An overview of Padin & Estabrook LLC

1. An overview of Padin & Estabrook LLC Strategic media consulting and customized research solutions P a d i n & E s t a b r o o k L L C

2. The media business is a unique industry, requiring media-centric skills to create effective solutions Ed Padin and Rick Estabrook bring strategic and operational solutions to publishing and media-related companies built on three critical elements: • Experience in successfully managing media and media companies, as well as creating effective strategies for clients • Techniques proven to uncover critical insights and inform needed solutions • Strategic perspective, focused on a positive bottom line

3. We apply our skills to strategies and operations. A more profitable business our ultimate deliverable P&E’s skill set P&E’s core competencies The ultimate deliverables • Growing critical revenue streams: • Ad sales diagnostics/ strategy/training • Circulation audits/strategy • Building revenue • Increasing margin • Reducing cost • Optimizing output • Leveraging assets • Creating new • brand equity • Building business: Identifying and assessing market-based opportunities Experience Techniques • Identifying franchise extensions: Developing new products/repositioning existing ones Strategic perspective • Optimizing operations: Diagnosing and remedying business flow • Assessing media investment: auditing the franchise strength of acquisition targets

4. Opportunities are born of market needs: our practice uses tools aimed at uncovering market insights Padin & Estabrook In-depth 1-on-1 interviews Online research Focus Group Interviews Research “conversations” with the target market that reveal insight Revenue Diagnostics Operations • Ad sales /marketing • Product development • Positioning • Franchise assessment • Process design • Benchmarking • Best practices • Tactical planning • Advertiser perceptions • Media franchise evaluation • Underlying markets • Competitive comparisons

5. Our experience and client base span the major sectors of the media business Consumer magazines Business publications Media information services Padin & Estabrook Television Radio Interactive media Custom publishing In addition, as a smaller organization, our agility and proven techniques translate to faster, less expensive solutions.

6. P&E helps clients meet a critical challenge: reallocating resources to optimize profitability P&E’s Opportunity Cost Assessment • Working with publishing icon Hershel Sarbin, P&E developed a proprietary business assessment tool • The Opportunity Cost Assessment (OCA) enables managers to evaluate the profit contributions of the major tasks their business routinely conducts • The OCA is based upon: • Applying corporate guidelines to the overall evaluation • Rating the opportunity cost/potential of key resource centers • Redirects resources from over committed, less profitable tasks to those with the potential to positively impact the business’s bottom line • Importantly, the OCA allows management teams to step-back from their daily routine and forces them to look at their business holistically • A complete presentation of P&E’s Opportunity Cost Assessment product is available upon request

7. P&E’s principals have worked with many of the leading names in media American Business Media Arbitron BPA Worldwide Boston Ventures Boy Scouts of America Brant Publications Decision Resources ESPN Food Court Entertainment Network Forbes Inc. Hewlett-Packard Jobson Publishing Jordan Edmiston Group, Inc. Lipper HedgeWorld.com McGraw-Hill Magazine Publishers of America National Geographic Society Nielsen Business Media Petra Capital Partners Playboy Enterprises Primedia Proximus Information Reed Elsevier Reader’s Digest Association Rodale Inc. SkyMall Survey Sampling The Smithsonian Institute The Deal United States Tennis Association Veronis Suhler Stevenson Associates Wenner Media Zinio Systems

8. Our management profile reflects wide ranging industry and sector experience Ed Padin, Partner Over 30 years of experience in Advertising and Communication fields . . . Principal at The Publishing & Media Group…former Senior Vice President, Affiliate Market for Food Court Entertainment Network . . .former Vice President of Marketing and Publisher for SRDS . . .served as Director of Marketing for ESPN . . .previous roles in both Media and Account Management at BBD&O, Grey, and Dancer Fitzgerald Sample, during which time he was highly involved in development and execution of communications and media strategies . . . member of the Advertising Club of New York and co-chairman of New York Magazine Day, a major industry event . . former Communications Officer in U.S. Navy . . .BA, Jacksonville University. Frequent industry panel moderator and member of four ABM industry councils. Rick Estabrook, Partner Leader of strategic communications for global brands . . .six years media consulting, three with The Publishing & Media Group… twenty-five years building brands with the Leo Burnett Company, Ogilvy & Mather, and D’arcy Masius Benton & Bowles . . . clients include American Express, Procter & Gamble, Philips Electronics, Coca-Cola and a range of other market leaders and sectors . . . extensive experience leading integrated marketing communications networks: advertising, direct marketing, public relations, new media . . . independent marketing consulting to the National Geographic Channel, Fox f/x network, Ernst & Young . . . D'arcy Executive Vice President and member of their global management council . . . B.S. from Emory University and MSJ from The Medill School of Journalism, Northwestern University.

9. P&E’s consulting partners broaden our capabilities Vicki Dunham Sell, Principal Thirteen years in publishing and consulting with an emphasis on advertising sales and marketing strategies . . .Principal, The Publishing & Media Group...segment leader for P&MG’s process redesign practice area . . .special focus on interviewing, survey development, and secondary research for market sizing and competitive analysis…and the application of benchmarking techniques for process assessment . . . experience in advertising sales administration at Working Woman and Working Mother at Lang Communications . . . prior experience at American Health Magazine . . . BA, University of Colorado. Kathleen Gallagher, Consulting Partner Principal, Gallagher & Associates International, L.L.C.…Twenty-four years experience in global circulation and publishing management . . . international new business development, core business management, direct marketing implementation and financial management . . . Extensive travel in Europe, Asia, South Pacific, Africa and South America . . . Superior network of international contacts . . . Specialties in emerging market development, negotiating marketing, fulfillment and distribution services in-country . . . Former Direct Marketing Director, Business Week Magazine and Assistant Vice President, International Circulation Director, The National Geographic Society . . . BA, Departmental Honors, State University of New York…  Past Chair of DMA International Council… Frequent speaker at industry functions.

10. P&E’s consulting partners broaden our capabilities John Hamblet, Consulting Partner International company builder, with hands-on experience entering new countries and markets – Middle East, Far East, Europe. Fifteen year track record in start-up and management of international businesses. Functional expertise in sales, marketing and general management. Deep roots in global healthcare and employee benefits. Founding member of business strategy consulting firm, specializing in business plans and valuations for early to mid-stage companies. Six years working in publishing consulting with an emphasis on marketing issues and strategies ... The Publishing & Media Group in New York and subsequently with Padin & Estabrook LLC. Graduate with M.S. from Miami University, Oxford, Ohio and post graduate work at the Institute of Directors in London.

11. Contact information Padin & Estabrook, LLC 18 Normandy Lane New Rochelle, NY 10804 Ed Padin EPadin@padesta.com NY office: 914-834-8286 Cell: 914-439-5476 Rick Estabrook REstabrook@padesta.com MA office: 508-696-0067 Cell: 914-830-4679 Fax: 508-562-4392