1. Perspectives on the Internet, the Economy, and Social Media Jordan Rohan Clearmeadow Partners Presentation to DPAC May 12 th , 2009 DPAC Conference

4. S&P 500 Up 32% from March Bottom…. but still down 35% since SIS 2008 DPAC Conference Internets S&P 500 A rally of 57% required to get back to even!

5. Negatives: Corporate Debt Spreads Remain Massively Wide DPAC Conference Spreads Have Eased, but Remain Highly Elevated DPAC Fall ‘08 1.5 Years Ago DPAC Summer ‘08

6. Public Markets Have Re-Valued Internet DPAC Conference

7. Decelerating 1Q Growth Rates DPAC Conference -3,634 bp -1,891 bp - 2,878 bp -3,178 bp

8. Google – Decelerating Growth Rates DPAC Conference Rest of World U.S. U.K. 1Q08 2Q08 3Q08 4Q08 1Q09 United States 29% 27% 22% 13% 4% United Kingdom 39% 29% 17% -1% -9% Rest of World 64% 61% 52% 34% 16%

11. Social Media Continues to Grow ….while portals decline… DPAC Conference

12. Social Media is Fantastic Consumer Application DPAC Conference … but only marginally profitable… Source: Comscore, Clearmeadow

13. Twitter – Extraordinary Growth in Audience DPAC Conference 17x Growth in Past Year

16. Retention Rates – Twitter is only 40% DPAC Conference Source: Nielsen MySpace Facebook Twitter Twitter Retention Rate of ~40% is Low, Relative to other Social Media

17. Internet Reach and Retention Levels DPAC Conference High Retention Rates Required for Mass Audience Source: Nielsen

18. Trends in social platforms DPAC Conference Source: Google Trends