Reach Is Only Part Of The Story…Commitment Metrics Like “Time Spent” Is Where Ad-Tech’s Audience Claims Really Fall Apart Comparing TV Brands’ “Drive-In” Commitment Levels To Ad-Tech Platforms’ “Drive-Thru” Experiences Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A18+. Nielsen R&F Program Report, Live + SD, Total Day. March 1-31, 2016; A18+. TV Brands include linear TV and TV-related websites. Digital platform measurement includes all visitor activity, not just video consumption. Ad- Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore. A18+ Monthly Average Minutes Per Viewer/Visitor Ad-Supported TV Brands Vs. Ad-Tech Platforms TV Brands Multiscreen (TV + online) 1 Less than the length of one hour-long TV episode over the course of a month

Therefore, Ad-Tech Platforms Do Not Have Anywhere Near The Audience Scale That TV Brands Deliver During Any Given Minute To an advertiser, scale of available customers and driving those customers into sales channels on any given day, in any given minute is what matters and this relative scale (reach + time spent) is the key denominator in being able to drive enough traffic into the sales channel every day. Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A18+. Nielsen R&F Program Report, Live + SD, Total Day. March 1-31, 2016; A18+. “Average Audience” is based on the average minute, which is factored across the full month for ad-tech platforms and TV. TV Brands include linear TV and TV-related websites. Digital platform measurement includes all visitor activity, not just video consumption. Ad-Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore. A18+ Average Audience (000) Ad-Supported TV Brands Vs. Ad-Tech Platforms TV Brands Multiscreen (TV + online) 2

Platforms Vs. Programs: If Ad-Tech Platforms Were TV Programs, Where Would They Rank in Average Audience? 3 Even the most popular ad-tech platforms deliver average audiences that would lead to program cancellations on TV networks, while other ad-tech platform’s average audiences are on par with overnight and early morning paid TV programming A18+ Average Audience (000) Comparison Popular Ad-Tech Platforms Vs. Comparable Ad-Supported TV Programs Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A18+. Nielsen Npower, Live + SD, Total Day. March 1-31, 2016; A18+. “Average Audience” is based on the average minute, which is factored across the full month for ad-tech platforms and across program run time for TV. Digital platform measurement includes all visitor activity, not just video consumption. Ad-Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore.

Millennials Spend Much More Time With TV Brands Than They Do With Any Ad-Tech Platform A18-34 Monthly Average Minutes Per Viewer/Visitor Ad-Supported TV Brands Vs. Ad-Tech Platforms Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A18+. Nielsen R&F Program Report, Live + SD, Total Day. March 1-31, 2016; A18+. TV Brands include linear TV and TV-related websites. Digital platform measurement includes all visitor activity, not just video consumption. Ad- Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore. Comparing TV Brands’ “Drive-In” Commitment Levels To Digital Platforms’ “Drive-Thru” Experiences TV Brands Multiscreen (TV + online) 4 Less than the length of one hour-long TV episode over the course of a month

Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A Nielsen R&F Program Report, Live + SD, Total Day. March 1-31, 2016; A “Average Audience” is based on the average minute, which is factored across the full month for ad-tech platforms and TV. TV Brands include linear TV and TV-related websites. Digital platform measurement includes all visitor activity, not just video consumption. Ad-Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore. A18-34 Average Audience (000) Ad-Supported TV Brands Vs. Ad-Tech Platforms TV Brands Therefore, Ad-Tech Platforms Do Not Have Anywhere Near The Millennial Audience Scale That TV Brands Deliver During Any Given Minute 5 Multiscreen (TV + online)

6 In many instances, older-skewing, “off-target” TV programming actually deliver higher Millennial average audiences than the more targeted ad-tech platforms Source: comScore MediaMetrix Key Measures (multiplatform), March 2016; A Nielsen Npower, Live + SD, Total Day. March 1-31, 2016; A “Average Audience” is based on the average minute, which is factored across the full month for ad-tech platforms and across program run time for TV. Digital platform measurement includes all visitor activity, not just video consumption. Ad-Tech platforms like AOL & Yahoo! include all sites measured under their property designation in comScore. A18-34 Average Audience (000) Comparison Popular Ad-Tech Platforms Vs. Comparable Ad-Supported TV Programs Platforms Vs. Programs: If Ad-Tech Platforms Were TV Programs, Where Would They Rank in Average Audience Against Millennials?