Dear Valued Partner,

I wanted to personally let you know about some changes at LinkShare. Stephen Denton, LinkShare's President is leaving to pursue other interests. As you know, I currently run our rapidly growing Lead Advantage business. I will now direct our push into new businesses, and also take on day to day management of our extensive publisher network. All of us here have enjoyed working with Steve, and we wish him well.

These are exciting times at LinkShare. Throughout 2008, you can expect to see our pace of innovation continue. In recent months, we introduced the industry's first performance-based tracking solutions for video, widgets and other forms of media (Flex Links), mobile commerce tracking (Mobile Links), and the first Web Services-based tracking option among the major US affiliate networks. Last month, we unveiled the industry's most user friendly publisher dashboard. We look forward to continuing our leadership in the areas that will drive your business: technology tools, a high quality network and expert services.

FYI, below is a copy of the press release that we sent out today.

Best Regards,

Kelli Beougher
Senior Vice President
LinkShare Corporation

--------------

Press Release:

LinkShare Announces Executive Management Team Changes
 

New York – March 18, 2008 – LinkShare, a leading pay-per-action marketing network, announced the resignation of Stephen R. Denton as President of the company and two promotions in its executive management team.

Kelli Beougher, Vice President of Lead Generation Services, was promoted to Senior Vice President and will add responsibilities for LinkShare’s push into new businesses, as well as day to day management of its extensive publisher network. Beougher joined LinkShare in 2001, and has held senior roles in client and network development services. Prior to joining LinkShare, she held positions at both Priceline Webhouse and LexiQuest. She began her career at GE Capital Management, and is a Six Sigma Black Belt and holds a B.B.A. in Marketing from the University of Texas at Austin.

Arun Bordoloi, Senior Vice President of Services, who currently runs LinkShare’s Affiliate Marketing business, was given the additional responsibility of leading LinkShare’s growing Search Engine Marketing (SEM) business. Prior to LinkShare, Bordoloi was Senior Vice President for Draftfcb. Before that, he spent eight years at Razorfish (AvenueA/Razorfish). Mr. Bordoloi started his career in management consulting for Ernst & Young and Deloitte Consulting. He holds a B.S.E.E. and an M.S.E.E. from the Massachusetts Institute of Technology (MIT).

While a search for Denton’s replacement gets underway, his duties will be assumed by John J-H Kim, who will become Interim President in addition to his role as CEO of LinkShare’s parent company, Rakuten USA.

"During his tenure at LinkShare, Steve made important contributions to the organization – helping to build a strong client services team, introduce innovations in technology and service offerings, and expand LinkShare’s global presence,” said John J-H Kim. "We thank him for his many contributions to LinkShare and wish him well in his new endeavors.”

LinkShare was founded in 1996 and acquired in 2005 by leading Japanese e-commerce company Rakuten. In recent years the company has expanded beyond affiliate marketing to provide search and lead generation services as well as support for video and mobile pay per action tracking to its customers.