1. The Latest in Ad Tech, Programmatic Media
and Marketing SaaS
Digiday Exchange Summit
Austin, Texas
Refer to pages 17-20 for Important Disclosures, including Analyst’s Certification. For
Important Disclosures on the stocks discussed in this report, please go to http://research-
us.bmocm.com/Company_Disclosure_Public.asp
September 18, 2013
Dan Salmon
Equity Research Analyst
BMO Capital Markets
(212) 885-4029
dan.salmon@bmo.com

2. 2
Background: Childhood
Grew up with broadcast tower in the backyard
Key takeaway: safety first!

3. 3
Background: Equity Research
1. Associate (2000-2003): Hotels & Casinos
• Starwood, Marriott, Hilton, Fairmont, Four Seasons, Wyndham
• MGM Grand, Harrah’s, Caesars, Mandalay Bay
2. Associate (2004-2008): Broadcasting & Internet Media
• Clear Channel, Tribune, Univision, Cumulus
• Google, Yahoo!, Digitas, aQuantive, TiVo, Real Networks
3. Analyst (2008-Present) : Media & Internet Marketing
1. Agencies: WPP, Omnicom, Publicis, Interpublic, Sapient, MDC Partners
2. Internet Advertising: Google, Facebook, Yahoo!, LinkedIn, ValueClick
3. Data/Direct Marketing: Nielsen, Alliance Data Systems, Acxiom, Harte Hanks
4. Entertainment: Disney, 21st
Century Fox, Time Warner, Viacom, CBS
• Omniture, April 2008: From Web Analytics to Digital Marketing Hub

4. 4
CMO Desk of the Future: The Digital Marketing Hub

5. 5
Marketing Spending = ~$1 Trillion Globally
• Paid media = ~87% of marketing spend
• Media Advertising (53%)
• Direct Marketing (34%)
• Agency Fees (8%)
• Data & Intelligence (4%)
• Software & Technology (1%)
• IP marketing = ~25% of marketing spend
• Not just “Internet” like Search, Display
• Mobile
• In-store/Point-of-Sale
• IPTV
• Digital-out-of-Home
• Streaming Audio Source: GroupM, DMA/Winterberry Group/Acxiom/Teradata, IDC, Advertising Age
Global Marketing Forecasts Summary
Absolute 2010 2011 2012E 2013E 2020E
Advertising 462.2 485.6 507.6 530.6 696.3
Direct Marketing 304.2 322.9 341.0 358.2 486.0
Total paid media 766.3 808.6 848.6 888.7 1,182.3
Agency Fees and Marketing BPO 62.3 67.9 71.6 75.3 108.7
3rd Party Data & Mkt. Research 47.9 49.0 49.9 50.9 56.9
Ad Tech & Marketing Automation 9.7 10.6 11.4 12.2 19.9
TOTAL Marketing 886.1 936.1 981.5 1,027.1 1,367.8
'12-'20
Growth 2010 2011 2012E 2013E CAGR
Advertising 6.3% 5.1% 4.5% 4.5% 4.0%
Direct Marketing 7.6% 6.2% 5.6% 5.0% 4.5%
Total paid media 6.8% 5.5% 5.0% 4.7% 4.2%
Agency Fees and Marketing BPO 6.4% 9.1% 5.4% 5.2% 5.4%
3rd Party Data & Mkt. Research 3.2% 2.5% 1.8% 2.0% 1.6%
Ad Tech & Marketing Automation 11.4% 9.7% 7.2% 7.3% 7.3%
TOTAL Marketing 6.6% 5.6% 4.8% 4.6% 4.2%

6. 6
The Digital Marketing Hub: Plug-and-Play Modules
• Database Marketing/CRM
• Enterprise Marketing Management (EMM) Software
Software Era:
Pre 1995
Web 1.0 Era:
1995-2005
• Email Service Providers (ESP)
• Ad Serving
• Ad Operations
• Ad Networks (Affiliate Marketing, Lead Generation)
• Search Engine Optimization (SEO)
• Search Engine Marketing (SEM)
• Analytics (Web, Social, Third Party)
Web 2.0 Era:
2005-Present
• Ad Exchanges
• Demand-Side Platforms (DSP) and Agency Trading Desks (ATD)
• Sell-Side Platforms (SSP) and Private Exchanges
• Data Management Platforms (DMP)
• Retargeting
• Creative Optimization

7. 7
The Digital Marketing Hub: Three Basic Elements
• CMO and in-house
• Agency employees: planners, creatives, buyers
• Technology implementation and managed services
• Engineers and coders
• Data Scientists
People
Technology
• Code and Algorithms
• Point Solutions and End-to-End Solutions or Platforms
• Software-as-a-Service (SaaS)
• Exchanges & bidding and yield management tools
• Devices and networks
Data
• 1st
Party (Brand), “2nd
Party” (Publisher) and 3rd
Party
• Big Data (Unstructured)
• Online vs. Offline
• Ratings
• Market Research

8. 8
Ad Tech vs. Marketing SaaS
"Cable" SaaS
100% subscription/license
SAC and Churn
No volume bonus
"Cell Phone" SaaS
Combination of:
1) Subscriptions, licenses, mimums 2)
Some level of volume bonus
% of Spend/Commission
0% guaranteed, all volume-based
TAC and Arbitrage
Budget shifts
The Spectrum of Revenue Models
Cut to the chase: what % of revenue is booked on Day 1 of the fiscal year?
Reality: everyone is some form of Cell Phone SaaS
Investor
Perception?

9. 9
Public Company Programmatic and Marketing SaaS
• LinkedIn
• Sapient, Accenture, Cognizant
• SAP, Oracle
Coming Soon?
Small Caps
• AOL, ValueClick, Millennial Media, Tremor, YuMe
• MDC Partners
• Responsys, Marketo, Marin, Constant Contact
• Acxiom, comScore, Harte Hanks, Rentrak
$10 Billion+
• Google, Facebook, Yahoo!
• WPP, Omnicom, Publicis, Interpublic
• Salesforce.com, Adobe
• Nielsen, Experian, Alliance Data Systems

10. 10
Other Topics
• It’s not about technology change, it’s about data change
• Mostly business as usual at the agencies
• Trading desks in focus
Omnicom +
Publicis
Programmatic
Upfronts
• AOL and Yahoo! leading the way
• Speak to brand advertisers
• Programmatic video: Xaxis and Magna TV programmatic
• Why this is really important
• It could finally separate “RTB” from “programmatic”
The Ad Tech
Shakeout
• Funding is slowing, but…
• It’s still happening and the full Hub
• These are really lightweight businesses
• Consolidation is ongoing: Google bought Doubleclick in 2006

11. 11
Examining Ad Spending by Human Behavior or Format
Source: GroupM
How do we normally segment ad spending?
• Something like this…
2006 2007 2008 2009 2010 2011 2012E 2013E
Media advertising
TV 176,290 183,456 189,593 182,039 197,360 208,015 217,620 226,030
Newspapers 101,546 102,870 97,967 85,034 85,394 83,641 81,112 80,068
Magazines 63,793 65,871 62,752 51,318 50,381 49,897 48,854 48,297
Out-of home 28,463 29,120 30,039 27,028 28,465 30,856 32,286 33,273
Cinema 1,230 1,303 1,258 1,161 1,261 1,347 1,488 1,592
Radio 26,380 27,061 26,459 25,105 25,855 26,654 27,271 27,834
Search 11,723 16,336 19,349 22,045 24,888 28,431 32,244 36,154
Display/Video 16,405 19,711 21,781 22,617 25,516 28,576 31,830 35,526
Other Internet 8,404 12,208 16,432 18,468 23,044 28,229 34,943 41,779
Total Internet 36,532 48,255 57,563 63,130 73,448 85,236 99,017 113,459
Total media advertising 434,233 457,936 465,632 434,815 462,165 485,647 507,649 530,553

12. 12
Advertising Has Always Been Segmented by Distribution Method
• Print: ink, paper, printing presses, transportation/shipping
• Radio: broadcast towers, antennae and tuners
• Outdoor: billboards, bus shelters, posters and glue
• Television: broadcast towers, cable head-ends, satellites and set-top boxes
So what do we do as more and more advertising is delivered
via the same distribution method?
That is, IP communications networks

13. 13
How about Ad Spend by Human Device Use?
1. Non-portable Out-of-Home/Office Device (outdoor, DOOH, radio)
2. Non-portable Home/Office Device (television, desktop PC, some radio)
3. Portable Device (newspaper, magazine, smartphone, tablet, laptop)
Source: GroupM and BMO estimates
42% 41% 40% 39% 38% 37% 37% 38% 38% 39% 40% 41% 42% 43% 44% 45%
45% 46% 47% 48% 50% 51% 50% 50% 50% 49% 48% 48% 47% 46% 45% 44%
13% 13% 13% 12% 12% 12% 12% 12% 12% 12% 12% 12% 11% 11% 11% 11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Portable Device Non-portable Home/Office Device Non-portable Out-of-Home/Office Device

14. 14
Or How about Ad Spend by Format?
1. Video (TV, online video, some DOOH, etc.)
2. Static image (magazines, newspapers, outdoor, most
display, etc.)
3. Audio (radio, online streaming, etc.)
4. Text (classifieds, “traditional” search, etc.)
17% 16% 16% 16% 16% 16% 16% 16% 16% 16% 15% 15% 14% 14% 14% 13% 13% 12% 12% 12% 11%
6% 6% 7% 7% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
38% 38% 36% 36% 36% 37% 37% 37% 37% 35% 35% 34% 34% 34% 33% 33% 33% 32% 32% 32% 32%
39% 40% 41% 41% 42% 41% 41% 41% 42% 43% 45% 45% 46% 46% 47% 48% 49% 50% 50% 51% 51%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Text Audio Static image Video
Source: GroupM and BMO estimates

15. 15
Coverage Universe
13-Sep EPS P/E Mkt Cap
Media & Internet Marketing Rating Price Target 2012E 2013E 2014E 2012E 2013E 2014E Div Yld Book ($mm)
21st Century Fox (FOXA) Market Perform $32.63 $33 $1.20 $1.36 $1.63 27.2 24.0 20.0 $0.17 0.5% $12.96 49,468
Acxiom (ACXM) Market Perform $26.16 $22 $0.74 $0.77 $0.75 35.4 34.0 34.9 $0.00 0.0% $8.43 1,975
Alliance Data Systems (ADS) Market Perform $206.09 $195 $8.70 $9.90 $11.85 23.7 20.8 17.4 $0.00 0.0% $12.19 14,055
CBS (CBS) Outperform $55.46 $61 $2.56 $3.13 $3.60 21.7 17.7 15.4 $0.48 0.9% $16.21 34,607
Constant Contact (CTCT) Market Perform $21.41 $18 $0.57 $0.69 $0.85 37.6 31.0 25.2 $0.00 0.0% $6.73 666
Facebook (FB) Outperform $44.33 $50 $0.54 $0.70 $1.00 82.1 63.3 44.3 $0.00 0.0% $5.08 110,914
Google (GOOG) Market Perform $888.24 $890 $39.88 $44.50 $52.00 22.3 20.0 17.1 $0.00 0.0% $228.01 300,225
Harte-Hanks (HHS) Market Perform $8.39 $9 $0.62 $0.59 $0.60 13.5 14.2 14.0 $0.34 4.1% $5.35 527
Interpublic Group (IPG) Outperform $16.86 $18 $0.74 $0.87 $1.16 22.8 19.4 14.5 $0.30 1.8% $5.10 7,223
Linkedln (LNKD) Market Perform $249.59 $235 $0.89 $1.50 $2.40 nm nm nm $0.00 0.0% $9.00 29,102
Marchex (MCHX) Outperform $6.91 $8 $0.22 $0.18 $0.28 31.4 38.4 24.7 $0.14 2.0% $3.31 245
MDC Partners (MDCA) Outperform $24.73 $30 -$2.60 $0.71 $0.99 nm 34.8 25.0 $0.68 2.7% -$6.15 843
Nielsen (NLSN) Outperform $35.56 $41 $1.69 $1.97 $2.25 21.0 18.1 15.8 $0.64 1.8% $13.87 13,363
Omincom Group (OMC) Market Perform $65.01 $63 $3.57 $3.87 $4.32 18.2 16.8 15.0 $1.60 2.5% $11.88 16,720
Publicis Groupe (PUB) Market Perform $60.77 $55 $3.23 $3.53 $3.83 18.8 17.2 15.9 $0.90 1.5% $23.16 13,491
Sapient (SAPE) Outperform $15.74 $17 $0.49 $0.55 $0.67 32.1 28.6 23.5 $0.00 0.0% $3.71 2,249
Time Warner (TWX) Market Perform $62.56 $65 $3.24 $3.73 $4.35 19.3 16.8 14.4 $1.15 1.8% $32.14 59,495
Valassis (VCI) Outperform $28.73 $32 $2.98 $3.21 $3.63 9.6 9.0 7.9 $1.24 4.3% $12.36 1,120
ValueClick (VCLK) Market Perform $22.75 $22 $1.65 $1.82 $1.95 13.8 12.5 11.7 $0.00 0.0% $8.23 1,761
Viacom (VIAB) Market Perform $82.26 $79 $4.21 $4.56 $5.44 19.5 18.0 15.1 $1.20 1.5% $14.15 40,472
Walt Disney (DIS) Outperform $66.69 $76 $3.07 $3.44 $3.98 21.7 19.4 16.8 $0.75 1.1% $23.38 121,442
WPP (WPP) Market Perform $12.88 $12 $0.73 $0.84 $0.92 17.6 15.3 14.0 $0.30 2.3% $537.95 17,465
Yahoo! (YHOO) Market Perform $29.26 $27 $1.27 $1.41 $1.56 23.0 20.8 18.8 $0.00 0.0% $13.04 32,040
LNKD is co-covered by Daniel Salmon and Jeffrey M. Silber.
Source: BMO Capital Markets estimates and company reports.

16. 16
Disclosures
Important Disclosures
Analyst's Certification
I, Dan Salmon, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for
research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Ltd. are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the
NASD Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account.
Company Specific Disclosure
For Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Public/Company_Disclosure_Public.aspx .
Distribution of Ratings (June 30, 2013)
Rating BMOCM US BMOCM US BMOCM US BMOCM
BMOCM Starmine
Category BMO Rating Universe* IB Clients** IB Clients*** Universe****
IB Clients***** Universe
Buy Outperform 37.9% 17.6% 52.7% 39.6%
51.0% 53.2%
Hold Market Perform 56.8% 10.2% 45.9% 53.9%
45.5% 41.1%
Sell Underperform 5.3% 3.2% 1.4% 6.5%
3.5% 5.6%
* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage
within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage
of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as percentage of
Investment Banking clients.

17. 17
Disclosures
Rating and Sector Key (as of April 5, 2013)
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the analyst’s coverage universe on a total return basis;
Mkt = Market Perform - Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis;
Und = Underperform - Forecast to underperform the analyst’s coverage universe on a total return basis;
(S) = Speculative investment;
NR = No rating at this time; and
R = Restricted – Dissemination of research is currently restricted.
BMO Capital Markets' seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US Large Cap, US Small Cap, Income, CDN Quant, and US
Quant have replaced the Top Pick rating).
Prior BMO Capital Markets Rating System (January 4, 2010 – April 4, 2013):
http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf
Other Important Disclosures
For Other Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Public/Company_Disclosure_Public.aspx or write to Editorial Department, BMO
Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3.
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A general description of how BMO Financial Group identifies and manages conflicts of interest is contained in our public facing policy for managing conflicts of interest in connection with investment research,
which is available at http://researchglobal.bmocapitalmarkets.com/Public/Conflict_Statement_Public.aspx.

18. 18
Disclosures
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19. 19
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