1. Pre-Programmatic automated buying model The Ad Network Model Aggregate and automated media buying across websites AD Advertising agency Advertiser

2. Ad Exchanges are open and transparent marketplaces that facilitate the buying and selling of online advertising using a Real Time Bidding (RTB) model and automation (programmatic). Sample exchanges: Migration towards Programmatic & “Real-Time Bidding” $.90 $3 $.50 $.25 $2 $1 $.75 $2 $3 $1 $.85

3. In 20 milliseconds, programmatic excellence was deployed to serve this Pampers ad on Boston.com … What is “Programmatic?” (Brief Demo) NOTE: This is a mock up for illustration purposes only.

4. 00:00:00.00 What is Programmatic? A “20 millisecond demo” … Boston.com determines that this ad was not sold through their direct sales channel Publisher sends a request to ad exchange(s) (in this example, we will focus on OpenX) for an ad of with a particular specification (e.g. 300x250 banner) AD REQUEST

5. 00:00:00.04 “300x250 Ad unit available on Boston.com, in Boston, using Firefox browser…” OpenX sends bid request to our Platform and several other programmatic buyers, (e.g.- DSP, Ad Networks) and makes available the details of the inventory: domain, unit size, browser type, etc. BID REQUEST

6. 00:00:00.12 “user has browsed Pampers product page on CVS.com” “user is in bluekai ‘parent’ segment” “user visited HuffPosts Parents” “user is in Boston, MA.” The Platform supplements the opportunity with 1 st party data (in the form of anonymous user IDS, typically “cookies”) in addition to other massive amounts of data. After filtering on all active campaigns to find the most eligible advertisers, Pamper’s Swaddler campaign was chosen as the best one for this impression opportunity. DATA OVERLAY

7. 00:00:00.16 Our Platform assesses the opportunity and decides whether to bid for inventory: How much do we like this opportunity for Pampers? What price do we believe the inventory will clear at? Based on #1 and #2 – should we make a bid and if so, at what price? Bid: $1.8 Bid: $.90 Bid: $1.5 Bid: $1.2 BID RESPONSE Bid: $1.2

8. Price: $1.5 00:00:00.18 WINNER OpenX selects the winning bid based a number of factors (price being just one factor). Actual price of the inventory is adjusted to 2 nd highest bid, and OpenX sends corresponding creative to the publisher website BID WINNER Bid: $1.8

9. 00:00:00.20 The Pampers ad is rendered on the website and this user, who had previously viewed a Pampers page on CVS.com, now views Swaddlers ad on Boston.com AD SERVED