Investor Relations Overview

May 24, 2006

2

Safe Harbor

This presentation contains forward-looking statements that involve risks and uncertainties, including, but not

limited to, ValueClick’s ability to successfully integrate its recently completed Fastclick and Webclients

mergers, trends in online advertising spending and estimates of future online performance-based advertising.

Actual results may differ materially from the results predicted, and reported results should not be considered

an indication of future performance.

Important factors that could cause actual results to differ materially from those expressed or implied in the

forward-looking statements are detailed under “Risk Factors” and elsewhere in filings with the Securities and

Exchange Commission made from time to time by ValueClick, including: its Annual Report on Form 10-K filed

on March 31, 2006 and amendment to its Annual Report on Form 10-K/A filed on April 21, 2006; its current

report on Form 8-K filed on February 27, 2006; recent quarterly reports on Form 10-Q and Form 10-Q/A,

other current reports on Form 8-K; its amended registration statement on Form S-4, filed on September 27,

2005; and its final prospectus on Form 424B3 filed on September 28, 2005. Other factors that could cause

actual results to differ materially from those expressed or implied in the forward-looking statements include,

but are not limited to, the risk that market demand for online advertising, and performance-based online

advertising in particular, will not grow as rapidly as predicted.

Any forward-looking statements speak only as of the date hereof and ValueClick undertakes no obligation to

release publicly any revisions to any forward-looking statements to reflect events or circumstances after the

date hereof or to reflect the occurrence of unanticipated events.

3

Agenda

Industry Opportunity

Review of ValueClick Businesses

Financial Overview & Outlook

ValueClick Overview

4

ValueClick Overview

Diversified, large-scale online marketing services provider

Solution set that generates targeted traffic, leads, sales & brand lift for advertisers & agencies

2006(E) revenue of $495-$505 million; organic growth of 22-24%

Leadership positions in key online advertising areas

Leading Media network with solutions across all pricing models (CPM, CPC, CPL, CPA)

Global leader in Affiliate Marketing to enable sales and customer acquisition programs

Leading European comparison shopping site:

Leading publisher network manager: quality, targeted traffic for advertiser offers

Technology for publisher inventory aggregation & optimization; campaign management

Can monetize all standard ad units; leading publisher tools for control/transparency

Trusted third-party monetization partner

5

Network-Driven Marketing Solutions

Network Tech & Expertise

• Aggregate Traffic/Inventory

• Optimize Inventory

• Track/Manage Campaigns

Leading Monetization Partner:

• Sales Force/6,000 Advertisers

• Breadth: All Ad Units

• Leading Optimization Tech

• Transparency & Control

Goals- Targeted reach to generate:

• Brand Lift & Consumer Traffic

• Qualified Customer Leads

• Sales & Customer AcquisitionGoal- Monetize Traffic/Inventory

50,000+ Publisher Partners 6,000+ Advertisers/Agency Clients

Content Sites*

Loyalty & Coupon Sites

Opt-In Email* & Newsletters

Promo./Vertical Sites*

Search Affiliates

*ValueClick-Owned Sites:

6

VCLK Media Reach

Source: comScore Media Metrix Inside the Ratings, Mar. 2006

123.8116.6 116.6 116.1

103.5

70.8

48.8 47.141.9

36.3 34.8

0

50

100

150

Yahoo

! Site

sTim

e Warn

er Netw

orkVCLK

Media

MSN-MSFT Site

sGoo

gle Site

s

eBay

Ask N

etwork

Amazon

Site

sMyS

pace

.com

NYTimes

Digi

tal

Verizo

n

Milli

ons

of U

niqu

e U

sers

per

Mo.

7

US Online Ad Spend

Positive Trends: 25% Growth in 2006(E); Market Doubles 2005-2009(E)

Source: eMarketer, March 2006

$7.3

$9.6

$12.5

$15.6

$18.6

$21.9

$25.5

$28.5

$0

$10

$20

$30

2003 2004 2005 2006E 2007E 2008E 2009E 2010E

US

Onl

ine

Ad

Spe

nd, $

Billi

ons

8

US Online Ad Spend

Industry Growth Fueled by Measured Online Advertising Share Gains

3.0%

3.6%

4.5%

5.2%

5.7%

6.1%

6.5%

2%

3%

4%

5%

6%

7%

2003 2004 2005E 2006E 2007E 2008E 2009E

US

Onl

ine

Ad S

pend

, % o

f Ttl

Ad S

pend

Source: eMarketer, Mar. 2006

9

Revenue by Products

2006(E) Revenue: $495-505 million*

$368 million

$105 million

$27 million

Media:CPM CampaignsCPC CampaignsCPL & CPA CampaignsComp.-Shopping

Affiliate MarketingCustomer AcquisitionOnline Sales

Technology:Ad ServingAgency Mgt.

* ValueClick guidance as of May 8, 2006.

10

Media

Direct Marketing: Advertisers & agencies pay for impressions, clicks and leads generated

by campaigns run ValueClick’s Media network, owned sites & opt-in email.

Comp.-Shopping: Merchants pay for traffic delivered from PriceRunner.com to their sites.

Brand Marketing: Advertisers & agencies pay for impressions for targeted brand ad

campaigns run on our Media network. Campaigns utilize market research to measure brand

lift of campaign.

How we

make money

* ValueClick guidance as of May 8, 2006.

$12.5 billionEst. Mkt. Size

Competition: Off-line Media Channels Peers: Yahoo, MSN, AOLCompetition

2003: $41mm 2004: $79mm 2005: $193mm 2006(E): $368mmProd. Revenue

11

Affiliate Marketing

ValueClick aggregates online publishers into an affiliate marketing network & manages the

network to develop, maintain & optimize the advertisers’ relationships with publishers.

Advertisers pay their affiliate publishers for traffic only when it converts to a sale or

customer acquisition. (Fully-commissioned online sales force for advertiser)

Advertisers pay ValueClick based on sales commission and customer acquisition bounty

payments to publishers. (Net rev. model; publisher payments not included in Aff. Mkt. rev.)

ASP Model: Tech-based services include affiliate recruitment, traffic and commission

tracking and reporting, affiliate payments, and program management

How we

make money

* Includes international revenue. ValueClick guidance as of May 8, 2006.

$500 millionEst. Mkt. Size

Linkshare, Performics; TradeDoublerCompetition

2003: $26mm 2004: $64mm 2005: $84mm 2006(E): $105mmProd. Revenue*

12

Technology

Online Ad/Email Platform: Advertisers, ad agencies & website publishers pay us for ad

serving, email tech. & reporting tools

ASP Model: Pricing is CPM-based, plus consulting & implementation fees

Agency Mgt. Platform: Ad agencies & advertisers pay us for web-based financial mgt.,

offline media planning & buying, and content mgt. systems

ASP Model: Fees are based on gross agency billings, plus consulting & implementation fees

How we make

money

Online Ad/Email: $250 million Agency Mgt: $200 millionEst. Mkt. Size

Online Ad/Email: Doubleclick, Atlas; 24/7 Agency Mgt.: Dononvan Data SystemsCompetition

2003: $26mm 2004: $26mm 2005: $27mm 2006(E): $27mmProd. Revenue*

* Includes international revenue. ValueClick guidance as of May 8, 2006.

13

Revenue Trend*

$63

$92

$495-$505

$169

$304

0

250

500

2002 2003 2004 2005 2006 (E)

$ M

illio

ns

* ValueClick 2006 guidance as of May 8, 2006.

14

Adjusted-EBITDA Trend*

($2)

$15

$47

$86

$128-$131

-25

0

25

50

75

100

125

150

2002 2003 2004** 2005 2006 (E)

$ M

illion

s

* EBITDA excluding stock-based compensation; ValueClick guidance as of May 8, 2006.

** Excludes 1Q 2004 $8.0 million non-recurring gain from the sale of interest in ValueClick Japan.

15

Net Cash & Investments

$233$220

$243 $241$260

$-

$100

$200

$300

Dec. 2002 Dec. 2003 Dec. 2004 Dec. 2005 M ar. 2006

Major Cash Initiatives:$76 million for share repurchase program$40 million for 2003 acquisitions$25 million for Aug. 2004 PriceRunner acquisition$137 million for June 2005 acquisitions

Current Stock Repurchase Authority:$119 million

16

Operating Model Targets(1)

(1) ValueClick guidance as of May 8, 2006.

(2) Excludes stock-based compensation.

26%25%28%Adjusted-EBITDA Margin (2)

47%48%49%Operating Exp., % of Rev. (2)

67%66%71%Gross Margin

$495-505mm$407mm$304mmRevenue

FY 2006(E)Pro-Forma

FY 2005FY 2005

17

Looking Ahead

Drive synergy opportunities within Media

Continue PriceRunner and Affiliate Marketing product expansion

Continue to look for strategic U.S. and international M&A opportunities:

Comparison Shopping

Affiliate Marketing

Media

Execute stock buy-back program

Investor Relations Overview

This presentation is available on the IR section of www.valueclick.com

Contact: Gary J. Fuges, gfuges@valueclick.com