2. 2
Taking Stock: Why Ad Exchanges
Are Not the New Wall Street
2
Presented by:
Rob Deichert I General Manager, Tribal Fusion, an Exponential division

3. 3
Company overview
• Exponential is the global provider of
advertising intelligence and digital media
solutions to brand advertisers.
• Our e-X Advertising Intelligence Platform
combines one of the world’s largest digital
media footprints with proprietary audience
data and technology to deliver advertising
intelligence that enables smarter, better-
informed marketing decisions.
• Our audience engagement divisions apply
advertising intelligence to deliver high-
impact, high-engagement campaigns
across display, video and mobile media.
• Exponential offers solutions in 26 countries
worldwide and reaches more than 450m
unique users every month*.
(comScore 2012)
3

4. 4
The Wall Street Exchanges
4
Wall Street Evolution
• Open Outcry
under a tree
• Runners
• Telegraph – Stock
Ticker
• Electronic trading
Digital Evolution
• Fixed placements
• Ad Networks
• Ad Exchanges

5. 5
Financial Markets Listing Requirements
NYSE TSX - Toronto
Pre-Tax Income LFY $2,000,000 Varies
C$5,000,000 revenue
C$5,000,000 net
tangible assets
Market Value of Publicly
Held Stock
$100,000,000 No Minimum
Minimum Trading Price
of Listed Securities
$4.00 No Minimum
5
What are the listing requirements on the advertising exchanges?
How are they monitored and policed?

6. 6
Buying and Selling Equities vs Impressions
• Core function of an exchange is
to ensure fair and orderly
trading, as well as efficient
dissemination of price
information for any securities
traded on that exchange.
6
Impressions
• Impressions are not fixed
• Each impression expires
• Impressions are bought in
combination with the user
Equities
• Fixed number of share
• Same asset transfers ownership
• Share of GE is the same at
9:40AM vs 3:40 PM

7. 7
Buying and Selling Impressions
Site Page ATF/BTF Session Depth Site Data
Frequency
1st Party Data
3rd Party Data
Location
7

8. 8
DIY Investing and Advertising
8
Investing
• Zecco, Etrade, etc
• Low cost trades (Free!)
Pros
• Complete control
• Lower cost (free)
• Powerful tools
Cons
• You’re responsible
Advertising
• DSPs
• Trading Desks
Pros
• Complete control
• Automation
• Lower cost
Cons
• You’re responsible
DSP

9. 9
Rating Agencies and Verification
9
Financial
• S&P, Moody’s
• Rate credit worthiness of
companies and specific issues
of financial instruments
• Systemic failure is possible –
CDO collapse of 2007
Advertising
• Ad verification
• Ad Blocking
• Network Scores
• Lack of transparency around
methodologies

10. 10
In Summary
10
No Analogy is perfect, but…
• Financial world has different
products for different needs.
• Advertising world has different
products for different needs.
• One size fits all is risky, just like not
diversifying your portfolio.
• Benchmark everything to insure
you retire rich and perform on
your advertising spend.
ONE SIZE DOESN’T FIT ALL