3. How Direct Mail to Display works Begin with offline DM list, purchased or in-house Partner tells [x+1] that consumer is on list, but not who the consumer is [x+1] serves targeted ads only to consumer on the direct mail list Lists are anonymously matched by third-party data providers who convert the list into matched cookies UserID: 1000121 - NO UserID: 1000122 - YES UserID: 1000123 - YES UserID: 1000124 - NO UserID: 1000125 - YES UserID: 1000126 - NO Likely to buy printer ink in next 6 months? UserID: 1000124 UserID: 1000125 UserID: 1000126