Jefferies & Company, Inc.

Jefferies 4th Annual Internet Conference

February 27, 2008

CONFIDENTIAL DRAFT

Member, SIPC

Video Panel: Monetizing User Generated vs. Proprietary Content

Panelists

Panelists arerepresentative of themany facets of the videoopportunity

User/Proprietary Media

Video Technology

Ad Networks

Agency Services

Joy MarcusGM, US

David LiuManaging Director

Internet & Digital Media Group

Matt WasserlaufCEO

Keith RichmanFounder and CEO

Doug StevensonFounder and CEO

1

Sector Snapshot

2

410

775

1,350

2,100

3,100

4,300

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2006 2007 2008 2009 2010 2011

What is the Video Market Opportunity?

88

110

130

145154

165

0

20

40

60

80

100

120

140

160

180

200

2006 2007 2008 2009 2010 2011

US Online Video Ad Viewers, 2006-2011E1US Online Video Advertising Revenue, 2006-2011E1

(1) Source: eMarketer, June 2007.(2) Source: eMarketer, August 2007. Online video viewer defined as an individual ages 3+ who downloads or streams video (content or advertising) at least once a month. Includes

in-page and streaming video.

(Millions)($ Millions)

13% CAGR

60% C

AGR

2

13.7%

12.0%

10.9%

9.4% 9.3%

8.0%

7.3%

6.5% 6.4%

5.1%

4.3%4.0%

3.2%

News/ CurrentEvents

Movie/ TVTrailers

Music Videos User-Generated

Videos

Jokes/Bloopers

WeatherInformation

EntertainmentNews/ Movie

Reviews

TV Shows (Full

Episodes orExcerpts)

Sports Clips/Highlights

Other Cartoons Business/Financial

News

Full-LengthMovies

What Content Do We Watch Online?

Source: eMarketer, August 2007

Video Content Viewed Online

1

Recent Developments In Online Video

5

Google opens up AdSense for video to large publishers, offering both CPC and CPM overlay units

LiveUniverse acquires struggling video site Revver for under $5MM

Yahoo! acquires online video platform provider Maven Networks for ~$160MM

Writers Guild ends three-month strike after reaching tentative agreement with studios for “New Media” compensation

Skype co-founders Janus Friis and Niklas Zennström officially launch Joost, the desktop Internet TV platform, after raising $45MM in May 2007

Meet the Panelists

7

Joy MarcusGM, US

7

Keith RichmanFounder and CEO

7

1010

Overview

11

BREAK MEDIA consists of wholly owned sites and an affiliated ad network that target

young men through various genres such as comedy, sports, gaming and finance.

BREAK MEDIA

12

SIGNIFICANT AUDIENCE

BREAK MEDIA has the ability to sell advertising to nearly 40,000,000 men

across 30 properties worldwide

January Reach (A)

(Unique Visitors)

Break Media is the 10th largest domestic video provider (B)

Source: (A) Google Analytic (B) Comscore Video Matrix, November 2007

Doug StevensonFounder and CEO

7

NEW YORK SAN FRANCISCO LONDON PARIS HAMBURG

Company Snapshot

Founded by Doug Stevenson and Craig Gooding in 2000

Started with $500k

ABS Capital invested $25m July 2005

112% revenue growth in 2007. Revenues:

$41 million in 2006

$86.5 million in 2007

81% user growth year over yearOver 120 million unique users worldwide per month (comScore, Jan 2008)

Live campaigns on over 3,000 publisher websites

IDG, News Corp, Hearst, NBC, AMI, Hoovers, MSNBC

Patented technology operating in 13 different languages

200 employees worldwide

Offices in New York (HQ), Detroit, LA, San Francisco, London, Paris & Hamburg

Page 15

Page 16

*comScore Worldwide, 2008

You no longer need video content to deliver video advertising. All you need are words.

Source: IAB Digital Video Overview; January, 2008.

Matt WasserlaufCEO

7

February 2008

Broadband Enterprises Overview

Enables highly-targeted video advertising across a network of over 2,000 leading content providers

– Advertising capabilities supported by extensive library of original and premium syndicated content

– Expertise in professional and cost-effective online video content production

– Sophisticated ad serving, advertising inventory marketplace and analytics capabilities

Extensive reach with over 55 million unique monthly visitors and over 1 billion monthly impressions

Highly scalable business model

(1) comScore, 2007.

Broadband Enterprises provides premium online video advertising and advanced technology solutions to

advertisers

Founded in 2004

Largest online video network

2nd largest aggregator of video behind Google(1)

Blue chip customer base of over 100 advertisers and

50 agencies

Headquartered in New York, NY

40 Employees

Company At-A-Glance

Consumers

Broadband Enterprises Connects Multiple Online Video

Constituencies

Advertisers & Agencies

Publishers (Sites / Programmers)

High quality content maintains integrity of brand Ability to select content and distribution points enables better targeting Increased inventory permits advertisers to deploy additional online

marketing dollars Segment-level video reporting enhances understanding of viewer behavior

Ability to better monetize content through creation of additional video advertising inventory

High quality video inventory leads to higher CPMs Increased content consumption due to heightened viewer

engagement

Ability to view increased breadth of high quality video content

As a result of targeting, view advertisements with greater relevancy

Vindico Ad Serving & Campaign Management Platform

vComm Video Content Marketplace

Network of 2000+ Leading Sites

The Internet

Premium Content

Broadband Enterprises Platform Overview

Network of 1,800+ media affiliates incorporates premium publishers across 14 different content categories

Advertiser

Premium Content

Professional-quality original productions & premium syndicated content

Vindico

Proprietary platform offering XML-based ad serving and campaign analysis capabilities

vComm

Online video distribution and transactional system which provides a marketplace for advertising inventory

NetworkSelected Accounts:

Selected Examples:

Dave’s Top Five

11

Dave’s Top Five

1. Weakening economy: near term impact? Long term impact?

2. MicroHoo (aka Yahoosoft)? Good or bad?

3. What are the implications for online video from the Hollywood Strikes?

4. Are newer online advertising formats, such as in-text, better suited for user-generated or proprietary content?

5. Google recently opened up AdSense for video to large publishers, offering both CPC and CPM overlay units. What effects does this have on the video ecosystem?

13

1980s

2000s

Beyond?

Dave’s Top Five Back-up

12

1980s

2000s

Beyond?

1. If you could LONG or SHORT any stock to exploit Video 2.0 what would it be?

2. Hot or not?

Mobile video

Live video streaming

Citizen journalism

3. What’s the best payment model?

Clicks vs. Impressions vs. Engagement

4. Do advertisers need to take risks and sponsor UGC or do brands have an advantage advertising among other brands within proprietary content?

5. What needs to happen for media planners and buyers to increase interest and usage in online video advertising?