1. The Assignment: Develop Corporate Positioning  Develop Over-Arching Descriptive Statement of Company  Prepare Key Themes and Supporting Messages Aimed At:  Wall Street/Investors: Increase the Stock Price  Employees: A Guiding Light and Principles to Work By  Media: The Critical Conduit to Wall Street  Business Partners: Generate a Positive Emotional Response  Tagline for the Company – Support the Logo and Company Identity  Longer-term Vision Statement

2. Issues Raised  Inherent Business Conflicts —  Confused loyalties between portfolio companies and parent  Need to link parent with quality issues at retail/consumer level Concerns about diminishing individual brand equity; limits ability to link brands with common parent descriptor  Employee Desire for enhanced communications  Lack of “vertical” and “horizontal” understanding as to what’s going on at the company and often within a division  Communications reach only so deep – stop at the manager level; do not penetrate into the broader employee base  Greater name recognition would enhance recruiting efforts Brand Consumer focus Parent Financial/WS focus vs.

3. Strategic Business/Communications Recommendations  Leadership – Need for a President to Come In from the Outside  Articulate the Vision: Leadership in the Leisure Industry Post 9/11  Determine the Values  Corporate Identity  Marketing Communications  Employee Communication(s)

4. Our Strengths and Values  We are a leader in the New Economy combining content with low-cost distribution.  We have proven that honesty and integrity are the hallmarks of our approach.  Our energy, unrelenting work ethic, and pride are the guiding principles that drive our performance and growth.  The company is a desirable destination. We offer our employees, partners, and investors a roadmap for success.  Our brands are about mobility and momentum. We are on the move.

5. Key Findings: Attributes Fast-moving* Financially focused/Results- driven* Hungry Passionate Always changing Confident Ambitious Exciting Non-bureaucratic/Non- political* Size and Scale Valuable assets and brands High Energy Reinvigorated/Invigorating Aggressive* Technology Savvy — Not cutting-edge (smart) Entrepreneurial* Winners Risk-takers Competitive Expert Achievers Astute “Governing Hand” Deal-makers Common-sense Intimidating Rewarding Challenging Cunning/calculating Strategic Growth driven Strong Management Team Value/Value Circle Young Synergistic Adaptable Tenacious Intense Mythic High Pressure Graceful Leaders in their Niches One-stop-shopping Rely on Key Strengths Reconstituted Innovative and Creative — Think outside the traditional parameters Stability Connectivity * most common responses