I '' AdFinm

I '' AdFinm EFTA01084652 The AdFin Opportunity Digital Ad Spending 2010 2011 2011 2012 2013 2014 2015 2016 2053 03 03 "Online display advertising will be a $200 BILLION business globally by 2020." Eric Schmidt - CEO, Google AdFin" EFTA01084653 Media Automation Evolution Publisher Direct Ad Networks Ad Exchanges DSP/SSPs a) • One-to-one sales process • Tight control on brand • Higher CPMs • One-to-many sales process (offers more reach than direct) • Many-to-many sales process • Increased liquidity, higher CPMs than ad networks • One-to-one and many-to- many sales processes • Higher CPMs and increased t10 • Typically monetizes at lower • More efficient and inventory yield 4-, C r13 rate than direct sold inventory transparent pricing • Ability to effectively target • Greater control of brand and inventory -O using a variety of methods • Advertisers can reach desired audience 'CC • Transparency msnl Y AHOO?. VA. Advertising.com Ospecifiernedia appnexus rm right ..openx ruthopri Google PubMatic Admeld a) t10 C a) (0 _a U • Inability to sell out inventory • Smaller reach • Limited by size of salesforce • High cost of sales • Lack of transparency leads to advertising on questionable content • Channel conflict with direct sold • Poor control over advertisers, pricing • Commoditizes inventory • Arbitrage disproportionately rewards ad buyers • Often contain large amount of undesirable inventory • Too complex for publishers to connect directly • Technical nature of exchange often results in need to utilize additional technologies to buy • Threatens further commoditization of inventory • Limited by access to quality inventory at scale; most platforms only have access to unattractive inventory • Many quality publishers do not put inventory into exchanges or ad networks • Remains "black box" technology with limited margin disclosure 2013-05-04 Confidential l'" Ad Fin" EFTA01084654 AdFin Market Index The first independent digital media pricing analytics & data visualization platform that does the following: • Aggregates & normalizes disparate customer data sets into a unified UI • Provides end to end market pricing data and predictive analytics • Benchmarks customer data against the market AdFin" EFTA01084655 AdFin's Core Competency Trust and Transparency: neutral and independent platform with end to end pricing visibility removes problem of information silos "Big Data" Expertise in Real time: rapid speed, massive volume, disparate information sources, both structured and unstructured data insights, analytics & alerts Unique Skillsets: data mining, machine learning, pattern recognition, predictive modeling, forecasting & data visualization AdFin" EFTA01084656 Why hasn't AdFin been done before? Real Time Bidding (RTB) has changed the way digital media is purchased, automation & attribution are driving forces Relationships evolving to automation: Historically, personal relationships drove media buying decisions AdFin" EFTA01084657 Platform Features Market Data News Analytics Communication Tools Open Platform Machine Learning 2013-05-04 Confidential Bloomberg Ai Ad Fin 1 ImAdFin- EFTA01084658 AdFin Experienced Leadership Jeanne Houweling, CEO 18 years digital experience (media, publishing, ad tech) Classifieds2000, Excite@Home, Microsoft/MSN, Claria, NebuAd, PubMatic Milosz Tanski, CTO 6 years software engineering experience Barracuda Networks, GridApp Systems, AdMeld (sold to Google), Apple Nicholas Kolba, UI & Product Design 15 years web development, 11 of which in financial services Multex, Thomson, Thomson Reuters Board Members: Gil Mandelsiz: Deutsche Bank, Traiana, ICAP Jonathan Leidersdorf: L Capital David Mitchell: Mitchell Holdings Tom Glocer: Reuters, Capital One Jeanne Houweling Advisor Members: Tim Hanlon: IPG, Publicis, Vivaki Alec Bokman: McKinsey & Company, Digitas Laurent Colard: Accenture, Group M Ari Paparo: Nielsen, Google, AppNexus Richard Kirshenbaum: Kirshenbaum & Bond, NSG/SWAT 2013-05-04 Confidential 11" Ad Fin EFTA01084659 AdFin: Dashboard .111 AdFin Dashboard Snapshot - Last 7 Days APR 28 07:00 PM AVERAGE 1.9 IMPRESSIONS 60297 Top Category Impressions Top State Impressions Tee Exchange Impression, 6% 41% OW1, 33% at% Al Categores a% 49% 17% 20% 41% AI State. AI Exchanges Movers - Last 7 Days Asti 1 °cools, -23% Mosaa,no sea -13% +17% Rion11.1.10 Top Category Price Movements +17% +16% .12% *11% Intr.; 6 To ST.crto Poop MIMI; Corna.nsn E... Top State Price Movements +13% +12% +11% +11% .bid Ia1111aSla bens reorth earoina Top Exchange Price Movements Ad% Cans 44% 2013-05-04 Confident a" Ad Fin EFTA01084660 AdFin: Price Explorer lil AdFin Dashboard for Last 7 Days. 13.1MM impressions. Average eCP/A. $1.79 Dem Revco Last 7 Days Pubbler Piepay SupOty Ban aleiwihr Dt Ad Unit •CPM nee 0 11111111..1 200: 200: APR28 06:00 PM AVERAGE 1.86 IMPRESSIONS 70568 2013-05-04 Confidential Ad Fin EFTA01084661 AdFin: Day Part Discovery Price Discovery Demote Ice Last 30 Days 21.31.11/ Wineskins. Average eCPM: $117 O 0) Dais Range Ad LAM Last 7 Days S Publisher Cetegay Sup* Bars SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAYS 0 8 PM (EST) Avarap scat 01 Si Ammo Ingovesshm 315K TOW 13MIM 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 a 5 6 7 9 10 11 Average AM PM I" Ad Fin EFTA01084662 AdFin: Publisher Category Pricing CIE= . I =EN =MI News $1.27 SI 76 9 - Beauty Fitness n.,. . Uncategorized %°"-- $1.95 News Avon, knPreselOne. teYn Finance OISIN $1.54 Internet & Telecom $1.90 Reference $2.31 Health $1.86 Science $1.50 Feed & Drink 11.510.I•rsors - Peg. SOW., 'Cit Pets • Animals • Real ESNS) * • 2013-05-04 Confidential "AdFin EFTA01084663 Ad Fin: Geo Pricing 2013 U, 04 Confidential I"' AdFin- EFTA01084664 AdFin: Category Trend Reports AdFin Dashboard Price Discovery Market Reports Publisher Category Supply Source ter LaN7 Days. 13.111/11ImpreselormAresege eCPM:$1.79 Geography Valved Use( :: a 0 40 Ad Urvl Heath 456.170 312036 Law & Sovernmem 296.136 Jobs & £0000000 23,823 Foce & Orin& 139095 Books & literature Peeps & Sammy 129.336 Computers & Electra., 121.911 Pets a Amens,. (2I 2013-05-04 I" AdFin- EFTA01084665 Customer Segments Launch Partners: • Technology Platforms: DSP, SSP, Exchange • Agency Trading Desks Roadmap: • Advertisers • Agencies • Publishers • Audience Data Partners • Self Service AdFin" EFTA01084666 AdFin 2013/2014 & Cash Needs (S 000) Revenue: Subscription Data Processing Set up Fees! Misc Total Revenue CGS Subscription CGS Data Processing CGS Set-up Total Cost of Goods Gross Margin Gross /twain % Expenses: Payroll and Consulting Fee Bonus 8, Sales Commission T8E, Conferences Data Storage Costs Sampling 8, Other Exp Rent & Office Expenses Legal & Prof (incl recruiting) Total Operating Expenses Net Income (Loss) Q1-13 Q2-13 Q3-13 Q4-13 5 59 80 385 - 50 70 135 514 - . 3 - 100 193 - 52 45 - - 152 240 (17) 273 NDIW0, 01:91#0! -12% 53% 392 584 656 863 - 4 43 63 15 30 30 40 55 60 ' 75 ' 75 68 62 57 57 27 55 68 70 14 36 49 120 571 830 977 1,287 (571) (830) (993) (1,014) Annual Net Burn(cash need) Total Cash from Q2 2013 I NC at end of Q (from 5 se ninny (571) (1,401) (2,394) (3,408) (830) 1.823) (2.837) 11 17 19 21 Total 2013 64 465 120 649 3 293 97 392 257 40% 2,494 109 115 265 244 220 218 3,665 (3,408) (3,408) 21 L O1-14 Q.2-14 O3-14 O4-14 140 314 470 677 535 987 1,425 1,905 90 215 181 200 765 1,516 2,076 2,782 15 15 30 50 254 399 536 683 39 79 66 66 308 492 632 799 457 1,024 1,444 1,983 60% 68% 70% 71% 1,189 1,339 1,564 1,639 175 100 125 200 50 75 100 200 100 125 125 150 75 100 150 175 125 125 150 150 150 150 150 150 1,864 2,014 2,364 2,664 (1,406) (990) (920) (680) (1,406) (2,396) (3,316) (3,997) 4,243) 1 (5.233) 6,153) 1 (6.834) 27 30 32 34 1,600 4,853 686 7,139 110 1,872 250 2,232 4,907 69% 5,730 600 425 500 500 550 600 8,905 (3,998) (3,997) 34 L Ad Fin EFTA01084667 Term Sheet Click here to view term sheet CAI I"' Ad Fin* EFTA01084668 Ad Fin Stay Connected www.AdFin.corn In Confidential PI Ad Fin' EFTA01084669