Project Arbor

Materials Prepared for Discussion

DRAFT | Confidential

Preliminary | Subject to Further Review and Evaluation August 2012

Arbor Trading and Financial Summary

Arbor Trading Performance Since IPO

November 5, 2009 (Arbor IPO) to August 6, 2012

Arbor Trading Overview

Stock Price

Period Spot Avg

Unaffected (1) $22.63 –

Current 32.32 –

LTM Average – $25.90

LTM High 36.27 –

LTM Low 20.95 –

Note: Based on closing prices.

Price ($)

$50.00 $40.00 $30.00 $20.00 $10.00 $0.00

Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

5/11/11:

Priced secondary offering at $42.00

11/12/10: Priced secondary offering at $26.00

5/14/12: WDYTYA not renewed

Price reaction: (14%)

11/4/09:

Priced $100MM IPO at $13.50

Price reaction: +5%

Current price: $32.32

Volume (MM)

15.0

10.0

5.0

0.0

6/6/12: Bloomberg leak

Price reaction: +11%

7/24/12: NY Times leak

Price reaction: +15%

Unaffected price(1): $22.63

Source: Capital IQ. Based on closing prices.

(1) Unaffected price based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

CONFIDENTIAL | DRAFT

3

Arbor Trading Performance During Process

April 19, 2012 (April Board Meeting) to August 6, 2012

Price ($)

$40.00

5/14/12: WDYTYA not renewed

Price reaction: (14%)

5/18/12: Received proposal from

6/20/12: Proposals from

7/2/12:

Announced reaching two million subscriber milestone

Price reaction: +3%

7/24/12: NY Times leak

Price reaction: +15%

Volume (MM)

4/25/12:

Announced Q1 2012 Earnings and Archives.com acquisition

Price reaction: +5%

6/6/12: Bloomberg leak

Price reaction: +11%

6/18/12: proposal affirmation

7/11/12:

Qatalyst sent process letters for submitting final offers

7/25/12: Announced Q2 2012 Earnings

Price reaction: +3%

Current price: $32.32

6/22/12: Received proposal from

7/16/12: Qatalyst sent draft merger agreements

$30.00

Indices indexed to Arbor’s

4/19/12 price

$20.00

eCommerce: +9%

5.0

NASDAQ: (1%) Internet Leaders: (2%)

Online Media and Consumer Services: (10%)

Unaffected price(1): $22.63

$10.00

2.5

0.0

April 19 April 26 May 3 May 10 May 17 May 24 June 1 June 8 June 15 June 22 June  29 July 9 July 16 July 23 July 30 August 6

Source: Capital IQ. Based on closing prices. Period spans IPO of FB.

Source: Capital IQ. Based on closing prices. Period spans IPO of FB.

(1) Unaffected price based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak). Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN.

Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX.

Selected Online Media and Consumer Services includes IACI, WBMD, MWW, ACTV, ANGI, DHX, DMD, RATE, and QNST.

CONFIDENTIAL | DRAFT

4

Arbor Trading Performance Since Bloomberg Leak

June 5, 2012 (Day Prior to Bloomberg Leak) to August 6, 2012

Price ($)

$40.00

$30.00

Indices indexed to Arbor’s

6/5/12 price

$20.00

$10.00

Volume (MM)

10.0

Arbor +43%

7.5

eCommerce: +12%

5.0

NASDAQ: +8% Internet Leaders: +5%

Online Media and Consumer Services: (3%)

2.5

0.0

Unaffected price(1): $22.63

Current price: $32.32

6/6/12: Bloomberg leak

Price reaction: +11%

6/20/12: Proposals from

7/2/12:

Announced reaching two million subscriber milestone

Price reaction: +3%

7/16/12: Qatalyst sent draft merger agreements

7/24/12: NY Times leak

Price reaction: +15%

7/25/12:

Announced Q2 2012 Earnings

Price reaction: +3%

7/11/12:

Qatalyst sent process letters for submitting final offers

6/22/12: Received proposal from

6/18/12: proposal affirmation

June 5 June 7 June 11 June 13 June 15 June 19 June  21 June 25 June 27 June 29 July 3 July 6 July 10 July 12 July 16 July 18 July 20 July 24 July 26 July 30  August 1 August 3

Source: Capital IQ. Based on closing prices.

(1) Unaffected price based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak). Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN.

Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX.

Selected Online Media and Consumer Services includes IACI, WBMD, MWW, ACTV, ANGI, DHX, DMD, RATE, and QNST.

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5

Performance vs. Guidance

Legend

Management Guidance Actual > = Guidance Actual < Guidance

Q1 ‘10 Q2 ‘10 Q3 ‘10 Q4 ‘10 Q1 ‘11 Q2 ‘11 Q3 ‘11 Q4 ‘11 Q1 ‘12 Q2 ‘12

Mar ‘10 Jun ‘10 Sep ‘10 Dec ‘10 Mar ‘11 Jun ‘11 Sep’11 Dec ‘11 Mar ‘12 Jun ‘12

Revenue ($MM)

+5% +5% +4% +2% +5% +2% +0% +0% +1% +3%

$3 $4 $3 $2 $4 $2 $0 $0 $2 $3

$99 $101 $103 $103 $104 $104 $107 $109 $116 $119

$64 $71 $75 $76 $79 $81 $83 $87 $91

$62

Adjusted EBITDA ($MM)

+8% +20% +16% +2% +11% +7% +3% +2% +13% +3%

$1 $4 $4 $1 $3 $2 $1 $1 $4 $1

$29 $29 $30 $36 $38 $39 $40 $40 $41 $42 $43

$25 $25 $26 $28 $32

$16 $17 $21 $23

Subscribers (‘000s)

+7% +2% +2% +1% +5% +0% +0% +1% +2% +2%

77 31 32 15 70 2 1 13 40 33

1,670 1,672 1,701 1,703 1,830 1,870 1,973 2,005

1,1351,212 1,280 1,311 1,345 1,377 1,380 1,395 1,545 1,615 1,700 1,690

Full Year Guidance

Revenue

Adjusted EBITDA 2011 Provided 2012 Provided

Subscribers

Market Reaction

Earnings Released After Close On: 4/29/10 7/29/10 10/28/10 2/24/11 4/28/11 7/28/11 10/26/11 2/15/12 4/25/12 7/25/12

Arbor Price Reaction 1% 7% 4% 1% 43% (11%) (9%) (16%) 5%(1) 3%(2)

NASDAQ Daily Change (2%) 0% 0% 2% 0% (0%) 3% 2% 1% 1%

Source: Company filings. Based on midpoints of guidance ranges.

(1) Arbor previously announced, on January 5, 2012, that it ended Q4 ‘11 with 1,703,000 subscribers and reaffirmed guidance; price reaction: +20%.

(2) Arbor previously announced on July 2, 2012 that it reached two

million subscribers; price reaction: +3%. Prior to the press

release, on July 24, 2012 the New York Times ran a story on the process; price reaction: +15%. Prior to the New York Times article, Bloomberg ran a story on the process; price reaction: + 11

CONFIDENTIAL | DRAFT

6

NTM Revenue Multiples Over Time

November 5, 2009 (Arbor IPO) to August 6, 2012

NTM Revenue Multiples (Averages)

Online Media

Internet Arbor & Consumer Arbor Arbor

Arbor Leaders Prem/(Disc) Services Prem/(Disc) eCommerce Prem/(Disc)

2009 3.1x 4.0x (22%) 3.0x 2% 3.4x (8%)

2010 3.0 3.7 (18%) 2.7 13% 4.1 (26%)

2011 3.6 3.8 (5%) 2.6 37% 4.3 (16%)

2012 YTD 2.5 4.4 (44%) 2.4 3% 2.3 7%

Period 3.1x 3.9x (20%) 2.6x 19% 3.7x (17%)

LTM 2.5 4.0 (37%) 2.3 11% 2.5 (1%)

Unaffected (6/5/12) 2.1————

Current (8/6/12) 3.0 4.7 (36%) 2.0 46% 2.2 39%

8.0x

7.0x

6.0x

5.0x

4.0x

3.0x

2.0x

1.0x

0.0x

Nov-09 May-10 Nov-10 May-11 Nov-11 May-12

Internet Leaders: 4.7x

Arbor: 3.0x

eCommerce: 2.2x Online Media and Consumer Services:

2.0x

Source: Based on CapitalIQ and consensus analyst estimates. Arbor estimates first available as of December 18, 2009.

Period spans IPOs of FB, ACTV, ANGI, DMD, RATE, and QNST.

Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN. Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX. Selected Online Media and Consumer Services includes IACI, WBMD, MWW, ACTV, ANGI, DHX, DMD, RATE, and QNST.

CONFIDENTIAL | DRAFT

7

NTM Adjusted EBITDA Multiples Over Time

November 5, 2009 (Arbor IPO) to August 6, 2012

NTM Adjusted EBITDA Multiples (Averages)

Online Media

Internet Arbor & Consumer Arbor Arbor

Arbor Leaders Prem/(Disc) Services Prem/(Disc) eCommerce Prem/(Disc)

2009 8.4x 15.6x (46%) 12.8x (35%) 15.2x (45%)

2010 9.4 14.3 (34%) 11.2 (16%) 16.4 (43%)

2011 10.9 16.5 (34%) 9.8 11% 17.1 (36%)

2012 YTD 7.6 16.8 (55%) 8.9 (15%) 15.3 (50%)

Period 9.6x 15.7x (39%) 10.3x (7%) 16.4x (42%)

LTM 7.7 16.7 (54%) 8.6 (11%) 14.4 (47%)

Unaffected (6/5/12) 6.0————

Current (8/6/12) 8.7 15.9 (46%) 8.0 8% 11.7 (26%)

30.0x

25.0x

20.0x

15.0x

10.0x

5.0x

0.0x

Nov-09 May-10 Nov-10 May-11 Nov-11 May-12

Internet Leaders: 15.9x

eCommerce: 11.7x

Arbor: 8.7x

Online Media and Consumer Services:

8.0x

Source: Based on CapitalIQ and consensus analyst estimates. Arbor estimates first available as of December 18, 2009.

Period spans IPOs of FB, ACTV, ANGI, DMD, RATE, and QNST.

Arbor Adjusted EBITDA based on consensus estimates. Multiples greater than 50x or negative excluded.

Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN. Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX. Selected Online Media and Consumer Services includes IACI, WBMD, MWW, ACTV, ANGI, DHX, DMD, RATE, and QNST.

CONFIDENTIAL | DRAFT

8

Operating Statistics of Selected Companies

CY12E Adj. EBITDA Mgn. CY12-13E Revenue Growth CY11-12E Revenue Growth

Selected Online Media and Consumer Services

Median: 11%

71% Mean: 15%

33%

27% 22%

11% 5%

(9%) (11%) (17%)

ANGI IACI ACTV RATE DMD DHX MWW QNST WBMD

Selected eCommerce

Median: 16%

Mean: 17%

25%

20% 16% 13% 13%

SFLY VPRT OPEN EXPE NFLX

Selected Medians

16% 20%

11%

Online eCommerce Adjusted

Media & Arbor

Consumer (1)

Services

Selected Online Media and Consumer Services Median: 13% Mean: 14%

Selected eCommerce Median: 15% Mean: 15%

Selected Medians

47%

21% 18% 13% 13% 17% 17% 15% 15% 11% 13% 15% 14%

6% 4% 4% 2%

ANGI RATE ACTV IACI DMD DHX QNST MWW WBMD OPEN VPRT NFLX SFLY EXPE Online eCommerce Adjusted

Media & Arbor

Consumer (1)

Services

Selected Online Media and Consumer Services Median: 17% Mean: 16%

Selected eCommerce Median: 17% Mean: 19%

Selected Medians

Mean: 16%

40%

31% 27%

19% 17% 16%

14% 12%

42% 34% 20% 17% 17% 17% 13%

5%

(34%)

DHX RATE DMD QNST IACI MWW WBMD ACTV ANGI OPEN EXPE SFLY VPRT NFLX Online eCommerce Adjusted

Media & Arbor

Consumer (1)

Services

Source: Capital IQ; based on consensus analyst estimates. Current estimates as of August 6, 2012. Not available metrics are noted as NA. (1) Adjusted Arbor projections based on consensus analyst estimates dated August 6, 2012 and include management estimates for Archives.com.

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9

Trading Statistics of Selected Companies

Selected Online Media and Consumer Services Median: 1.6x

Mean: 2.2x

Selected eCommerce Median: 2.0x

Mean: 2.3x

Selected Medians

4.7x 3.8x

2.6x 2.4x 1.6x 1.5x 1.3x 1.1x 0.9x

ANGI RATE DHX DMD IACI ACTV WBMD QNST MWW

5.4x

2.0x 2.0x 1.4x

0.8x

OPEN SFLY EXPE VPRT NFLX

3.2x

1.6x 2.0x 2.2x

Online eCommerce Adjusted Adjusted

Media & Arbor Arbor

Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services Median: 9.1x Mean: 8.8x

Selected eCommerce Selected Medians Median: 11.8x Mean: 12.3x

12.6x 12.2x

9.3x 9.2x 9.1x

6.6x 5.9x 5.4x

NM

ACTV RATE WBMD IACI DMD DHX QNST MWW ANGI

16.0x

12.8x 11.8x 11.0x 10.0x

NFLX OPEN SFLY VPRT EXPE

11.8x

9.1x 9.4x

6.6x

Online eCommerce Adjusted Adjusted

Media & Arbor Arbor

Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services

Median: 21.0x

Mean: 23.2x

Selected eCommerce

Median: 24.3x

Mean: 24.2x

Selected Medians

38.3x

30.1x

23.0x

19.0x 15.0x 14.0x

NM NM NM

DMD MWW RATE IACI DHX QNST WBMD ACTV ANGI

28.7x 25.3x 24.3x

23.2x 19.6x 21.0x

NM

SFLY OPEN VPRT EXPE NFLX Online eCommerce

Media &

Consumer

Services

Source: Capital IQ; based on consensus analyst estimates. Current prices and estimates as of August 6, 2012. Multiples greater than 50x or negative noted as NM. Note: Arbor Street Case CY12E P/E multiples are 15.9x (current) and 11.1x (unaffected).

(1) Adjusted Arbor projections based on consensus analyst estimates dated August 6, 2012 and include management estimates for Archives.com. Multiples calculated based on

Adjusted Fully-Diluted Enterprise Value (2) Unaffected based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

. CONFIDENTIAL | DRAFT

10

Trading Statistics of Selected Companies

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 1.4x Median: 1.8x

Mean: 1.9x Mean: 2.0x

4.6x

3.2x 3.1x 2.5x 2.2x 1.8x 1.8x 1.4x 1.8x 2.8x 2.0x

1.4x 1.3x 1.3x 1.1x 0.8x 1.2x 0.7x

ANGI RATE DHX DMD IACI ACTV WBMD QNST MWW OPEN EXPE SFLY VPRT NFLX Online eCommerce Adjusted Adjusted

Media & Arbor Arbor

Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 8.0x Median: 9.3x

Mean: 7.4x Mean: 9.5x

9.8x 8.9x 8.5x 8.3x 7.7x 10.5x 9.7x 9.3x 9.1x 8.9x 8.0x 9.3x 8.1x

6.2x 5.4x 4.4x 5.7x

NM

RATE WBMD ACTV DMD IACI DHX QNST MWW ANGI OPEN VPRT SFLY NFLX EXPE Online eCommerce Adjusted Adjusted

Media & Arbor Arbor

Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 17.5x Median: 21.3x

Mean: 19.9x 44.7x Mean: 24.4x

35.5x

30.2x

21.6x 21.3x 21.3x

17.7x 17.5x 15.0x 13.5x 17.8x 16.9x 17.5x

10.2x

NM NM

ACTV DMD RATE MWW IACI DHX QNST WBMD ANGI NFLX SFLY OPEN VPRT EXPE Online eCommerce

Media &

Consumer

Services

Source: Capital IQ; based on consensus analyst estimates. Current prices and estimates as of August 6, 2012. Multiples greater than 50x or negative noted as NM. Note: Arbor Street Case CY13E P/E multiples are 14.0x (current) and 9.8x (unaffected).

(1) Adjusted Arbor projections based on consensus analyst estimates dated August 6, 2012 and include management estimates for Archives.com. Multiples calculated based on

Adjusted Fully-Diluted Enterprise Value.

(2) Unaffected based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

CONFIDENTIAL | DRAFT

11

Summary of Analyst Estimates

($MM, except Subscriber figures in ‘000s and per share amounts)

Projected Performance

Price LT Growth Net Sub Adds Revenue Adj. EBITDA Adj. EBITDA Mgn Non-GAAP EPS

Date Company (1) Rec Target Rate (%) CY12E CY13E CY12E CY13E CY12E CY13E CY12E CY13E CY12E CY13E Price Target Valuation Methodology

Arbor (Management Case) (1) 305 408 $480 $562 $ 172 $209 36% 37% —-

Arbor Management Guidance (Midpoint) 307—477— 173—36%——-

Post-Q2’12 Announcement Analyst Estimates

7/26/12 Bank of America Merrill Lynch Buy $36.00 15% 316 277 $476 $546 $ 173 $208 36% 38% $2.07 $2.44 15x CY13E Non-GAAP P/E

7/26/12 BMO Capital Markets Buy 37.00—— 476 541 170 194 36% 36% 2.08 2.34 8x CY13E EV/Adj. EBITDA

7/26/12 Citi Buy 35.00—— 476 530 173 196 36% 37% 2.16 2.38 15x CY13E Non-GAAP P/E

7/26/12 Craig Hallum Buy 41.00 20%—- 477 527 172 197 36% 37% —- 9x CY13E EV/Adj. EBITDA

7/26/12 Goldman Sachs Buy 36.00—— 476 559 172 200 36% 36% 1.93 2.26 8x CY13E EV/Adj. EBITDA

7/26/12 Imperial Capital Buy 35.00—313 214 475 526 172 191 36% 36% —- 8x CY13E EV/Adj. EBITDA

7/26/12 Piper Jaffray Buy 45.00—298 233 474 531 170 190 36% 36% 1.88 2.04 11x CY13E EV/Adj. EBITDA

7/25/12 Morgan Stanley (2) Hold 32.00—311 269 476 531 171 198 36% 37% 2.06 2.40 DCF (3% terminal growth, 13% WACC)

Median $36.00 18% 312 251 $476 $531 $172 $197 36% 37% $ 2.07 $2.36

Mean 37.13 18% 309 248 476 536 172 197 36% 37% 2.03 2.31

Source: Capital IQ and Wall Street Research. All estimates are Non-GAAP projections, excluding stock-based compensation, amortization of intangibles and other non-recurring charges. Calendar year ended December 31. Excludes Archives.com. (1) Arbor Management Case projections based on Arbor Management as of July 2012.

(2) Based on Morgan Stanley base case.

11% premium to current price of $32.32 as of August 6, 2012.

59% premium to unaffected price of

$22.63 as of June 5, 2012.

Arbor Analyst Recommendations / Stock Price Since First Analyst Estimates

Percentage 100%

Hold Buy

Sell

Stock Price

75% 50% 25% 0%

Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12

Price

$50.00

$40.00

$30.00

$20.00

$10.00

$0.00

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12

Comparison of Arbor Street and Management Financial Cases

Historical (1) Street Case

(2) Management Case Excluding Archives.com (3) Management Case Including Archives.com

Legend

Ending Subscriber Count (‘000s)

Actual Estimates

6,000

5,000 4,871 5,765 4,021

4,000 3,594

3,237 3,197 2,810 3,000 2,012 2,416 2,000 1,395 1,703 2,537 2,008 2,260

1,000

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Actual Estimates

1000 894

784 850

800 696

600

408 394 387 397

400 309

200 329 308 305

248 248

0

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Revenue ($MM)

Actual Estimates

$901

$ 900

$688 $789

$643 $818

$ 700 $592

$562 $726

$ 480

$ 500 $536 $597

$ 400

$ 476

$ 301

$ 300

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Revenue Growth

Actual Estimates

40%

34% 33%

30%

20% 23%

20% 17% 16% 15% 14%

19%

10% 13% 14% 13% 13%

11%

0%

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Adjusted EBITDA ($MM)

Actual Estimates

$ 500

$ 400 $372

$264 $320

$ 300 $ 210 $260 $355

$310

$172 $209

$ 200

$ 145 $226

$ 101 $172 $197

$ 100

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Adjusted EBITDA Margin

Actual Estimates

45%

43% 43%

40%

40% 37% 41%

37% 38% 40%

36% 36% 38%

35% 34% 36%

35%

30%

CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Note: Non-GAAP projections exclude stock-based compensation, amortization of intangibles and other non-recurring charges. (1) Arbor Street Case projections based on consensus analyst estimates as of August 6, 2012.

(2) Arbor Management Case projections based on Arbor

Management as of July 2012.

(3) Arbor Management Case projections based on Arbor Management as of July 2012. Includes contribution from Archives.com beginning in CY13E.

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13

Arbor Street vs. Management

Both Street and Management exclude Archives.com

($MM, except Subscriber figures in ‘000s)

Q3’CY12E CY12E CY13E

? from Street ? from Street ? from Street

Street (1) Mgmt (2) $ % Street (1) Mgmt (2) $ % Street (1) Mgmt (2) $ %

Ending Subscribers 2,023 2,020 (3) (0%) 2,012 2,008 (4) (0%) 2,260 2,416 155 7%

Quarterly Growth 1% 1% (15 bps)—- —-

Annual Growth 19% 19% (17 bps) 18% 18% (23 bps) 12% 20% 796 bps

Revenue $123 $125 $1 1% $476 $480 $4 1% $536 $562 $26 5%

Quarterly Growth 4% 5% 111 bps—- —-

Annual Growth 20% 21% 128 bps 19% 20% 111 bps 13% 17% 431 bps

Adjusted EBITDA $48 $49 $1 2% $172 $172 $1 0% $197 $209 $13 6%

% Margin 39% 39% 37 bps 36% 36% (22 bps) 37% 37% 58 bps

Annual Growth 19% 21% 242 bps 18% 19% 38 bps 15% 22% 700 bps

Source: Capital IQ and Wall Street Research. All estimates are Non-GAAP projections, excluding stock-based compensation, amortization of intangibles and other non-recurring charges. Note: All projections include contribution from DNA.

(1) Arbor Street Case based on consensus analyst estimates as of August 6, 2012.

(2) Arbor Management Case based on Arbor Management as of July 2012. Excludes contribution from Archives.com.

Q3’CY12E Guidance:

(Announced on July 25, 2012)

Ending subscribers (000s): 2,000-2,020 Revenue: $122-125MM

Adjusted EBITDA: $46.5-49.0MM

CY12E Guidance:

(Announced on July 25, 2012)

Ending subscribers (000s): 2,000-2,020 Revenue: $473-480MM

Adjusted EBITDA: $170-175MM

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14

Arbor Management Case Projections

($MM, except Subscriber figures in ‘000s)

Arbor Annual Financials 2012E -

Calendar Year 2016E

2011A 2012E 2013E 2014E 2015E 2016E CAGR (1)

Arbor 1,703 2,008 2,316 2,635 2,982 3,356 14%

Archives – – 821 1,211 1,674 2,171 42%

DNA – – 100 175 215 238 NM

Total Subscribers 1,703 2,008 3,237 4,021 4,871 5,765 30%

Annual Growth 22% 18% 61% 24% 21% 18%

Arbor $372 $440 $508 $579 $657 $746 14%

Annual Growth 34% 19% 15% 14% 13% 13%

Archives – – 30 45 63 83 41%

Annual Growth – – – 51% 40% 31%

Other 25 28 28 30 31 33 5%

Annual Growth 24% 9% (1%) 8% 5% 7%

DNA 2 12 26 34 37 39 35%

Annual Growth 4% 376% 123% 29% 10% 4%

Total Revenue $400 $480 $592 $688 $789 $901 17%

Annual Growth 33% 20% 23% 16% 15% 14%

Arbor 167 209 253 298 349 401 18%

Adjusted EBITDA Margin 45% 48% 50% 51% 53% 54%

Archives – – 0 5 10 17 NM

Adjusted EBITDA Margin – – 0% 10% 15% 20%

Other 9 12 11 12 12 13 0%

Adjusted EBITDA Margin 36% 45% 39% 39% 38% 38%

DNA (2) (11) (11) 0 6 7 NM

Adjusted EBITDA Margin (98%) (90%) (42%) 0% 17% 19%

Corporate (29) (39) (43) (50) (57) (66)

Adjusted EBITDA 145 172 210 264 320 372 21%

Adjusted EBITDA Margin 36% 36% 35% 38% 40% 41%

Annual Growth 43% 19% 22% 26% 21% 16%

Note: Projections based on Arbor Management as of July 2012.

(1) Archives.com CAGR based on management’s 2012 estimates for Archives.com, which are not included in the Management Case projections.

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Illustrative Arbor Metrics At Various Prices

($MM, except per share amounts)

Illustrative Arbor Valuation Statistics

Illustrative Share Price: $22.63 $32.32 $ 34.00 $35.00 $36.00 $37.00 $38.00

Implied Transaction Premium Statistic

Premium to Price Prior to Bloomberg Leak $22.63 0% 43% 50% 55% 59% 63% 68%

Premium to Adjusted Enterprise Value Prior to Bloomberg Leak $1,114 0% 43% 51% 55% 60% 64% 69%

Premium to Current Price $32.32 (30%) 0% 5% 8% 11% 14% 18%

Premium to Current Adjusted Enterprise Value $1,597 (30%) 0% 5% 8% 12% 15% 18%

Premium to 30 Day Spot Price $26.17 (14%) 24% 30% 34% 38% 41% 45%

Premium to LTM High Share Price 36.27 (38%) (11%) (6%) (4%) (1%) 2% 5%

Premium to LTM Low Share Price 20.95 8% 54% 62% 67% 72% 77% 81%

Premium to LTM Average Share Price 25.90 (13%) 25% 31% 35% 39% 43% 47%

Premium to Price Prior to WDYTYA Announcement 26.16 (13%) 24% 30% 34% 38% 41% 45%

Implied Valuation & Multiples

Fully-Diluted Equity Value (1) $1,083 $1,566 $ 1,650 $1,700 $1,750 $1,800 $1,850

Fully-Diluted Enterprise Value (2) 1,014 1,497 1,581 1,631 1,681 1,730 1,780

Adjusted Fully-Diluted Enterprise Value (3) 1,114 1,597 1,681 1,731 1,781 1,830 1,880

Adjusted Street Case (4)

Revenue Multiples Statistic

CY12E $497 2.2x 3.2x 3.4x 3.5x 3.6x 3.7x 3.8x

NTM 533 2.1 3.0 3.2 3.2 3.3 3.4 3.5

CY13E 566 2.0 2.8 3.0 3.1 3.1 3.2 3.3

Adjusted EBITDA Multiples

CY12E $169 6.6x 9.4x 9.9x 10.2x 10.5x 10.8x 11.1x

NTM 185 6.0 8.7 9.1 9.4 9.6 9.9 10.2

CY13E 197 5.7 8.1 8.5 8.8 9.0 9.3 9.6

Management Case (5)

Revenue Multiples Statistic

CY12E $501 2.2x 3.2x 3.4x 3.5x 3.6x 3.7x 3.7x

NTM 551 2.0 2.9 3.0 3.1 3.2 3.3 3.4

CY13E 592 1.9 2.7 2.8 2.9 3.0 3.1 3.2

Adjusted EBITDA Multiples

CY12E $170 6.6x 9.4x 9.9x 10.2x 10.5x 10.8x 11.1x

NTM 187 5.9 8.5 9.0 9.2 9.5 9.8 10.0

CY13E 210 5.3 7.6 8.0 8.3 8.5 8.7 9.0

Archives.com Metrics

CY12E Revenue: $21MM NTM Revenue: $24MM CY13E Revenue: $30MM

CY12E Adj. EBITDA: ($2MM) NTM Adj. EBITDA: ($0MM) CY13E Adj. EBITDA: $0MM

Note: Current market prices as of August 6, 2012.

(1) Common shares outstanding, options and RSUs based on Arbor Management for the period ended June 30, 2012. Assumes treasury stock method treatment of options.

(2) Balance sheet items based on Arbor Management for the period ended June 30, 2012.

(3) Adjusted Fully-Diluted Enterprise Value adjusted for pending $100MM Archives.com acquisition. (4) Arbor Street Case projections based on consensus analyst estimates as of August 6, 2012.

Adjusted Street Case metrics include management estimates for Archives.com. Multiples calculated based on Adjusted Fully-Diluted Enterprise Value. (5) Arbor Management Case projections based on Arbor Management as of July 2012. Includes management estimates for Archives.com.

Multiples calculated based on Adjusted Fully-Diluted Enterprise Value.

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Summary of Valuation Analyses

Discounted Cash Flow

Selected Companies

Management Operating Sensitivity Adjusted Management Adjusted Management

Case (1) Analysis Street Case (2) Case (1) Street Case (2) Case (1)

Revenue Adjusted EBITDA

Implied Price Per Arbor Share

$60.00

$45.03

$40.02 $35.18 $38.11

$40.00 $35.91 $ 35.82

$33.05

$20.00 $25.01 $ 24.00 $ 24.15

$23.02 $24.05

$0.00

Arbor Current

Stock

Price: $32.32

Arbor

Unaffected

Stock

Price (3): $22.63

Discounted

Methodology Cash Flow Selected Companies

Reference Range WACC: 11.0% – 14.0% Assumes Archives.com 2012E full-year revenue and adjusted EBITDA contribution of $21MM and ($2MM), respectively.

Terminal NTM Adjusted Adjusted Fully-Diluted Enterprise Value / CY12E & CY13E

EBITDA Multiple Range: Revenue Multiple Ranges (respectively):

6.0x – 8.0x

2.5x – 3.5x

Operating Sensitivity Analysis assumes 7.4%-17.8% CY12E-CY16E

revenue CAGR and 35%-42% CY16E Adj. EBITDA margin 2.0x – 3.0x

Adjusted Fully-Diluted Enterprise Value / CY12E & CY13E

Reflects 11% dilution from Adjusted EBITDA Multiple Ranges (respectively):

equity award issuances

7.0x – 10.0x

Assumes mid-period discounting convention

6.0x – 9.0x

Note: Current stock price as of the closing stock price of $32.32 as of August 6, 2012. Assumes treasury stock method treatment of options. Capitalization, common shares outstanding, options and RSUs based on Arbor Management for the period ended June 30, 2012.

(1) Arbor Management Case based on Arbor Management projections as of July 2012. Includes management estimates for Archives.com. (2) Adjusted Arbor Street Case based on consensus analyst estimates as of August 6, 2012. Includes management estimates for Archives.com.

(3) Based on Arbor price prior to Bloomberg leak of $22.63 as of June 5, 2012.

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Illustrative Discounted Cash Flow Projections

Based on Arbor Management Case Projections

($MM)

Arbor Financial Performance (1) ‘12E-

Terminal ‘16E

CY2011A CY2012E 2H’12E CY2013E CY2014E CY2015E CY2016E CAGR

Revenue $400 $480 $253 $592 $688 $789 $901 17%

% Growth 33% 20%—23% 16% 15% 14%

Adjusted EBITDA 145 172 98 210 264 320 372 21%

% Margin 36% 36% 39% 35% 38% 40% 41%

% Growth 43% 19%—22% 26% 21% 16%

Adjusted Operating Income—147 85 180 232 283 332 23%

% Margin—31% 34% 30% 34% 36% 37%

Less: Taxes—(47) (26) (61) (75) (93) (108)

Effective Tax Rate—32% 31% 34% 33% 33% 33%

NOPAT—100 58 119 156 190 224 22%

% Margin—21% 23% 20% 23% 24% 25%

Less: Capex / Capitalization of Content—(45) (22) (46) (53) (53) (56)

% of Revenue—9% 9% 8% 8% 7% 6%

Plus: Depreciation—14 7 17 20 23 26

% of Capex / Capitalization of Content—32% 33% 37% 38% 44% 47%

Plus: Amortization of Content—11 6 12 13 13 14

% of Capex / Capitalization of Content—24% 26% 26% 24% 25% 25%

Plus: (Investment) in Working Capital—14 (0) 25 29 34 36

% of Revenue—3% (0%) 4% 4% 4% 4%

Unlevered Free Cash Flow—95 49 127 165 207 244 26%

% Growth—— 34% 29% 26% 18%

(1) Arbor Management Case projections based on Arbor Management as of July 2012.

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Preliminary Discounted Cash Flow Analysis

Based on Arbor Management Case Projections

Summary of Valuation Assumptions

- Unlevered free cash flow projections and terminal value discounted to June 30, 2012 (mid-period convention)

- Excludes impact of stock based compensation, amortization and other one-time non-recurring items

- Weighted average cost of capital range of 11.0% to 14.0% (detailed calculation included in Appendix)

- Terminal value calculated using NTM Adjusted EBITDA multiple range of 6.0x – 8.0x CY16E Adjusted EBITDA of $372MM

- Assumes current Arbor shareholders incur ~11% dilution through issuance of equity awards over the projected period

($MM, except per share amounts)

Illustrative Present Value as of June 30, 2012 (1)

Discount Rate: 11.0% 12.5% 14.0%

Terminal NTM Adjusted EBITDA Multiple: 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x

Terminal NTM Revenue Multiple: 2.5x 2.9x 3.3x 2.5x 2.9x 3.3x 2.5x 2.9x 3.3x

Implied Perpetuity Growth Rate (0.5%) 1.1% 2.4% 0.9% 2.6% 3.8% 2.3% 4.0% 5.3%

PV of Unlevered FCF (2H’12E—CY2015E) $448 $448 $448 $437 $437 $437 $426 $426 $426

PV of Terminal Value (CY2016E & Beyond) 1,550 1,808 2,067 1,479 1,725 1,972 1,412 1,647 1,883

% of Enterprise Value in Terminal Value 78% 80% 82% 77% 80% 82% 77% 79% 82%

Implied Enterprise Value $1,998 $2,257 $2,515 $1,916 $2,162 $2,409 $1,838 $2,073 $2,309

Less: Net Debt/(Cash) (2) 30 30 30 30 30 30 30 30 30

Implied Equity Value 1,968 2,226 2,484 1,885 2,132 2,378 1,808 2,043 2,278

Implied Price Per Share—11% Dilution (2) $35.89 $40.47 $45.03 $34.43 $38.81 $43.16 $33.05 $37.23 $41.39

Premium/(Discount) to Unaffected (3) 59% 79% 99% 52% 71% 91% 46% 65% 83%

Note: Assumes mid-period discounting convention.

(1) Arbor Management Case projections based on Arbor Management as of July 2012.

(2) Capitalization, common shares outstanding, options and RSUs based on Arbor Management for the period ended June 30, 2012. Assumes treasury stock method treatment of options. Balance sheet items based on Arbor Management for the period ended June 30, 2012. Adjusted for pending $100MM Archives.com acquisition.

(3) Based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

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Illustrative Dilution Factor Sensitivity Analysis

Illustrative Dilution Factor Sensitivity—Based on Arbor Management Case Projections

Summary of Sensitivity Assumptions

- Arbor’s weighted average shares outstanding count is projected to grow from Q2’CY2012A through CY2016E representing ~11% dilution

- Due to this dilution, holders of common stock today will hold less than all of the Company in the future

- Illustrative dilution analysis attempts to show the impact of various dilution levels on Arbor’s DCF value to today’s shareholders (dilution of 0%—15%)

Illustrative Arbor Present Value Per Share (1)

Discount Rate: 11.0% 12.5% 14.0%

Terminal NTM Adjusted EBITDA Mult: 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x

Terminal NTM Revenue Mult: 2.5x 2.9x 3.3x 2.5x 2.9x 3.3x 2.5x 2.9x 3.3x

Illustrative Dilution Factor to Current Shareholders

0% $40.35 $45.49 $50.64 $38.71 $ 43.62 $48.52 $37.15 $ 41.85 $46.53

Premium/(Discount) to Unaffected (2): 78% 101% 124% 71% 93% 114% 64% 85% 106%

5% $38.39 $43.28 $48.16 $36.82 $ 41.50 $46.16 $35.34 $ 39.82 $44.27

70% 91% 113% 63% 83% 104% 56% 76% 96%

10% $36.42 $41.06 $45.69 $34.93 $ 39.38 $43.79 $33.53 $ 37.77 $42.00

61% 81% 102% 54% 74% 94% 48% 67% 86%

11% $35.89 $40.47 $45.03 $34.43 $ 38.81 $43.16 $33.05 $ 37.23 $41.39

59% 79% 99% 52% 71% 91% 46% 65% 83%

15% $34.45 $38.84 $43.22 $33.05 $ 37.24 $41.42 $31.72 $ 35.73 $39.73

52% 72% 91% 46% 65% 83% 40% 58% 76%

Note: Present value as of June 30, 2012. Assumes mid-period discounting convention. (1) Arbor Management Case projections based on Arbor Management as of July 2012. (2) Based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

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Illustrative Detailed Revenue Sensitivity

Legend Revenue (CY16E)

CAGR (CY12-16E)

Revenue Sensitivity – Based on Arbor Management Case Projections

($MM)

Archives Case I Archives Case II Archives Base (1)

$44 $61 $83

20.0% 30.0% 40.7%

DNA Case I DNA Case II DNA Base (1) DNA Case I DNA Case II DNA Base (1) DNA Case I DNA Case II DNA Base (1)

$25 $34 $39 $25 $34 $39 $25 $34 $39

20.0% 30.0% 34.5% 20.0% 30.0% 34.5% 20.0% 30.0% 34.5%

Total Company Revenue (CY16E)

Total Company Revenue CAGR (CY12-16E) (2)

I $569 $638 $647 $652 $655 $664 $669 $677 $686 $691

e

Arbor as 5.0% 7.4% 7.7% 8.0% 8.1% 8.4% 8.6% 9.0% 9.3% 9.5%

C

r II $686 $754 $764 $769 $771 $780 $785 $793 $803 $808

e

rbo s

A C a 10.0% 12.0% 12.3% 12.5% 12.6% 12.9% 13.1% 13.4% 13.7% 13.9%

rbor (1) $779 $848 $857 $862 $864 $874 $879 $887 $896 $901

A Base 13.6% 15.3% 15.6% 15.7% 15.8% 16.1% 16.3% 16.6% 16.9% 17.0%

Illustrative Sensitivity Cases Management Case(1)

(1) Arbor Management Case projections based on Arbor Management as of July 2012.

(2) CY12E excludes contribution from Archives.com.

CONFIDENTIAL | DRAFT

Illustrative DCF Operating Sensitivity Analysis

Illustrative Revenue Growth and Adjusted EBITDA Margin Sensitivity – Based on Arbor Management Case Projections

Illustrative Sensitivity Cases

Management

Case

($MM, except per share amounts)

Illust. Revenue Case (CY16E): $638 $655 $764 $780 $803 $879 $901 $925

Implied CAGR (CY12-16E): 7.4% 8.1% 12.3% 12.9% 13.7% 16.3% 17.0% 17.8%

Implied (Disc.) / Prem. to Base: (29.2%) (27.4%) (15.3%) (13.4%) (10.9%) (2.5%) – 2.7%

CY13E Mgmt.

Case

Mgmt. Case

Terminal Year Adj. EBITDA Mgn.

35% 36% 37% 38% 39% 40% 41% 42%

Implied Price Per Share

$25.01 $25.55 $29.20 $29.74 $30.48 $33.13 $33.88 $34.40

25.37 25.92 29.63 30.18 30.93 33.62 34.38 34.91

25.97 26.54 30.34 30.90 31.68 34.44 35.21 35.76

26.57 27.15 31.05 31.63 32.42 35.25 36.05 36.62

27.17 27.76 31.76 32.35 33.17 36.06 36.88 37.47

27.77 28.38 32.47 33.08 33.91 36.88 37.71 38.32

28.55 29.18 33.40 34.03 34.89 37.94 38.81 39.43

28.97 29.60 33.89 34.53 35.40 38.51 39.38 40.02

Note: Arbor Management case projections based on Arbor Management as of July 2012.

Present values as of June 30, 2012 assume an illustrative dilution factor of 11%, weighted average cost of capital of 12.5%, and terminal value based on an NTM Adjusted EBITDA multiple of 7.0x.

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Illustrative Selected Companies Analysis

($MM, except per share amounts)

Arbor Selected Companies Valuation

Reference Range

Adjusted Street Case (1) Management Case (2)

Low High Low High

CY12E Revenue $497 $501

Trading Multiple 2.5x 3.5x 2.5x 3.5x

Implied Arbor Price $25.23 $ 35.18 $25.45 $35.49

Premium to Unaffected (3) 11% 55% 12% 57%

CY12E Adjusted EBITDA $169 $170

Trading Multiple 7.0x 10.0x 7.0x 10.0x

Implied Arbor Price $24.07 $ 34.24 $24.15 $34.35

Premium to Unaffected (3) 6% 51% 7% 52%

CY13E Revenue $566 $592

Trading Multiple 2.0x 3.0x 2.0x 3.0x

Implied Arbor Price $23.02 $ 34.36 $24.05 $35.91

Premium to Unaffected (3) 2% 52% 6% 59%

CY13E Adjusted EBITDA $197 $210

Trading Multiple 6.0x 9.0x 6.0x 9.0x

Implied Arbor Price $24.00 $ 35.82 $25.52 $38.11

Premium to Unaffected (3) 6% 58% 13% 68%

Note: Capitalization, common shares outstanding, options and RSUs based on Arbor Management for the period ended June 30, 2012. Adjusted for pending $100MM Archives.com acquisition.

(1) Adjusted Arbor Street Case projections based on consensus analyst estimates as of August 6, 2012. Includes management estimates for Archives.com. (2) Arbor Management Case projections based on Arbor Management as of July 2012. Includes management estimates for Archives.com.

(3) Based on Arbor price of $22.63 as of June 5, 2012.

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Illustrative Future Trading

($MM, except per share amounts)

Arbor Financial Projections (1)

CY12E CY13E CY14E

Revenue $501 $592 $688

Growth 21% 18% 16%

Adjusted EBITDA 170 210 264

Adjusted EBITDA Margin 34% 35% 38%

Weighted Average Shares Outstanding 45.5 46.0 47.2

PV / Share

Illustrative Future Enterprise Value Future Value Per Share (Disc at 12.5% / Year)

Forward Adjusted EBITDA Multiple Current CY13E CY14E Current CY13E CY14E Current CY13E CY14E

6.0x $1,019 $1,257 $1,586 $20.70 $26.48 $33.59 $20.70 $23.54 $26.54

Premium / (Discount) to Unaffected (2): (9%) 17% 48% (9%) 4% 17%

6.6x 1,114 1,374 1,733 22.63 28.80 36.43 22.63 25.60 28.79

(Unaffected Management Case CY12E Mult.) 0% 27% 61% 0% 13% 27%

7.0x 1,189 1,467 1,850 24.15 30.64 38.70 24.15 27.23 30.58

7% 35% 71% 7% 20% 35%

8.0x 1,359 1,676 2,115 27.55 34.79 43.78 27.55 30.92 34.60

22% 54% 93% 22% 37% 53%

9.0x 1,529 1,886 2,379 30.95 38.93 48.87 30.95 34.61 38.61

37% 72% 116% 37% 53% 71%

9.4x 1,597 1,970 2,485 32.32 40.59 50.91 32.32 36.08 40.22

(Current Management Case CY12E Mult.) 43% 79% 125% 43% 59% 78%

(1) Arbor Management Case projections based on Arbor Management as of July 2012.

Non-GAAP statistics exclude stock based compensation, amortization of intangibles, restructuring and other non-recurring charges.

Assumes Archives.com 2012E full-year revenue and adjusted EBITDA contribution of $21MM and ($2MM), respectively.

(2) Based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg leak).

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1-Day Unaffected Stock Price Premiums Paid in Public Technology M&A Deals Over Time

Includes Selected Domestic Cash and Cash / Stock Technology Transactions Greater than $500MM Since 2003

1- Day Stock Premium (%)

50% 45% 40% 35% 30%

25%

20% 15% 10% 5% 0%

47%

45%

40%

35% 35%

31%

27%

25% 27%

19%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD (1)

Note: Includes deals which have announced / closed. Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. Source: Thomson SDC.

(1) Year-to-date as of August 6, 2012.

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Selected Transactions

($MM)

FD FD Transaction Multiples NTM LTM Premium

Annc. Equity Ent. Revenue EBITDA Rev. EBITDA to Unaff

Date Target Acquiror Value Value LTM NTM LTM NTM Growth Margin Price (1)

Aug-11 Network Solutions Web.com $561 $765 2.9x—9.3x—- 31% -

Jul-11 Go Daddy KKR, Silver Lake Partners, TCV 2,250 2,250 2.2————

May-11 Skype Microsoft 7,918 8,500 9.9—32.2—- 31% -

Apr-11 LoopNet CoStar Group 859 762 9.5 8.5 26.7 23.4 12% 36% 31%

Mar-11 GSI Commerce eBay 2,407 2,358 1.7 1.3 17.5 12.4 32% 10% 51%

Mar-11 Drugstore.com Walgreens 434 415 0.9 0.8 25.5 24.1 16% 4% 112%

Feb-11 Fanatics GSI Commerce 319 277 1.5 1.5 11.6 11.1 2% 13% -

Sep-10 Internet Brands Hellman & Friedman 660 602 5.6 5.0 13.5 12.1 11% 42% 47%

Jul-09 Bankrate Apax Partners 561 506 3.3 3.1 9.8 8.5 5% 34% 16%

May-08 CNET Networks CBS 1,794 1,744 4.2 3.8 24.3 17.5 10% 17% 45%

Feb-08 Getty Images Hellman & Friedman 2,062 2,043 2.4 2.3 6.7 6.7 5% 36% 39%

Mean 4.0x 3.3x 17.7x 14.5x 12% 25% 49%

Median 2.9x 2.7x 15.5x 12.3x 11% 31% 45%

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Selected Private Equity Transactions

($MM)

FD FD Transaction Multiples NTM LTM Premium

Annc. Equity Ent. Revenue EBITDA Rev. EBITDA to Unaff

Date Target Acquiror Value Value LTM NTM LTM NTM Growth Margin Price (1)

Dec-11 Blue Coat Systems Thoma Bravo $1,283 $921 2.0x 2.0x 10.7x 11.6x 2% 19% 48%

Oct-11 Genesys Permira, TCV 1,500 1,500———— -

Jul-11 Go Daddy Silver Lake, KKR, TCV 2,250 2,250 2.2————

Jul-11 Blackboard Providence 1,638 1,749 3.7 3.2 16.2 12.6 17% 23% 19%

Apr-11 Lawson Software Golden Gate Capital 1,911 1,842 2.4 2.3 11.7 10.3 4% 21% 14%

Nov-10 Novell Attachmate (Golden Gate Capital) 2,238 745 0.9 0.9 4.6 5.0 (2%) 20% 28%

Oct-10 Syniverse Technologies Carlyle 2,247 2,619 4.6 4.0 10.7 9.7 15% 43% 30%

Oct-10 CommScope Carlyle 3,440 3,829 1.2 1.2 7.6 7.6 3% 16% 36%

Sep-10 Internet Brands Hellman & Friedman 660 602 5.6 5.0 13.5 12.1 11% 42% 47%

Feb-10 Skillsoft Investor Group 1,121 1,142 3.6 3.6 9.3 9.6 1% 39% 15%

Jun-08 NDS Permira 3,772 3,037 3.6 3.6 13.3—2% 27% 25%

Feb-08 Getty Images Hellman & Friedman 2,062 2,043 2.4 2.3 6.7 6.7 5% 36% 39%

Sep-07 3Com (Terminated) Bain Capital 2,175 2,039 1.6 1.6 24.9 11.9 3% 6% 44%

Jun-07 Avaya Silver Lake, TPG 8,200 7,371 1.4 1.4 10.8 10.5 2% 13% 28%

May-07 ADS (Terminated) Blackstone 6,772 8,024 3.9 3.4 14.8 12.6 13% 26% 30%

May-07 Acxiom (Terminated) Silver Lake 2,220 2,921 2.1 2.0 7.5 7.4 3% 28% 14%

Apr-07 Harman (Terminated) KKR & Goldman Sachs 8,090 8,063 2.4 2.1 15.1 13.2 11% 16% 17%

Mar-07 Kronos Hellman & Friedman 1,793 1,752 2.9 2.6 14.9 13.7 11% 20% 18%

Sep-06 Freescale Semiconductor Carlyle, Permira, TPG, Blackstone 17,514 15,537 2.6 2.4 10.5 9.1 6% 25% 29%

May-06 SSA Global Infor 1,539 1,615 2.2 2.0 13.1 12.1 8% 17% 25%

Jul-05 Aspect Communications Concerto (Golden Gate Capital) 1,012 793 2.1 2.1 8.6 9.1 0% 25% -

Mar-05 SunGard Investor Group 10,966 11,245 3.2 3.0 10.7 10.1 5% 29% 44%

Mean 2.7x 2.5x 11.8x 10.3x 6% 24% 29%

Median 2.4x 2.3x 10.8x 10.3x 5% 24% 28%

Source: Company filings, press releases and Wall Street Research. Convertible notes treated as equity when ITM and debt when OTM. Note: Negative multiples considered not meaningful and not available metrics noted as dashes.

(1) Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed.

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