“All,

You may have seen this morning’s coverage about Incisive Media in the FT which has mentioned that the UK side of the Company is not expected to meet the current tests on its banking covenants. I would like to update you on where we are and to reassure you by explaining what this all means.

Incisive Media, as you know, is a great business with leading brands in its chosen markets but we are currently under revenue pressure due to an unprecedented set of economic circumstances and their impact on our end markets. As a result, the UK 2008 profits dipped below the level agreed with the bank when we took on our loan in 2006 as part of taking the company private.

It is important to note that the issues we face in our markets and with our lenders are no different to those faced by a myriad of other businesses in the current climate (in the media sector and other sectors). It is also important to emphasise that the issues being talked about in the press are purely financing issues centred on the UK Company’s balance sheet and the amount of debt the UK business has. The US has a separate financing agreement. Our businesses continue to be very profitable and cash generative at the operating level. In that sense, it is business as usual and it is important that we remain focused and committed to our day-to-day roles and concentrate on hitting our 2009 budget.

We expect the Group to emerge from these difficulties in a stronger position with a sound platform for future growth as the market recovers and we resolve our financing issues. As James, Bill and I have mentioned before and experienced in the past, the nature of our business means that just as it can suffer in the downturn as advertisers tighten their belts so it will bounce back quickly when things turn for the better, as they surely will.

We are confident that our shareholders and the lenders will be supportive of the Group while it addresses the UK financing issue. We are driving the process pro-actively to get to a satisfactory solution and are working with an experienced advisory team to assist and guide us through the process.

I reiterate again that Incisive Media is a sound business, certainly with challenges, but with everyone working together we will emerge stronger from this.

I will keep you updated as the process moves forward. In the meantime, thank you for your support and continued hard work.

If you have any questions please don’t hesitate to contact me.

Tim”

The announcement goes on to say...ADERANT’s purchase of StarLaw’s Enterprise Content Management (ECM) applications enables it to enter a market that is of growing importance to lawyers and law firms.  Importantly, the new ECM application suite is being designed with the unique needs of law firms in mind instead of trying to retrofit a more industry-generic solution with functionality required by the legal market.

“Acquiring StarLaw’s advanced applications enables us to greatly expand the breadth of solutions we are able to deliver to law firms,” said Michael Kohlsdorf, President and Chief Executive Officer for ADERANT.  “This transaction moves ADERANT closer to becoming a single-source software vendor for law firms, providing integrated solutions for both the front and back office that reduce IT complexity and costs.”

Early adopters of the ECM application suite include Cooley Godward Kronish LLP and O’Melveny & Meyers LLP.

 "We were enthusiastic about StarLaw's vision for an enterprise-wide content management system that achieved convergence among the different methods lawyers use for generating, storing and retrieving documents, records, and emails, and are greatly encouraged by ADERANT's commitment to reinvigorating the product," said Martin Metz, Director of Information Technology for O’Melveny & Myers LLP.

ADERANT is currently working on the next generation of its new ECM applications.  The new document management application will enable firms to effectively control and monitor electronic content throughout the entire document lifecycle process, including storage, retrieval, modification, review, and preservation.  The records management application will archive, track, and retrieve all firm-protected electronic and physical content.  The email management functionality will allow attorneys and legal staff to efficiently file and organize all relevant email messages as well as associated attachments.

 ADERANT’s new ECM applications will be generally available in Q1 2010.