Weekly Internet / Digital Media Sector Summary Week of August 22 nd , 2011 Industry Stock Market Valuation Internet / Digital Media Last 12 Months Last 3 Months 180 120 170 110 160 150 100 140 (6%) 33% 130 90 (14%) (17%) 120 7% (17%) 2% 80 (20%) 110 1% (22%) 1% 100 (0%) 70 (33%) 90 (11%) 80 60 08/19/10 11/18/10 02/17/11 05/19/11 08/19/11 05/19/11 06/10/11 07/04/11 07/27/11 08/19/11 (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, ICLK, INSP, MCHX, MSFT, QNST, RLOC, VCLK, YHOO. 2) eCommerce Composite includes: AMZN, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, STMP, TZOO, VPRT. 3) Internet Content Composite includes: DHX, DMD, EHTH, INSW, LNKD, MOVE, MWW, P, RATE, RNWK, SCOR, SFLY, TST, TTGT, UNTD, WBMD-US, WWWW, XOXO. 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 8/19/11 Low High Value Debt Value CY 10A CY 11E CY 12E CY 10A CY 11E CY 12E CY 10A CY 11E CY 12E Growth PEG 11E/10A Y/Y MRQ Search / Online Advertising Microsoft Corp. $24.05 $23.32 $29.46 $201,497 ($40,851) $160,646 2.6 x 2.2 x 2.1 x 5.9 x 5.1 x 4.8 x 11.5 x 8.7 x 8.0 x 11.1% 0.8 15.5% 8.3% Google Inc. Cl A 490.92 447.65 642.96 124,802 (34,916) 89,886 3.1 2.6 2.2 7.6 5.7 4.8 18.7 13.8 11.7 19.2% 0.7 18.2% 32.3% Yahoo! Inc. 12.92 11.09 18.84 16,313 (2,417) 13,896 3.0 3.1 3.0 8.4 8.4 7.9 14.4 17.1 14.8 15.2% 1.1 (3.2%) (23.3%) IAC/InterActiveCorp. 34.34 23.34 43.80 2,719 (816) 1,903 1.2 1.0 0.9 7.5 5.3 4.4 36.9 17.4 14.6 7.5% 2.3 19.3% 20.5% AOL Inc. 12.24 10.06 27.65 1,309 (339) 971 0.4 0.4 0.5 1.4 2.8 3.1 NM 13.6 18.9 28.6% 0.5 (8.7%) (7.2%) ValueClick Inc. 13.38 10.44 19.73 1,059 (143) 916 2.1 1.7 1.4 7.2 5.6 4.7 12.2 14.6 12.5 14.0% 1.0 25.4% 26.1% Blinkx PLC 1.66 1.04 2.53 585 (53) 532 10.0 6.3 4.3 NM 24.9 13.6 NM 31.9 19.7 NA NA 58.8% NA QuinStreet Inc. 11.36 10.16 24.91 533 (61) 472 1.4 1.1 1.0 5.7 5.1 4.6 24.7 19.0 15.6 15.0% 1.3 28.6% 6.3% ReachLocal Inc. 13.50 12.69 28.39 395 (94) 301 1.0 0.8 0.6 NM 22.4 8.7 NM NM 78.6 30.0% NM 32.1% 31.8% InfoSpace Inc. 8.83 6.62 9.84 337 (263) 73 0.3 0.3 0.3 2.7 2.5 2.5 23.9 17.0 14.8 17.5% 1.0 (9.1%) (8.6%) Marchex Inc. (Cl B) 9.79 3.80 10.87 265 (28) 237 2.4 1.9 1.7 30.0 13.1 9.8 NM NM NM NA NA 26.1% 81.4% interCLICK Inc. 5.22 3.39 8.93 129 (7) 122 1.2 0.9 0.7 9.4 6.6 5.0 32.6 15.8 12.3 17.5% 0.9 40.0% 34.0% Mean 2.4 x 1.9 x 1.5 x 8.6 x 9.0 x 6.1 x 21.8 x 16.9 x 20.1 x 17.6% 1.1 20.2% 18.3% Median 1.8 1.4 1.2 7.3 5.7 4.8 21.3 16.4 14.8 16.4% 1.0 22.3% 20.5% Internet Content LinkedIn Corporation $79.03 $60.14 $122.70 $7,468 ($372) $7,096 29.2 x 15.1 x 10.2 x NM NM 62.9 x NM NM NM 75.0% NM 93.8% NA Pandora Media Inc. 13.02 11.00 26.00 2,080 (36) 2,043 14.8 8.2 5.0 NM NM NM NM NM NM 40.0% NM 81.8% NA WebMD Health Corp. 32.58 31.66 58.55 1,912 (345) 1,567 2.9 2.7 2.4 9.2 7.8 6.8 37.0 27.6 27.8 22.5% 1.2 10.4% 15.2% Bankrate Inc. 14.85 13.81 18.89 1,485 132 1,617 7.3 4.1 3.4 22.7 13.5 10.8 46.2 28.7 20.4 NA NA 79.0% NA Shutterfly Inc. 41.53 21.96 66.70 1,435 (76) 1,359 4.4 2.8 2.2 26.8 14.3 10.0 70.4 93.1 41.0 25.8% 3.6 56.8% 61.9% Monster Worldwide Inc. 7.27 7.24 25.90 939 (77) 862 0.9 0.8 0.7 13.8 4.3 3.3 NM 16.9 9.6 16.8% 1.0 18.3% 25.5% Demand Media Inc. 7.19 7.12 27.38 603 (104) 500 2.0 1.6 1.3 8.6 6.1 4.2 38.7 31.0 18.2 NA NA 25.7% 31.6% Dice Holdings Inc. 8.55 6.12 18.75 574 (50) 524 4.1 2.9 2.5 10.1 6.9 5.6 30.5 17.6 12.8 25.0% 0.7 39.7% 50.0% comScore Inc. 14.26 12.50 31.28 454 (29) 425 2.4 1.8 1.5 37.3 10.9 7.7 NM NM NM 24.4% NM 33.1% 38.4% United Online Inc. 4.92 4.75 7.50 436 151 587 0.6 0.6 0.6 3.3 3.5 3.4 4.5 5.4 6.1 13.5% 0.4 (1.5%) 5.3% RealNetworks Inc. 2.81 2.59 4.31 384 (328) 57 0.1 0.2 0.1 2.7 1.8 1.6 56.2 NM NM 5.0% NM (10.9%) (5.8%) eHealth Inc. 12.58 9.33 15.98 269 (136) 133 0.8 0.9 0.9 4.4 5.5 5.3 17.2 34.8 33.8 15.0% 2.3 (7.8%) (0.2%) XO Group Inc. 8.24 6.95 12.18 250 (95) 155 1.4 1.3 1.1 13.2 8.3 6.3 74.9 60.3 32.7 18.8% 3.2 9.7% 13.6% Web.com Group Inc. 8.12 4.09 16.01 237 74 312 2.6 1.7 1.3 12.8 7.7 6.3 11.8 7.8 6.4 13.3% 0.6 49.9% 70.5% TechTarget Inc. 6.12 4.26 9.77 231 (32) 199 2.1 1.8 1.6 10.0 7.5 6.1 NM 18.0 14.7 12.0% 1.5 13.4% 12.1% Move Inc. 1.32 1.27 2.89 211 (90) 122 0.6 0.6 0.6 5.3 4.9 3.7 29.7 26.4 13.7 25.0% 1.1 (2.1%) (1.6%) TheStreet, Inc. 2.23 2.20 3.64 71 (56) 15 0.3 NA NA NM NA NA NM NA NA NA NA NA 2.5% InsWeb Corp. 6.10 4.15 8.80 35 (6) 29 0.7 NA NA 20.0 NA NA 26.5 NA NA NA NA NA 35.9% Mean (1) 2.0 x 1.6 x 1.4 x 13.3 x 7.4 x 5.8 x 37.0 x 30.6 x 19.8 x 18.1% 1.6 21.8% 22.8% Median 2.0 1.7 1.4 10.1 7.2 6.1 33.8 27.0 16.4 20.6% 1.1 18.3% 14.4% Internet Commerce Amazon.com Inc. $178.93 $122.25 $227.45 $81,223 ($6,355) $74,868 2.2 x 1.5 x 1.2 x 31.9 x 28.2 x 20.4 x 70.7 x 58.4 x 41.6 x 26.9% 2.2 42.5% 51.0% eBay Inc. 27.16 22.37 35.35 35,003 (1,851) 33,151 3.6 2.9 2.5 10.3 8.8 7.5 20.0 13.6 11.7 12.0% 1.1 25.6% 14.9% priceline.com Inc.