Project Arbor

Materials Prepared for Discussion

DRAFT | Confidential

Preliminary | Subject to Further Review and Evaluation October 2012

Illustrative Transaction Statistics

Permira Proposal

($MM, except per share amounts)

Illustrative Arbor Valuation Statistics

Illustrative Share Price: $ 22.63 $29.49 $32.00

Implied Transaction Premium Statistic

Premium to Share Price Prior to Bloomberg Article (6/5/12) $22.63 0% 30% 41%

Premium to Enterprise Value Prior to Bloomberg Article (6/5/12) $1,079 0% 32% 43%

Premium to Current Share Price $29.49 (23%) 0% 9%

Premium to Current Enterprise Value $1,421 (24%) 0% 9%

Based on Prices Prior to Bloomberg Article (6/5/12)

Premium to 30 Day Share Price $23.40 (3%) 26% 37%

Premium to LTM High Share Price 44.70 (49%) (34%) (28%)

Premium to LTM Low Share Price 20.95 8% 41% 53%

Premium to LTM Average Share Price 27.83 (19%) 6% 15%

Premium to 2 Year Average Share Price 27.91 (19%) 6% 15%

Premium to IPO Share Price 13.50 68% 118% 137%

Premium to Average Share Price Since IPO 25.20 (10%) 17% 27%

Premium to Share Price Prior to WDYTYA Announcement (5/11/12) 26.16 (13%) 13% 22%

Implied Valuation & Multiples

Fully-Diluted Equity Value (1) $ 1,088 $1,431 $1,556

Fully-Diluted Enterprise Value (1) 1,079 1,421 1,547

Adjusted Street Case (2) (3)

Revenue Multiples Statistic

CY12E $496 2.2x 2.9x 3.1x

NTM 533 2.0 2.7 2.9

CY13E 567 1.9 2.5 2.7

Adjusted EBITDA Multiples

CY12E $169 6.4x 8.4x 9.1x

NTM 185 5.8 7.7 8.4

CY13E 196 5.5 7.2 7.9

Management Case (3) (4)

Revenue Multiples Statistic

CY12E $501 2.2x 2.8x 3.1x

NTM 551 2.0 2.6 2.8

CY13E 592 1.8 2.4 2.6

Adjusted EBITDA Multiples

CY12E $172 6.3x 8.3x 9.0x

NTM 189 5.7 7.5 8.2

CY13E 210 5.1 6.8 7.4

Archives.com Metrics (4)

1/1 – 8/17/12 Revenue: $13MM

CY12E Revenue: $21MM

NTM Revenue: $24MM

CY13E Revenue: $30MM

1/1 – 8/17/12 Adj. EBITDA: ($2MM)

CY12E Adj. EBITDA: ($2MM)

NTM Adj. EBITDA: ($1MM)

CY13E Adj. EBITDA: $0MM

Adjusted Street Case projections adjusted

to include Arbor Management estimates

for Archives.com in all periods.

Management Case projections adjusted to

include Arbor Management estimates for

Archives.com prior to August 17, 2012.

Note: Current market prices as of October 17, 2012.

(1) Common shares outstanding, options and RSUs based on Arbor Management as of October 2012. Assumes treasury stock method treatment of options.

Balance sheet items based on Arbor Management for the period ended September 30, 2012.

(2) Arbor Adjusted Street Case projections based on consensus analyst estimates as of October 17, 2012. Includes Arbor Management estimates for Archives.com.

(3) NTM represents the next twelve months ended June 30, 2013.

(4) Arbor Management Case projections based on Arbor Management (2013 projections as of May 2012, 2012 forecast as of October 2012).

Includes Arbor Management estimates for Archives.com. CONFIDENTIAL | DRAFT

2

Process Overview

Submitted Post Due Diligence

Parties NDA Signed / Declined to

Preliminary Most Recent Price

Contacted Initial Meeting Proceed

Proposal Indication

—

—

—

Strategics —

—

—

—

(Verbal) —

—

$ 28

$ 29

Sponsors (Verbal) —

$ 32

—

—

—

$ 30

Other Parties

CONFIDENTIAL | DRAFT

3

Selected Areas of Feedback From Prospective Buyers

Positive

Product leadership and pipeline of product improvements

Generally positive on Archives, DNA, and potential TLC agreement for WDYTYA Potential for international market penetration Opportunity to partner with Family Search on content Strong management team

Negative

Long-term trends in user growth, SAC and retention by geography are negative Total available market size, specifically:

– Available subscribers are heavily weighted toward low engagement users, where willingness to pay is lower and SAC is higher

– Subscribers added over the past five years have been increasingly casual and more likely to churn

– Likely to cannibalize core, high LTV, subscribers when pursuing the mass market with lower price points User engagement is highly concentrated, and many of the most engaged subscribers eventually churn Uncertain business performance without WDYTYA on NBC or comparable network Potential threat from Family Search making its content widely available for free (or possibly partnering with Google) Upside from Germany and other international opportunities will likely take a long time to realize Lack of near-term content catalysts after the 1940 Census Consumer feedback that Archives is not a good product and has a poor net promoter score Data analytics used to manage the business need to be improved For sponsors, exiting the investment will be challenging, given lack of interest during current process

CONFIDENTIAL | DRAFT

4

Arbor Trading Performance Since IPO

November 5, 2009 (Arbor IPO) to October 17, 2012

Arbor

Period Stock Price

Unaffected (1) $22.63

Current 29.49

Based on Prices Prior to

Bloomberg Article (6/5/12)

LTM Average $27.83

LTM High 44.70

LTM Low 20.95

Period Average 25.20

Period High 45.70

Period Low 13.11

Note: Based on closing prices.

Price ($) $50.00

$40.00 $30.00 $20.00 $10.00

$0.00

11/4/09:

Priced $100MM IPO at $13.50

Price reaction: +5%

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

5/11/11: Priced secondary offering at $42.00

5/14/12: WDYTYA not renewed

Price reaction: (14%)

Volume (MM)

15.0

10.0

5.0

0.0

6/6/12: Bloomberg article

Price reaction: +11%

7/24/12: NY Times article

Price reaction: +15%

Permira Proposal: $32.00

Current price: $29.49

Unaffected price(1): $22.63

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 Sep-12

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 article).

CONFIDENTIAL | DRAFT

5

Arbor Trading Performance During Process

April 19, 2012 (April Board Meeting) to October 17, 2012

5/14/12: WDYTYA not renewed

Price reaction: (14%)

5/18/12: Received proposal from

6/20/12:

Proposals from

(verbal)

8/6/12: Final bids due

4/25/12: Announced Q1 2012 Earnings and Archives.com acquisition

Price reaction: +5%

4/25/12: Announced Q1 2012 Earnings and Archives.com acquisition

Price reaction: +5%

6/18/12: proposal affirmation

7/16/12: Qatalyst sent draft merger agreements

7/16/12: Qatalyst sent draft merger agreements

7/16/12: Qatalyst sent draft merger agreements

6/22/12: Received proposal from

7/24/12: NY Times article

Price reaction: +15%

8/17/12: Completed Archives.com acquisition

7/2/12: Announced reaching two million subscriber milestone

Price reaction: +3%

7/2/12: Announced reaching two million subscriber milestone

Price reaction: +3%

April 19 May 1 May 11 May 23 June 5 June 15 June 27  July 10 July 20 August 1 August 13 August 23 September 5 September 17 September 27 October 9

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 article). Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN.

Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX. CONFIDENTIAL | DRAFT

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

Volume (MM)

10.0

7.5

Arbor +25%

eCommerce: +8%

5.0

NASDAQ: +3% Internet Leaders: +2%

Online Media and Consumer Services: (17%)

2.5

0.0

6

Arbor Trading Performance Since Bloomberg Article

June 5, 2012 (Day Prior to Bloomberg Article) to October 17, 2012

Price ($) $40.00

$30.00

Indices indexed to Arbor’s 6/5/12 price

$20.00

$10.00

Volume (MM)

10.0

7.5

Arbor +30%

eCommerce: +13% NASDAQ: +12%

5.0

Internet Leaders: +9%

Online Media and Consumer Services: (12%)

2.5

0.0

Permira Proposal: $32.00

Current price: $29.49

Current price: $29.49

6/6/12: 6/20/12: 7/16/12: 8/22/12:

$) Bloomberg article Proposals from Qatalyst sent draft 8/6/12: Reuters article

Price reaction: Final bids due

merger agreements Price reaction: +3%

00 +11% (verbal)

6/22/12: 8/17/12:

6/18/12: 7/11/12:

Received Completed

proposal Qatalyst sent process letters

proposal from Archives.com

affirmation for submitting final offers acquisition

7/2/12:

Announced reaching two

million subscriber milestone

Price reaction: +3%

00

7/24/12: NY Times article

Price reaction: +15%

7/24/12: NY Times article

Price reaction: +15%

7/24/12: NY Times article

Price reaction: +15%

7/24/12: NY Times article

Price reaction: +15%

June 5 June 12 June 19 June 26 July 3 July 11 July 18 July 25 August 1 August 8  August 15 August 22 August 29 September 6 September 13 September 20 September 27 October 4 October 11

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 article). Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN.

Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX. CONFIDENTIAL | DRAFT

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

7

Summary of Valuation Analyses

Discounted Cash Flow

Selected Companies

Revenue

Adjusted EBITDA

Management Management Adjusted Management Adjusted Management

Case (1) Sensitivities (2) Street Case (3) Case (1) Street Case (3) Case (1)

Implied Price Per Arbor Share

$60.00

$49.32

$38.78

$40.00 $35.56 $35.82 $36.58 $36.35 Permira Proposal:

$32.00

Current Stock

$34.50 Price (4): $29.49

$20.00 $22.76 $23.73 $24.75 $24.59 $25.13 Unaffected

Stock Price (5):

$22.63

$0.00

Discounted

Methodology Cash Flow Selected Companies

Reference Range WACC: 9.0% – 14.0% Fully-Diluted Enterprise Value / CY12E & CY13E

Terminal NTM Adjusted Revenue Multiple Ranges (respectively):

EBITDA Multiple Range: 2.5x – 3.5x

6.0x – 8.0x

2.0x – 3.0x

Management Sensitivities (2) assume

7.9% – 9.4% CY12E – CY16E Revenue CAGR and Fully-Diluted Enterprise Value / CY12E & CY13E

33.9% – 36.1% CY16E Adj. EBITDA Margin Adjusted EBITDA Multiple Ranges (respectively):

Reflects 10% dilution from 7.0x – 10.0x

equity award issuances

6.0x – 9.0x

Assumes mid-period discounting convention

Note: Balance sheet items based on Arbor Management for the period ended September 30, 2012. Common shares outstanding, options and RSUs based on Arbor Management as of October 2012.

Assumes treasury stock method treatment of options.

(1) Arbor Management Case based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012). Includes Arbor Management estimates for Archives.com.

(2) The Management Sensitivities were prepared by Arbor Management and illustrate different financial results based on the Company achieving less favorable operating metrics. See page 15 for additional details.

(3) Adjusted Arbor Street Case based on consensus analyst estimates as of October 17, 2012. Includes Arbor Management estimates for Archives.com.

(4) Based on Arbor current stock price of $29.49 as of October 17, 2012. CONFIDENTIAL | DRAFT

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

8

Arbor Financial Summary

Comparison of Arbor Street and Management Financial Cases

Historical (1) Street Case

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

Ending Subscriber Count (‘000s) (3) Net Subscriber Adds (‘000s) (3)

Actual Estimates Actual Estimates

4,000 500

3,356 374

2,982 400 311 319 347

3,000 2,635 310

300

2,316 329 308 302

2,000 1,703 2,013 2,258 2,518 200 246 242

1,395 2,005 100

1,000 0

CY10A CY11A CY12E CY13E CY14E CY15E CY16E CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Revenue ($MM) Revenue Growth

Actual Estimates Actual Estimates

40%

$900 $901 34% 33%

$789

$688 30% 21%

$700 $592 $643 $818 20% 18%

$501 $562 $726 20% 17% 16% 14%

$480 19% 15%

$500 $537 $600

$400 10% 13% 14% 13% 13%

$476 11%

$301

$300 0%

CY10A CY11A CY12E CY13E CY14E CY15E CY16E CY10A CY11A CY12E CY13E CY14E CY15E CY16E

Adjusted EBITDA ($MM) Adjusted EBITDA Margin

Actual Estimates Actual Estimates

$500 45% 43% 43%

$400 $372 40%

$264 $320 40% 37% 38% 40% 41%

$300 $210 $260 $355 36% 36% 37%

$209 $310 37%

$174 35% 34% 36%

$200 35%

$145 $223 34%

$172 $196

$101 $172

$100 30%

CY10A CY11A CY12E CY13E CY14E CY15E CY16E 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 October 17, 2012.

(2) Arbor Management Case projections based on Arbor CONFIDENTIAL | DRAFTManagement (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

(3) Subscriber count is for Arbor’s core subscription offering (excludes DNA, Archives, and other Arbor subscription assets).

10

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 Rec Target Rate (%) CY12E CY13E CY14E CY12E CY13E CY14E CY12E CY13E CY14E CY12E CY13E CY14E CY12E CY13E CY14E Price Target Valuation Methodology

Arbor (Management Case) (1) 302 311 319 $480 $562 $643 $174 $209 $260 36% 37% 40% ———

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

Post-Q2’12 Announcement Analyst Estimates

9/20/12 Cantor Fitzgerald Buy $37.00 — 313 234 231 $474 $535 $602 $169 $194 $218 36% 36% 36% $2.02 $2.31 $2.65 DCF (3% terminal growth, 12% WACC)

9/04/12 Jefferies Hold 34.00 4% ——— 479 542 615 175 192 215 37% 35% 35% 2.45 2.29 2.37 DCF (3% terminal growth, 12% WACC)

7/26/12 Bank of America Merrill Lynch Buy 36.00 15% 316 277 273 476 546 611 173 208 237 36% 38% 39% 2.07 2.44 2.77 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 ———— 476 530 568 173 196 216 36% 37% 38% 2.16 2.38 2.55 15x CY13E Non-GAAP P/E

7/26/12 Craig Hallum Buy 41.00 20% ——— 477 527 573 172 197 225 36% 37% 39% ——— 9x CY13E EV/Adj. EBITDA

7/26/12 Goldman Sachs Buy 36.00 ———— 476 559 642 172 200 229 36% 36% 36% 1.93 2.26 2.58 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 — 311 269 222 476 531 590 171 198 221 36% 37% 37% 2.06 2.40 2.69 DCF (3% terminal growth, 13% WACC)

Median $36.00 15% 313 234 231 $476 $533 $602 $172 $195 $221 36% 36% 37% $2.07 $2.33 $2.62

Mean 36.80 13% 310 246 242 476 537 600 172 196 223 36% 37% 37% 2.08 2.31 2.60

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 based on Arbor Management (2013-14 projections as of May 2012, 2012 forecast as of October 2012). Excludes contribution from Archives.com.

(2) Based on Morgan Stanley base case.

(3) Includes Arbor Management estimates for Archives.com. ($MM)

Revenue Adj. EBITDA Adj. EBITDA Mgn

Company CY12E CY13E CY14E CY12E CY13E CY14E CY12E CY13E CY14E

Adjusted Street Case (3) $496 $567 $645 $169 $196 $228 34% 35% 35%

Arbor Analyst Recommendations / Stock Price Since First Analyst Estimates

Percentage Price

100% $50.00

Hold $40.00

75%

Buy $30.00

Sell 50%

$20.00

Stock 25%

Price $10.00

0% $0.00

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 Aug-12 Oct-12

CONFIDENTIAL | DRAFT

11

Arbor Street vs. Management

Both Street and Management Cases 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 2,022 2,020 (1) (0%) 2,013 2,005 (8) (0%) 2,258 2,316 58 3%

Quarterly Growth 1% 1% (7 bps) —— ——

Annual Growth 19% 19% (9 bps) 18% 18% (44 bps) 12% 15% 330 bps

Revenue $123 $126 $3 2% $476 $480 $5 1% $537 $562 $ 25 5%

Quarterly Growth 4% 6% 224 bps —— ——

Annual Growth 20% 22% 259 bps 19% 20% 113 bps 13% 17% 421 bps

Adjusted EBITDA $48 $52 $4 8% $172 $174 $3 2% $196 $209 $ 13 7%

% Margin 39% 41% 233 bps 36% 36% 21 bps 37% 37% 76 bps

Annual Growth 19% 29% 989 bps 19% 20% 183 bps 14% 20% 601 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.

(1) Arbor Street Case based on consensus analyst estimates as of October 17, 2012.

(2) Arbor Management Case based on Arbor Management (2013 projections as of May 2012, 2012 forecast as of October 2012). Excludes contribution from Archives.com.

Q3’CY12E Guidance: CY12E Guidance:

(Announced on July 25, 2012) (Announced on July 25, 2012)

Ending subscribers (000s): 2,000-2,020 Ending subscribers (000s): 2,000-2,020

Revenue: $122-$125MM Revenue: $473-$480MM

Adjusted EBITDA: $46.5-$49.0MM Adjusted EBITDA: $170-$175MM

CONFIDENTIAL | DRAFT

12

Arbor Management Case Projections

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

Actual Plan Pro Forma ‘12E-’16E

CY11A CY12E CY12E (1) CY13E CY14E CY15E CY16E CAGR (2)

Arbor Subscribers (3) 1,703 2,005 2,005 2,316 2,635 2,982 3,356 13.7%

% Growth 22% 18% 18% 15% 14% 13% 13%

Arbor $372 $442 $442 $508 $579 $657 $746 14.0%

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

Archives – 7 21 30 45 63 83 41.9%

% Growth – – 38% 46% 51% 40% 31%

Other 25 28 28 28 30 31 33 4.5%

% Growth 24% 10% 10% (1%) 8% 5% 7%

DNA 2 11 11 26 34 37 39 37.7%

% Growth 4% 334% 334% 145% 29% 10% 4%

Total Revenue $400 $488 $501 $592 $688 $789 $901 15.8%

% Growth 33% 22% 21% 18% 16% 15% 14%

Arbor 167 207 207 253 298 349 401 17.9%

Adjusted EBITDA Margin 45% 47% 47% 50% 51% 53% 54%

Archives – (1) (2) 0 5 10 17 NM

Adjusted EBITDA Margin – (7%) (12%) 0% 10% 15% 20%

Other 9 13 13 11 12 12 13 (0.1%)

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

DNA (2) (10) (10) (11) 0 6 7 NM

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

Corporate (29) (36) (36) (43) (50) (57) (66)

Adjusted EBITDA 145 174 172 210 264 320 372 21.3%

Adjusted EBITDA Margin 36% 36% 34% 35% 38% 40% 41%

% Growth 43% 20% 20% 22% 26% 21% 16%

Note: Projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

(1) Adjusted to include Arbor Management estimates for Archives.com prior to August 17, 2012. CY12E annual growth rates based on CY11A results that are

adjusted to include Archives.com.

(2) CAGR based on Arbor Management estimates for 2012 pro forma for Archives.com.

(3) Subscriber count is for Arbor’s core subscription offering (excludes DNA, Archives, and other Arbor subscription assets).

CONFIDENTIAL | DRAFT

13

Historical and Projected Key Operating Metrics

Based on Arbor Management Case Projections

(Subscriber figures in ‘000s)

Arbor Key Operating Metrics CAGR

Calendar Year ‘07A- ‘09A- ‘12E- ‘13E-

2007A 2008A 2009A 2010A 2011A 2012E 2013E 2014E 2015E 2016E ‘09A ‘12E ‘16E ‘16E

Ending Subscribers 832.2 913.7 1,066.1 1,394.9 1,702.6 2,005.0 2,315.7 2,634.9 2,981.7 3,355.8 13.2% 23.4% 13.7% 13.2%

% Growth 9.8% 16.7% 30.8% 22.1% 17.8% 15.5% 13.8% 13.2% 12.5%

GSAs 479.7 556.0 674.0 1,023.9 1,240.1 1,280.0 1,321.7 1,440.9 1,564.3 1,698.3 18.5% 23.8% 7.3% 8.7%

% Growth 15.9% 21.2% 51.9% 21.1% 3.2% 3.3% 9.0% 8.6% 8.6%

SAC $70.96 $71.99 $72.46 $ 79.19 $ 84.70 $88.98 $95.05 $97.41 $98.61 $98.59 1.1% 7.1% 2.6% 1.2%

% Growth 1.5% 0.7% 9.3% 7.0% 5.1% 6.8% 2.5% 1.2% (0.0%)

Churn % 3.50% 4.00% 3.82% 3.85% 4.07% 3.67% 3.41% 3.27% 3.15% 3.05% 4.4% (1.3%) (4.5%) (3.7%)

% Growth 14.3% (4.6%) 1.0% 5.7% (9.9%) (6.9%) (4.1%) (3.8%) (3.2%)

ARPU $14.83 $16.09 $16.51 $17.56 $18.50 $18.66 $18.76 $18.82 $18.88 $18.95 5.5% 4.2% 0.4% 0.3%

% Growth 8.5% 2.6% 6.4% 5.3% 0.9% 0.5% 0.3% 0.3% 0.3%

Note: Projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

Key operating metrics are for Arbor’s core subscription offering (excludes DNA, Archives, and other Arbor subscription assets).

Total ‘13E-’16E GSAs: 6,025.2

CONFIDENTIAL | DRAFT

14

Management Sensitivities

Per Arbor Management as of October 2012

Sensitivity A

??GSAs 2012-16E CAGR of 1.6%

??Ending subscribers in 2016E of 2.303 million

??SAC 2012-16E CAGR of 6.5%, ending at $114.3 in 2016E ??Churn increases gradually, ending at 4.1% in 2016E ??The above assumptions result in: ??2016 Revenue: $679 million (2012-16E CAGR: 7.9%)

??2016 Adjusted EBITDA: $230 million (2016E Adjusted EBITDA Margin: 33.9%)

Sensitivity B

??GSAs 2012-16E CAGR of 3.7%

??Ending subscribers in 2016E of 2.484 million

??SAC 2012-16E CAGR of 4.0%, ending at $104.2 in 2016E ??Churn increases gradually, ending at 4.1% in 2016E ??The above assumptions result in: ??2016 Revenue: $717 million (2012-16E CAGR: 9.4%)

??2016 Adjusted EBITDA: $259 million (2016E Adjusted EBITDA Margin: 36.1%)

CONFIDENTIAL | DRAFT

15

Arbor Preliminary Valuation Analyses

NTM Revenue Multiples Over Time

November 5, 2009 (Arbor IPO) to October 17, 2012

NTM Revenue Multiples (Averages)

Online Media

& Consumer Arbor Arbor Internet Arbor

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

2009 3.3x 3.3x 2% 3.3x 2% 4.2x (20%)

2010 3.2 2.8 14% 3.9 (18%) 3.8 (14%)

2011 3.9 2.7 42% 4.2 (7%) 3.9 0%

2012 YTD 2.6 2.3 14% 2.2 18% 4.5 (41%)

Period 3.3x 2.7x 23% 3.5x (7%) 4.0x (18%)

LTM 2.6 2.3 15% 2.3 15% 4.3 (39%)

8.0x Unaffected (6/5/12) 2.0 ——————

Current (10/17/12) 2.7 1.8 47% 2.2 19% 4.6 (42%)

7.0x

6.0x

5.0x

Internet Leaders: 4.6x

4.0x

3.0x Arbor: 2.7x

eCommerce: 2.2x

2.0x Online Media and

Consumer Services:

1.8x

1.0x

0.0x

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

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. CONFIDENTIAL | DRAFT

Arbor NTM Revenue based on consensus estimates.

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.

17

NTM Adjusted EBITDA Multiples Over Time

November 5, 2009 (Arbor IPO) to October 17, 2012

NTM Adjusted EBITDA Multiples (Averages)

Online Media

& Consumer Arbor Arbor Internet Arbor

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

2009 9.1x 13.8x (34%) 14.7x (38%) 15.6x (42%)

2010 10.1 11.8 (14%) 16.0 (37%) 14.2 (29%)

2011 11.8 10.2 15% 16.7 (29%) 16.6 (29%)

2012 YTD 7.9 9.0 (11%) 13.9 (43%) 16.5 (52%)

Period 10.1x 10.6x (5%) 15.6x (35%) 15.7x (36%)

LTM 7.8 8.8 (11%) 13.4 (42%) 16.7 (53%)

Unaffected (6/5/12) 5.8 ————— -

Current (10/17/12) 7.7 8.0 (3%) 12.4 (38%) 16.1 (52%)

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: 16.1x

eCommerce: 12.4x

Online Media and Consumer Services: 8.0x Arbor: 7.7x

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.

CONFIDENTIAL | DRAFT

Arbor NTM 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.

18

Operating Statistics of Selected Companies

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 11% Median: 16%

Growth 72% Mean: 14% Mean: 18%

33%

27% 14% 11% 25% 20% 16% 14% 13% 11% 16% 20%

Revenue 6%

12E

- (9%) (11%) (17%)

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

Media & Arbor

CY11 Consumer (1)

Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 10% Median: 16%

Growth Mean: 13% Mean: 15%

46%

Revenue 18% 14% 13% 10% 9% 17% 17% 16% 15% 11% 10% 16% 14%

4% 1% (0%)

13E ANGI ACTV IACI DMD RATE DHX QNST WBMD MWW OPEN VPRT SFLY NFLX EXPE Online eCommerce Adjusted

- Media & Arbor

Consumer (1)

CY12 Services

. Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Mgn Median: 17% Median: 17%

Mean: 15% Mean: 19%

40% 42% 34%

28% 27%

19% 17% 15% 14% 12% 20% 17% 13% 17% 17%

EBITDA 5%

.

Adj

(34%)

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

CY12E Media & Arbor

Consumer (1)

Services

Source: Capital IQ; based on consensus analyst estimates. Current estimates as of October 17, 2012.

Source: Capital IQ; based on consensus analyst estimates. Current estimates as of October 17, 2012.

(1) Adjusted Arbor projections based on consensus analyst estimates dated October 17, 2012 and include Arbor Management estimates for Archives.com.

CONFIDENTIAL | DRAFT

19

Trading Statistics of Selected Companies

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

/ Median: 1.7x Median: 1.7x

Value Mean: 1.9x Mean: 2.4x

6.2x

Enterprise Multiple 3.4x 2.9x 2.6x 2.1x 1.7x 1.3x 1.3x 1.0x 0.9x 1.8x 1.7x 1.3x 1.0x 1.7x 1.7x 2.9x 2.2x

FD Revenue

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

Media & Arbor Arbor

Consumer (Curr) (1) (Unaff) (1) (2)

CY12E Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 8.5x Median: 10.8x

/

Mean: 8.3x Mean: 13.1x

Value Multiple 20.8x

14.5x

10.8x 10.5x 8.8x 10.8x

Enterprise EBITDA 10.9x 10.0x 9.6x 9.0x 7.9x 7.4x 6.8x 5.0x 8.5x 8.4x 6.4x

FD NM

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

Media & Arbor Arbor

Adjusted Consumer (Curr) (1) (Unaff) (1) (2)

CY12E Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 19.0x Median: 23.6x

Mean: 22.2x Mean: 23.4x

39.0x

Multiple 27.7x 28.1x 24.8x 23.6x

19.4x 18.6x 22.4x 18.2x 19.0x

P/E 16.2x 12.1x

NM NM NM NM

CY12E MWW DMD IACI RATE DHX QNST WBMD ACTV ANGI OPEN SFLY VPRT EXPE NFLX Online eCommerce

Media &

Consumer

Services

Source: Capital IQ; based on consensus analyst estimates. Current prices and estimates as of October 17, 2012. Multiples greater than 50x or negative noted as NM.

(1) Adjusted Arbor projections based on consensus analyst estimates dated October 17, 2012 and include Arbor Management estimates for Archives.com.

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

CONFIDENTIAL | DRAFT

20

Trading Statistics of Selected Companies

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

/ Median: 1.5x Median: 1.6x

Value Mean: 1.7x Mean: 2.1x

5.2x

Enterprise Multiple 2.7x 2.4x 2.3x 1.9x 1.5x 1.3x 1.1x 1.0x 0.9x 1.6x 1.6x 1.1x 0.8x 1.5x 1.6x 2.5x 1.9x

FD Revenue

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

Media & Arbor Arbor

CY13E Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 7.1x Median: 9.5x

/

Value Multiple Mean: 7.2x Mean: 9.9x

12.5x 11.7x 5x 9.5x

9.1x 8.6x 8.5x 7.4x 6.8x 6.8x 6.1x 9. 8.0x 7.7x 7.1x 7.2x

Enterprise EBITDA 4.5x 5.5x

FD NM

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

Media & Arbor Arbor

CY13E Adjusted Consumer (Curr) (1) (Unaff) (1) (2)

Services

Selected Online Media and Consumer Services Selected eCommerce Selected Medians

Median: 15.9x Median: 18.6x

Mean: 19.0x Mean: 19.0x

Multiple 30.3x 26.1x

22.1x 15.9x 15.4x 14.3x 23.3x 20.1x 17.1x 15.4x 15.9x 18.6x

P/E 8.7x

NM NM NM

CY13E ACTV MWW DMD RATE IACI DHX QNST WBMD ANGI OPEN SFLY VPRT EXPE NFLX Online eCommerce

Media &

Consumer

Services

Source: Capital IQ; based on consensus analyst estimates. Current prices and estimates as of October 17, 2012. Multiples greater than 50x or negative noted as NM.

(1) Adjusted Arbor projections based on consensus analyst estimates dated October 17, 2012 and include Arbor Management estimates for Archives.com.

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

CONFIDENTIAL | DRAFT

21

Statistics of Selected Companies

($MM, except per share amounts)

Trading Performance FD Capitalization Trading Multiples Operating Statistics

Prem / (Disc) to Revenue

Stock Price LTM LTM Equity Ent. P/E P/E/G $ % Growth CY12E Margin LT EPS

Company (FYE) 10/17/12 High (4) Low (4) Value Value CY12E CY13E CY12E CY12E ‘11-12E ‘12-13E Gross Adj .EBITDA Growth %

Adj. Arbor (Street Case) (Dec.) (1) (2) $29.49 (34%) 41% $1,431 $1,421 ——— $496 20% 14% — 34% -

Adj. Arbor (Unaff. Street Case) (Dec.) (2) (3) 22.63 (49%) 8% 1,088 1,079 ———————— -

Selected Online Media and Consumer Services

IAC / InterActive Corp (Dec.) $54.66 (1%) 40% $5,307 $4,739 19.4x 15.4x 1.0x $2,742 33% 14% 65% 17% 19%

Bankrate (Dec.) 11.24 (55%) 0% 1,124 1,239 18.6 15.9 0.8 469 11% 10% 68% 28% 25%

Monster (Dec.) 7.68 (25%) 26% 976 988 39.0 26.1 2.1 948 (9%) (0%) NA 15% 19%

Demand Media (Dec.) 10.07 (15%) 79% 887 793 27.7 22.1 1.2 371 14% 13% 55% 27% 24%

WebMD (Dec.) 14.62 (63%) 5% 750 586 NM NM NM 462 (17%) 1% 52% 14% 15%

The Active Network (Dec.) 9.92 (44%) 0% 657 561 NM 30.3 NM 428 27% 18% 54% 12% 31%

Dice (Dec.) 8.62 (22%) 22% 581 560 16.2 14.3 1.0 191 6% 9% 93% 40% 17%

Angie’s List (Dec.) 9.99 (47%) 11% 581 519 NM NM NM 154 72% 46% 82% (34%) 38%

QuinStreet (Jun.) 7.62 (37%) 0% 329 331 12.1 8.7 1.0 350 (11%) 4% 27% 19% 13%

Median (37%) 11% 19.0x 15.9x 1.0x 11% 10% 60% 17% 19%

Mean (34%) 20% 22.2x 19.0x 1.2x 14% 13% 62% 15% 22%

Selected eCommerce

Expedia (Dec.) $54.33 (8%) 95% $8,037 $6,795 18.2x 15.4x 1.4x $3,926 14% 11% 78% 20% 13%

Netflix (Dec.) 68.52 (47%) 27% 3,888 3,474 NM NM NM 3,610 13% 15% 27% 5% 19%

VistaPrint (Jun.) 36.43 (15%) 30% 1,315 1,494 22.4 17.1 1.1 1,111 20% 17% 65% 13% 20%

Shutterfly (Dec.) 29.84 (39%) 32% 1,193 1,075 24.8 20.1 1.2 591 25% 16% 54% 17% 21%

OpenTable (Dec.) 45.10 (13%) 39% 1,064 996 28.1 23.3 1.2 162 16% 17% 73% 42% 23%

Median (15%) 32% 23.6x 18.6x 1.2x 16% 16% 65% 17% 20%

Mean (24%) 45% 23.4x 19.0x 1.2x 18% 15% 59% 19% 19%

Selected Internet Leaders

Google (Dec.) $755.49 (2%) 35% $260,190 $226,062 17.7x 15.1x 1.1x $42,413 46% 27% 59% 46% 16%

Amazon (Dec.) 247.49 (5%) 43% 115,718 112,489 NM NM NM 62,797 31% 29% 24% 5% 38%

eBay (Dec.) 48.20 (5%) 71% 65,034 57,917 20.6 17.7 1.4 14,041 21% 16% 71% 33% 14%

Facebook (Dec.) 19.88 (48%) 12% 53,945 44,763 41.1 32.5 1.4 4,914 32% 28% 74% 54% 30%

Priceline.com (Dec.) 598.24 (22%) 34% 31,381 28,549 19.8 16.5 1.0 5,196 19% 17% 76% 37% 20%

Median (5%) 35% 20.2x 17.1x 1.2x 31% 27% 71% 37% 20%

Mean (16%) 39% 24.8x 20.5x 1.2x 30% 23% 61% 35% 24%

Source: Capital IQ mean consensus estimates and Wall Street analyst research.

Note: Multiples greater than 50x or negative noted as NM. Pro forma for closed acquisitions.

(1) Arbor Street Case projections based on consensus analyst estimates as of October 17, 2012. Balance sheet items based on Arbor Management for the period ended September 30, 2012. Common shares outstanding, options and RSUs based on Arbor Management as of October 2012.

Assumes treasury stock method treatment of options.

(2) Adjusted Street Case metrics include Arbor Management estimates for Archives.com.

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

(4) Arbor Prem / (Disc) to LTM High and Low based on prices prior to Bloomberg article on June 5, 2012.

CONFIDENTIAL | DRAFT

22

Illustrative Discounted Cash Flow Projections

Based on Arbor Management Case Projections

($MM)

Arbor Financial Performance (1)

Actual Pro ‘12E- ‘12E-

Plan Forma Terminal ‘16E ‘16E

CY2011A CY2012E CY2012E (2) Q4’12E CY2013E CY2014E CY2015E CY2016E CAGR CAGR (3)

Revenue $400 $488 $501 $132 $592 $688 $789 $901 17% 16%

% Growth 33% 22% 21% — 18% 16% 15% 14%

Adjusted EBITDA 145 174 172 48 210 264 320 372 21% 21%

% Margin 36% 36% 34% 36% 35% 38% 40% 41%

% Growth 43% 20% 20% — 22% 26% 21% 16%

Adjusted Operating Income — 148 — 41 180 232 283 332 22%

% Margin — 30% — 31% 30% 34% 36% 37%

Less: Taxes — (48) — (14) (61) (75) (93) (108)

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

NOPAT — 100 — 28 119 156 190 224 22%

% Margin — 21% — 21% 20% 23% 24% 25%

Less: Capex / Capitalization of Content — (49) — (12) (46) (53) (53) (56)

% of Revenue — 10% — 9% 8% 8% 7% 6%

Plus: Depreciation — 15 — 4 17 20 23 26

% of Capex / Capitalization of Content — 30% — 30% 37% 38% 44% 47%

Plus: Amortization of Content — 11 — 3 12 13 13 14

% of Capex / Capitalization of Content — 23% — 24% 26% 24% 25% 25%

Plus: (Investment) in Working Capital — 21 — (17) 25 29 34 36

% of Revenue — 4% — (13%) 4% 4% 4% 4%

Unlevered Free Cash Flow — 98 — 5 127 165 207 244 26%

% Growth ————— 29% 26% 18%

(1) Arbor Management Case projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

(2) Adjusted to include Arbor Management estimates for Archives.com prior to August 17, 2012. CY12E annual growth rates based on CY11A results that are adjusted to include Archives.com.

(3) CAGR based on Arbor Management estimates for 2012 pro forma for Archives.com.

CONFIDENTIAL | DRAFT

23

Illustrative Discounted Cash Flow Analysis

Based on Arbor Management Case Projections

Summary of Valuation Assumptions

- Unlevered free cash flow projections and terminal value discounted to September 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 9.0% 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 ~10% dilution through issuance of equity awards over the projected period

($MM, except per share amounts)

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

Discount Rate: 9.0% 11.5% 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 (2.4%) (0.8%) 0.5% (0.0%) 1.6% 2.9% 2.3% 4.0% 5.3%

PV of Unlevered FCF (Q4’12E—CY2015E) $430 $430 $430 $413 $413 $413 $396 $396 $396

PV of Terminal Value (CY2016E & Beyond) 1,688 1,969 2,250 1,568 1,829 2,091 1,459 1,702 1,945

% of Enterprise Value in Terminal Value 80% 82% 84% 79% 82% 84% 79% 81% 83%

Implied Enterprise Value $2,118 $2,399 $2,681 $1,981 $2,242 $2,503 $1,855 $2,099 $2,342

Less: Net Debt/(Cash) (2) (10) (10) (10) (10) (10) (10) (10) (10) (10)

Implied Equity Value 2,128 2,409 2,690 1,990 2,252 2,513 1,865 2,108 2,351

Implied Price Per Share—10% Dilution (2) $39.24 $44.28 $49.32 $36.76 $41.46 $46.14 $34.50 $38.89 $43.25

Premium/(Discount) to Unaffected (3) 73% 96% 118% 62% 83% 104% 52% 72% 91%

Note: Assumes mid-period discounting convention.

(1) Arbor Management Case projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

(2) Balance sheet items based on Arbor Management for the period ended September 30, 2012. Common shares outstanding, options and RSUs based on Arbor Management as of October 2012.

Assumes treasury stock method treatment of options.

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

CONFIDENTIAL | DRAFT

24

Illustrative DCF Analysis: Dilution Factor Sensitivity

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 Q3’CY2012A through CY2016E representing ~10% 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%)

Discount Rate: 9.0% 11.5% 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% $43.40 $48.99 $54.58 $40.67 $45.86 $51.06 $38.17 $ 43.01 $47.84

Premium/(Discount) to Unaffected (2): 92% 116% 141% 80% 103% 126% 69% 90% 111%

5% $41.28 $46.60 $51.91 $38.69 $43.62 $48.56 $36.31 $ 40.92 $45.51

82% 106% 129% 71% 93% 115% 60% 81% 101%

10% $39.24 $44.28 $49.32 $36.76 $41.46 $46.14 $34.50 $ 38.89 $43.25

73% 96% 118% 62% 83% 104% 52% 72% 91%

15% $37.04 $41.81 $46.56 $34.71 $39.15 $43.56 $32.58 $ 36.71 $40.83

64% 85% 106% 53% 73% 93% 44% 62% 80%

Note: Present value as of September 30, 2012. Assumes mid-period discounting convention.

(1) Arbor Management Case projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012).

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

CONFIDENTIAL | DRAFT

25

Illustrative DCF Analysis: Management Sensitivities

Management Revenue and Adjusted EBITDA Margin Sensitivity

Management Sensitivities (1) Sensitivity A Management

2016E Rev: $679MM (CY12-16E CAGR: 7.9%)

2016E Adj. EBITDA: $230MM (Margin: 33.9%) Case

Sensitivity B

2016E Rev: $717MM (CY12-16E CAGR: 9.4%)

2016E Adj. EBITDA: $259MM (Margin: 36.1%)

($MM, except per share amounts)

Illustrative CY16E Revenue: $679 $717 $780 $840 $901

Implied CY12-16E CAGR (2): 7.9% 9.4% 11.7% 13.8% 15.8%

Implied Discount to Mgmt. Case: (24.6%) (20.4%) (13.4%) (6.8%) –

Terminal Year (CY16E)

Adj. EBITDA Margin Implied Price Per Share: Low End (3) / Mid Point (4) / High End (5)

Mgmt. 33.9% $22.76 / $27.11 / $32.03 $23.83 / $28.40 / $33.59 $25.57 / $30.54 / $36.18 $27.23 / $32.58 / $38.64 $29.03 / $34.76 / $41.25

Sensitivities 35.0% 23.40 / 27.88 / 32.96 24.49 / 29.22 / 34.58 26.30 / 31.43 / 37.25 28.00 / 33.52 / 39.78 29.86 / 35.78 / 42.48

(1) 36.1% 24.03 / 28.66 / 33.90 25.16 / 30.03 / 35.56 27.01 / 32.31 / 38.32 28.78 / 34.47 / 40.92 30.69 / 36.79 / 43.69

37.0% 24.53 / 29.26 / 34.63 25.68 / 30.67 / 36.33 27.58 / 33.00 / 39.15 29.38 / 35.21 / 41.81 31.33 / 37.58 / 44.64

38.0% 25.09 / 29.95 / 35.46 26.27 / 31.39 / 37.21 28.22 / 33.78 / 40.09 30.07 / 36.05 / 42.82 32.07 / 38.49 / 45.73

39.0% 25.65 / 30.64 / 36.29 26.86 / 32.12 / 38.08 28.86 / 34.57 / 41.03 30.75 / 36.89 / 43.83 32.80 / 39.39 / 46.81

40.0% 26.21 / 31.32 / 37.12 27.45 / 32.84 / 38.96 29.50 / 35.35 / 41.98 31.44 / 37.74 / 44.84 33.54 / 40.28 / 47.90

Mgmt.

Case 41.3% 26.95 / 32.22 / 38.20 28.23 / 33.79 / 40.10 30.34 / 36.38 / 43.21 32.34 / 38.84 / 46.17 34.50 / 41.46 / 49.32

Note: Arbor Management Case projections based on Arbor Management (2013-16 projections as of May 2012, 2012 forecast as of October 2012). Present values as of September 30, 2012 assume an illustrative dilution factor of 10%.

(1) The Management Sensitivities were prepared by Arbor Management and illustrate different financial results based on the Company achieving less favorable operating metrics. See page 15 for additional details.

(2) CAGR based on Arbor Management estimates for 2012 pro forma for Archives.com.

(3) Low end based on weighted average cost of capital of 14.0% and terminal value based on an NTM Adjusted EBITDA multiple of 6.0x.

(4) Mid point based on weighted average cost of capital of 11.5% and terminal value based on an NTM Adjusted EBITDA multiple of 7.0x.

(5) High end based on weighted average cost of capital of 9.0% and terminal value based on an NTM Adjusted EBITDA multiple of 8.0x.

CONFIDENTIAL | DRAFT

26

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 $496 $501

Trading Multiple 2.5x 3.5x 2.5x 3.5x

Implied Arbor Price $25.89 $ 35.82 $26.11 $36.13

Premium to Unaffected (3) 14% 58% 15% 60%

CY12E Adjusted EBITDA $169 $172

Trading Multiple 7.0x 10.0x 7.0x 10.0x

Implied Arbor Price $24.76 $ 34.91 $25.13 $35.44

Premium to Unaffected (3) 9% 54% 11% 57%

CY13E Revenue $567 $592

Trading Multiple 2.0x 3.0x 2.0x 3.0x

Implied Arbor Price $23.73 $ 35.07 $24.75 $36.58

Premium to Unaffected (3) 5% 55% 9% 62%

CY13E Adjusted EBITDA $196 $210

Trading Multiple 6.0x 9.0x 6.0x 9.0x

Implied Arbor Price $24.59 $ 36.35 $26.21 $38.78

Premium to Unaffected (3) 9% 61% 16% 71%

Arbor Multiples

Unaffected (3) Current (4)

Adjusted Street Case (1)

Revenue Multiples

CY12E 2.2x 2.9x

CY13E 1.9 2.5

Adjusted EBITDA Multiples

CY12E 6.4x 8.4x

CY13E 5.5 7.2

Management Case (2)

Revenue Multiples

CY12E 2.2x 2.8x

CY13E 1.8 2.4

Adjusted EBITDA Multiples

CY12E 6.3x 8.3x

CY13E 5.1 6.8

Note: Balance sheet items based on Arbor Management for the period ended September 30, 2012. Common shares outstanding, options and RSUs based on Arbor Management as of October 2012. Assumes treasury stock method treatment of options.

(1) Adjusted Arbor Street Case projections based on consensus analyst estimates as of October 17, 2012. Includes Arbor Management estimates for Archives.com. (2) Arbor Management Case projections based on Arbor Management (2013 projections as of May 2012, 2012 forecast as of October 2012).

Includes Arbor Management estimates for Archives.com.

(3) Based on Arbor price of $22.63 as of June 5, 2012 (prior to Bloomberg article). (4) Based on Arbor current stock price of $29.49 as of October 17, 2012.

CONFIDENTIAL | DRAFT

27

38.78 $40.00 $35.56 $35.82 $36.58 $36.35 Permira Proposal: $32.00 Current Stock $34.50 Price (4): $29.49 $20.00 $23.73 $24.75 $24.59 $25.13 Unaffected $22.76

Stock Price (5): $22.63

$0.00