 0.9 x 32.7 x 23.7 x 17.0 x NM 86.5 x 46.6 x 24.7% 3.5 33.7% 43.9% eBay Inc.