2007 Investor Dayfiles.investis.com/ubm/downloads/investorday07.pdf · PR Newswire – a global...

2007 Investor Day

27 September 2007

UBM Investor Day 27 September 2007

Corporate - $

Agencies - $

Government - $

Others - $

Sources Content PR Newswire Processing Recipients

Text:• Mandatory News• Publicity News

Broadcast PR/Multimedia:• Photos• Video News Releases• Streaming Video

Individual Targets (MEDIAtlas)

Media Institutions

Online Databases & Portals

Financial Networks

Aggregators

• Factiva • Lexis-Nexis • Yahoo!

• Thomson • Bloomberg • Reuters

• AP • Marketwatch • Reuters

• AP • Bloomberg • Reuters

• Consumer Media • Trades • Broadcast

PR Newswire Business Model

$

$

$

•CCoding•FFormatting •DDelivery Into News Systems•CCredibility•PProtection Against Hoax Sources•WWorldwide Network•SSimultaneity

PR Newswire’s Supporting USPs — Measurement & Monitoring Services

•First Call • SEO • Access Reports • ProfNet Experts • MediaSense• US1 Media Monitoring

$ - Revenue Generating

$ $


PR Newswire – a global online growth business• Key skills: distribution, attribution, service •IR Strategy – moving beyond the earnings release• PR Strategy – providing solutions for communications professionals•PR becomes marketing


Global capital and media markets drive growth opportunity

• Strong historic growth, highly profitable businesses with leading positions in attractive global markets•Substantial growth opportunities domestic and international, acquisitions and organic•Increasing yield through product innovation•Leader in understanding multimedia online distribution•Brand recognition


Volume (as %) of Premium Newslines

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

2003 2004 2005 2006 YTD 2007

Year

Premium Reporting

US1 + Photo

US1 Industry Newsline

First Call Access Reports

SEO Added to US1

StreetEvents

US1 Media Monitoring

Media Access Report Upgrade

Innovation in core product drives yield


Growth by organic expansion leveraging the strength of the brand

($m) 2003 2004 2005 2006 2007Full year Full year Full year Full year Half year

Revenue

USA 142.1 157.9 172.6 185.1 106.4

Canada* 28.6 35.3 40.9 45.8 24.6

Europe 23.4 22.3 22.9 24.7 14.6

Asia 0.2 0.5 0.8 1.3 1.4

Intercompany trading (15.5) (12.6) (13.5) (17.0) (8.8)

178.8 203.4 223.7 239.9 138.2

* 50% owned directly, UBM owns 17% of Press Association which owns the other 50%.


Consistent improvement in performance reflecting revenue growth and cost reductions


EBIT

USA 22.1 38.8 44.8 59.1 35.0

Canada* 9.2 11.2 12.0 13.8 7.4

Europe (5.0) 0.3 3.3 5.4 3.1

Asia (0.2) - - 0.1 0.6

26.1 50.3 60.1 78.4 46.1

EBITDA 39.8 57.4 65.9 83.6 48.9 EBIT Margin 14.6% 24.7% 26.9% 32.7% 33.4%* 50% owned directly, UBM owns 17% of Press Association which owns the other 50%. Excludes share based payments ($1m in FY'06, $0.5m in HY'07)


Multiple sources of revenue growthUS Revenue by Product Group


Distribution revenue 114.9 125.0 135.3 144.8 78.6

MultiVu 8.0 10.5 11.5 13.9 8.0

MEDIAtlas 2.9 4.0 5.2 5.6 3.2

ProfNet 3.2 3.6 4.1 4.5 2.3

e Watch 2.8 2.8 3.1 4.2 2.1

Other* 10.3 12.0 13.4 12.1 12.2

142.1 157.9 172.6 185.1 106.4

*Includes Vintage acquisition in 2007 Half year


Europe’s profitability has been transformed – well poised for growth

•Exit marginal businesses, re-engineer cost base (’03-’05)• Multi local footprint, leading brand, centralised back office, partnering (’06-’07)• Broadening customer business and geographic experience


Revenue 23.4 22.3 22.9 24.7 14.6

EBIT (5.0) 0.3 3.3 5.4 3.1


We Tell Your Story to the World• Historically, PR Newswire was a U.S.-centric business.• Canada, Asia and Europe are now growing and profitable

200380% of revenue

84% of profitfrom U.S.

200677% of revenue

75% of profitfrom U.S.


The number and size of international growth opportunities is increasing

• Further expansion into Europe and Middle East• China revenues growing at 50% plus per annum• Latin America revenues growing at 35% (Brazil ownership 30%, Argentina ownership 90%)• Further opportunities in Asia


Investment in the business

•$63.0m in acquisitions in 11 months•$7.0m in new editorial centres•Further capital investment of more than $7m across the business


U.S. editorial restructuring: member service centres created

•Formerly occupied 20+ offices •Three new centers created:

- Cleveland, Ohio- Albuquerque, New Mexico- Washington, D.C.

•Designed to provide better service, eliminate inconsistency, reduce staff turnover•Reduced operating costs•$7m of investment in new centres•Some teething/implementation issues


Growth through acquisitions and innovative new products• Acquisitions (BUY) – $63m in just 11 months - achieve cost of capital in first full year after acquisition

– US Newswire (Sept ’06, $21m plus earn out) – distribution for Public Sector – Washington DC based

– Vintage Filings (Apr ’07, $38m plus earn out): Edgar filing, 2,400 customers, ’06 revenue $16m

– Notilog (Jul ‘07, $4m plus earn out) – Spanish/Portuguese monitoring/analysis for PR clients

• Organics (BUILD)– MultiVu: Multimedia news references and corporate messaging,

achieving 20% plus growth– MEDIAtlas: global web-based database and distribution system

providing contact details for journalists, achieving double digit growth – MediaSense: comprehensive analysis of customers’ media coverage


Organic Growth in PR: MEDIAtlas

Media data embedded into customer’s workflow


Organic Growth in PR: MultiVu

•H1 ’07 revenue increased 22%, Bookings increased 27% •Multimedia News Release revenue doubled


The Internet and the rapid expansion of broadband, wireless technology, and cable and satellite media are helping transform traditional broadcast PR services into multifaceted marketing and communications tools.

Influencing Beyond Broadcast

These changes are taking place as more and more people seek their news and information from the Internet and other new media formats.


Multimedia News Release


Online Video Distribution


� Audio or Video: Up to 15 minutes encoded video or audio; Windows MP and Real Player; stored for one year

� Images: Logos, graphics & screen grabs.

� Text: 400 words included� Links: Five links to support content

from your site including HTML and PDF files.

� Wire & Web Distribution:Including US1 with SEO, PR Newswire for Journalists,

� HTML Email: targeted media, plus up to 200 contacts from client list

Multimedia News Release



Mobile Video Distribution



Acquisition in PR: US NewswireYTD ’07 policy revenue increased 13%, sales of non-wire

products climbed 21%, average spend per account rose 10%


Acquisition in Latin America: Notilog

•Formed three sales regions: Mexico, Caribbean & Central America; South America; and Brazil•Developed PR Newswire Spanish sites •Bundled services with PR Newswire-Notilogofferings•Moved media relations, sales out of Miami


Acquisition in IR: Vintage Filings

•Fastest growing EDGAR filer•Revenue grew 51% April-June 2007 vs. same period in 2006•More than $2m in sales in August, largest month ever •On Aug. 4, Vintage surpassed No. 3 filer, Merrill, by 100 filings


Driving Growth in PR Sector•H1 ’07 ($23.1m) up 18.9% on H1 ’06 ($19.4m)


Looking forward •Enhanced U.S. service levels•Further acquisitions and launches•International expansion•Positioned to benefit as PR outpaces advertising spend•Opportunities with both disclosure and promotional messaging

CMP Technology

Steve Weitzner, President and CEO, CMP TechnologyTony Uphoff, President, Business Technology Group

United Business Media Investor DaySeptember 27, 2007

Agenda

• Internet reshapes media landscape• Outstanding acquisition performance• Restructuring eliminates $20 million in costs• Business Technology Group –transformation case study

– Quality acquisitions and the redefinition of print– Development of online network– Integrated marketing– People and culture

Internet reshapesthe tech B2B media landscape

• Delivers measurable ROI on marketing spend• Provides users control of information • Creates new media options and competitors, reallocating

marketing budgets

Results:• Revitalization of live events• Re-invention of processes and products at traditional media

companies• Role of internet and relationship to other media still evolving

Migration of media mix(% media bought at CMP Technology–1H04 to 1H07)

01020304050607080

1H04 1H05 1H06 1H07

PrintEventsOnline

What does a Media 2.0 company look like?

1. Focused on the customer– Leverage all media options to help audiences do their job successfully– Build marketing programs that start with the vendor marketing needs

2. Market-leading brands – Deliver the greatest access, flexibility and influence– Ability to deliver influence and integrated programs with market-leading

brands online, face to face and in print

3. More than media – Services to create and manage compelling marketing programs– Research, education and custom content development– Measurable results

Different tasks, different media channels

B2B Websites Trade Shows

B2B Magazines

Help you become aware of new products or services. 65% 81% 73%

Provide information that you can trust. 59% 67% 70%

Provide objective information. 54% NA 65%

Make you feel like you are part of a broader community. 39% 67% 48%

Are sources of information you turn to first. 52% NA 47%

Keep you ahead of the competition. 28% 35% 35%

Help you find the best companies to buy from. 38% 50% 33%

Help you grow your business. 24% 42% 32%

Enable you to do comparison shopping. 54% 58% NA

Top strength of each media type ImmediacyIncrease product

awarenessTrust

Percent who made/recommended a purchase due to seeing a product in this media 49% 70% 57%

Percent of respondents who use each media source to:

Source: Harris Interactive Inc. Business Media Study, prepared for ABM, May 2006

CMP has leading brandsfor every technology segment

Creators and Developers

Integratorsand Sellers

BusinessTechnology

Integrated marketing increases awareness, preference and consideration

“Please indicate your level of agreement with the following statements”

85%Our firm gets more qualified buyers when we integrate industry-specific B2B media like print and events with online media like Web ads and sponsored links

90%Prospects get more information about our company or brands when they see messages in more than one industry-specific business-to-business medium

91%Buyers and customers are more likely to consider our company’s products or services when they see messages for our company in more than one industry-specific B2B medium

91%Our company or brands become(s) more top of mind when buyers see our messages in more than one industry-specific B2B medium

93%Integrating our marketing messages and advertising across multiple industry-specific business-to-business media allows us to reach buyers that we might not have engaged using one medium alone.

AgreeB2B Marketers

Source: Forrester ABM Research Study 2007

Q14 Decision Makers survey: Please rate your level of agreement with the following statementsQ9: Marketers survey: Please indicate your level of agreement with the following statements

91%It is easier for me to recognize or remember a company’s brand or products/services when I see messages about it in multiple media such as magazines, online, or at events

AgreeB2B Decision Makers

Base: 878 Business decision makers

Base: 816 B2B marketers



BusinessTechnology

Events TradeShows Print Research/

ConsultingBusiness

Information

Media Solutions

CMP delivers all media solutions and beyond to all technology segments

Online

A competitive advantage

Online Events TradeShows Print Research/

ConsultingBusiness

Information

CMP � � � � � �

Traditional Competitors

IDG � � -- � � --

Ziff Davis Enterprise � � -- � -- --

Online-centric Competitors

TechTarget � � -- � -- --

CNET � -- -- -- -- --

Knowledge Storm � -- -- -- -- --

Jupiter Media � -- -- -- -- --

Consulting/Analyst Firms

Gartner � � -- -- � �

Search Engines

Google � -- -- -- -- --

Two years of transformation

• Diversify product mix through acquisition and internal development to provide marketers broader set of options

• Drive profitability of online business• Go beyond media:

– Offer customers marketing services including lead generation, research, consulting, etc.

– Offer audience new web experience, information services, education

• Realign cost base to new business realities

Outstanding acquisition performance

• Invested $170+ million to acquire face-to-face, workflow & online brands

2005/06 acquisition performance

0102030405060708090

2006 Full year 2007 1st half

Revenue Contribution

• Exceeded 8% cost of capital

• Contribution for first half 2007 exceeds full year 2006

Includes: TechOnline, LightReading, BlackHat, DotNetJunkies, Medialive, Shorecliff, Cable Digital Network

Recent activitiesAcquisition/ Partnership/

Launch

Type Business Unit Price Date Comments

eXalt System Configurator= Partnership

Web app:Workflow tool

Channel $2 m March • 25% stake• Right to increase

holding

Second Life 2.0 Summits= Launch

Virtual events Developers Launch April • 2 events• Consulting practice

How Machines Work= Acquisition

Custom 3Dwebsites/environments

Electronics $1.2 m July • Temple of Sun• Mechatropolis• IGen

Semiconductor Insights= Acquisition

Technical analysis,research,consulting

Electronics $ 26 m July • IP event for Electronics Industry – April 2008

bMighty

= Launch

Small MediumEnterprise website

Business Technology

Launch August • SMB resource • SMB advocate

Building profitable brands online and face-to-face

Increasing online revenues and profits

• Consolidated websites; shutdown unprofitable products

• Streamlined operations by putting online at the center

• Profit picture continues to improve

31.233.7

4.6

-1.3

Revenue ($ millions) Profit ($ millions)

1H06 1H07

International development through brand extensions

Transformation through structural change

• People– Staff reduction of 200 in June 2007– $20 million in cost savings

• Portfolio– Realigned product offerings around market-leading brands– Positioned online networks at core of operations– Unified sales and marketing resources in each major market– Restructured content, audience marketing, production and product

development resources• Property

– Establish new HQ in NYC in 1Q08– Implement open plan at NYC, Long Island, San Francisco, Boston; more

energy, collaboration– Generating at least $5 million in annual property cost reduction in 2008

2007 Profit Mix

30%

60%

10%

Transforming to media 2.0Shifting the revenue mix to focus on more profitable businesses

Print

Online

Events

Pro Forma 1H07 Revenue = $182m

37%

44%

19%

2004 Profit Mix

71%

24%

5%Pro Forma 1H04 Revenue = $145m

72%

17%

11% Print

Online

Events

CMP’s Business Technology Group:A closer look at transformation

Tony Uphoff, President, Business Technology Group



BusinessTechnology

Business Technology Group: The transformation imperative

Print Online Events

Pro Forma 1H04 Revenue = $57.3m

80%

7%14%

2004 Profit Mix 2%

88%

10%

Pro Forma 1H07 Revenue = $78.7m

34%

46%

20%2007 Profit Mix

21%

62%

17%

• Print heavy; 80% of the revenues in 2004

• Limited scale to event business

• Online profitability low

• Rebalance revenue mix: nearly 80% of profit from online and live events

• Redefine InformationWeekwith “One Brand” strategy

• Focus on leading brands: InformationWeek, TechWeb and Interop

Transforming the culture and the customer offerings

Challenge Solution

Tentative culture Re-establish an aggressive sales driven culture

Sales approach fragmented and overlapping Reorganized, integrated and regionally-focused sales teams

Limited marketing, brand positioning Strengthen product, customer marketing group and process

Platform silos Overhauling organization and processes to integrate assets and services

Limited ability in custom live and online events Infuse customized solutions into sales and operational process

The face-to-face growth engine

+16%

+18%

+64%

Number of Exhibitors/ Sponsors06 to 07

---

21%

10%

Paid Delegates

Growth06 to 07

+11.3%+16.1%

+2%

+16.5%

ConferenceRevenue Growth06 to 07

+34%

+28.5%

Exhibitor RevenueGrowth06 to 07

Event

The new Business Technology Group

5 M I L L I O N B U S I N E S S T E C H N O L O G Y D E C I S I O N – M A K E R S

Short Lists andEvaluation Criteria

Technology /Vendor Analysis

EVENTSFace-to-Face Interaction Conferences Forums Roundtables WebCasts

Defines and FramesBusiness Technology Objectives

Unlock Value of Business Technology 440,000 Qualified IT Buyers

Recommendations in theContext of Business

Real World IT Analysts

TechWeb.com

Financial Technology Group

News, Analysis, Expertise

In-Depth PerspectiveImmersion and Education

InformationWeek:Strengthening a leading brand

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1H04 1H05 1H06 1H07 July-Aug 07

InformationWeek (CMP)

ComputerWorld (IDG)

InfoWorld(IDG)

E-Week (ZDE)

InformationWeek vs Direct Competitors(% share of pages)

NWC and Optimize shutdown

NWC and Optimize shutdown

Info-WorldshutdownInfo-Worldshutdown

0

500

1000

1500

2000

2500

3000

3500

1H04 1H05 1H06 1H07

Total Pages (titles above)

Sales

CONSULT

RESULTS:ROI & VALUE

• Deepen relationships• Customer retention• Brand affinity• New customers or

partners• Advanced purchase

consideration• Sales

Marketing

ClientGoals

Market Assessment

Audience Analysis

Media Preference

Content/Message Development

Communications Platform

>>>>

>>

>>

Customer Goals

Customer Goals

Project ManagementContent Experts

MANAGE

INTEGRATE

Creating integrated solutions

BusinessTechnology

BTG 2008 and beyond

• Continue to build on “The One Brand” strategy to drive growth

• Continue to drive live events growth• Grow online revenues through enhanced lead generation

capabilities • Focus on customized integrated solutions across the

portfolio• Build out branded, custom and online events programs

CMP Technology – What’s next?

• Most business units will crossover in terms of the revenue gains from online and events surpassing the decline in print

• Maintain profitability of online business, re-ignite revenue growth

• More acquisitions: fill in capabilities

• Evolve culture and infrastructure beyond print roots

Alan Glass, President & CEO

September 27, 2007

CBM ProfileA B2B Integrated Media Company

• Market leader in the Global Trade, Travel, and Transportation markets with over 100 complementary products and services

• Must-have, proprietary information– Essential, embedded workflow products

• Delivery through online, print, and in person through conferences and exhibitions

• Highly predictable revenue stream– More than 60% of total revenue comes from subscription

and user fee-base basis– Recurring revenues range from 60% to 95% by product– More than 150,000 unique customers– Over 500,000 users

CBM Profile• Expect to exceed $110 million revenue “target”

for 2007• In 2008, we expect to exceed UBM’s cost of

capital objectives• Platform for growth

– Serve large, dynamic, growth-oriented markets– Active acquisition pipeline

• Highly motivated and experienced management team both in operations and M&A

Business TravelData

Conferences/Trade Show

JoC Shipper GroupTW AIG

ACW

News and Analysis

JoC Shipper GroupTW AIG

ACW

News and AnalysisNews and Analysis

CommercialData

AviationData

Subscribe, Sponsor, Attend, Advertise

MaritimeData

LogisticsData

Directories

Business Intelligence

Information Data SolutionsOnline, Print and Events

Global Trade, Travel, & Transportation

MSC marketing

uses PIERS for

competitive

dataanalysis

MSCcu

stom

er

serv

iceus

es

dire

ctor

iesto

look

upco

ntac

ts

MSC sales attends

JOC conferences

to expand sales

network

MSC management

accesses JOC print

and online resources

to stay on top of

industry trends

Example of how a maritime customer uses CBM’s data

(Mediterranean Shipping Corp.)

CBM’S Integrated Business Intelligence Network

CBM’s Primary Markets Outpace World GDP

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

2000

2001

2002

2003

2004

2005

2006 (e)

2007 (e)

World GDP World TradeContainer Trade Airline Capacity

Source: Clarkson Research Services

Major Milestones• CBM acquired by UBM – July 2006

– Base business had 2006 revenues of $59 million with a 17% margin– Underlying revenue growth year-to-date in 2007 of 8%– Database revenues are growing over 9% - over 60% of total turnover– Traditional print-based directories growing 4%– Magazines revenues declining 3%– Easy assimilation into large public company

• Extraordinary growth in Events business– Underlying revenue growth in 2007 of over 40%– International expansion in Asia and Europe as a result of being part of UBM

• Active acquisition pipeline– OAG and AIG acquired December 2006– In discussion with three potential targets

• Doubling revenues to $110 million plus - in less than one year• Major emphasis on expanding aviation business

– Surrounding all aspects of aviation/travel from routes – equipment – maintenance –overhaul – repairs – fare look-ups and booking capable

– With the acquisition of OAG and AIG, CBM’s portfolio is now over 50% aviation oriented

• Succeeding in major turnaround of OAG

Commonwealth, AIG and OAGExceeding the $110 million Target

Combined Pro Forma

$-

$20,000$40,000

$60,000$80,000

$100,000$120,000

$140,000

CBM Base OAG/AIG Combined

Data Print Online Events Other

$100,000

$ 50,000

Revenue $MM

CBM Base Business plus AcquisitionsRevenue by Market

53%38%

4% 3% 2%

Aviation Maritime Int'l Trade & Transport Rail Other

Anatomy of a Turnaround• Why acquire OAG?

– A troubled company that had not made a profit in this decade– Experiencing year-over-year revenue declines in all business units:

data sales, print and cargo– Badly managed information technology implementation that cost over

$20 million vs. a $9 million budget• While on a smaller scale, OAG is to aviation/travel like D&B

is to credit reporting– A true database business at the center of the travel distribution market– With such dominance, it had to succeed

• A flawed business plan and insufficient cash needed to “right-size”the business

• Numerous management issues that needed to be addressed• It had extraordinary brand strength in its market

Undergoing a Strategic Transformation

• For the last 12 years (and two owners later) this business has operated as a print publisher of schedule data trying to transform from printed product to digitized content delivery

• This was the wrong strategy as it failed to capitalize on OAG’s core strength and market position

1994 - $280M2006 - $ 47M

At the Center of the Aviation Universe

• The strategic transformation needed is to change the business from a publisher of schedule data to the “Official” nexus and facilitator of buyer/seller transactions in the commercial airline industry

• A unique infrastructure for collecting, compiling, structuring, and distributing airline schedules content

A Simple Return to Profitability• Upgrade quality of management team

– Create a renewed sense of purpose• Reduce cost base

– Headcount– Operating expenses

• Complete technology upgrade program• Reorganize by how customers buy content• Shift focus to online delivery• Stabilize print product revenues• Rationalize product line• Expand cargo business• Develop long-term growth strategy

EMEA

Dat

aP

rint

MC

’sA

dver

tisin

gTr

avel

Pla

nner

Flig

hts

Car

go

Americas

Dat

aP

rint

MC

’sA

dver

tisin

gTr

avel

Pla

nner

Flig

hts

Car

go

ASPAC

Dat

aP

rint

MC

’sA

dver

tisin

gTr

avel

Pla

nner

Flig

hts

Car

go

OAG’s Previous Organizational Design

Technology

Finance, HR, Legal, etc.

Product Services

EMEA

ASPAC

Americas

AviationD

ata

MC

’s

MA

X

BA

CK

Dat

a

Travel

Prin

t

Adv

ertis

ing

Trav

el P

lann

erFl

ight

s

Cargo

Prin

tC

argo

MC

’s

Adv

ertis

ing

OAG’s New Customer Segment Focus

Technology

Finance, HR, Legal, etc.

Product Services – Incl. Internet

Market Breakdown

41%46%

13%

Aviation Travel Cargo

The Results to Date• More than $8 million in annualized costs removed from operations

– Virtually all falling to the bottom line• Eliminated over 90 positions or about 25%

– Last redundant positions out by 9/30• Reorganized and placed competent, industry experts at the helm of each

LOB• Stabilized revenues in data sales and cargo

– Reduced print losses• Completing most aspects of new technology solution• Merged operations with BACK Aviation

– Efficient– Capitalize on combined sales opportunities– Ability to add value to each businesses current data sets

• Developed a global strategic business plan• A profitable business in 2007; sustainable and growing margins• Total investment in line with business case

• Complements existing CBM product profile– Publications– Conferences / exhibits

• Provides entry to new market segment –– Maintenance, Repair and Overhaul (MRO) – a $40 Billion market– Compliments BACK Aviation (fleet data) with OAG (schedule data)– Creates an opportunity to expand to military aviation

• Underlying revenue and profit growth in 2007 of7% and 20% respectively– A 25% margin business with over $6 million in revenue

Classic bolt-on acquisition

Press Conferences Exhibits

Balanced Sources of Revenue

35%

24% 40%

The Next 3 to 5 Years

• No slowdown in current organic growth rates• Global trade expanding well into the next

decade• Increase leverage of content in online

delivery – new communities– Global expansion of data products

• More rapid expansion of events business globally – taking advantage of UBM infrastructure

• Many acquisition opportunities• A goal to more than double again in the near-

term

Summary

• Leadership in a large, growing markets• High value content delivered in multiple

formats• Workflow products and solutions• Strong brand recognition/longevity• Substantial barriers to entry• Loyal & diversified customer base• Experienced management team• High recurring revenue• Platform for acquisitions and organic

growth

2007 Investor Dayfiles.investis.com/ubm/downloads/investorday07.pdf · PR Newswire – a global...

Documents

Transcript of 2007 Investor Dayfiles.investis.com/ubm/downloads/investorday07.pdf · PR Newswire – a global...