1. Confidential
1
Vertical Portals:
Market Opportunity Analysis
A custom research project for Aeneid
Collaborative MarketingCollaborative Marketing
399 Main Street399 Main Street
Los Altos, CA 94022Los Altos, CA 94022
650-949-4882650-949-4882
www.collaborativemarketing.comwww.collaborativemarketing.com
May 1999May 1999

2. Confidential
2
RoadmapRoadmap
IntroductionIntroduction
High Level FindingsHigh Level Findings
ConclusionsConclusions
Detailed FindingsDetailed Findings

3. Confidential
3
ObjectivesObjectives
•Market Requirements - Identify the relative spending and investment levels for
portal creation and operation and determine what these portals require from
Aeneid in the way of product, services and sponsorship participation
partnerships.
•Concept Testing - Present and discuss Aeneid product concepts with
respondents to capture feedback.
•Market Segmentation - Determine an overall market segmentation ranking for
portals and size the relative opportunity value of each of the most attractive portal
market segments.
•Market Sizing - Determine the size and rate of growth of Internet portals. Size
the portal opportunity with respect to Aeneid's product & service offerings.
•Business Models - Determine the business models available to Aeneid
•Pricing Models - Determine the possible price models that Aeneid may consider

4. Confidential
4
MethodologyMethodology
Briefing session with
Briefing session with
Secondary Research
Secondary Research
Conduct Primary Research:
In-depth interviews
Conduct Primary Research:
In-depth interviews
Analysis & Synthesis
Analysis & Synthesis
Recommendations and
Recommendations and
•Identify OpportunitiesIdentify Opportunities
•Discuss StrategyDiscuss Strategy
•Secondary electronic researchSecondary electronic research
•Relevant PeriodicalsRelevant Periodicals
•Existing StudiesExisting Studies
• 50 Interviews with Vertical Portals50 Interviews with Vertical Portals
• Joint and In-person interviewsJoint and In-person interviews
• 5 Portal Vendor Interviews5 Portal Vendor Interviews
Building Fact BaseBuilding Fact Base
W
eekly Status Meetings

5. Confidential
5
Why was qualitative research used?Why was qualitative research used?
Qualitative Research Quantitative Research
Motive • Exploratory
• To identify issues and to define
right questions
• For discovering underlying
motivations, feelings, values,
attitudes and perceptions
• Deterministic
• To answer specific questions such
as how many? How much?
Who conducts the
interviews?
• Led by senior research analyst • Low level analyst or e-mail
What is the structure
of the interview?
• Open ended discussions • Preset questions and defined
survey responses
How deep are the
interviews go?
• In depth interviews • Quick, cursory interviews
What are the
strengths?
• Open to new insights (surprises)
• Allows for refining of areas of
exploration as study progresses
• Completely representative
• Statistically valid
What are the
limitations?
• Not statistically projectable
• Small sample sizes
• Inflexible
• Tests only established
understandings and hypotheses.
May miss important insights
outside of general hypothesis
• Relies upon asking the right
questions
When is the project
complete?
• When our understanding of the
issues are such that we know
how the next interviewee will
answer questions before we ask
them
• When sample size reached to
deliver results accurate to a per
determined margin of error

6. Confidential
6
Contact ListContact List
Company Contact Title Phone
24/7 Media Inc. Goeff Judge Senior VP, Affiliate Relations 212-231-7100
Accountingnet.com Shane Gillispie VP Business Dev. & Marketing 206-441-8285 x204
Accountingnet.com Monica Fischer Senior Web Editor 206-441-8285
Achoo.com Adam Kriszynski Website Administrator 905-826-6030
AICPA.org Kevin McGuiness Web Content Manager 212-596-6200
American Accounting Assoc. Beverly Harrelson Online Community Coordinator 941-921-7747
American Lawyer Media Inc. Steve Aronson Site Manager 800-888-8300
Ameristock.com Nick Gerber Website Content Manager 800-394-5064
BankInfo.com Mary Beth Guard Content Manager 405-521-0773
beFree Ellen Brezniak VP Product Marketing 508 357 8888 x4013
BigFoot.com James Hoffman CEO/co-founder 212-262-1118
BioSpace Tim Friedel CEO 415-977-1600
BizProLink Steve Sponder CEO & President 561-367-8900
Celiac.com Scott Adams Site Manager 415-956-2828
Clear Station Doug Fairclogh Founder & CTO 415-283-2590
ClickzNet Ann Hadley Editor-in-chief 978-749-3737
CNET Martin Green VP Business Development 415-395-7800
Computer Currents Michael McDonnell Online Manager 510-527-0333
CPANet.com & MBAZone.com Brenda Mizgorski President/Founder 215-851-0612
CyberInvest.com Jonathan Squire VP Bus. Dev. 619-295-5408
Doctor’s Forum Nelson Kopyt Web Manager & Senior Editor 610-258-3608
Forrester Mary Modhel VP New Media Research 617-497-7090
Genealogy.com Hagith Katsanasus Web Editor 510-528-4942
Goldman Sachs Financial Workbench Leslie Tortora Managing Dir, Tech 212-902-1000
Harbinger.net Eric Christ Senior Director 404-467-3031

7. Confidential
7
Contact List (continued)Contact List (continued)
Company Contact Title Phone
HealthCentral.com John McCoy VP Strategic Marketing 415-789-8885
Hoover’s Online Patrick Spain CEO & President 512-374-4545
iAtlas Jason Titus VP of Engineering 703 739 9434
Inmaze.com Walt Podgurski CEO 888-282-1765
Intuit Mark Goines Sr. VP Consumer Finance Div. 650-944-6000
Legal dot Net George Gunnels Director of Sales/Marketing 949-719-6050 x13
Lexis-Nexis Trish Monaco Marketing Mgr. of Technical Initiatives 937-865-6800 x7481
Mayo Health Clinic Richard Dietman Editor-in-Chief 507-284-2511
Mediconsult.com Anne Rose Director of Content & Community Dev. 916-725-4347
MicroSurfer Corporation David Bernstein CEO 206 284 2229
MoneyPage Karon Spear Editor 214-361-1498
Network Computing Christopher Hart Senior Online Production Editor 516-562-5751
OnHealth Network David Ansley Editor-In-Chief 212-760-3100
Online Banking Jim Bruene Founder/Editor 206-517-5021
PC World Thomas Gewecke Publisher PC Online Service Group 415-978-3153
PortalHQ.com Stephen Cook President & CEO 505-239-1819
Powerize Michael Gallagher VP Marketing 703 438 3500 x8111
PSL Group Michael Harries Medical Content Editor 524-938-2606
PurePDF (Glyphica) Christine Guenther Editor 650-428-1800
Sitematic Steve Mitgang Sr. VP Marketing & Business Dev. 619-455-3602
SJ Mercury News Center Blaise Castern Online Editor, MC 408-920-5539
Tax Prophet Robert Sommers President/Founder 415-788-2553
The Industry Standard Matt McAllister Web Producer 415-733-5481
TrialNet Ron Young VP of Information Services 757-340-2030
Upside Media (Upside.com) Aaron Bunnell CEO & Director of Internet Dev. 415-489-5600

8. Confidential
8
Respondent ProfileRespondent Profile
Portal Respondents by Vertical
Financial
18%
Healthcare
16%
Hi-Tech
44%
Legal
8%
Tax & Accounting
14%
Vertical
Markets
# Interviews
Financial 9
Healthcare 8
Hi-Tech 22
Legal 4
Tax & Accounting 7
Total 50
50 Repsondents- Job Titles
CEO/Pres/VP
46%
Editor/Publisher
28%
Dir/Mgr
20%
Content Admin
6%
Vertical Market
Total
Respondents
Internal Search
Capabilities
External Search
Capabilities
Financial 9 18% 2 22% 5 55%
Healthcare 8 16% 4 50% 4 50%
High-Tech 22 44% 10 45% 17 77%
Legal 4 8% 3 75% 3 75%
Tax &
Accounting
7 14% 2 29% 4 57%
Cumulative Total 50 21 33
Percentage 42% 66%
Search Capabilities of Respondents

9. Confidential
9
Project RoadmapProject Roadmap
IntroductionIntroduction
High Level FindingsHigh Level Findings
ConclusionsConclusions
Detailed FindingsDetailed Findings

10. Confidential
10
To win Aeneid must expand its capabilities while emphasizing its experienceTo win Aeneid must expand its capabilities while emphasizing its experience
• High Tech, Financial, Healthcare,
• Aeneid is 6 months ahead of the market
• Opportunity to “Portalize” non-portal sites
• High Tech, Financial, Healthcare,
• Aeneid is 6 months ahead of the market
• Opportunity to “Portalize” non-portal sites
The Competition
Best Opportunities for Aeneid Market Trends
Recommendations for Aeneid
The Aeneid Value Proposition
• Portals need new revenue streams: Open to revenue sharing
but not customer information sharing
• Number of Vertical portals is increasing - more than doubling
• Verticalization (professional)
• Content Explosion: Need management tools
• Banner Revenue is down
• Portals need new revenue streams: Open to revenue sharing
but not customer information sharing
• Number of Vertical portals is increasing - more than doubling
• Verticalization (professional)
• Content Explosion: Need management tools
• Banner Revenue is down
• Tool feature - site differentiation
• Increase user time on site
• Enhance user self profiling.
• Portal’s Researcher productivity
• Make $$$ for portals
• Relationship with Inktomi
• Ability to work within Search Community
• Tool feature - site differentiation
• Increase user time on site
• Enhance user self profiling.
• Portal’s Researcher productivity
• Make $$$ for portals
• Relationship with Inktomi
• Ability to work within Search Community
Search Competitors
•Excite, Lycos, InfoSeek, Inktomi
Information Retrieval/Business Intelligence
•Verity, Sqribe/Brio, Excalibur, iAtlas
Search Competitors
•Excite, Lycos, InfoSeek, Inktomi
Information Retrieval/Business Intelligence
•Verity, Sqribe/Brio, Excalibur, iAtlas
• Aeneid needs to distribute basic news and business information research centers from its own mega-
portal site for High Tech, Finance and Healthcare.
• Aeneid should consider getting into the portal business itself.
• Broaden target market by including E-commerce sites, publishing and financial sites as prospects.
• Adopt a partnership business model that lets portals retain customer knowledge and lets Aeneid develop
ad/sponsorship revenue stream
• Develop business partnership with content productivity toolmakers like Vignette
• Create research information alliances to form a Dialog like service that generates $$$
• Drive sales from four primary values - portal differentiation, longer visits,
increased profiling and personalization
• Entertain sales to portal companies that improves their researchers’
productivity as a way to develop relationships.
• Aeneid needs to distribute basic news and business information research centers from its own mega-
portal site for High Tech, Finance and Healthcare.
• Aeneid should consider getting into the portal business itself.
• Broaden target market by including E-commerce sites, publishing and financial sites as prospects.
• Adopt a partnership business model that lets portals retain customer knowledge and lets Aeneid develop
ad/sponsorship revenue stream
• Develop business partnership with content productivity toolmakers like Vignette
• Create research information alliances to form a Dialog like service that generates $$$
• Drive sales from four primary values - portal differentiation, longer visits,
increased profiling and personalization
• Entertain sales to portal companies that improves their researchers’
productivity as a way to develop relationships.

11. Confidential
11
How should Aeneid enter the Vertical Portal Marketplace?How should Aeneid enter the Vertical Portal Marketplace?
ProductProduct ServiceServiceAeneid’s Offering ContinuumAeneid’s Offering Continuum
Search ToolSearch Tool
ResearchResearch
CenterCenter
MyResearchMyResearch
CenterCenter
Mega-Mega-
PortalsPortals
Research/Research/
ContentContent
SyndicateSyndicate
Objective:Objective:
BrandBrand
Awareness &Awareness &
UbiquityUbiquity
Model:Model:
FreewareFreeware
Revenue:Revenue:
NoneNone
Objective:Objective:
BrandBrand
Building &Building &
PedigreePedigree
BuildingBuilding
Model:Model:
SharewareShareware
Revenue:Revenue:
LowLow
Objective:Objective:
Profiling,Profiling,
Personalization &Personalization &
Content ExpertiseContent Expertise
Model:Model:
MonthlyMonthly
Subscription feesSubscription fees
Revenue:Revenue:
MediumMedium
Objective:Objective:
Portal PlayerPortal Player
PositioningPositioning
Model:Model:
AffiliateAffiliate
Network &Network &
VerticalVertical
Site-of-sitesSite-of-sites
Revenue:Revenue:
Ads-MediumAds-Medium
Affiliates-HighAffiliates-High
Objective:Objective:
Positioning asPositioning as
ContentContent
/Research/Research
SyndicatorSyndicator
Model:Model:
ContentContent
SyndicationSyndication
AnnualAnnual
SubscriptionSubscription
Revenue:Revenue:
HighHigh
TodayToday 3Q 19993Q 1999 4Q 19994Q 1999 1Q 20001Q 2000 1Q 20001Q 2000

12. Confidential
12
Top Market RequirementsTop Market Requirements
• Generating new revenue streams beyond ad revenues
• Evaluating partnerships for revenue-sharing alliance programs
• Providing Personalization and Customization: a la “My Yahoo”
• Providing Productivity Tools for professional and occupational
groups and communities
• Managing and sourcing online content
• Cataloging and indexing content through automated internal
search tools and taxonomies
Respondents told us that external (web) search tools are not a priority at present. Portal sites are
firm in their belief that their Brand is their Content. These sites will not give up their human
content expertise easily.
Respondents told us that external (web) search tools are not a priority at present. Portal sites are
firm in their belief that their Brand is their Content. These sites will not give up their human
content expertise easily.

13. Confidential
13
Portal operators rank personalization and profiling above other advanced capabilities.Portal operators rank personalization and profiling above other advanced capabilities.
5
4
3
9
6
8 8
7
9
8
18
16
12
21
13
2 2 2
4
1
6
3
1
7
3
0
5
10
15
20
25
NumberofMentions
Financial Healthcare Hi-Tech Legal Tax & Accounting
Vertical Markets
Comparison of features by segment
Profiling Advanced Search Filtering Personalization Research Aggregation
50
39
33
31
25
0
5
10
15
20
25
30
35
40
45
50
NumberofMentions
Personalization Profile/Tracking Advanced Search Research
Aggretation
Filtering
Whole Product Features
Portal Operators' Desired Functions Ranking
5
8
18
2
6
4
8
16
2
3 3
7
12
2
1
9 9
21
4
7
6
8
13
1
3
0
5
10
15
20
25
NumberofMentions
Profiling Advanced Search Filtering Personalization Research Aggregation
Whole Product Requirment Features
Functions Compared Across Markets
Financial Healthcare Hi-Tech Legal Tax & Accounting

14. Confidential
14
How do Respondents view Personalization & Customization on V-Portals?How do Respondents view Personalization & Customization on V-Portals?
Personalization Customization
•Push-orientedPush-oriented
•Enterprise FocusEnterprise Focus
•Mass MarketingMass Marketing
•Mail & Email-centricMail & Email-centric
•Standardized Content toStandardized Content to
Specific SegmentsSpecific Segments
•Creation of Cookie-cutterCreation of Cookie-cutter
DocumentsDocuments
•Profile-drivenProfile-driven
•Involves automation of badInvolves automation of bad
direct marketing processesdirect marketing processes
•Push-orientedPush-oriented
•Enterprise FocusEnterprise Focus
•Mass MarketingMass Marketing
•Mail & Email-centricMail & Email-centric
•Standardized Content toStandardized Content to
Specific SegmentsSpecific Segments
•Creation of Cookie-cutterCreation of Cookie-cutter
DocumentsDocuments
•Profile-drivenProfile-driven
•Involves automation of badInvolves automation of bad
direct marketing processesdirect marketing processes
•Pull-orientedPull-oriented
•Customer FocusCustomer Focus
•Targeted and 1:1 MarketingTargeted and 1:1 Marketing
•Web-centricWeb-centric
•Variable Content to anVariable Content to an
Audience of OneAudience of One
•Creation of Made-to-OrderCreation of Made-to-Order
DocumentsDocuments
•Database-drivenDatabase-driven
•Involves on-the-fly orderInvolves on-the-fly order
processingprocessing
•Pull-orientedPull-oriented
•Customer FocusCustomer Focus
•Targeted and 1:1 MarketingTargeted and 1:1 Marketing
•Web-centricWeb-centric
•Variable Content to anVariable Content to an
Audience of OneAudience of One
•Creation of Made-to-OrderCreation of Made-to-Order
DocumentsDocuments
•Database-drivenDatabase-driven
•Involves on-the-fly orderInvolves on-the-fly order
processingprocessing

15. Confidential
15
Portals are very receptive to revenue sharing and affiliate programsPortals are very receptive to revenue sharing and affiliate programs
Offering
Tier1
(UV in the Millions)
Tier 2
(UV in the 100Ks)
Tier 3
(UV in the 10Ks)
Product
 Limited opportunity
without ROI message
or pedigree
 Developed Internally
 Staunch about editorial
control over content and
links
Limited interest in IRC
because
 Disinclined to share
user information
 Aeneid is an unknown
quantity: needs
research pedigree
 Editorial control is
perceived as paramount
and site believe they
are best suited to
aggregating content
 Site insist on proprietary
brand and solution
 Emerging Interest in
IRC as a means of
providing stickiness to
site
 Site operators need
education about search
technology and 1:1
marketing opportunities
 Interest in extending
search and research
capabilities
 Receptive to
partnership and alliance
program opportunities,
especially for E-
commerce
Service
 Limited opportunity
 Developed Internally
 Staunch about editorial
control over content and
links
 Early, but emerging
market
 Site operators need
education about search
technology and 1:1
marketing opportunities
 Adoption will require
“proof of concept” ROI
message
 Service considered
“cool, but not a priority
right now”
 Internal
Application/Service
hosting favored
 Moderate receptivity to
“portalization” tools
 Moderate interest in
custom solution,
however, some
disinclination to have
IRC productized as it
might give competitor
portals a leg up
 Limited funds on most
of these sites, usually
favor affiliate programs
 Receptive to
partnership and alliance
program opportunities,
especially for E-
commerce
 High receptivity to
“portalization” tools
However, if
adoption of
Aeneid’s
solutions is to
proceed beyond
early adopter
opportunities,
portals require
1) proof of the
ability of
“customized,
targeted
searching” to
increase visitor
commerce
activity & loyalty
2) proof of the
ROI value of
Internet
Research
Centers
However, if
adoption of
Aeneid’s
solutions is to
proceed beyond
early adopter
opportunities,
portals require
1) proof of the
ability of
“customized,
targeted
searching” to
increase visitor
commerce
activity & loyalty
2) proof of the
ROI value of
Internet
Research
Centers

16. Confidential
16
Brand Building Drives Investments in Content Quality!Brand Building Drives Investments in Content Quality!
Aeneid needs to demonstrate to
the portal market:
1. How its Internet Research
Centers differ from the content
core competencies of sites.
2. How its engine’s search
results return highly relevant
and pertinent content to site
users and
3. How it implements portal
market maker tools on its own
portal sites for Hi-Tech,
Financial & Healthcare
Aeneid needs to demonstrate to
the portal market:
1. How its Internet Research
Centers differ from the content
core competencies of sites.
2. How its engine’s search
results return highly relevant
and pertinent content to site
users and
3. How it implements portal
market maker tools on its own
portal sites for Hi-Tech,
Financial & Healthcare
Brand::ContentBrand::Content
CoreCore
CompetencyCompetency==
ContentContent
AggregationAggregation
Articles/Links/Articles/Links/
FeaturesFeatures
Aeneid Value Add:Aeneid Value Add:
Research CentersResearch Centers
Custom & PackagedCustom & Packaged
Research CenterResearch Center
OrganizationOrganization
& Taxonomy& Taxonomy
SiteSite
ServicesServices
Information & DataInformation & Data
ArchitectureArchitecture
EmailEmail
CalendarCalendar
EventsEvents
List Mgmt.List Mgmt.
MyPortalMyPortal
SearchSearch
CommerceCommerce
DiscussionDiscussion
ForumForum
BookmarksBookmarks
NewslettersNewsletters
AddressAddress
BooksBooks
MarketMakerToolSetMarketMakerToolSet
News&BusinessNews&Business
InformationToolsInformationTools
ChatChat
DirectoryDirectory
LinksLinks
PagePage
ReviewsReviews
FileFile
StorageStorage
Incumbent portal players see
themselves as already providing
the content their users need and
want. Some education about
Aeneid’s technology and value
proposition is needed to prime
the pump for more extensive
market penetration.
Incumbent portal players see
themselves as already providing
the content their users need and
want. Some education about
Aeneid’s technology and value
proposition is needed to prime
the pump for more extensive
market penetration.
As applications and services get closer to a
portal site’s core competencies , brand and
content integrity become paramount.
As applications and services get closer to a
portal site’s core competencies , brand and
content integrity become paramount.

17. Confidential
17
What does the Vertical Portal Landscape look like?What does the Vertical Portal Landscape look like?
2525
350350
25002500
Tier 1:Tier 1:Tier 1:Tier 1:
Tier 2Tier 2Tier 2Tier 2
Tier 3Tier 3Tier 3Tier 3
Examples:Examples: Yahoo, Netscape, Altavista, Lycos,Yahoo, Netscape, Altavista, Lycos,
Excite, MSNExcite, MSN
Characteristics:Characteristics: Incumbent Players with longstandingIncumbent Players with longstanding
search, news and directory services, focused onsearch, news and directory services, focused on
general web usergeneral web user
Examples:Examples: Accountingnet.com, Hoover’s, Bizprolink,Accountingnet.com, Hoover’s, Bizprolink,
Clickz.net, CMP WebClickz.net, CMP Web
Characteristics:Characteristics: Competitive Players with offlineCompetitive Players with offline
publications and strong vertical focus moving topublications and strong vertical focus moving to
establish professional communities and tradingestablish professional communities and trading
networknetwork
Examples:Examples: Celiac.net, Sitematic,Celiac.net, Sitematic,
PortalHQ, BankInfo.com, Biospace.comPortalHQ, BankInfo.com, Biospace.com
Characteristics:Characteristics: Highly specializedHighly specialized
content for narrow interest group; movingcontent for narrow interest group; moving
toward enabling vertical trading hubstoward enabling vertical trading hubs
CM estimates the number ofCM estimates the number of
vertical portal to grow tovertical portal to grow to
3,000 by the end of 4Q 1999.3,000 by the end of 4Q 1999.
CM estimates the number ofCM estimates the number of
vertical portal to grow tovertical portal to grow to
3,000 by the end of 4Q 1999.3,000 by the end of 4Q 1999.
CM estimates the
number of vertical
portal today at <3000.
CM estimates the
number of vertical
portal today at <3000.

18. Confidential
18
Vertical portals have gone through an explosive growth year but this growth may eventually be limitedVertical portals have gone through an explosive growth year but this growth may eventually be limited
as e-commerce, publishing and financial sites adopt portal characteristics.as e-commerce, publishing and financial sites adopt portal characteristics.
Portal Growth Projections
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1997 1998 1999 2000 2001
PortalCount
Tier 1
Tier 2
Tier 3
Portals 1997 1998 1999 2000 2001
Tier 3 85 230 2625 3775 4975
Tier 2 50 100 350 700 1000
Tier 1 15 20 25 25 25
Total 150 350 3000 4500 6000
PortalsPortalsPortalsPortals
E-commerceE-commerce
PublishingPublishing
FinancialFinancial
E-commerceE-commerce
PublishingPublishing
FinancialFinancial
SiteSite
VisitorsVisitors
SiteSite
VisitorsVisitors
Both groups care about
personalization,
profiling and stickiness
Aeneid’s value propositions are “universal” in that they also appeal
to e-commerce, publishing and financial services sites.
Aeneid’s value propositions are “universal” in that they also appeal
to e-commerce, publishing and financial services sites.
CM believes this growth rate
in Tier 2 portals won’t keep up
as other sites take on portal properties.

19. Confidential
19
Search EnginesSearch EnginesSearch EnginesSearch Engines
Gateways/DirectoriesGateways/DirectoriesGateways/DirectoriesGateways/Directories
PortalsPortalsPortalsPortals
Virtual CommunitiesVirtual CommunitiesVirtual CommunitiesVirtual Communities
Industry Trading HubsIndustry Trading HubsIndustry Trading HubsIndustry Trading Hubs
Phase 1Phase 1
Phase 2Phase 2
Phase 3Phase 3
Phase 4Phase 4
Phase 5Phase 5
E-com
m
erce
Activity
Increases
E-com
m
erce
Activity
Increases
The evolution of web-basedThe evolution of web-based
information servicesinformation services
The evolution of web-basedThe evolution of web-based
information servicesinformation services
The Evolution of PortalsThe Evolution of Portals
Vertical PortalsVertical PortalsVertical PortalsVertical Portals
InformationInformation
ResortsResorts
InformationInformation
ResortsResorts
Phase 6Phase 6
Phase 7Phase 7
Source: CM Team

20. Confidential
20
TechnologyTechnologyTechnologyTechnology
• Portals with offline publications re-purposePortals with offline publications re-purpose
content for online viewing and reformat content tocontent for online viewing and reformat content to
provide context-sensitive hyperlinks andprovide context-sensitive hyperlinks and
resourcesresources
• Non-publishing portals rely on web-based searchNon-publishing portals rely on web-based search
engines and information services likeengines and information services like
BusinessWire and Bloomberg for contentBusinessWire and Bloomberg for content
• 1 Editor1 Editor
• 2 Web Technologists2 Web Technologists
• 2 Information/Research Specialists2 Information/Research Specialists
• 60% of sites reported that Graphic Design and60% of sites reported that Graphic Design and
Web hosting are outsourcedWeb hosting are outsourced
PeoplePeople
ProcessProcess
Portal sites
are moving
towards
taking
control over
their rapidly
exploding
content in an
effort to
better
manage their
site visitors’
online
experience
Portal sites
are moving
towards
taking
control over
their rapidly
exploding
content in an
effort to
better
manage their
site visitors’
online
experience
Surprisingly, sites are run and operated with small staffs, usually a an editor
and team of 4: 2 web technologist and 2 information/research specialists
Surprisingly, sites are run and operated with small staffs, usually a an editor
and team of 4: 2 web technologist and 2 information/research specialists
How are Vertical Portals Operating Today?How are Vertical Portals Operating Today?
Source: CM Interviews
• In publishing portals, Vignette’s StoryServer 4.0In publishing portals, Vignette’s StoryServer 4.0
holds pride of place for content management andholds pride of place for content management and
personalization servicespersonalization services
• In non-publishing portals, MS FrontPage, AdobeIn non-publishing portals, MS FrontPage, Adobe
GoLive 4.0 and Net Objects Fusion are usedGoLive 4.0 and Net Objects Fusion are used
extensively along with a MS IIS Site Server and MSextensively along with a MS IIS Site Server and MS
SQL 7 Database or AccessSQL 7 Database or Access

21. Confidential
21
ContentSpecializationContentSpecialization
LowLow
HighHigh
SmallSmall
(1)(1)
HighHigh
(10+)(10+)Size of Editorial Staff SizeSize of Editorial Staff Size
Hi-TechHi-TechHi-TechHi-Tech
FinancialFinancialFinancialFinancial
HealthcareHealthcareHealthcareHealthcare
ManufacturingManufacturingManufacturingManufacturing
TaxTax
&&
Acctg.Acctg.
TaxTax
&&
Acctg.Acctg.
LegalLegalLegalLegal
Rapidly Emerging MarketRapidly Emerging Market
Opportunity that willOpportunity that will
require partnershipsrequire partnerships
Rapidly Emerging MarketRapidly Emerging Market
Opportunity that willOpportunity that will
require partnershipsrequire partnerships
What are the Portal Market Segments?What are the Portal Market Segments?
Immediate MarketImmediate Market
OpportunitiesOpportunities
Immediate MarketImmediate Market
OpportunitiesOpportunities
Hi-TechHi-Tech
HealthcareHealthcare
Tax & Accounting
Legal
FinancialFinancial
All-PurposeAll-Purpose
TechnicalTechnical
SpecialtySpecialty
All-PurposeAll-Purpose
Technical/Technical/
AnalystAnalyst
SpecialtySpecialty
GeneralGeneral
Regulatory/Regulatory/
TechnicalTechnical
SpecialtySpecialty
GeneralGeneral
ProfessionalProfessional
ChronicChronic
GeneralGeneral
RegulatoryRegulatory
/Technical/Technical
SpecialtySpecialty
Consumer Shopping PortalsConsumer Shopping PortalsConsumer Shopping PortalsConsumer Shopping Portals
IndustryIndustry
TradingTrading
HubsHubs
IndustryIndustry
TradingTrading
HubsHubs
General SurferGeneral Surfer
ProfessionalProfessional
BrowserBrowser
Motivated UserMotivated User
Web Site VisitorWeb Site Visitor
TaxonomyTaxonomy
$$$$$$
$$$$
$$

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22
Market Snapshot - Healthcare, Publishing, Investment and High Tech DominateMarket Snapshot - Healthcare, Publishing, Investment and High Tech Dominate
0
5
10
15
20
25
30
35
Healthcare
Publishing/M
edia
- Print
Investm
ent/Financial
Hi-Tech
Retail
Process
M
anufacturing
Bank
Education
Insurance
Legal
Consulting
Real Estate
Publishing/M
edia
- M
usic
Personal Services
W
holesale
Distributors
Auto
Travel
Accounting
and
Tax
Transportation
Utility
244 Top Portals by Vertical Market
Source: CM Team from
Selected Portal DB for project

23. Confidential
23
Financial, Healthcare and High Tech Portals showed the most interestFinancial, Healthcare and High Tech Portals showed the most interest
Product Interest Level Radar Matrix
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
Financial
Healthcare
Hi-TechLegal
Tax & Accounting
Packaged Research Center
Custom Research Center
Vertical Market
Packaged
Research
Center
Custom
Research
Center
Financial 1.5 1.6
Healthcare 1.2 1.3
Hi-Tech 1.6 1.7
Legal 1.1 1.1
Tax & Accounting 1.1 1.1
Cumm. Avg. 1.4 1.5
Level of Interest in Concepts
(Scale--Low=1 and High=5)

24. Confidential
24
Portals Operators Preferred the Custom ApproachPortals Operators Preferred the Custom Approach
Definintion
Judgement
Willingness to give up editorial judgement of
site selection.
Value Value of Aeneid’s solution
Branding Willingness to share Brand
Size Market Opportunity Size
Proprietorship
Willingness to allow resale of solutions to
others
Content Fresh
Daily crawlings and information velocity and
speed.
Finding
Need No current need expressed: too early for
market according to respondents
Value If Aeneid can demonstrate how product can
increase revenue/clicks it will have value
Volume Top 100 (max) within each vertical
Whole
Product
Brand Equity=content
Channel Direct Sell
Positioning Open, few established players
Judgement Value Branding Size Proprietorship Content Fresh
Hi Tech High Medium Low High Low High
Health
Care
Low High Medium Medium Low Medium
Legal Low Low Low/ Medium Medium Low/ Medium Medium
Tax/Acctg Low Medium Low Low Medium Low
Financial High/ Medium Medium Medium High Medium High
Custom Research Center Product generated interest
Concept A - Canned Version Concept B - Custom Version

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25
Who Should Aeneid Target within the PortalWho Should Aeneid Target within the Portal
Organization?Organization?
Who are theWho are the
Decision Makers?Decision Makers?
⇒PublisherPublisher
⇒President/CEOPresident/CEO
⇒Site EditorSite Editor
⇒Content MangerContent Manger
Who are the Influencers?Who are the Influencers?
⇒VP ofVP of
MarketingMarketing
⇒VP ofVP of
BusinessBusiness
DevelopmentDevelopment
AeneidAeneid
Strategic Options
Relationship
Selling
Direct Sales Customer Pilot
Projects
Publish ROI
Case Studies

26. Confidential
26
Golden NuggetsGolden Nuggets
Definitions...
• Crawler: automated tool to discover new and changed pages, feeds data to…
• Indexer: builds and maintains an index, concordance-style
• Search engine: the actual tool end-users employ when searching…but in popular usage, all
together = “search engine”
On How Well Do Today’s Engines Meet Real Users’ Needs...
• Most engines cannot yield high precision, high recall hit list with only one search term
• But most users don’t compose or refine their searches carefully
• Boolean operators virtually unused
• Therefore most users probably fail to get desired results
On the Role of Meta-Crawlers...
• Experts agree that spider coverage varies across services
• No two services cover the same sites for a given search
• Therefore searching across multiple indexes yields more results
• Therefore metacrawlers can be useful
On Cross-Language Searching...
• Internet is biased towards English
• But it is a World Wide Web
• Tools to allow searching in one language, against a universe in other languages, are evolving
• Challenges of understanding meaning, resolving ambiguities multiply
• But effective tools are coming

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27
Golden Nuggets (continued)Golden Nuggets (continued)
Beyond Text: Still Images, Digitized Speech, Video...
• We tend to think of search engines as limited to text
• But increasingly we will face digital content
• Thanks to scanners, digital cameras, digital sound cards, digital video cameras
• These digital collections will be corporate assets
• But to use, and re-purpose, these assets, we will need search engines
The Future: Promises and Limits
• IR scientists say engines may be approaching fundamental limit
• Koll: typical gigabyte of searchable space holds 25,000 occurrences of typical search term
• “With a lot of work, maybe we can get to 50% recall and 50% precision”
• But combination of approaches can yield greater power
New Job Title: The Info Snout
• Like an Info Scout...only nosier
• Similar job as cataloging librarian...more like a pathfinder builder
• Daily routine:
• Look at search logs
• Find new terms, add to thesaurus
• Also look at company newsletters, newspaper, trade journals, etc
How Vertical Portal Operators View The Future
• Much more intelligent engines
• Not much more intelligence in users
• The linear, undifferentiated hit list will die
• Cross-language
• Text, image, sound, video
• The “Star Trek” or Voice Recognition computer model of searching

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28
Aeneid Should Develop ROI Case Studies for 1:1 MarketingAeneid Should Develop ROI Case Studies for 1:1 Marketing
Personalization and Customization increasePersonalization and Customization increase
customer lifetime value and order volume.customer lifetime value and order volume.
CapV 1998 DM study reports increases in the following salesCapV 1998 DM study reports increases in the following sales
metrics as a result of 1:1 message targeting:metrics as a result of 1:1 message targeting:
Repeat OrdersRepeat Orders 47.6%47.6%
Response RateResponse Rate 36.0%36.0%
Overall RevenueOverall Revenue 31.6%31.6%
Average Order ValueAverage Order Value 24.5%24.5%
1:1 Marketing improves customer service, promote customer1:1 Marketing improves customer service, promote customer
loyalty and reduce costs of communicating with customersloyalty and reduce costs of communicating with customers
and sales leadsand sales leads
Personalization and Customization increasePersonalization and Customization increase
customer lifetime value and order volume.customer lifetime value and order volume.
CapV 1998 DM study reports increases in the following salesCapV 1998 DM study reports increases in the following sales
metrics as a result of 1:1 message targeting:metrics as a result of 1:1 message targeting:
Repeat OrdersRepeat Orders 47.6%47.6%
Response RateResponse Rate 36.0%36.0%
Overall RevenueOverall Revenue 31.6%31.6%
Average Order ValueAverage Order Value 24.5%24.5%
1:1 Marketing improves customer service, promote customer1:1 Marketing improves customer service, promote customer
loyalty and reduce costs of communicating with customersloyalty and reduce costs of communicating with customers
and sales leadsand sales leads

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Project RoadmapProject Roadmap
IntroductionIntroduction
High Level FindingsHigh Level Findings
ConclusionsConclusions
Detailed FindingsDetailed Findings

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30
Concept Test Matrix: “Level of Interest” Responses 1Concept Test Matrix: “Level of Interest” Responses 1
Concept A: Packaged
Resource Centers
Features: Level of Interest
Concept B: Custom
Research Centers
Features: Level of Interest
Whole Product Requirements
Portal Company
Vertical
F1 F2 F3 F4 G F1 F2 F3 F4 G P/T A/S FT P/C RAT
Ameristock.com FIN 1 2 1 1 1 1 2 1 1 1 √
BankInfo.com FIN 1 2 1 1 1 1 2 3 1 2 √ √ √
Clear Station FIN 1 1 1 2 1 1 1 3 1 1 √ √
CyberInvest.com FIN 1 1 1 2 1 1 1 2 1 1 √ √ √
Goldman Sachs Financial
Workbench
FIN 1 2 1 2 2 1 2 1 1 1 √ √ √ √ √
Hoover’s Online FIN 1 2 1 1 1 1 2 2 1 1 √ √ √ √ √
Intuit FIN 1 1 1 1 1 1 1 2 1 1 √ √ √ √
MoneyPage FIN 1 1 1 2 1 1 1 1 1 1 √ √
Online Banking FIN 1 1 1 1 1 1 1 3 1 1 √ √
Achoo.com HC 1 1 1 2 1 1 1 3 1 1 √ √
Celiac.com HC 1 1 1 2 1 1 1 1 1 1 √ √ √
Doctor’s Forum HC 1 1 1 1 1 1 1 3 1 1 √ √ √ √
Forrester HT 1 1 1 2 1 1 1 2 1 1 √ √ √ √
Genealogy.com HC 1 1 1 1 1 1 1 1 1 1 √ √ √ √
HealthCentral.com HC 1 2 1 1 1 1 2 1 1 1 √ √ √ √
Mayo Health Clinic HC 1 2 1 2 2 1 2 3 1 2 √ √ √ √ √
Mediconsult.com HC 1 1 1 2 1 1 1 3 1 2 √ √ √ √ √
OnHealth Network HC 1 1 1 2 1 1 1 1 1 1 √ √ √ √ √
24/7 Media Inc. HT 1 1 1 2 1 1 1 3 3 3 √ √ √ √
beFree HT 1 2 1 1 1 1 2 3 1 2 √ √ √ √
BigFoot.com HT 1 2 1 1 1 1 2 3 1 2 √ √ √ √
BioSpace HT 1 1 1 2 1 1 1 1 1 1 √ √ √ √ √
BizProLink HT 1 1 1 2 1 1 1 1 1 1 √ √ √ √
ClickzNet HT 1 2 1 1 1 1 2 1 1 1 √ √ √ √
CNET HT 1 2 1 1 1 1 2 1 1 1 √ √ √ √
Computer Currents HT 1 2 1 1 1 1 2 1 1 1 √ √ √ √

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Concept Test Matrix: “Level of Interest” Responses 2Concept Test Matrix: “Level of Interest” Responses 2
Concept A: Packaged
Resource Centers
Features: Level of Interest
Concept B: Custom
Research Centers
Features: Level of Interest
Whole Product Requirements
Portal Company
Vertical
F1 F2 F3 F4 G F1 F2 F3 F4 G P/T A/S FT P/C RAT
Harbinger.net HT 1 1 1 2 1 1 1 1 1 1 √ √ √ √ √
iAtlas HT 1 1 1 2 1 1 1 2 1 1 √ √ √ √
MicroSurfer Corporation HT 1 1 1 2 1 1 1 3 1 1 √ √
Network Computing HT 1 1 1 1 1 1 1 1 1 1 √ √ √
PC World HT 1 2 1 2 2 1 2 3 1 2 √ √ √ √
PortalHQ.com HT 1 2 1 2 2 1 2 3 1 2 √ √ √
Powerize HT 1 2 1 1 1 1 2 1 1 1 √ √ √ √
PSL Group HT 1 2 1 2 2 1 2 2 1 2 √ √ √
PurePDF (Glyphica) HT 1 2 1 2 2 1 2 2 1 2 √ √
Sitematic HT 5 4 4 4 4 4 5 4 5 4 √ √ √ √ √
SJ Mercury News Center HT 1 2 1 2 2 1 2 2 1 2 √ √ √ √ √
The Industry Standard HT 1 2 1 1 1 1 2 1 1 1 √ √ √
Upside Media (Upside.com) HT 1 2 1 1 1 1 2 1 1 1 √ √ √ √
American Lawyer Media Inc. LEG 1 2 1 1 1 1 2 1 1 1 √ √
Legal dot Net LEG 1 1 1 1 1 1 1 1 1 1 √ √ √
Lexis-Nexis LEG 1 2 1 2 2 1 2 2 1 2 √ √ √
TrialNet LEG 1 2 1 2 2 1 2 2 1 2 √ √ √
Accountingnet.com TA 1 2 1 1 1 1 2 3 1 2 √ √
Accountingnet.com TA 1 1 1 2 1 1 1 3 1 1 √ √
AICPA.org TA 1 2 1 1 1 1 2 3 1 2 √ √ √ √
American Accounting Assoc. TA 1 2 1 1 1 1 2 1 1 1 √ √ √
CPANet.com & MBAZone.com TA 1 1 1 2 1 1 1 2 1 1 √ √ √ √ √
Inmaze.com TA 1 2 1 2 2 1 2 3 1 1 √ √
Tax Prophet TA 1 2 1 2 2 1 2 2 1 2 √ √

32. Confidential
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Definitions for the Aeneid Product Concept Test MatrixDefinitions for the Aeneid Product Concept Test Matrix
Vertical
Item Description
FIN Finance, Banking and Investment
HC Healthcare
HT High Technology: Computing, Internet, Technology
LEG Legal & Law
TA Tax and Accounting
Whole Product Requirments
Item Description
P/T Profiling and Tracking tools
A/S Advanced and Extended Search tools
FT Robust Filtering tools
P/C Personalization and customization tools
RAT Research Aggregation tools
Concept A: Packaged Research Center
Item Description
F1 Complete research centers providing focused content and functionality that will increase repeat visits, session
time and page views.
F2 Choice of research libraries representing the site's market and/or interests. Each library contains research
departments, housing information organized by type.
F3 Ease and speed of deployment. Research center content and user-interface are pre-defined by Startup. Co-
branded search results pages are hosted by Startup.
F4
Content: Freshest, Most Coverage (Widest), Most Comprehensive (Deepest), Highest Quality, Content Tuned to
market pace (changes can be made immediately), Mission Critical Availability (7x24)
G Average Total Grade
Concept B: Custom Research Center
Item Description
F1 A Complete : combines extensive high-transaction research infrastructure, with web site development tools, on-line
internet information catalog editing applications, provide an entire technology suite for deploying vertical portals.
F2 Customizable development tools and a published API allows vertical portals to deploy research centers that are
tightly integrated into existing web properties.
F3
Ability to apply editorial expertise: Site editors and producers organize industry information such as search and
news feed to create focused Internet content catalogs that act as a guide to high-quality business content on the
Net.
F4
Minimal development effort
Sample code and several pre-built components for building business
research centers, which allow vertical portals to quickly deploy
research features across its site
G Average Total Grade

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33
How Big is the Information Retrieval Market Worldwide?How Big is the Information Retrieval Market Worldwide?
435
684
1,073
1,530
2,110
2,747
3,362
0
500
1,000
1,500
2,000
2,500
3,000
3,500
1996 1997 1998 1999 2000 2001 2002
CAGR
25.7%
(inmillions$)(inmillions$)
Source: AIIM Industry Trends 98
Forrester forecasts that web delivery of
business information will be an $11 Billion
market worldwide by 2004.

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34
Internet B2B Marketplace Dynamics favor Aeneid’s focus on PortalsInternet B2B Marketplace Dynamics favor Aeneid’s focus on Portals
0.7 1.3
2.2
5.8
14.4
21.8
29.7
43.2
0
5
10
15
20
25
30
35
40
45
50
Jan 1992 Jan 1993 Jan 1994 Jan 1995 Jan 1996 Jan 1997 Jan 1998 Jan 1999
Time
NumberofSitesinMillions$
Where web surfers spend time
Source: Jupiter Comm.
50
15
10
9
7
3 3 3 3 2 1 1 1
0
5
10
15
20
25
30
35
40
45
50
BillionofDollars$
Computing/Electronics
Utilities
Petrochemicals
MotorVehicles
Aerospace/Defense
Paper/OfficeProducts
Shipping/Warehousing
ConsumerGoods
Food/Agriculture
Construction
HeavyIndustries
IndustrialEquipment
Pharmaceutical/Medical
Vertical Industry
B2B On-Line Spending
Source: Forrester
Growth of Internet Sites
Source: Industry Standard
1.3 2.6
400.0
0.7
10.0
0
50
100
150
200
250
300
350
400
NumberofSites(Thousands)
DoubleClick 24/7 Media Microsoft Network Flycast Network ValueClick
Network Advertising Company
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Send/Read E-mail
Use Search Engines
Research Products/Services
Gather Local Information
Visit News Sites
Visit Online Directories
Visit Online Stores
Download Software
Read Magazines/Newspapers
Visit TV/Movie Sites
Enter Contests/Sweepstakes
Visit Music Sites
Investigate Travel Options
Visit Personal Web Pages
Use Chat Rooms
Regularly
Occassionally
Number of Sites at Internet Ad Network
Source: Industry
Standard

35. Confidential
35
Project RoadmapProject Roadmap
IntroductionIntroduction
ConclusionsConclusions
High Level FindingsHigh Level Findings
Detailed FindingsDetailed Findings

36. Confidential
36
To win Aeneid must expand its capabilities while emphasizing its experienceTo win Aeneid must expand its capabilities while emphasizing its experience
• High Tech, Financial, Healthcare,
• Aeneid is 6 months ahead of the market
• Opportunity to “Portalize” non-portal sites
• High Tech, Financial, Healthcare,
• Aeneid is 6 months ahead of the market
• Opportunity to “Portalize” non-portal sites
The Competition
Best Opportunities for Aeneid Market Trends
Recommendations for Aeneid
The Aeneid Value Proposition
• Portals need new revenue streams: Open to revenue sharing
but not customer information sharing
• Number of Vertical portals is increasing - more than doubling
• Verticalization (professional)
• Content Explosion: Need management tools
• Banner Revenue is down
• Portals need new revenue streams: Open to revenue sharing
but not customer information sharing
• Number of Vertical portals is increasing - more than doubling
• Verticalization (professional)
• Content Explosion: Need management tools
• Banner Revenue is down
• Tool feature - site differentiation
• Increase user time on site
• Enhance user self profiling.
• Portal’s Researcher productivity
• Make $$$ for portals
• Relationship with Inktomi
• Ability to work within Search Community
• Tool feature - site differentiation
• Increase user time on site
• Enhance user self profiling.
• Portal’s Researcher productivity
• Make $$$ for portals
• Relationship with Inktomi
• Ability to work within Search Community
Search Competitors
•Excite, Lycos, InfoSeek, Inktomi
Information Retrieval/Business Intelligence
•Verity, Sqribe/Brio, Excalibur, iAtlas
Search Competitors
•Excite, Lycos, InfoSeek, Inktomi
Information Retrieval/Business Intelligence
•Verity, Sqribe/Brio, Excalibur, iAtlas
• Aeneid needs to distribute basic news and business information research centers from its own mega-
portal site for High Tech, Finance and Healthcare.
• Aeneid should consider getting into the portal business itself.
• Broaden target market by including E-commerce sites, publishing and financial sites as prospects.
• Adopt a partnership business model that lets portals retain customer knowledge and lets Aeneid develop
ad/sponsorship revenue stream
• Develop business partnership with content productivity toolmakers like Vignette
• Create research information alliances to form a Dialog like service that generates $$$
• Drive sales from four primary values - portal differentiation, longer visits,
increased profiling and personalization
• Entertain sales to portal companies that improves their researchers’
productivity as a way to develop relationships.
• Aeneid needs to distribute basic news and business information research centers from its own mega-
portal site for High Tech, Finance and Healthcare.
• Aeneid should consider getting into the portal business itself.
• Broaden target market by including E-commerce sites, publishing and financial sites as prospects.
• Adopt a partnership business model that lets portals retain customer knowledge and lets Aeneid develop
ad/sponsorship revenue stream
• Develop business partnership with content productivity toolmakers like Vignette
• Create research information alliances to form a Dialog like service that generates $$$
• Drive sales from four primary values - portal differentiation, longer visits,
increased profiling and personalization
• Entertain sales to portal companies that improves their researchers’
productivity as a way to develop relationships.

37. Confidential
37
AppendixAppendix

38. Confidential
38
Vertical Market Selection MatricesVertical Market Selection Matrices
Vertical Market AttractivenessVertical Market AttractivenessVertical Market AttractivenessVertical Market Attractiveness

39. Confidential
39
High Internet Reliance is the Primary Differentiator.
KnowledgeKnowledge
Workers areWorkers are
Ripest MarketRipest Market
• Accounting &Accounting &
Consulting shareConsulting share
similar needs:similar needs:
timely relevanttimely relevant
and actionableand actionable
informationinformation
• RequireRequire
RelativelyRelatively
Generic ToolsGeneric Tools
and Servicesand Services
• Health,Health,
Investment, andInvestment, and
Legal requireLegal require
more specializedmore specialized
content andcontent and
servicesservices
PC Penetration
Accounting
Low High
Low
High
Internet
Reliance
Publishing
A/E/C
Consulting
Financial
Legal
Health
IncreasedInternetReliance
How were theHow were the Most Attractive MarketsMost Attractive Markets distinguished from the rest?distinguished from the rest?
Increased
Internet
Reliance

40. Confidential
40
50
60
70
80
90
100
110
C
o
n
s
u
ltin
g
A
c
c
o
u
n
tin
g
P
u
b
lis
h
in
g
A
/E
/C
In
v
e
s
tm
e
n
t
L
e
g
a
l
H
e
a
lthE
d
u
c
a
tio
n
M
a
n
In
s
u
ra
n
c
e
W
h
o
le
/D
is
tr.
R
e
a
l
E
s
ta
te
R
e
ta
il
How did the markets rank for attractiveness?How did the markets rank for attractiveness?
This chart summarizes the relative attractiveness of the segments studiedThis chart summarizes the relative attractiveness of the segments studied
18 Month Opportunities18 Month Opportunities
12 Month Opportunities12 Month Opportunities
6 Month Opportunities6 Month Opportunities
Markets where evaluated
against 7 success factors
to grade the opportunity:
1. Volume (# businesses)
2. PC penetration into segment
3. Internet reliance
4. Segment growth rate
5. Emphasis on Web/ EC
hosting
6. Unity of channel
7. Unity of vertical
Opportunity
Grade

41. Confidential
41
Which Professions, Occupations & Markets Should Aeneid Target?Which Professions, Occupations & Markets Should Aeneid Target?
6 month opportunities
12 mo. opportunities
18+ mo. opportunities
Consulting
Accounting
A/E/C
Investment
Legal
Healthcare
Education
Manufacturing
Insurance
Wholesale
Real Estate
Retail
Publishing
Ripest MarketRipest Market
OpportunitiesOpportunities
within the nextwithin the next
6 months6 months
•Hi-TechHi-Tech
•FinancialFinancial
•HealthcareHealthcare
Ripest MarketRipest Market
OpportunitiesOpportunities
within the nextwithin the next
6 months6 months
•Hi-TechHi-Tech
•FinancialFinancial
•HealthcareHealthcare

42. Confidential
42
Market Selection MatrixMarket Selection Matrix
Selection
Criteria
Volume
(# biz)
PC Pen. Internet
Reliance
Segment
Growth rate
(95-98)
Emphasis
on Web/EC
Hosting (2)
Unity of
Channel
Unity of
Vertical
(SIC Codes)
Segment
Grade
Factor
Weighting
3 3 3 2 2 1 1 Max Grade
150
Consulting 10 9 8 7 5 5 10 120
Accounting 4 9 8 1 10 10 10 105
Publishing 2 8 3 1 10 10 9 80
A/E/C 9 4 2 2 10 1 9 79
Investment 1 9 7 5 1 5 10 78
Legal 2 8 2 1 10 10 10 78
Health 3 8 7 1 1 10 9 77
Education 2 7 4 1 5 10 9 70
Man. 4 9 5 1 5 1 1 68
Insurance 2 7 3 1 5 10 10 68
Whole./Distr. 5 7 3 1 5 1 7 65
Real Estate 3 7 4 1 5 1 9 64
Retail Shops 10 4 1 1 1 1 8 58
(1) Excluded in Phase 1: Agriculture, Non-Profit & Personal Services.
(2) "Emphasis on Web/EC Hosting" was used as a proxy for potential Aeneid penetration
The following table shows how the markets were evaluated and graded

43. Confidential
43
Selection Criteria and Information SourcesSelection Criteria and Information Sources
Definition of Criteria Information Sources
Volume: Each segment volume is weighted relative to
the others.
US Statistical Abstract & D&B
PC Penetration: This reflects the degree of PC
penetration in the segment for businesses.
Today’s Realtor (vol. 31), U.S. Department of Agriculture (8/97), Drug and
Cosmetic Industry (vol. 160), Computer Intelligence (1/1998), IDC, “Market Review
Forecast” (3/98), Journal of Business Logistics (vol. 18), Journal of Management
Consulting (3/98), Stores Magazine (vol. 79), Engineering News Review (vol. 238),
Cost Engineering (3/98), Review of Economics and Statistics (2/97), Computer-
Aided Engineering (3/98), Health Care Management Review (11/97), Journal of
Family Practice (8/97), American Medical News (7/97), Journal of the ADA (1/97).)
Internet Reliance: The yardstick is the degree of
penetration of e-mail applications in a given segment,
since a reliance on email requires a reliable and
frequently-accessed connection to the Internet
National Association of Realtors, Computer Intelligence (1/98), IDC “Market Review
Forecast.”, Dataquest, “Sizing the SB Market” (2/98), Journal of Business Logistics
(vol. 18), Electronic Accountant (11/97), Accounting Today (2/98), Home Furnishing
Executive (10/97), Engineering News Review (vol. 238), Health Care Management
Review (11/97), Journal of Family Practice (8/97), The Society of the Internet in
Medicine
Segment Growth: This is intended as a foil to volume,
i.e. perhaps the segment is currently small but
significant and rapid growth is predicted.
D&B comparison of 1995 to 1998
Emphasis on Web/E-Commerce Hosting: This is
intended as a proxy for potential Aeneid penetration.
Computer Business Review (8/97), Computer Retail Week (5/98), US Chamber of
Commerce(2/1998), Computer Intelligence (1/98), and CM Estimates.
Unity of Channel: A low rating would indicate that
there is no clear channel into a particular small
business segment. A high rating would indicate a clear
channel into the segment.
CM Secondary Research (Tables in Supplement)
Unity of Segment: A low rating would indicate that a
particular segment is highly fragmented making it a
more difficult segment to target. A high rating would
indicate a low number of sub-specialties within a
segment, thus making it an easier target for content
and services.
D&B (Number of 4-digit SIC Numbers)

44. Confidential
44
The Facts Behind the Ratings (Aggregated)The Facts Behind the Ratings (Aggregated)
This table represents state-of-the-knowledge information on U.S. businesses.
Selection
Criteria
Volume
(# biz)
PC
Pen.
Internet
Reliance
Segment
Growth
Rate
Emphasis
on Web/
EC
Hosting
Unity of
Channel
Unity of
Vertical
(sic
codes)
Factor
Weighting
3 3 3 2 2 1 1
A/E/C 1,772,249 37% 15% 15% Low Low 26
Accounting 771,818 94% 75% 3% Low High 1
Consulting 1,930,514 86% 80% 70% Medium Medium 6
Education 211,596 72% 40% 2% Medium High 8
Health 631,800 76% 70% 12% Low High 19
Insurance 212,282 74% 25% -3% Medium High 1
Investment 186,487 89% 70% 52% High Medium 5
Legal 235,069 75% 20% 13% Low High 1
Man. 885,945 85% 5% 3% Medium Low 470
Publishing 396,651 83% 30% 13% Medium High 15
Real Estate 476,872 73% 40% 8% Medium Low 10
Retail 2,247,919 35% 10% 10% High Low 61
Whole/Dist 903,573 68% 25% 3% Medium Low 69

45. Confidential
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Strategic Recommendations: Enterprise Information PortalsStrategic Recommendations: Enterprise Information Portals
Corporate Portal Customer:Corporate Portal Customer:
Findings on market trends and corporateFindings on market trends and corporate
information managementinformation management
Corporate Portal Customer:Corporate Portal Customer:
Findings on market trends and corporateFindings on market trends and corporate
information managementinformation management

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Estimaed Total EIP Market Revenues
(in $ millions)
0
2000
4000
6000
8000
1998 1999 2000 2001 2002
Content
Management
Business
Intelligence
Data Warehouse &
Marts
Data Management
1998 1999 2000 2001 2002 CAGR
Content Management $1225 $1650 $2300 $3250 $4700 40%
% of Total 28% 28% 29% 30% 32%
Business Intelligence $2000 $2700 $3700 $5180 $7250 38%
% of Total 45% 47% 47% 48% 49%
Data Warehouse & Marts $992 $1235 $1562 $1993 $2555 27%
% of Total 23% 21% 20% 19% 17%
Data Management $184 $220 $261 $309 $360 18%
% of Total 4% 4% 3% 3% 2%
TOTAL $4401 $5805 $7823 $10732 $14865 36%
What is the size of the portal market?What is the size of the portal market?
Source: Merrill Lynch

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EIP Market PlayersEIP Market Players
• Content Management systems organize unstructured data into a
useable collection to search, manipulate, analyze and share
information.
- Companies: Documentum,Open Text, NovaSoft Vignette
• Business Intelligence Applications are used across an entire
enterprise to uncover patters in historical data. They also allow the
user to consider external conditions and assumptions for forecasting
purposes.
– Companies: Actuate, Business Objects, Cognos, MicroStrategy, Hyperion Solutions HNC
Sfotware, AlphaBlox, SAS Institute WhiteLight, SQRIBE
• Data Warehouses and Marts are a database where information is
stored managed and analyzed.
– Companies: Oracle, IBM, Showcase Software, Hyperion Solutions, SAS,Sagent, Silvon
Software, Fiserv, Informatica
• Data Management systems perform the ETL (Extract, Transform and
Load) to enable the the administration of Data Warehouses and Marts.
– Companies: Platinum Technology, Evolutionary Technology, IBM, SAS Institue, Prism
Solutions, Onemeaning, Hewlett-Packard, Viasoft, Platinum Technology, Prism Solutions
Source: CM Team &
Merrill Lynch

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Who are the EDMS vendors?Who are the EDMS vendors?
The incumbent EDMS vendors are in the driver’s seat for providing their installed bases with web
publishing systems.
EDMS vendors have been slow to add this functionality but this is expected to change by
Summer 1999
Vendor Web Publishing Solutions Portal Availability
IBM EDMS Contentconnet In the market
Documentum Web Publisher 2Q 1999
Filenet Web Publisher 2Q 1999
Xerox Personalizer X In the market
Open Text Live Link In the market
Lotus Domino In the market
What may happen in the Portalware market over the next 24 months
Incumbent EDMS vendors successfully introduce Portal enabling additions
Web publishing becomes a horizontal capability
Enterprise standardization on a single solution
The business model moves toward significant systems integration components, especially in
those areas where unstructured content must be included
eCommerce integration will be important
Hosted Portals will combine functionality with integration

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Competitive Analysis: Comparison of 12 companiesCompetitive Analysis: Comparison of 12 companies
FEATURE Glyphica Autonomy Brio/Sqribe Documentum Epicentric FileNET Open Text Plumtree Portera Verity Viador Vingnette
Analysis x x x x x x x
API (Application Programming Interface) x x x x x x
Authoring x x x x x x x x
Automated Classification x x x x x x x x x x x
Automated notification x x x x x x x x x x x x
Bots/ Agents x x x x x x x x x x
Conent Summary x x x x x x x x
Content Management x x x x x x x x x x x
Customization (look and feel) x x x x x x x x x x x
Document Repostory x x x x x x x
Documentation Cycle Management x x x x x x x x x
email x x x x x x
Filtering x x x x x x x
Headlines x x x
HTML x x x x x x x x
Indexing x x x x x x x x x x x
Internet Publishing x x x x x x x x x x x x
Intranet Publishing x x x x x x x x x x x x
Java x x x x x x x
Meta Tagging x x x x x x x x
NT x x x x x x x x x x x
Obsolescence Management/ Circulation
Cntrl x x x x
Office Support x x x x x x x x x
PDF Conversion x x x x x x x
Personalization x x x x x x x x
Project Tracking/ Management x x x x x x x
Query translation x x x
Reporting with intelligence x x x x x
Research x
Result Ranking x x x x
Scheduling x x
Search x x x x x x x x x x x
Summaries x x x x x x
Taxonomy x x x x x
Traffic/ User Reporting x x x
Unix x x x x x x x x x
Work flow management x x x x x x x x x
XML x x x x x x

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Analysis of Corporate Information Portals OpportunityAnalysis of Corporate Information Portals Opportunity
Corporate Portals
Definition
Site designed as an information gateway delivering access to a range of information and data
repositories on a network to employees, value chain stakeholders and other interested parties.
Corporate portals combine the information management capabilities of a storage system, the search
capabilities of a text-search engine, and the publishing capabilities of a web application.
Key Adoption
Drivers
• Improved access to corporate knowledge. How to leverage the growing store of data from
enterprise applications.
• A piece of the knowledge management puzzle
• Competitive advantage
• Providing controlled access to supply or demand chain via Extranet
• Self service
• Respondents were looking for an efficient way to organize and deliver information in their
environment
Breadth of
Application
• Horizontal.
• Portals require high degree of content management as content grows.
Source: CM Team &
Merrill Lynch

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Elements Required for Corporate Information PortalsElements Required for Corporate Information Portals
CorporateCorporate
InformationInformation
PortalsPortals
EDMSEDMS WorkflowWorkflow MessagingMessaging PublishingPublishing
IntranetIntranet
InternetInternet
ExtranetExtranet
Conversion ToolsConversion Tools
for PDF & HTMLfor PDF & HTML
CompoundCompound
Document AssemblyDocument Assembly
Web ContentWeb Content
ManagementManagement
Source: CM Team

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A Vision for Web-based, Integrated Information ManagementA Vision for Web-based, Integrated Information Management
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
DataData
StoreStore
Internet & WWWInternet & WWW
Corporate IntranetsCorporate IntranetsCorporate IntranetsCorporate Intranets
The Wired Enterprise isThe Wired Enterprise is
moving towards web-basedmoving towards web-based
self-service informationself-service information
management solutionsmanagement solutions
The Wired Enterprise isThe Wired Enterprise is
moving towards web-basedmoving towards web-based
self-service informationself-service information
management solutionsmanagement solutions
• Integrated access to contentIntegrated access to content
from the desktopfrom the desktop
• All information and data isAll information and data is
captured as knowledge throughcaptured as knowledge through
the use of a Corporate Index orthe use of a Corporate Index or
TaxonomyTaxonomy
• Extensive Knowledge Re-useExtensive Knowledge Re-use
• New meta-data and knowledgeNew meta-data and knowledge
capture tools are requiredcapture tools are required
• Focus is placed on ‘sense-Focus is placed on ‘sense-
making” and “knowledgemaking” and “knowledge
sharing” through the provisionsharing” through the provision
of universal access to contentof universal access to content
Corporate Knowledge PortalCorporate Knowledge Portal
Browser-based Cataloguing, Searching & Indexing User InterfaceBrowser-based Cataloguing, Searching & Indexing User Interface
Corporate Knowledge PortalCorporate Knowledge Portal
Browser-based Cataloguing, Searching & Indexing User InterfaceBrowser-based Cataloguing, Searching & Indexing User Interface
Source: CM Team

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TechnologyTechnologyTechnologyTechnology
• Knowledge loss when teams disbandKnowledge loss when teams disband
• Content Management of external contentContent Management of external content
and new kinds of dataand new kinds of data
• TrainingTraining
• Automation of front office for self serviceAutomation of front office for self service
• Lack of standards for best practicesLack of standards for best practices
• Going beyond SOPsGoing beyond SOPs
• Inexperienced usersInexperienced users
• Rising expectations about web accessRising expectations about web access
• Resistance to sharing informationResistance to sharing information
• Employee turnover due to retirement andEmployee turnover due to retirement and
rightsizingrightsizing
• Legacy Integration & “the paper glut”Legacy Integration & “the paper glut”
• Web based publicationWeb based publication
• Cost of deploymentCost of deployment
• Rapid change in ITRapid change in IT
• Replication latencyReplication latency
• Insufficient bandwidthInsufficient bandwidth
• Insufficient storage for ballooning dataInsufficient storage for ballooning data
PeoplePeople
ProcessProcess
CompaniesCompanies
are movingare moving
towardstowards
takingtaking
controlcontrol
over theirover their
rapidlyrapidly
explodingexploding
contentcontent
CompaniesCompanies
are movingare moving
towardstowards
takingtaking
controlcontrol
over theirover their
rapidlyrapidly
explodingexploding
contentcontent
Pain results from efforts to leverage use of content across large constituenciesPain results from efforts to leverage use of content across large constituencies
Where’s the Pain in Enterprise Information Management?Where’s the Pain in Enterprise Information Management?
Source: CM Interviews

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Business Conditions Driving Portal DevelopmentBusiness Conditions Driving Portal Development
Seven Emerging Trends:
Aggressive growth objectives-Companies struggle to hire and effectively educate new
employees who are unaware of key
resources and have little contact with a network of experienced peers.
Distributed personnel-Employees in different offices or groups remain unaware of their
peers' innovations, and
often repeat others' work.
Specialization-Increasing specialization creates dependencies on individual employees'
expertise that traditional means of communication fail to overcome.
Increased product complexity-Companies rapidly bringing to market complex, high margin
goods and services are limited by their ability to educate personnel.
Increased competition-Increased competition has placed a premium on detailed competitive
information, for more effective selling and customer service.
More publication systems and information repositories cause information overload-New
desktop and Web publishing tools have empowered users to publish content, and
companies continue to accumulate legacy systems over time and via acquisition, hampering
users' ability to find relevant information quickly and be productive.
Employee resistance to change-Users react against the increasing volume of on-line content
by limiting their sources of new information, insulating the company as a whole from market
demands, competitive forces, strategic shifts, and other agents of change.
Source: Plumtree & CM Team

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Business Factors Driving Corporate Portal DemandBusiness Factors Driving Corporate Portal Demand
The chart summarizes the results of a market research poll asking sponsors ofThe chart summarizes the results of a market research poll asking sponsors of
corporate portal projects to identify the business reasons for pursuing a portal.corporate portal projects to identify the business reasons for pursuing a portal.
Source: Plumtree
Aggressive
Growth
37%
Leverage
Investment
8%
Information
Overload
8%
Increased
Competition
5%
Product
Complexity
7%
Other
5%
Employee
Resistance to
Change
3%
Increased
Specialization
2%
Distributed
Personnel
22%
Cross
Organizational
Boundaries
3%

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Characteristics of the Corporate PortalCharacteristics of the Corporate Portal
Characteristic Description
Comprehensive
A corporate portal integrates access to information in a
wider variety of formats than a Web portal, including data
stored in relational and groupware databases,
mainframes, and enterprise resource planning systems.
Organized
A corporate portal organizes access to information for
users to browse. Simply indexing information for text-
search requires users to issue queries, which often return
extraneous results.
Personalized
A corporate portal assembles personalized views of key
information, notifying users of new material's availability
via electronic mail and other media.
Location-
Transparent
A corporate portal organizes access to data, but does not
actually store that data. Groupware and document
management systems that store content are not portals.
Extensible
A corporate portal supports extensions for cataloging
new types of information, enabling the system to adapt to
existing heterogeneous corporate infrastructures as well
as to the standard protocols of the Web.
Automated
A corporate portal automatically identifies and organizes
access to new content, keeping the portal up-to-date
without requiring dedicated resources to manually
organize and publish content.
Secure
A corporate portal is secure, selectively brokering access
to sensitive internal information, often for users outside
the company.
Source: Plumtree

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Access to Document RepositoryAccess to Document RepositoryAccess to Document RepositoryAccess to Document Repository
Compound Document Creation/AssemblyCompound Document Creation/AssemblyCompound Document Creation/AssemblyCompound Document Creation/Assembly
Intranet Publishing & CollaborationIntranet Publishing & CollaborationIntranet Publishing & CollaborationIntranet Publishing & Collaboration
Integration to Locally Stored ContentIntegration to Locally Stored ContentIntegration to Locally Stored ContentIntegration to Locally Stored Content
Integration to EnterpriseIntegration to Enterprise
ApplicationsApplications
Integration to EnterpriseIntegration to Enterprise
ApplicationsApplications
Phase 1Phase 1
Phase 2Phase 2
Phase 3Phase 3
Phase 4Phase 4
Phase 5Phase 5
W
eb-based
Activity Increases
W
eb-based
Activity Increases
Respondents express a strong preference for web-Respondents express a strong preference for web-
enabled, browser-based DM solutions that are scalableenabled, browser-based DM solutions that are scalable
and extendable.and extendable.
Respondents express a strong preference for web-Respondents express a strong preference for web-
enabled, browser-based DM solutions that are scalableenabled, browser-based DM solutions that are scalable
and extendable.and extendable.
CM has Identified 5 Phases of Adoption in Web-based PortalsCM has Identified 5 Phases of Adoption in Web-based Portals
Source: CM Team

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Corporate Portal ApplicationsCorporate Portal Applications
Source: Plumtree
Corporate Portal Applications
Other
2%Competitive
Inteligence
20%
General
Knowledge
Management
31%
Field Support
13%
Sales Support
13%
Best Practices
Propagation
11%
Research &
Development
10%

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Knowledge Workers with access to Enterprise ServersKnowledge Workers with access to Enterprise Servers
55
48
45 45
43
40
35 34
32
0204060
Financial
Services
Banking
Information
Tech
Pharmaceutical
HealthCare
Telecom
Contruct&
Engin.
Utilities
Manufacutring
Industry
%ofworkersthathaveaccesstoEnterprise
Servers
Source: InformationWeek
9/14/98 Industries at a Glance

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Vertical Market MetricsVertical Market Metrics
Now is the
Segment Number of Companies Professionals
Accounting 2,123
(HQ + Single Locations) 100,559
1,538,000
Consultants – Management 7,644 231,000
Entertainment (movies/videos,
recreation & amusements)
7,050 (Authors, Actors, Entertainers & Athletes) 2,188,000
Finance (banking, brokerage,
holding cos)
22,236 (Financial Managers) 636,000
(Securities & Financial Services Sales) 406,000
Health Services 23,779 (Physicians & Dentists) 960,000
(Nurses, Assts, Pharmacists, Therapists) 2,812,000
(Administrators) 713,000
Insurance (Carriers) 2,759
(Carriers & Agents) 184,843
(Sales) 551,000
(Adjusters & Investigators) 1,598,000
Legal Services 4,715
(HQ +Single Locations) 234,865
(Lawyers & Judges) 911,000
Manufacturing (incl. High Tech) 51,925 (Employees) 18,098,000
Real Estate 24,215 (Sales) 570,000
Retail 86,492
(HQ +Single Locations) 1,848,960
(Supervisors & Proprietors) 4,501,000
(Sales Retail) 6,728,000
(Sales Related Occupations) 87,000
(Employees) 20,320,000
Transportation & Utilities 23,348 (Airplane Pilots) 114,000
(Mechanics & Repairers) 4,521,000
(Transportation) 5,302,000
(Communications Operators) 177,000
Wholesale Trade 53,676 (Employees) 6,366,000
Sources:
Number of Companies – D&B MarketPlace Jan-Mar 1999
Professionals – Statistical Abstract of U.S. 1997 (1996 statistics

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Search Engine Companies’ “Value Per User” (Mecklermedia Dec. 1998)Search Engine Companies’ “Value Per User” (Mecklermedia Dec. 1998)
VALUE INDEX Users
Market
Value of
Company
Value Per
User
(sorted by value
per user)
(millions) (millions)
Yahoo 32.5 $ 5,273 $ 162.38
Microsoft.com 18.0 $ 1,850 $ 102.68
Excite 19.3 $ 1,488 $ 76.96
Lycos –Tripod 15.1 $ 992 $ 65.58
Netscape.com 23.4 $ 1,500 $ 64.09
Infoseek – WBS 16.2 $ 964 $ 59.50
AltaVista 7.5 $ 260 $ 34.75
TOTAL $ 179 $ 14,982 $ 730
AVERAGE $ 18 $ 1,498 $ 73