Charles Hilliard

President & CFO

Goldman Sachs
Communacopia
Conference
September 20, 2012
Mel Tang
Chief Financial Officer
Demand Media, Inc.
DISCLAIMER: THE MATERIAL SET FORTH IN THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS
This presentation contains certain forward-looking statements. All statements other than statements of historical facts contained in this
presentation, including statements regarding Demand Media, Inc.s (Demand Media or the Company) future results of operations and
financial position, business strategy, plans and objectives for future operations, are forward-looking statements. The Company has based
these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes
may affect its financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those
described under the heading Risk Factors in the Companys periodic reports filed with the Securities and Exchange Commission (the
SEC), which are incorporated herein by reference. Moreover, the Company operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible for Company management to predict all risks, nor can the Company
assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ
materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events or results. Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the future results, execution
of its business strategy, as well as short term and long-term business operations, plans and objectives, levels of activity, performance or
events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the Company nor any
other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, the
Company undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this presentation, to
conform these statements to actual results or to changes in the Companys expectations.

The Company is publicly traded on the New York Stock Exchange under the ticker symbol DMD and is a registrant under the rules and
regulations promulgated by the SEC. Before evaluating whether you should consider an investment in the Companys securities, you
should read the Companys annual, quarterly and period reports filed with the SEC, including all of the disclosures set forth therein,
including under the headings Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations.
The Companys SEC filings can be found at www.sec.gov and ir.demandmedia.com.

2 Sept. 20, 2012 / Investor Presentation
Forward Looking Statements
We are a LEADING DIGITAL MEDIA COMPANY with
two service offerings:

CONTENT & MEDIA, differentiated by an innovative
data-driven approach to content creation and extensive
distribution to a broad consumer audience

REGISTRAR, offering domain registration and other web
services to businesses and consumers




3 Sept. 20, 2012 / Investor Presentation
About Demand Media
Innovative content publishing model:
Listen, Create, Connect

14
th
largest media property in the US*
Reaching 122M people WW*
Significant growth opportunities:
Content partners, mobile and video

#1 wholesale registrar with 13.5M domains;
New gTLD opportunity


4 Sept. 20, 2012 / Investor Presentation
Key Highlights
*comScore: August 2012
5 Sept. 20, 2012 / Investor Presentation
Our Innovative Approach

to billions of signals of
peoples intentions


qualified intenders
and brands through
unique opportunities
to engage


intent-based content
that we know users want

LISTEN CREATE CONNECT

6 Sept. 20, 2012 / Investor Presentation
O&O Sites Reach 122M Unique Visitors*
Wor|dw|de Un|que V|s|tors to DMD S|tes*
#1 nome & Garden
#2 numor
#2 ersona| I|nance
#3 nea|th
#3 L|festy|e
#3 ets
#6 1echno|ogy News
#6 Lducanon Informanon
#8 Career kesources
#8 8eauty]Iash|on]Sty|e
#9 Iood & Dr|nk
1op 10 |n key
Adverns|ng Categor|es (US)*
90
95
100
105
110
115
120
125
130
MMs
*comScore August 2012


7 Sept. 20, 2012 / Investor Presentation
New Growth Drivers - Media
Content artners V|deo
Mob||e
! Subscription service
business with attractive
cash flow characteristics
! #1 wholesale registrar
worldwide
! #2 registrar worldwide
! 13.5M domain names
under management

S
y
n
e
r
g
i
e
s

8
Proprietary insight into Internet traffic:
2B+ avg. daily DNS queries
3M+ avg. daily domain name queries
Data
Technology synergies
Platform
Proprietary access to SMB &
undeveloped websites
Distribution
/ Investor Presentation Sept. 20, 2012
Leading Registrar Business
9
ICANNs new gTLDs to drive industry growth:
! Multi-billion dollar industry today with more than 230M* registered
domain names
! 11% annual registration growth rate*
! 74% renewal rates*
Businesses and consumers can soon go beyond .com, .net & .org to
choose from more than a thousand alternatives like .web, .home & .app

Demand Media expects to benefit from new gTLDs in three ways**:
Operating the back-end for new gTLD registries
Owning and operating new gTLD registries
Increased number of domain registrations through our Registrar channels

Sept. 20, 2012 / Investor Presentation
New gTLD Opportunity
*Source: Verisign July 2012 **Timing subject to ICANNs process
FINANCIAL
HIGHLIGHTS
X
Content & Media
Revenue
=
Page Views RPMs
C
o
n
t
e
n
t

&

M
e
d
i
a

R
e
g
i
s
t
r
a
r

! Traffic
! Growth:
o O&O: Organic and Investment
in content assets
o Network: New & Existing
Partners
! Advertising driven
X =
Domains
ARPD
(Annual Revenue per Domain)
! Registrations
! Resellers & Direct/Retail
Relationships With Website
Owners
! Annual subscription
fees paid upfront
Registrar
Revenue
64% of Q2 2012
Gross Revenue
36% of Q2 2012
Gross Revenue
11 Sept. 20, 2012 / Investor Presentation
How We Generate Revenue: Simple Revenue Model
R
e
v
e
n
u
e
Time
!"#$%&'(!)*+'!"$#+,'
-#$."/
Long-lived Internet
content revenue
curve:
! Text Articles
! Video
Traditional Content
Our Long-Lived Internet Content
R
e
v
e
n
u
e
Time
Traditional content
revenue curve:
! Filmed
entertainment
! Music
12 Sept. 20, 2012 / Investor Presentation
Unique Content Model Generates Long-Term Returns

13 Sept. 20, 2012 / Investor Presentation
2012 YTD and Q3 Business Outlook
(1)
mms except
per share amounts
Q112 Q212

Q312E
Midpoint
(2)
Revenue ex-TAC

Y-o-Y Growth
$82.9

9%
$88.7

16%

$91.0

17%
Adjusted EBITDA

Margin
$21.9

26.4%
$24.6

27.7%
$25.5

28.0%
Adjusted EPS

$0.07 $0.09 $0.10
Cash Flow from
Operations
$18.5 $21.9 NA
Free Cash Flow $11.9 $16.6 NA

(1) As of August 7, 2012 per the Companys Q2 2012 financial results news release. Excludes up to $4 million of 2012 expenses that the Company expects to
incur related to the formation of its gTLD initiative. These non-GAAP financial measures are described and reconciled to their comparable GAAP measures in
the accompanying tables available in the Goldman Sachs Communacopia presentation on the investor relations section of the Companys website. Effective
Q1 2012, the Company began reporting Adjusted EBITDA instead of Adjusted OIBDA. Reconciliations for both measures are available on the investor
relations section of the Company's website.

(2) Using mid-point of 2012 previously issued Business Outlook provided on August 7, 2012.

14 Sept. 20, 2012 / Investor Presentation
Key Highlights
Unique, innovative content publishing model

Top ranked O&O properties reaching 122M unique visitors WW*

New Content & Media growth opportunities, including content
partners, mobile and video

Well positioned to capitalize on new gTLD opportunity
*comScore August 2012
DEMAND MEDIA, INC.
GOLDMAN SACHS
COMMUNACOPIA CONFERENCE
SEPTEMBER 20, 2012
Mel Tang, Chief Financial Officer
16 Sept. 20, 2012 / Investor Presentation
Non-GAAP Financial Measures
To provide investors, analysts and others who utilize the Companys financial statements with additional information regarding the
Companys financial results, this presentation includes the following non-GAAP financial measures: adjusted earnings before interest,
taxes, depreciation and amortization expense, or Adjusted EBITDA, revenue less traffic acquisition costs, or Revenue ex-TAC,
discretionary free cash flow and total free cash flow. A reconciliation of these non-GAAP financial measures to the most directly
comparable GAAP financial measures has been included in the Appendix to this presentation. The Companys non-GAAP Adjusted
EBITDA financial measure differs from GAAP in that it excludes certain expenses such as interest, taxes, depreciation, amortization,
stock-based compensation, the financial impact of acquisition and realignment costs, the formation expenses directly related to its
generic Top Level Domain (gTLD} initiative, and any gains or losses on certain asset sales or dispositions. The Companys non-GAAP
Revenue ex-TAC financial measure differs from GAAP as it reflects the Companys consolidated revenues net of its traffic acquisition
costs. The Companys non-GAAP free cash flow financial measures differ from GAAP as discretionary free cash flow reflects the
Companys cash flow from operating activities, excluding cash outflows from acquisition and realignment activities, and the formation
expenses directly related to its gTLD initiative, less capital expenditures, and total free cash flow reflects discretionary free cash flow net
of investments in intangibles.

The Company uses these non-GAAP financial measures to measure its consolidated operating performance, to understand and
compare operating results from period to period, to analyze growth trends, to assist in internal budgeting and forecasting purposes, to
develop short and long-term operational plans, to calculate annual bonus payments for substantially all of its employees, and to
evaluate its financial performance from period to period. The Company also frequently uses Adjusted EBITDA in its discussions with
analysts, investors, commercial bankers and other users of the Companys financial statements. In addition, management believes
these non-GAAP financial measures reflect the Companys ongoing business in a manner that allows for meaningful period-to-period
comparisons and analysis of trends.

Accordingly, the Company also believes that these non-GAAP financial measures provide useful information to investors and others in
understanding and evaluating the Companys consolidated revenue and operating results in the same manner as the Companys
management and in comparing financial results across accounting periods and to those of peer companies.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect
the Companys operations. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the
most comparable GAAP financial measures as set forth in the Appendix to this presentation. These non-GAAP financial measures
should be considered in addition to, not as a substitute for, measures prepared in accordance with GAAP. Further, these non-GAAP
measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore financial
comparability may be limited. The Company encourages investors and others to review the Companys financial information in its
entirety and not rely on a single financial measure.


17 Sept. 20, 2012 / Investor Presentation
GAAP to non-GAAP Reconciliations
1 12 2 12
(ln MMs, excepL per share daLa)
!"#"$%"&
ConLenL & Medla $ 34.0 $ 39.7
8eglsLrar $ 32.3 $ 33.4
1ota| kevenue $ 86.2 $ 93.1
1AC (1ramc Acqulsluon CosL)
(1)
$ 3.4 $ 4.4
ConLenL & Medla ex-1AC $ 30.6 $ 33.3
8eglsLrar $ 32.3 $ 33.4
1ota| kevenue ex-1AC $ 82.9 $ 88.7
'()%*+"(&,-./0'&&
neL lncome (loss) $ (1.8) $ 0.1
1ax rovlslon $ (1.2) $ 0.6
lnLeresL & CLher Lxpenses $ 0.1 $ 0.2
uepreclauon $ 3.0 $ 4.8
Amoruzauon of lnLanglble asseLs
(2)
$ 12.0 $ 9.8
SLock-based compensauon
(3)
$ 7.4 $ 8.3
g1Lu expense
(4)
$ 0.4 $ 0.3
Acqulsluon and reallgnmenL cosLs
(3)
$ 0.1 $ 0.1
Ad[usted L8I1DA 5 21.9 5 24.6
noLes :
S ome flgures ln Lhls pres enLaLlon may noL fooL due Lo roundlng
lnc luded ln our CA A res ulLs of operaLlons .
paymenLs aLLrlbuLable Lo ac quls lLlon or c orporaLe reallgnmenL ac LlvlLles .
ManagemenL does noL c ons lder Lhes e expens es as lndlc aLlve of Lhe C ompany's ongolng operaLlng res ulLs or fuLure ouLlook.
(1) 1 rafflc ac quls lLlon c os Ls c omprls e Lhe porLlon of C onLenL & Medla CA A revenue s hared wlLh Lhe C ompany's neLwork c us Lomers .
(2) 8 epres enLs Lhe amorLlzaLlon expens e of our flnlLe llved lnLanglble as s eLs , lnc ludlng LhaL relaLed Lo our lnves LmenL ln medla c onLenL as s eLs ,
(3) 8 epres enLs Lhe falr value of s Loc k-bas ed awards and c erLaln warranLs Lo purc has e our s Loc k lnc luded ln our CA A res ulLs of operaLlons .
(4) C omprls es formaLlon expens es dlrec Lly relaLed Lo Lhe C ompany's g1 L us lnlLlaLlve LhaL ls noL expec Led Lo generaLe as s oc laLed revenue ln 2012.
(3) A c quls lLlon and reallgnmenL c os Ls lnc lude s uc h lLems , when appllc able, as (1) non-c as h CA A purc has e ac c ounLlng ad[us LmenLs for c erLaln
revenues and c os Ls , (2) legal, ac c ounLlng and oLher profes s lonal fees dlrec Lly aLLrlbuLable Lo ac quls lLlon ac LlvlLy, and employee s everanc e


18 Sept. 20, 2012 / Investor Presentation
GAAP to non-GAAP Reconciliations
(ln MMs, excepL per share daLa) 1 12 2 12
Ad[usted Net Income
CAA neL lncome (loss) $ (1.8) $ 0.1
(a) SLock-based compensauon (1) $ 7.4 $ 8.3
(b) Amoruzauon of lnLanglble asseLs - M&A $ 2.9 $ 2.7
(c) ConLenL lnLanglble asseLs removed from servlce(2) $ 1.8 $ -
(d) g1Lu expense (3) $ 0.4 $ 0.3
(e) Acqulsluon and reallgnmenL cosLs (4) $ 0.1 $ 0.1
lncome Lax eecL of lLems (a) - (e) and appllcauon of 38
sLaLuLory Lax raLe Lo pre-Lax lncome $ (4.8) $ (4.1)
Ad[usLed neL lncome 5 S.9 5 7.8
Shares used Lo calculaLe non-CAA Ad[usLed neL lncome per
share - dlluLed(3) $ 86.0 $ 86.8
Ad[usted Net Income per share - d||uted 5 0.07 5 0.09
D|screnonary and 1ota| Iree Cash I|ow
neL cash provlded by operaung acuvlues $ 18.3 $ 21.9
urchase of properLy and equlpmenL $ (4.3) $ (3.1)
g1Lu cash ows $ 0.3 $ 0.4
ulscreuonary lree Cash llow 5 14.S 5 19.2
urchases of lnLanglble asseLs $ (2.6) $ (2.3)
Iree Cash I|ow 5 11.9 5 16.6
noLes:
Some gures ln Lhls presenLauon may noL fooL due Lo roundlng.
(1) 8epresenLs Lhe falr value of sLock-based awards and cerLaln warranLs Lo purchase our sLock lncluded ln our CAA resulLs of operauons.
(2) ln con[uncuon wlLh lLs prevlously announced plans Lo lmprove lLs conLenL creauon and dlsLrlbuuon plauorm, Lhe Company elecLed Lo remove cerLaln conLenL asseLs from servlce,
resulung ln $1.8 mllllon of acceleraLed amoruzauon expense ln Lhe rsL quarLer of 2012.
(3) Comprlses formauon expenses dlrecLly relaLed Lo Lhe Company's g1Lus lnluauve LhaL ls noL expecLed Lo generaLe assoclaLed revenue ln 2012.
(4) Acqulsluon and reallgnmenL cosLs lnclude such lLems, when appllcable, as (1) non-cash CAA purchase accounung ad[usLmenLs for cerLaln deferred revenues and cosLs, (2) legal,
accounung and oLher professlonal fees dlrecLly aurlbuLable Lo acqulsluon acuvlLy, and (3) employee severance paymenLs aurlbuLable Lo acqulsluon or corporaLe reallgnmenL acuvlues.
ManagemenL does noL conslder Lhese expenses as lndlcauve of Lhe Company's ongolng operaung resulLs or fuLure ouLlook.
(3) Shares used Lo calculaLe non-CAA Ad[usLed neL lncome per share - dlluLed lnclude Lhe welghLed average common sLock and resLrlcLed sLock for Lhe perlods presenLed and all
dlluuve common sLock equlvalenLs aL each perlod. AmounLs have been ad[usLed ln all perlods Lo reecL Lhe revlsed caplLal sLrucLure followlng Lhe Company's lnlual publlc oerlng whlch
was compleLed on !anuary 31, 2011, whereby Lhe Company lssued 3,173 shares of common sLock and converLed cerLaln warranLs and all of Lhe converuble preferred sLock lnLo 62,133 shares
of common sLock as lf Lhose Lransacuons were consummaLed on !anuary 1, 2009.
DEMAND MEDIA, INC.
GOLDMAN SACHS
COMMUNACOPIA CONFERENCE
SEPTEMBER 20, 2012
Mel Tang, Chief Financial Officer