The growing consensus is that the traditional media are losing value to newer media. We disagree with this view on two counts: (1) The distinction between the two groups is increasingly vague; (2) the more important difference is between advertising-based & transactional media. With this backdrop, we think there is great value in the large & engaged audience that the traditional media have amassed & we believe this value will start to be recognized as all media sectors evolve. This presentation illustrates some of the historical & anticipated trends described. It is not a comprehensive review of industry activities or a survey of competitors. Nor is it an analysis or set of recommendations for purposes of assessing any investment, public or private.

2. CONVERGENCE OF TRADITIONAL & NEW:
THE UNIQUE OPTIONALITY OF MASS
The growing consensus is that the traditional media are losing value to newer media.
We disagree with this view on two counts: (1) The distinction between the two
groups is increasingly vague; (2) the more important difference is between
advertising-based & transactional media. With this backdrop, we think there is great
value in the large & engaged audience that the traditional media have amassed & we
believe this value will start to be recognized as all media sectors evolve.
This presentation illustrates some of the historical & anticipated trends described. It
is not a comprehensive review of industry activities or a survey of competitors. Nor is
it an analysis or set of recommendations for purposes of assessing any investment,
public or private.
MARCH / 2013 UPDATE

3. BACKGROUND
MARCH / 2013 UPDATE

4. IN THE VALUE COMPETITION BETWEEN TRADITIONAL & NEW
MEDIA, NEITHER HAS EMERGED A CLEAR WINNER
DJUSME = Dow Jones US Media Index
FDN = First Trust DJ Internet Index Fund (ETF)
4 MARCH / 2013 UPDATE

5. WHILE THE DIGITAL TECH LANDSCAPE CONTINUES TO SHIFT
& FIND ITS EQUILIBRIUM…
INF
OR
I AL
M
C
SO
AT
IO
N
Facebook Google
Amazon Apple
NT
TRA
ME
NS
IN
C
A
TI
RT
A
ON E
AL ENT
5 MARCH / 2013 UPDATE

6. ... COMPETITORS ARE REPOSITIONING & ADAPTING TO NEW
TRENDS
Retailers & Advertisers Broadcast TV & Radio
Google + INF
FB Graph Search OR News Organizations
News & Media I AL Tumblr TechCrunch
M
C
Specialty Networks
SO
AT
AT
AT
AT
Telcos & Devices LinkedIn Twitter GigaOm Business Insider
IO
Pinterest Public Relations
N
Enterprise Yelp Flickr MapQuest Aol MSN Bing
Data Facebook Google Security
Instagram Quora Yahoo!
Skype Telcos
Finance Friendster
Weather.com WebMD
Government
Government MySpace StockTwits Wikipedia Siri Voice
AMZN Reviews/ iMessage Search
Suggestions Travel & Leisure Kindle Silk Specialty Publications
Retailers & Advertisers
Credit Cards & Payment Networks Google FB Apps
Shopping Cable & Satellite
FB Credits Groupon Android
Netflix YouTube
Mobile Device Makers EBay Etsy Gilt
Entertainment
Priceline Kayak Craigslist Hulu Pandora
Commercial Banks Telcos
Amazon Apple
Square Foursquare Media Conglomerates
Data
NT
TRA
PayPal Zynga Spotify
Broadcast & News
ME
Zillow Hailo
Telcos
NS
Turntable.fm Cable Networks
IN
C Uber
A
TI Kindle Fire
RT
A
Retailers ON iBooks & iTunes E Device Manufacturers
AL ENT
Advertisers & Marketers Gaming Software & Consoles
6 MARCH / 2013 UPDATE

7. AS THIS OCCURS, MEDIA’S CORE PRODUCT - ADVERTISING -
HAS FRAGMENTED & BECOME INCREASINGLY COMPLEX…
NETWORKS
$
AGENCIES $
$
RETARGETING EXCHANGES
$ $ $ PLACEMENT $
$
TRADING $ DATA
DESKS $ ANALYTICS
$
$
BRANDS P.R. $ $
$
SECURITY
AD SERVERS $
$ $
$
$
SELL-SIDE
PLATFORMS
FILTERS $ $
$
MARKETERS $ $ $
$ $ LEAD GEN
7 MARCH / 2013 UPDATE

8. … WHILE DIRECT COMMERCE HAS GAINED MOMENTUM &
THRIVED
SUBSCRIPTIONS
E-COMMERCE CPA-BASED
MERCHANT MOBILE
SOLUTIONS COMMERCE
PAYMENTS DATA
8 MARCH / 2013 UPDATE

9. A DIVERGENCE BETWEEN MEDIA OPPORTUNITIES HAS THUS
BECOME INCREASINGLY APPARENT, WITH TRANSACTIONAL
MEDIA OUTPERFORMING
9 MARCH / 2013 UPDATE

10. IN THIS ENVIRONMENT, THERE IS POTENTIALLY UNTAPPED
VALUE IN THE MASSIVE AUDIENCE OF TRADITIONAL MEDIA...
U.S. Magazine Circulation (Top-100): 237 million
Source: Wikepedia (2H2011)
U.S. Radio Listenership: 241 million (93%, 12 or older)
Source: Arbitron (1Q2012)
U.S. Newspaper Circulation: 47 million
Source: Newspaper Association of America (2009)
U.S. Traditional Television Viewers: 284 million
Source: Nielsen (4Q2011)
... WHICH WILL NOT NECESSARILY BE TAPPED
IN THE TRADITIONAL WAYS
10 MARCH / 2013 UPDATE

11. OPPORTUNITY
NEW PATHS FOR TRADITIONAL MEDIA
MARCH / 2013 UPDATE

12. THE VALUE OF TRADITIONAL MEDIA IS IN ITS BRAND,
FRANCHISE, PROPRIETARY CONTENT, MERCHANT
RELATIONSHIPS & LARGE COMMUNITIES
information information
TV
MAGAZINES FILM
MERCHANTS RADIO MEDIA OUTDOOR CONSUMERS
DIRECTORIES EVENTS
BOOKS
information information
12 MARCH / 2013 UPDATE

13. THIS CONSTRUCT HAS FOR A LONG TIME BEGUN TO MIGRATE
TO NEW WEB-ENABLED & MOBILE DELIVERY PLATFORMS
TRADITIONAL
WEB TWITTER
MOBILE FACEBOOK
SECOND SCREEN IPAD
RSS DIGITAL SIGNAGE
NEW
13 MARCH / 2013 UPDATE

14. AS TRADITIONAL MEDIA CONTINUES TO EVOLVE & FIND ITS
PLACE WITHIN A FOUR-SPHERE ECOSYSTEM…
INF
L OR
IA
M
M
C
A
AT
SO
I
IO
N
Wikipedia
Yahoo!
CONTENT
DISTRIBUTION
Gilt
NT
TRA
ME
NS
IN
C
A
TI A
R T
ON TE
AL EN
14 MARCH / 2013 UPDATE

15. … ITS VALUE PROPOSITION WILL INCREASINGLY STAND OUT &
CONTRIBUTE IN ACCRETIVE WAYS...
INF
L OR
IA
M
M
C
A
AT
SO
I
IO
N
Wikipedia
Yahoo!
AUDIENCE ACCESS
TRADITIONAL
MEDIA
COMMUNITY ENGAGEMENT
Gilt
NT
TRA
ME
NS
IN
C
A
TI A
R T
ON TE
AL EN
15 MARCH / 2013 UPDATE

16. ... IN INFORMATION...
PREMIUM
CONTENT
Facebook DISCOVERY RELIABILITY
FRONT-END
TOOLS
AUDIENCE ACCESS
COMMUNITY ENGAGEMENT
Amazon Apple
16 MARCH / 2013 UPDATE

17. ... IN ENTERTAINMENT...
Facebook Google
AUDIENCE ACCESS
COMMUNITY ENGAGEMENT
EDITORIAL
TASTE-
Amazon MAKING
PRODUCTION
17 MARCH / 2013 UPDATE

18. ... IN SOCIAL MEDIA...
INTERACTION
COLLABORATION Google
FEEDBACK
AUDIENCE ACCESS
COMMUNITY ENGAGEMENT
Amazon Apple
18 MARCH / 2013 UPDATE

19. ... IN TRANSACTIONAL MEDIA
Facebook Google
AUDIENCE ACCESS
COMMUNITY ENGAGEMENT
MERCHANT/
BRAND/
MARKETER Apple
RELATIONSHIPS
19 MARCH / 2013 UPDATE

20. AS NEW SECTORS COMBINE
IN THE LONGER TERM
MARCH / 2013 UPDATE

21. AS CONVERGENCE BETWEEN THE FOUR SPHERES OF DIGITAL
TECH & MEDIA CONTINUES…
Retailers & Advertisers Broadcast TV & Radio
Google + INF
FB Graph Search OR News Organizations
News & Media I AL Tumblr TechCrunch
M
C Specialty Networks
SO
AT
AT
AT
AT
Telcos & Devices LinkedIn Twitter GigaOm Business Insider
IO
Pinterest Public Relations
N
Enterprise Yelp Flickr MapQuest Aol MSN Bing
Data Facebook Google Security
Instagram Quora Yahoo!
Skype Telcos
Finance Friendster
Weather.com WebMD
Government
Government MySpace StockTwits Wikipedia Siri Voice
AMZN Reviews/ iMessage Search
Suggestions Travel & Leisure Kindle Silk Specialty Publications
Retailers & Advertisers
Credit Cards & Payment Networks Google FB Apps
Shopping Cable & Satellite
FB Credits Groupon Android
Netflix YouTube
Mobile Device Makers EBay Etsy Gilt
Entertainment
Priceline Kayak Craigslist Hulu Pandora
Commercial Banks Telcos
Amazon Apple
Square Foursquare Media Conglomerates
Data
NT
TRA
PayPal Zynga Spotify
Broadcast & News
ME
Zillow Hailo
Telcos
NS
Turntable.fm Cable Networks
IN
C Uber
A
TI Kindle Fire
RT
A
Retailers ON iBooks & iTunes E Device Manufacturers
AL ENT
Advertisers & Marketers Gaming Software & Consoles
21 MARCH / 2013 UPDATE

22. … MEDIA IS ITSELF BEING REDEFINED TO INCLUDE NEW
ENTRANTS…
B&N SQUARE
WALMART AMEX
PAYPAL
ETSY EXAMPLES ETRADE
LENDING CLUB BLOOMBERG
SECOND MARKET
COMMERCE FINANCE
22 MARCH / 2013 UPDATE

23. … IN FINANCE…
EVENTS
ANALYTICS INVESTOR
RELATIONS
FINANCE
PLATFORMS
MARKETS VENDING
RESEARCH TOOLS
COMMERCE MEDIA
23 MARCH / 2013 UPDATE

24. … & IN COMMERCE
CONSUMERS
BROKERS MAKERS
ISSUERS
TRADERS INVESTORS
COMMERCIAL
CUSTOMERS
PAYMENT INFLUENCERS
PROCESSORS
SELLERS BUYERS
MEDIA MERCHANTS
FINANCE
24 MARCH / 2013 UPDATE

25. IN THIS ATMOSPHERE OF RESHAPED & OVERLAPPING
SEGMENTS & APPLICATIONS…
DATA
SECURITY PAYMENTS
NETWORKING
E-COMMERCE LOCAL
MOBILE COMMERCE
FIN TECH ALTERNATIVE
MARKETS
COMMERCE MEDIA FINANCE
25 MARCH / 2013 UPDATE

26. … ACCESS POINTS TO THE LARGEST COMMUNITIES OF
USERS, BUSINESSES & TRAFFIC WILL BE HIGHLY PRIZED...
INFORMATION
INFORMATION INFORMATION
Investor $
TV Issuer
$
MAGAZINES FILM
Lender Borrower
RADIO MEDIA OUTDOOR
Buyer Seller
DIRECTORIES EVENTS
Consumer $ $ Producer
BOOKS
INFORMATION INFORMATION
INFORMATION
26 MARCH / 2013 UPDATE

27. ... & THE TRADITIONAL MEDIA WILL BE INCREASINGLY
RECOGNIZED FOR THEIR UNIQUE & LASTING VALUE
INFORMATION
INFORMATION INFORMATION
Investor $ Issuer
$
AUDIENCE ACCESS
Lender Borrower
MEDIA
Buyer Seller
COMMUNITY ENGAGEMENT
Consumer $ $ Producer
INFORMATION INFORMATION
INFORMATION
27 MARCH / 2013 UPDATE

28. CONCLUDING NOTE:
FACEBOOK PRICED ONE OF THE LARGEST IPOs & AS OF THIS
DATE HAS A MARKET CAP OF MORE THAN $60 BILLION,
LARGELY REFLECTING THE OPTION VALUE OF ITS EXPANSIVE
USER NETWORK...
... THERE IS ALSO OPTIONALITY IN
OTHER LARGE COMMUNITIES
WHEN AN INDUSTRY IS IN
VOLATILE TRANSITION
28 MARCH / 2013 UPDATE

29. WHERE ARE YOU IN
THIS LANDSCAPE?
WHERE ARE YOU
HEADING?
MARCH / 2013 UPDATE

30. CONTACT INFORMATION
TO DISCUSS FURTHER:
CoRise Co., LLC
535 Fifth Avenue, 4th floor
New York, NY 10036
Telephone: (646) 532-6690
email: info@coriseco.com
www.coriseco.com
30 MARCH / 2013 UPDATE