ABM/FIPP Conference

1. ABM/FIPP Conference • Rich Data – Mining the Hidden Treasures Tim Weller Founder and Group Chief Executive Incisive Media Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

2. Data is a key area of growth Relative market size and b2b growth rates by information type (US) % CAGR “… The real opportunity that we're grasping now is to move up the value chain with customers by leveraging sophisticated technology in terms of driving content-driven solutions, driving workflow solutions that are much more embedded in customer workflows and, of course, give us new revenue streams, pricing leverage, and longer term relationships…” Crispin Davis, CEO Reed Elsevier Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

3. EBITDA multiple Revenue multiple Data adds significant value Media Valuation Pyramid Typical Multiple Ranges Workflow Solutions Online b2b media Trade and Consumer shows Print Media, Research and Conferences Custom Events and Publishing Source: JEGI Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

4. What is Data? Data growth / value-added opportunities Growth Opportunities End-to-EndSolutions Tools Dynamic Content Static Content Value-AddedOpportunities • Books • Flat file data • CD-roms • Database products • Online products • Workflow tools • Compliance products • Integrated product suites of data and applications Examine/Search/Analyse Personalize Transact Source: Veronis Suhler Stevenson Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

5. Evolution of a typical Rich Data Business: (1) Build Proprietary Information Assets Expand to Services / Transaction Leverage Online Distribution(continuous data) Embed in Customer Workflow Build ProprietaryInformation Assets • Proprietary information that has been collected from non-public or difficult-to-reach sources is the core of the PBIS market. This data can be either: • Based on a focused effort to develop a unique content offering • Generated as a result of other commercial activities (e.g., insurance claims data) • Companies often rely on acquisitions to rapidly build deeper content sets, creating comprehensive information offerings to core customer segments • Once collected, this information typically provides long-term barriers-to-entry to industry incumbents • Limited risk of me-too strategies as ROI is unattractive and archival content is high value • Some risk of “game-changing” methods of accessing data (e.g., online property information databases developed by local governments) • Other traditional PBIS information includes analytical content based on industry expert commentary, such as reference works, journals, etc. Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

6. Evolution: (2) Leverage Online Distribution (continuous data) Expand to Services / Transaction Leverage Online Distribution(continuous data) Embed in Customer Workflow Build ProprietaryInformation Assets • Online platforms sparked a significant business shift away from static information to continuously updated, dynamic content sets, resulting in significant productivity improvements via advanced and suggestive searching / database integration • Online has been a significant driver of growth: • Pay premium for increased productivity • Frequently dual buy print and online for many years • Enables significant price segmentation opportunities • Increasingly, product value and revenue generation driven by analytical information within datasets (e.g., taxonomies, content interconnections, etc.) vs. raw content Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

7. Evolution: (3) Embed in Customer Workflow Expand to Services / Transaction Leverage Online Distribution(continuous data) Embed in Customer Workflow Build ProprietaryInformation Assets • Publishers frequently develop software applications that automate the pre and post information gathering processes • Often these modules incorporate customer-specific content sets (e.g., financial data, drug development research, legal case fact management) • Additionally, they automate common non-research work tasks and pre-populate data fields • As these workflow solutions directly impact business / research performance via productivity gains, customer willingness to pay for strong solutions is high • Success dependent on deep knowledge of customer and willingness to make vertical-specific investments • Significant growth opportunities remain for workflow solutions • Investment provides incremental competitive barriers that reduce strategic risk Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

8. Evolution: (4) Expand to Services / Community Expand to Services / Transaction Leverage Online Distribution(continuous data) Embed in Customer Workflow Build ProprietaryInformation Assets • Based on their core information assets publishers will offer: • Services to conduct research and analysis for customers • Consulting services (low level) to help customers fully utilize data (e.g. public records marketing information) • In addition, some publishers have begun to offer non-information related services to their customer base in order to exploit distribution relationships or other assets • Technology management • New customer development • Enable the transaction Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

9. Typical Challenges for Professional and Business Information Services Expand to Services / Transaction Leverage Online Distribution(continuous data) Embed in Customer Workflow Build ProprietaryInformation Assets • Value of proprietary information assets erodes without continual investment • Traditional publishers often have significant content assets but have not structured them in a saleable way • Data has to be accurate easy to access and structured • Many organizations fail to capture full pricing potential as transition to usage-based pricing • Print opportunities remain yet revenue optimization strategies often unclear • One shot at credibility-trial and error doesn’t work • Requires significantly greater technology development expertise • IT takes driving seat need technical sales people • Need to reorganize the way company is aligned • Convergence between data companies, software companies and even Investment companies aiming at the same opportunity • Have you the people who understand the technology Mindset Commitment Longer sales cycle Technology leads Competition Source: OC&C; Management Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

10. Case Study: Substantive Law Current Product Overview Newspapers: Daily current awareness, news, cases, commentary, judicial information, court calendars Practice Forms: Model documents for drafting agreements and for each phase of litigating a case Books: Deep analytical content explains legal issues; starting point for research Newsletters: Monthly articles written by experts keep attorneys current on niche areas VerdictSearch: Court award and settlement information used in valuing injuries in specific regions and to find expert witness information Citators: Summaries of decisions organized by topic or statute; Quick case finder Experts: Advertising directory of expert witnesses marketed to attorneys Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

11. New York Litigation Initiative: Site Components New York Forms & Checklists Blogs & Forums New York “How-to” Analysis Webinars Trial Videos New York Law Journal News and Columns Litigation Newsletters Litigation Treatises & Citators “NYLJ Litigator” New York Verdicts Court Central:Judicial services New York Cases & Statutes New York Expert Directory Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

12. New York Litigation Initiative: Ancillary By-products Generate Additional Revenue Stream New York Annotated Code New York Trial Videos New York Litigation Webinars New York Practice Guides & Form Books “NYLJ Litigator” NYLJ Litigation Live Events New York Judicial Guide Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating