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Cautionary Note

This Web site may contain "forward-looking statements" within the meaning of the United States securities laws. Forward-looking statements may also be included in our public filings, press releases and oral and written presentations by management. All such statements are qualified by this cautionary note, which is provided pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements other than historical facts are forward-looking and may be identified by words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "seeks," "could," "intends" or words of similar meaning. Examples include statements regarding (1) our strategies and initiatives, (2) our financial outlook, (3) our expectations for the industries in which we operate, (4) competitive factors, (5) acquisition and development plans and (6) other statements regarding future events, conditions or outcomes.

These forward-looking statements involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from what is expressed in or indicated by the forward-looking statements. In that event, our business, financial condition, results of operations or liquidity could be materially adversely affected and investors in our securities could lose part or all of their investments. These risks, uncertainties, assumptions and other factors include, without limitation, (1) international, domestic, regional and local economic and business conditions, including market conditions in California and Florida that may impact local advertising expenditures in our Shoppers publications, (2) the demand for our services by clients and prospective clients, including the willingness of existing clients to maintain or increase their spending, (3) the financial condition and marketing budgets of our clients, (4) economic and other business factors that impact the industry verticals that we serve, (5) our ability to manage and timely adjust our level of personnel and capacity to service our clients, (6) the impact of competition and our ability to continually improve our processes and to develop and introduce new products and services, (7) our ability to protect our data centers against security breaches and other interruptions in our operations, (8) concern over consumer privacy issues, which may lead to enactment of legislation restricting or prohibiting the collection and use of information that is currently legally available, (9) the impact of other regulations, including restrictions on unsolicited marketing communications and other consumer protection laws, (10) fluctuations in paper prices and postal rates, (11) the number of options and other equity securities that we may issue to employees, (12) the number of shares, if any, that we may repurchase in connection with any effective repurchase program, and (13) other factors discussed under "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates thereto in our Quarterly Reports on Form 10-Q.

The forward-looking statements included on this Web site and those included in our public filings, press releases and oral and written presentations by management are made only as of their respective historical dates, and we undertake no obligation to update publicly any forward-looking statement on this Web site or in other documents or oral statements for any reason, even if new information becomes available or other events occur in the future.