1. Dan Maloney, Brendan Condon, Greg Hochsprung, Chris Adams, David Tuttle Project Praetorian ROMULUS CAPITAL MANAGEMENT

2. Industry Overview Search Engines, Internet Portals, and other websites that display advertisements High level of concentration 92% of industry revenue generated by 3 companies: Google, Yahoo, and Microsoft Major Products Advertising / Paid Clicks Subscription Services Licensing

3. Industry Revenue Revenues dominated by Advertising Healthcare segment small part of industry 4.9% IBIS World IBIS World

4. Industry Outlook Revenues expected to grow from $25B in 2010 to $36B in 2015 Growth rates expected to decline from 15.4% in 2010 to 6.5% in 2015 IBIS World

5. Target Acquire HealthStream Positive Free Cash Flow with a low multiple High Profit Margin relative to WebMD Over ten years of strong performance MV reasonable for all cash acquisition structure Good strategic fit

6. Company Overview

7. Strategic Rationale