Hi {F0} {F1} {F2},

motivated by the great success of our new subscription and the international growth of the microstock market, we will expand our business to boost the number of downloads and, ultimately, total revenue for you and us.

We are happy to announce following adjustments to our product offering:

1. New license model - reduced to the maximum
2. New credit prices - competitive pricing for new customer groups
3. Adjusting Cat30/Cat 50 - image exclusivity
4. Success stories - news from our sales department
5. Next steps - we love administration

1. New license model

It is crucial to have a clear and easy-to-understand product offering. This is why we reduce the number of our licenses. The WebHigh license will be eliminated without substitution. Additionally, we combine the 2XL, 3XL and 4XL license to only one PrintXXL license. This is our new license model, available for standard and corporate licenses:

Our four Merchandising Licenses remain untouched.

2. New credit prices

The stock image market is changing rapidly. Surprise, surprise! However, the fastest growing customer groups are (web) designers, bloggers, small business and one-man businesses. Customers that PantherMedia could not sufficiently reach in the past.

In May, we launched our new credit-system and are now able to expand our target group to exactly those potential customers. There is only one prerequisite: an attracive and competitive price structure for these price-sensitive customers. Please have a look at our new credit-prices that we want to apply to all images as soon as possible. Please also note that we have slightly raised the price for single web-images on invoice.

Our experience from the new subscription system proves us right:

• Our current industrial customer base continues to order on invoice. There are multiple reasons for this, e.g. accounting processes. Reducing the credit prices will not affect your revenues with existing customers.
• If the prices are being reduced in the right way, the higher number of downloads will outweigh the price reductions with new customers and a higher download rate per existing customer.

These prices apply for all direct sales worldwide. Prices for images in our distribution partner network will not be changed since the partners will not get the possibility to offer your images on credits.

There was some confusion regarding our Cat30/50 when we introduced our new subscription plan and the polish price structure. Therefore, we are re-defining these categories for a clearer understanding.

• "Cat30"-images are now defined as "non-exclusive" images: all images that are also being uploaded to other agencies have to be categorized as "non-exclusive" images.
• "Cat50"-images are now defined as "exclusive" images: all images only uploaded to PantherMedia and no other agency are "exclusive" images.
• Exceptional rule : An image can also be categorized "exclusive" if it gets offered for not less than 49,90 EUR/USD (full size, A4) in other agencies (e.g. rights-managed agencies, macrostock).

This Cat30/50 is nothing else than the exclusivity regulation that you are used to at other microstock agencies. However, we soften this exclusivity regulation with our exceptional rule. At the bottom line, nothing has changed except for the name of those two categories.

This exclusivity regulation will help us to differentiate our archive from the competition by displaying the exclusive images with a higher priority than equally good non-exclusive images. This is one very important reason why customers visit PantherMedia. On top of that, we will invest all additional revenue in our international expansion and marketing to boost international sales.

By the way, the exclusivity regulation is image-exclusive, and not photographer-exclusive. Consequently, you can mix exclusive and non-exclusive images on panthermedia.net.

4. Success Stories

Our new subscription plan
Since its introduction one month ago, the new subscription plan has exceeded our expectations by far. Mostly new customers have decided to purchase a subscription plan. We are very confident that the subscription product adds even more to our success on the long-run, once our marketing and the word-of-mouth takes effect, old subscription plans of customers end and once test subscriptions are renewed. Currently, we develop the accounting interface, so that you will automatically receive your remuneration at the beginning of each month.

Polska wkrótce online
We are now testing our new polish website. Poland is a market with great growth potential. Our team is Warsaw is doing a great job to win and service our customers. We will publish the official launch date in our forum.

More than a hundred
With new distribution partners in Japan, Brazil, USA and Scandinavia, we will have more than 100 partners in 40 countries worldwide by the end of this month.

A hundred is not enough
In the next weeks, your images will also be available on the THP network with more than additional fifty potential partners who will distribute your images. Wow!

The new license model will be effective from 29th of October 2009. If you do not agree with the new license model, you have the possibility to cancel your membership within the next two weeks. Your images will then not be offered anymore.

We are happy to expand our success to new countries and customer groups together with you.

Yours,
Robert Walters
and the compelete PantherMedia-Team

PantherMedia GmbH
Schillerstr. 40
80336 Munich
Germany

Internet: www.panthermedia.net
Email: info@panthermedia.net

Place of registry: Munich
Local Court Munich, HRB 154364
Board of Directors: Peter Ammel, Robert Walters
VAT-ID: DE238391457

Hello {F0} {F1} {F2},

PantherMedia launched its english website for our stock agency and photocommunity in early 2008. It was a natural requirement for our further international expansion. We have received many images from international contributors around the world and will continue to expand our sales activities into new markets.

We are delighted to introduce our new Polish website and sales team in Warsaw, Poland. In their own language:

Dzien dobry PantherMedia Polska!

Start of our sales activities in Poland

"Think global - act local" has always been our belief. This means:

• a dedicated website in the foreign language
• adjusted prices to meet the needs in the foreign country, foreign currency and payment procedure
• direct customer contact in the foreign language
• local marketing and advertising in the foreign country

We will launch the Polish website later this month and start our marketing and sales activities in Poland to serve our customers over there intensively. We gladly welcome our colleagues in Warsaw: Dzien dobry!

What you need to know as a contributor:

• Sales occuring in Poland will be brought to your account like sales happening in Germany. You will keep between 30% and 60% of the net price (commission overview).
• The basis for your commission is the Polish currency Zloty (PLN). We have adapted our prices for single images to meet the needs of the Polish market. The prices for our image subscriptions remain unchanged and were converted to the foreign currency; please view the prices in Zloty (PLN). Only customers in Poland can pay with the currency Zloty (PLN).
• Your commission will be converted to Euro based on the daily exchange rate on the day when an image was ordered.
• The new international offering will attract more and new customers in Poland to increase your revenues.

The next steps
The new price list for Poland will be valid from September 17th, 2009. With respect to the Author License Agreement (7.1) we hereby inform you about the new prices for our Polish image offering. In case you do not agree with these new prices, you are free to delete your images on PantherMedia within the next 14 days. Which, of course, would mean that your images will not be sold through PantherMedia and our network of international sales partners anymore.

Together with you we are happy to expand our common business into new countries and new markets within the next months.

All the best wishes to our new colleagues in Warsaw, Poland, and an excellent start.

Yours,
Robert Walters
and the complete PantherMedia Team

PantherMedia GmbH
Schillerstr. 40
80336 Munich
Germany

Internet: www.panthermedia.net
Email: info@panthermedia.net

Place of registry: Munich
Local Court Munich, HRB 154364
Board of Directors: Peter Ammel, Robert Walters
VAT-ID: DE238391457

You receive this email because it is an amendment to the Customer Licence Agreement. This is NOT an optional newsletter. Based on the Author Licence Agreement, we are obliged to send you this email.

Hello {F0} {F1} {F2},

as you know PantherMedia introduced its image subscription in May this year.

Before launching the subscription we have not only asked many of our photographers, but also our image buyers to hear about their wishes, opinions and needs. We continued to listen to their feedback after the introduction of the subscription and have gathered tons of statistical data, user experience opinions and proposals for an advanced PantherMedia feeling.

Very often, our image buyers have asked for the down-to-earth use of images in large international companies or across the group, and have voted for the possibility of web-only subscriptions. Other image buyers requested a simpler subscription model.

We have listened and turned these wishes into reality.

We are glad to introduce these news and improvements to you and like to point out the associated contract amendment.

1. New: Corporate Licence - for corporations and affiliated enterprises
2. New and extended subscriptions - customized, flexible, easy
3. The next steps - you decide

1. NEW: Corporate Licence

Many of our customers belong to medium-sized businesses and international corporations with a company structure consisting of many affiliated companies within the group, like:

• Foreign subsidiaries for faciliating international trade
• Logistics companies responsible across the group for central buying
• Different main and special-interest-group editorial departments in large publishing houses

Based on frequent demands and requests of image buyers, PantherMedia introduces the new Corporate Licence. The price tag of this new licence (and hence your commission) is double the price of a standard licence and available for all sizes and resolutions as single image purchase and within the subscription plan. This usage right will also be part of the merchandising licence.

Thus we needed to upgrade the End User Licence Agreement and added the paragraph 2.2 Corporate Licence and enhanced the paragraph 2.3.3 (b) Merchandising Licence. For you as a contributor, just as it is the case with the Merchandising Licence, your participation is optional und you decide if you want to release your images for the new Corporate Licence.

2. New and extended PantherMedia image subscriptions

You want to make more money with your images. Image buyers want more flexibility and super easy subscriptions. Both wishes are united in the new PantherMedia image subscriptions:

• The customer can choose between a web-subscription and a print-subscription
• The customer can choose between:
  • a small package with 100 downloads/month
  • a large package with 750 downloads/month
• The duration of the subscription can be chosen individually, 1, 3, 6 or 12 months
• More options are available at extra charge:
  • Corporate Group Licence
  • Merchandising Licence
  • Full Resolution XXL size
  • The options can additionally be acquired for a single image, but also for the complete image subscription plan

These features determine the price for a PantherMedia subscription. The number of images which is included in the subscription can be downloaded immediately, regardless if only for layout purposes or already for the real image usage.

Immediately after the download of an image this sale is displayed in your account.

Your advantage: we share the revenues per download always equally with you. You will always receive 50%! This is fair and transparent.

Participation in the image subscription, like in the past, is optional.

Trust our experiences:

• Very often image buyers do not utilise their maximum download volume. Hence, your commission per image increases.
• Fair Play: only with PantherMedia you receive a revenue share even for unused subscription downloads!
• The number of downloads normally increases very strongly with image subscriptions. It does not matter if the images are downloaded for layout purposes only or already for the real image use: you will always receive your revenue share in any case.
• Image subscriptions are a volume business. Compared to the higher prices for single images - which will remain - the higher sales volume compensates the lower price per image.
• Together all these advantages create a high-level synergy to increase your commission.
• Customers buying image subscriptions are another group of customers than customers buying single images. Adding image subscriptions to the existing offer of acquiring single images creates a new and powerful offering.

With the introduction of the new web-subscription, your images will be offered only in the low web resolution 800 x 600, thus, the prices for images and your commission in the web-subscription will not reach the same high level as in the print-subscription. The normal print-subscription is limited to Letter Size (DIN A4). The PrintXXL subscription instead allows the full resolution download.

In terms of numbers your average commission per image is:

• Standard Subscription
  • PrintXXL-subscription: 0.33 - 1.49 EUR (0,47 - 2.10 USD) per image
  • Print Subscription: 0.27 - 1.09 EUR (0,38 -1,54 USD) per image
  • Web Subscription: 0.22 - 0.49 EUR (0,31 -0,69 USD) per image
• Extended Subscription
  • Corporate Group Subscription: 2 x the normal commission
  • Merchandising Subscription: 5 x the normal commission

Individual upgrades are very attractive. Those with a standard subscription can upgrade single images and have to pay credits for this purpose. You as a contributor receive 50% per image upgrade. Your additional revenue in this case:

• Print XXL: around 2.50 EUR or 3.53 USD (equal to 2.5 credits)
• Corporate Group Licence: around 5 EUR or 7.00 USD (equal to 5 credits)
• Merchanding Licence: around 15 EUR or 21.15 USD (equal to 15 credits)

You can find more information about the prices, commissions and example calculations on our Subscription Overview Page and on the Commission Overview Page.

With your approval to the new licences and the subscription we can break into new markets for you and PantherMedia. Please observe these next steps:

• Please read the expanded End User Licence Agreement
• Please observe the 14-day objection period

Until September 1st, 2009, you can disagree and opt-out of the Corporate Licence and/or of the image subscription plan or cancel your membership.

To deactivate your participation, please click on "MyPanther => My images => Policy Management" and deactivate ("opt-out") the particular product you do not want to participate in. You are free to deactivate ("opt-out") the particular product at any later time.

If you do not deactivate your participation (thus "opt-in"), your images will be made available for the Corporate Licence and the image subscription plan. You decide. We would like to thank you for your agreement and approval to our new products.

We are glad to be able to offer our customers the new Corporate Licence and the simpler subscription plan and we look forward together with you to a successful introduction!

Yours,
Robert Walters
and the complete PantherMedia Team

PantherMedia GmbH
Schillerstr. 40
80336 Munich
Germany

Internet: www.panthermedia.net
Email: info@panthermedia.net

Place of registry: Munich
Local Court Munich, HRB 154364
Board of Directors: Peter Ammel, Robert Walters
VAT-ID: DE238391457